Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Commercial Paper (CP) 2000.00 - ACUITE A1+ | Reaffirmed | Removed from Rating Watch
Total Outstanding 2000.00 - -
Total Withdrawn 0.00 - -
 
Rating Rationale

Acuité has removed its rating watch on the short-term facilities of Adani Enterprises Limited (AEL) from 'Rating Watch with Developing Implications' and has reaffirmed the rating at ‘ACUITE A1+' (read as ACUITE A one plus) on the Rs. 2000 Cr. Commercial Paper Programme.

Rationale for Rating
The rating action considers the negligible impact on the financial and business risk profile of AEL of the allegations lodged against one of the promoters by US department of Justice and Securities Exchange Commission (SEC). Acuite acknowledges that this matter is currently sub-judice. The impact of the same has been reduced as reflected by timely disbursement of debt and fresh debt tied up at the group level for the large sized capex plan. Adani group exhibited enhanced financial flexibility by augmenting funds from various investors including based in USA.

The rating reaffirmation continues to reflect extensive experience and the long track record of AEL's management in its core trading businesses and its strategic role as an incubator for new business ventures of Adani Group. It also considers the need-based funding support available to AEL from its Group.Acuité believes that debt levels are likely to go up with planned capex for the newly incubating businesses and the debt to EBITDA levels is likely to remain sensitive to the stabilisation of these newly incubating businesses and will continue to remain key monitorable over the near term.

About Company
Incorporated in 1993, Adani Enterprises Limited (AEL) is the flagship company of the Adani Group, promoted by Mr. Gautam Adani. It is primarily engaged in Integrated Resource Management (IRM) i.e. coal trading and logistic services and Mine development operations (MDO). AEL has a diverse interest as an incubator of various businesses through its direct and stepdown subsidiaries. The registered office of the company is in Gujarat.?­
 
About the Group
The Adani Group has evolved into a diversified portfolio engaged in diversified businesses such as energy and utility (renewables, transmission and distribution, gas discom, IPP, data centre, solar module manufacturing, wind turbines etc.), transport and logistics (roads, ports and airports), material, metal and mining (copper, PVC, cement etc.),among others.
 
Unsupported Rating
­Not applicable
 
Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support
Acuité has considered consolidated financial and business risk profile of AEL to arrive at the rating. The entities consolidated include AEL (standalone) along-with all its subsidiaries & step- down subsidiaries, associates and JVs. The segments currently reported under AEL include IRM, mining services, commercial mining, new energy ecosystem, airports, road and other businesses mostly undertaken through subsidiaries (which includes Shipping, Bunkering, copper, PVC, water treatment plants) among others. List of consolidated entities given in the annexures below.
Key Rating Drivers

Strengths
­Vast experience of promoters and established track record over diverse business segments of AEL
AEL is the flagship company of the Adani Group. The group is a diversified conglomerate with varied interests across resources (coal trading and Mine Development Operations), logistics (ports and logistics, shipping and rail), energy (power generation, transmission and distribution) and ancillary activities. The AEL is incubating various new businesses like Roads, New  energy ecosystem ,Airports among others. The major companies of the group are Adani Enterprises Limited (engaged in Integrated resource management, Mining services, Commercial Mining, New Energy Ecosystem, Airport, Road among others), Adani Ports and SEZ Limited (engaged in port operations and logistics) Adani Power Limited (holds thermal power projects), Adani Energy Solutions Limited erstwhile Adani Transmission Limited (engaged in Transmision , Distribution and Smart metering), Adani Total Gas limited (engaged in city gas distribution), Adani Green Energy Limited (engaged in renewable energy generation) , Adani Airport Holding Limited (engaged in managing airports various states) Adani Road Transport Limited  ,AWL Agri business limited and Amubja cement Ltd (engaged into Cement industry) AEL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

