The bond market isn’t quite as enthusiastic. Stocks of firms in his Indian business empire – spanning ports to gas distribution and coal mining – have jumped in part on soaring energy prices.
Bonds of group companies including Adani Green Energy Ltd and Adani Transmission Step-One Ltd also mostly underperformed the broader Indian market. “Debt holders are getting worried about the high leverage.” Adani Group declined to comment when asked about its dollar bonds underperforming Indian and regional peers.
That exceeds a 10% decline for Indian dollar debt overall and a 13% drop in US currency notes in Asia excluding Japan, as rising borrowing costs in the United States drag down the region’s greenback debt. The Adani Group has disputed CreditSights’ assessments, saying it’s improved its debt metrics over the past decade, with the leverage ratios of its portfolio companies now “healthy” and in line with their respective industries. Adani Ports’ total debt stood at 456.4 billion rupees at the end of March, according to a statement from the group. That would be the highest in at least 10 years, data compiled by Bloomberg show.
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