Crisil: No adverse lender actions against Adani Group; Adani Green shares surge 22%

Credit rating agency Crisil Ratings on Friday said there have been no adverse actions from lenders or investors against the Adani Group in the wake of the recent US indictment of its top executives.

Crisil, in its credit bulletin, noted that despite the developments, there has been no acceleration of debt repayments, spread resets, or other negative actions by lenders and investors. The group, which reported a healthy EBITDA of ₹82,917 crore in FY24 with a net debt-to-EBITDA ratio of 2.19 times, has sufficient liquidity and operational cash flows to meet its debt obligations and capital expenditure plans in the medium term, the agency said.

Adani Group’s liquidity position includes a cash balance exceeding ₹53,000 crore across its eight listed entities as of September 2024, against long-term debt maturities of approximately ₹27,500 crore for the remainder of FY25 and ₹2,137 crore in FY26.

"That said, CRISIL believes any adverse regulatory, judicial or government action may exacerbate the situation. Thus, these actions will be monitored. Further, any fall-out of developments restricting the Adani Group’s access to domestic and international capital and hampering its ability to refinance upcoming bullet repayments as well as a significant increase in its cost of financing will also be key monitorables," the agency added.

Shares of Adani’s listed entities rallied in morning trade on Friday, with Adani Green Energy surging nearly 23% on the NSE.

The stock of Adani Energy Solutions zoomed 18.65% and Adani Total Gas climbed 2.54%.

The BSE benchmark Sensex traded 770 points higher at 79,820.89 and the NSE Nifty jumped 237.85 points to 24,152.00.