AEL is promoted by Mr. Gautam Adani, the Chairman and Founder of the Adani Group. Under his leadership, the group has emerged as a global integrated infrastructure player with interest across resources, logistics and energy verticals. The promoters are well supported by well qualified and experienced management team. The group has consistently demonstrated the ability to nurture new businesses under the flagship company i.e. AEL and scale them to a level so that they can be spun off into separate entities to create value for stakeholders. Acuite believes AEL will continue to operate as flagship company of the group and play a leading role in incubating new businesses for the group. The Adani group entities have demonstrated their ability to raise short term and long-term funding through various financial market instruments in Indian as well as in foreign currency. The diversified lender and investor profile augments the resource raising ability of the company/group.

Stable in scale of operations along with improvement in operating margin
AEL has been amongst the leading importer of non-coking coal catering to the requirements of both private clients and public-sector undertakings for over two decades. AEL imports coal from Indonesia, Australia and South Africa and sells across major power producers . The consolidated revenues for the Adani group  stood at Rs. 97894.75 Cr. in FY2025 as against Rs. 96420.98 Cr. in FY2024 marking a 1.53 percent growth. The growth is derived by ANIL Ecosystem (Module Sales of 4263 MW in FY2025 as against 2679 MW in FY2024 marking a growth of 59 percent), Airports (Pax movement from 94.4 million passengers in FY2025 as against 88.6 million passengers in FY2024 marking a growth of 7 percent) and road business (construction of roads Lane-Kms from 2410.1 in FY2025 as against 514.8 in FY2024 , thus increase by 3.7 times) , Mining service business (Mining services production volume increased by 45 percent to 47 MMT in FY2025 as against 32.5 MMT in FY2024) whereas the IRM business has been impacted due to low volumes. (56.5 MMT sold in FY2025 as against 82.1 MMT in FY2024). Despite the flat-scale operations in FY2025, the operating margins of the company have improved, which stood at 14.56 percent in FY2025 as against 11.80 percent in FY2025 registering the growth of 25.27 percent on   account of strong operational performance by ANIL ecosystem, airports and road businesses whereas established businesses EBITDA impacted due to low volumes in IRM business. Thus, continued profitability from the established IRM, mining business and increased contribution through the developing businesses contributed to improve EBITDA . PAT margin stood at 8.18 percent in FY2025 as against 3.46 percent in FY2024. During the quarter ended March 31,2025 Adani commodities LLP(ACLLP)has launched offer for sale (OFS)and sold 13.51 percent of paid equity shares capital of Adani Wilmar Limited (AWL) resulting in reduction of share from 43.94 percent to 30.42 percent and recognized Rs 3945.73 Cr. as exceptional gain (post tax gain of Rs 3286.22 Cr.) and consequently investment in AWL has been classified from jointly controlled entity to associate.

Acuité believes that the company despite stable revenues, group is expected to report an EBIDTA growth because of the increased revenue share from the incubating businesses.

Weaknesses
High debt levels due to huge capex plans mitigated by need based financial support to AEL being part of Adani Group and demonstrated high level of financial flexibility
The total debt as on March 31,2025 stood around 91,819.17 Cr. including the lease liabilities to the tune of Rs 15,582.76 Cr. and promoter debt of Rs 19,967.53 Cr. The total debt consists of long-term borrowings of Rs 78831.52 Cr, short-term borrowings of Rs 5784.50 Cr. and current portion of long-term debt of Rs 7203.15 Cr. Overall there has been increase in debt of Rs 18234 Cr. ~ 34 percent in Adani Airport Holdings limited( AAHL )airports due to  construction of Navi Mumbai Airport (expected to be completed by FY26) ,Public Procurement Regulatory authority( PPRA) payment , construction of new terminals , capex expenditure for non-aero activities. 35 percent in Adani Road Transport Limited (ARTL)roads for construction of Ganga Expressway project which is expected to be completed by FY26 and also for construction of other projects.18 percent in Kutch Copper Limited for construction of copper plant 500 KTPA which is expected to be stablished  by FY26 and 10 percent in Mundra Petrochemicals Limited PVC for construction of PVC plant 1 MMTPA and expected to be completed by FY28.

