The rating agency also maintained the ‘BBB-’ rating for the two companies as well as Adani Electricity Mumbai (AEML).
Fitch said the Adani group has demonstrated its access to diversified funding sources even after an indictment in the US in November 2024. It also noted that the group is also continuing with its investments, with capital expenditure seeing a pick-up in the first half of this fiscal year.
“In addition, the Securities and Exchange Board of India ruled in September 2025 that the Adani group did not violate regulatory disclosure norms or constitute market manipulation, as alleged in a 2023 short seller report,” Fitch said in a report on Monday.
For Adani Ports, Fitch said the financial profile of the company is stronger than its ‘BBB-’ rating, as it has geographically diversified port locations, advanced intermodal connectivity, transportation infrastructure and best-in-class operational efficiency.
“We expect liquidity and funding to remain commensurate with APSEZ’s ratings, with financial flexibility supported by its cash flows, which are driven by a robust portfolio of seaports, a degree of capex flexibility and demonstrated credit market access,” Fitch said.Even though the timing and the outcome of the investigation in the US is uncertain, Adani Ports should be able to manage these risks in the near term, the rating agency said.For Adani Energy, Fitch said the credit profile is benefiting from a stable and favourable regulatory environment. “Revenue from AEML’s power transmission and distribution segments and AESL’s cost-plus tariff framework assets provide long-term cash flow certainty and stability,” it said.