Adani Green Energy Upgrades to ‘IND AA-‘ Rating with Stable Outlook!

India Ratings and Research (Ind-Ra) has upgraded Adani Green Energy Limited’s (AGEL) Long-Term Issuer Rating from ‘IND A+’ to ‘IND AA-‘, with a Stable outlook. This upgrade reflects AGEL’s strong performance, improved execution capabilities, and better financial condition.

The rating improvement highlights AGEL’s excellent operational performance, increased capacity additions, and diversified client base. Ind-Ra also noted AGEL’s strategic steps such as setting aside funds to repay a USD750 million bond and partnering with Total Energies SE, which allows asset monetization while keeping consolidation benefits.


AGEL’s financials have shown significant growth, with revenue reaching INR 92.2 billion in FY24 from INR 77.9 billion in FY23. EBITDA also rose substantially to INR 72.9 billion in FY24 from INR 49.3 billion the previous year. The EBITDA margin improved to 79% from 63%, and the net adjusted debt to EBITDA ratio dropped to 6.5x from 8.0x in FY23.

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