The promoters of Adani group hold majority stake in the Group's listed companies as on March 31 2025 i.e. AEL (73.97 per cent), Adani Power Limited (APL – 74.96 per cent), Adani Ports and Special Economic Zone Limited (APSEZL – 65.89 per cent), Adani Energy solutions Limited (AESL - 69.94 per cent), Adani Total Gas Limited (ATGL- 37.40 per cent), Adani Green Energy Limited (AGEL- 60.94 per cent) and Ambuja Cements(67.53 percent). AEL has followed an aggressive leverage policy. The Adani group entities have demonstrated their ability to raise short term and long-term funding through various financial market instruments in Indian as well as in foreign currency. The diversified lender and investor profile augments the resource raising ability of the company/group. Acuité believes any higher-than-expected debt funded capex and subsequently debt addition will lead to increase in debt to EBITDA thus imparting a negative bias to the rating. AEL demonstrated propensity towards incubating businesses by significantly leveraging its balance sheet.
 
ESG Factors Relevant for Rating
­For the commodity trading industry, green supply chain, GHG emissions, energy efficiency, environmental management and waste management are significant environmental factors. The industry is primarily exposed to social issues such as community support and development, employee safety, employment quality, product quality and human rights. Additionally, key material issues such as product responsibility, product safety, responsible procurement and employee development have a significant impact on the social scores for this industry. The relevant corporate governance factors include anti-competitive behaviour, business ethics, management compensation and board independence. Moreover, board diversity and compensation, audit committee effectiveness, financial audit & control and shareholders’ rights are the other key material issues for this industry.  AEL has a moderate track record in ESG performance with improvement observed in governance and social factors over the last 1-2 years. The company's strength lies in board independence, financial audit and control and community services. The group has seen a few controversies in the recent past but nothing of a serious nature has emerged so far.
 
Rating Sensitivities
­
  • Timely completion of the proposed capex plans without major time and cost overruns
  • Any significant regulatory challenge in any of the group’s core businesses
  • Significant deterioration in the credit profile of the Adani group of companies
 
Liquidity Position
Strong
On a consolidated basis, AEL’s cash accruals for FY2025 Rs.12,216.32 Cr as against the debt obligations of Rs 2775.02 Cr. for the same period. The unencumbered cash and cash equivalent stood at Rs.3105.78 Cr as on March 31 2025.The company’s operations are however, working capital intensive but stood at same level as reflected by Gross Current Assets (GCA) days of 129 in FY2025 as against 115 in FY2024.The average fund based utilisation of working capital limits remained moderate at around 72% for the 12 month period ended March 2025. The CP outstanding as on June 25, 2025 was Rs. 952.00 Cr. as compared to the rated programme of Rs.2000 Cr, which provides adequate cushion for any short-term working capital requirements. The unutilized CP limits, working capital limits as well as available cash and cash equivalent provide cushion to some extent. Further, The Adani group entities have demonstrated their ability to raise short term and long-term funding through various financial market instruments in Indian as well as in foreign currency. The diversified lender and investor profile augments the resource raising ability of the company/group.
 
