Adani Enterprises shares fall 4% despite getting CARE Ratings upgrade to AA; stable

Shares of Adani Enterprises fell 3.59% on Thursday, October 8, despite the company announcing a rating upgrade from CARE Ratings.

At last check, the stock was trading at Rs 2,648.80 apiece on the NSE, down 3.43% from its previous close of Rs 2,743.00. The counter traded in a range of Rs 2,644.40 to Rs 2,743.00 during the session.

The decline came a day after Adani Enterprises informed the exchanges that CARE Ratings had upgraded the company’s long-term rating to ‘CARE AA; Stable’ from ‘CARE AA-; Stable’. The upgrade marks the highest-ever rating awarded to the company in its credit history.


CARE Ratings also reaffirmed the company's short-term rating at CARE A1+. Adani Enterprises 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 in its exchange filing.

CARE Ratings said it 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.

The agency said the upgrade reflects the strengthened financial risk profile of Adani Enterprises following an equity raise of Rs 15,000 crore through a qualified institutional placement (QIP) in July 2026 and the execution of a subscription agreement for the sale of a 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.

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