Adani Enterprises: What 2 rating agencies say on Adani flagship

Adani Enterprises (AEL) on Wednesday said two rating agencies, CARE Ratings and ICRA, mostly reaffirmed their ratings on its facilities such as Rs 3,000 crore non-convertible debentures, Rs 15,505 crore working capital and bank facilities and Rs 2,000 crore commercial papers.

On Wednesday, the stock was trading 0.36 per cent higher at Rs 2,256. The Adani stock is down 8.9 per cent in 2025 so far.

ICRA said its ratings factored in the Adani Group’s strong execution track record in incubating new businesses, along with the sustained improvement in the performance of Adani New Industries Limited and the airports division, and the group’s leadership position in the integrated resource management business.

ICRA said it also taken note of the promoters’ commitment to infuse funds, if required, to provide need-based support to AEL. At a consolidated level, AEL is expected to maintain an unencumbered liquidity buffer of more than Rs 5,000 crore on a steady-state basis, which supported the company’s credit profile, it said.

CARE Ratings said Adani Enterprises Ltd has sold its entire 30.42 per cent stake in AWL Agri Business Limited, resulting in a complete exit from AWL. The transaction led to a pre-tax cash inflow of Rs 10,880 crore in 8MFY26, which, along with the announced and fully subscribed partly paid-up rights issue of Rs 24,930 crore, is expected to provide adequate liquidity to fund equity requirements for ongoing capital expenditure, in addition to the availability of need-based promoter support.

CareEdge Ratings noted that SEBI had concluded certain investigations related to allegations by Hindenburg and found no non-compliance with related-party transaction requirements under the Listing Agreement and SEBI Listing Regulations for certain transactions with third parties in earlier financial years.

CARE said its ratings has considered the sustained improvement in the performance of the airports division and the green hydrogen ecosystem in FY25 and H1FY26. Over the medium term, AEL had planned large capital expenditure across Adani New Industries Limited, the polyvinyl chloride segment, and the roads and airports sectors. CARE added that the entire capex in the roads segment was regulatory in nature and related to projects currently under construction.

CARE said consolidated external debt to PBILDT had steadily improved from 5.85 times at the end of FY22 to about 3.43 times at the end of FY25, and is expected to remain below 4.75–5 times over the medium term.