Outlook-Not applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 25 (Actual) FY 24 (Actual)
Operating Income Rs. Cr. 97894.75 96420.98
PAT Rs. Cr. 8004.99 3335.27
PAT Margin (%) 8.18 3.46
Total Debt/Tangible Net Worth Times 3.41 2.73
PBDIT/Interest Times 3.54 2.76
Status of non-cooperation with previous CRA (if applicable)
Not applicable­
 
Any Other Information
­None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
28 Nov 2024 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed (Rating Watch with Developing Implications))
06 Feb 2024 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
10 Feb 2023 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
27 Jan 2023 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
14 Jun 2022 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Not Applicable Not avl. / Not appl. Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2000.00 Simple ACUITE A1+ | Reaffirmed | Removed from Rating Watch
Total outstanding Commericial paper(CP) as on June 25,2025 are of Rs 952.00 Cr for the range of 76 days to 365 days of maturity out of the rated CP of Rs 2000.00 CR
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
­
Sr No Name of Company / Firm
1 Adani Global Ltd
2 Adani Global FZE
3 Adani Global DMCC
4 Adani Global Pte Ltd
5 PT Adani Global
6 PT Adani Global Coal Trading
7 PT Coal Indonesia
8 PT Sumber Bara
9 PT Energy Resources
10 PT Niaga Antar Bangsa
11 PT Niaga Lintas Samudra
12 PT Gemilang Pusaka Pertiwi
13 PT Lamindo Inter Multikon
14 PT Suar Harapan Bangsa
15 Adani Agri Fresh Ltd
16 Parsa Kente Collieries Ltd
17 Jhar Mineral Resources Pvt Ltd
18 Adani Resources Pvt Ltd
19 Surguja Power Ltd (Formerly known as Surguja Power Pvt Ltd)
20 Rajasthan Collieries Ltd
21 Talabira (Odisha) Mining Ltd (Formerly known as Talabira (Odisha) Mining Pvt Ltd)
22 Gare Pelma III Collieries Ltd
23 Bailadila Iron Ore Mining Pvt Ltd
24 Gidhmuri Paturia Collieries Pvt Ltd
25 Adani Welspun Exploration Ltd
26 Mundra Synenergy Ltd
27 Adani Shipping Pte Ltd
28 Adani Shipping (India) Pvt Ltd
29 Aanya Maritime Inc
30 Aashna Maritime Inc
31 Rahi Shipping Pte Ltd
32 Vanshi Shipping Pte Ltd
33 Urja Maritime Inc
34 Adani Bunkering Pvt Ltd
35 Adani Minerals Pty Ltd
36 Adani Mining Pty Ltd
37 Adani Infrastructure Pty Ltd
38 Galilee Transmission Holdings Pty Ltd
39 Galilee Transmission Pty Ltd
40 Galilee Transmission Holdings Trust
41 Galilee Biodiversity Company Pty Ltd
42 Adani Renewable Asset Holdings Pty Ltd
43 Adani Renewable Asset Holdings Trust
44 Adani Renewable Asset Pty Ltd
45 Adani Renewable Asset Trust
46 Adani Rugby Run Trust
47 Adani Rugby Run Pty Ltd
48 Adani Global Royal Holding Pte Ltd
49 Queensland RIPA Holdings Trust
50 Queensland RIPA Holdings Pty Ltd
51 Queensland RIPA Pty Ltd
52 Queensland RIPA Trust
53 Adani Rugby Run Finance Pty Ltd
54 Whyalla Renewable Holdings Pty Ltd
55 Whyalla Renewable Holdings Trust
56 Whyalla Renewables Pty Ltd
57 Whyalla Renewables Trust
58 Adani Australia Pty Ltd
59 Adani Green Technology Ltd
60 Adani Tradecom Ltd
61 Adani Commodities LLP
62 Mundra Solar Ltd
63 Mundra Solar PV Ltd
64 Adani Defence Systems and Technologies Ltd
65 Ordefence Systems Ltd
