Adani Enterprises gets rating upgrade from CARE Ratings to AA; Stable; shares up 21% in 2026

Adani Enterprises has received a rating upgrade from CARE Ratings, with the agency raising the company's long-term rating to CARE AA; Stable from CARE AA-; Stable. The upgrade marks the highest-ever rating in the company's credit history, Adani Enterprises said in an exchange filing.

CARE Ratings has also reaffirmed the company's short-term rating at CARE A1+.

"We would like to inform you the following updates on credit ratings by CARE Ratings Limited. AEL’s long-term rating is now upgraded to AA Stable, highest-ever rating in its credit history," Adani Enterprises said.


The company said the upgrade "serves as an independent validation of AEL’s disciplined capital management and tight fiscal prudence".

"AEL has constantly strengthened its credit profile over the last 7 years whilst executing an ever-increasing core infrastructure-led capex. AEL’s stronger credit further enhances resilience of its unique incubation platform and assures long-term value for its stakeholders," the company said.

CARE Ratings on the upgrade

CARE Ratings said it has upgraded the long-term ratings assigned to various bank facilities and instruments of Adani Enterprises to CARE AA; Stable from CARE AA-; Stable, while reaffirming the short-term rating at CARE A1+.

To arrive at Adani Enterprises' ratings, CareEdge Ratings adopted a consolidated approach, which is primarily attributed to a significant degree of operational, financial and managerial linkages between Adani Enterprises and its subsidiaries, the rating agency said in a release.

"Upgrade reflects the strengthened financial risk profile of AEL following equity raise of Rs 15,000 crore through qualified institutional placement (QIP) in July 2026 and execution of subscription agreement for the sale of 5.54% stake in its wholly owned subsidiary Adani Airports Holdings Limited (AAHL) at a pre-money valuation of Rs 1.67 lakh crore, thus significantly enhancing financial flexibility for AEL," CARE Ratings said.

AAHL expects to receive Rs 9,825 crore by July 2027 from the stake sale, the rating agency added.

In CareEdge Ratings' opinion, the strengthened financial flexibility of the Adani group, along with the promoter family's substantial ownership across key group entities, enhances the strategic importance of Adani Enterprises and the promoters' economic incentive to support its diverse ventures in case of exigencies.

"Promoters have consistently demonstrated their commitment through timely and need-based capital infusions into AEL, and the management has articulated that such support will continue to facilitate growth and address exigencies," CARE Ratings said.

Rating details

The long-term/short-term rating on Adani Enterprises' bank facilities amounting to Rs 16,505 crore has been upgraded to CARE AA; Stable / CARE A1+ from CARE AA-; Stable / CARE A1+.

The rating on Rs 4,000 crore of long-term bank facilities has also been upgraded to CARE AA; Stable from CARE AA-; Stable.

The rating on Rs 240 crore of short-term bank facilities has been reaffirmed at CARE A1+. The rating on non-convertible debentures has been upgraded to CARE AA; Stable from CARE AA-; Stable. The rating on Rs 2,000 crore of commercial paper has been reaffirmed at CARE A1+.

Adani Enterprises share price

Adani Enterprises shares ended Wednesday's trading session at Rs 2,743, down 3.75% from the previous close of Rs 2,849.90 per share on the NSE.

The stock moved in a range of Rs 2,732-Rs 2,848.30 during the session.

Despite Wednesday's decline, Adani Enterprises shares have outperformed the benchmark Nifty 50 so far in 2026. The company's shares have gained 21.37% so far this year, compared with a 13.55% decline in the Nifty 50.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here