Adani Power gains a sharper credit assessment from CARE Ratings, reflecting its strengthening financial profile and ambitious growth strategy with increased ratings across ₹90,500 crore of debt instruments.
Adani Power has won a sharper credit assessment from CARE Ratings, a move that underscores the generator’s stronger balance-sheet profile as it continues to expand. In a regulatory filing dated August 18, the company said the agency lifted the long-term rating on ₹52,950 crore of bank facilities to CARE AA+; Stable from CARE AA; Stable, while also increasing the size of that rated line from ₹42,950 crore. The filing was submitted to BSE and the National Stock Exchange.
CARE Ratings also raised the long-term rating on a separate ₹15,050 crore package of combined bank facilities to CARE AA+; Stable, while keeping the short-term component at CARE A1+. Existing non-convertible debentures worth ₹11,000 crore were upgraded to CARE AA+; Stable, and a fresh CARE AA+; Stable rating was assigned to another ₹11,500 crore of debentures. Together, the instruments amount to ₹90,500 crore.
According to the rating agency, the change reflects Adani Power’s sustained operating performance, its stronger market position and the benefit of a diversified portfolio. CARE Ratings also pointed to long- and medium-term power purchase agreements, which give the company greater visibility over future revenue.
The agency said other supporting factors included better fuel security, steady cash generation, a stronger capital structure and ample liquidity. The disclosure was signed by Dilip Kumar Jha, Adani Power’s chief financial officer, and the company said the information was also posted on its website for investors and other stakeholders.
The upgrade comes against a backdrop of improving credit metrics at the company. In a recent investor presentation covered by Investing.com, Adani Power said it had gross debt of ₹58,381 crore as of June 30, 2026, with cash and cash equivalents of ₹10,739 crore, leaving net debt at ₹47,643 crore. It said leverage remained within management’s target of staying below 3.0 times during its expansion phase.
Adani Power has also been signalling a large capital-spending programme, with expected investment of about ₹23,000 crore in FY27, more than ₹30,000 crore in FY28 and as much as ₹33,000 crore to ₹35,000 crore annually from FY29 onwards. The company said it expects to fund much of that growth from internal cash generation, helped by annual free funds from operations of about ₹20,000 crore. In a separate portfolio update for FY26, the company said all four of its major rating agencies then stood at AA/Stable, while total gross debt had been lower at ₹47,053 crore at the end of December 2025.
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