(Formerly known as Adani Land Defence Systems and Technologies Ltd)
66 Adani Aerospace and Defence Ltd
67 Adani Naval Defence Systems and Technologies Ltd
68 Horizon Aero Solutions Limited (Formerly known as Adani Rave Gears India Ltd)
69 Adani Road Transport Ltd (ARTL)
70 Bilaspur Pathrapali Road Pvt Ltd
71 Adani Water Ltd
72 Prayagraj Water Pvt Ltd
73 East Coast Aluminium Ltd (Formerly known as Mundra Copper Ltd)
74 Adani Cementation Ltd
75 Adani North America Inc
76 Alpha Design Technologies Pvt Ltd - Consolidated
77 Mancherial Repallewada Road Pvt Ltd
78 Galilee Basin Conservation And Research Fund
79 Suryapet Khammam Road Pvt Ltd
80 MH Natural Resources Pvt Ltd
81 Adani Airport Holdings Ltd
82 Lucknow International Airport Ltd
(Formerly known as Adani Lucknow International Airport Ltd)
83 Guwahati International Airport Ltd
(Formerly known as Adani Guwahati International Airport Ltd)
84 TRV (Kerala) International Airport Ltd
(Formerly known as Adani Thiruvananthapuram International Airport Ltd)
85 Mangaluru International Airport Ltd
(Formerly known as Adani Mangaluru International Airport Ltd)
86 Ahmedabad International Airport Ltd
(Formerly known as Adani Ahmedabad International Airport Ltd)
87 Jaipur International Airport Ltd
(Formerly known as Adani Jaipur International Airport Ltd)
88 Adani Metro Transport Ltd
89 Mundra Solar Energy Ltd
90 Kurmitar Iron Ore Mining Ltd (Formerly known as Kurmitar Iron Ore Mining Pvt Ltd)
91 CG Natural Resources Pvt Ltd
92 Adani Railways Transport Ltd
93 Gare Palma II Collieries Ltd (Formerly known as Gare Palma II Collieries Pvt Ltd)
94 Adani Aviation Fuel Services Limited (Formerly known as Sabarmati Infrastructure Services Limited)
95 Agneya Systems Ltd
96 Carroballista Systems Ltd
97 Adani Global Air Cargo Solutions Limited (Formerly known as Rajputana Smart Solutions Limited)
98 MP Natural Resources Pvt Ltd
99 Adani Global (Switzerland) LLC
100 Nanasa Pidgaon Road Pvt Ltd
101 Vijayawada Bypass Project Pvt Ltd
102 AdaniConnex Pvt Ltd - Consolidated
103 PLR Systems Pvt Ltd
104 Azhiyur Vengalam Road Pvt Ltd
105 Kutch Copper Ltd
106 PRS Tolls Pvt Ltd
107 Kodad Khammam Road Pvt Ltd
108 Mundra Solar Technopark Pvt Ltd
109 Jhar Mining Infra Ltd (formerly known as Jhar Mining Infra Pvt Ltd)
110 AWL Agri Business Limited (formerly known as Adani Wilmar Limited) - Consolidated
111 Vishakha Industries Pvt Ltd
112 Adani Global Resources Pte Ltd
113 Carmichael Rail Network Holdings Pty Ltd
114 Carmichael Rail Network Pty Ltd
115 Carmichael Rail Network Trust
116 Carmichael Rail Development Company Pty Ltd
117 Carmichael Rail Asset Holdings Trust
118 Comprotech Engineering Pvt Ltd
119 Adani Solar USA Inc
120 Adani Solar USA LLC
121 Oakwood Construction Services Inc
122 Midlands Parent LLC
123 Adani Road O&M Ltd
124 Badakumari Karki Road Pvt Ltd
125 Panagarh Palsit Road Pvt Ltd
126 Mundra Petrochem Ltd
127 Mahanadi Mines and Minerals Pvt Ltd
128 Adani New Industries Ltd (formerly known as Mundra Windtech Ltd)
129 Bhagalpur Waste Water Ltd
130 Bowen Rail Operation Pte. Ltd
131 Bowen Rail Company Pty Ltd
132 Adani Petrochemicals Ltd
133 PLR Systems (India) Ltd
134 Adani Digital Labs Pvt Ltd
135 Mumbai Travel Retail Pvt Ltd
136 April Moon Retail Pvt Ltd
137 Astraeus Services IFSC Ltd
138 Kalinga Alumina Ltd
(Formerly known as Mundra Aluminium Ltd)
139 Adani Data Networks Ltd
140 Budaun Hardoi Road Pvt Ltd
141 Unnao Prayagraj Road Pvt Ltd
142 Hardoi Unnao Road Pvt Ltd
143 Bengal Tech Park Ltd
144 Kutch Copper Tubes Limited
(Formerly known as Adani Copper Tubes Ltd)
145 Adani Cement Industries Ltd
146 Maharashtra Border Check Post Network Ltd
147 Seafront Segregated Portfolio
148 Cleartrip Pvt Ltd
149 Unyde Systems Pvt Ltd
150 Adani Total LNG Singapore Pte Ltd
151 Adani Power Resources Ltd
152 Vishakha Pipes And Moulding Pvt Ltd
(Formerly known as Vishakha Industries)
153 GVK Airport Developers Ltd
154 GVK Airport Holdings Ltd
155 Bangalore Airport & Infrastructure Developers Ltd
156 Mumbai International Airport Ltd
157 Mumbai Aviation Fuel Farm Facility Pvt Ltd
158 Mumbai Airport Lounge Services Pvt Ltd
159 Navi Mumbai International Airport Pvt Ltd
160 Adani Health Ventures Limited
161 Alluvial Heavy Minerals Limited
162 AMG Media Networks Limited
163 Kagal Satara Road Private Limited
164 Kutch Fertilizers Limited
165 Puri Natural Resources Limited
166 Sompuri Infrastructures Private Ltd
167 Sompuri Natural Resources Private Limited
168 Adani Global Vietnam Company Limited
169 Adani Mining Limited (formerly known as Hirakund Natural Resources Limited)
170 Raigarh Natural Resources Limited
171 Adani Road STPL Limited
172 Adani Road GRICL Limited
173 Mining Tech Consultancy Services Limited
174 Vishvapradhan Commercial Private Limited
175 Adani Disruptive Ventures Limited
176 RRPR Holding Private Limited
177 General Aeronautics Private Limited
178 Alwar Alluvial Resources Limited
179 Sibia Analytics And Consulting Services Pvt Ltd
180 QBML Media Limited (Formerly known as Quintillion Business Media Limited)
181 Armada Defence Systems Limited
182 Adani-LCC JV
183 New Delhi Television Limited - Consolidated
184 Adani Israel Limited
185 Aelius Resources S.A
186 India Inc Limited
187 Kowa Green Fuel Pte Ltd
188 IANS India Private Limited
189 Tabemono True Aromas Private Limited
190 Atharva Advanced Systems and Technologies Limited
191 Stark Enterprises Private Limited
192 Pelma Collieries Limited
193 Ospree International FZCO (OIFZCO)
194 Le Marché Duty Free SAS
195 Parserlabs India Private Limited (PIPL)
196 Brahmaand AI Ltd
197 Coredge.io India Private Limited
198 Sirius Digitech Limited (SDL)
199 Adani Esyasoft Smart Solutions Limited
200 Global Airports Operator LLC (GAOL)
201 Airports Infrastructure PLC
202 Celeritas International FZCO,
203 Smartport City Limited
204 Cococart Ventures Private Limited (CVPL)
205 Semolina Kitchens Private limited
206 Adani GCC Private Limited
207 Adani Energy Resources (Shanghai) Co. Ltd
208 Aviserve Facilities Private Limited
209 Aviground Facilities Private Limited
210 World Plate Collective Cuisines Private Limited
211 King Power Ospree Pte Ltd (Under Strike off)
212 Sirius Digitech International Limited
213 Valor Petrochemicals Limited
214 Adani New Industries One Limited
215 Cococart International-FZCO
216 Praneetha Ecocables Limited
217 Coredge.io Limited
218 Indore Gujarat Road Limited
 

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