In its note, JP Morgan gave an OW rating to three bonds from Adani Ports and Special Economic Zone (APSEZ) and one from Adani Electricity Mumbai Ltd (AEML), a subsidiary of Adani Energy Solutions. The report noted that the Adani Group's bonds had settled following a period of volatility, with spreads widening by about 100-200 basis points.

JP Morgan also mentioned that the liquidity of the Group’s companies appeared stable when accounting for the near-term maturities of offshore debt, adding that the bond issue of Adani Green Energy Ltd would be a key focus. The brokerage expressed confidence in the intrinsic equity value of businesses like Adani Ports, stating that this reduces the potential for credit stress, especially as the company is able to scale and grow using internal cash flows.

JPMorgan observed that short-tenor bonds of the ports-to-power conglomerate had experienced greater spread widening due to higher dollar prices. On average, the bond yields for the Group had widened as follows: Adani Ports and Special Economic Zone: 140 basis points, Adani Transmission: 180 basis points, Adani Electricity Mumbai: 140 basis points, and Adani Green RG bonds: 150 to 160 basis points.

Following these movements, the brokerage expressed a preference for certain short-end bonds, particularly 'ADTIN 2026s' (Adani Transmission), on which it assigned an ‘overweight’ rating. Within the ADSEZ curve, which was also rated ‘overweight’, JP Morgan preferred 'ADSEZ 32s' over 'ADSEZ 41s', initiating coverage with an overweight rating on the former and upgrading the latter to overweight.

JP Morgan also stated that, after reviewing the near-term maturities for offshore debt across various group companies, it took varying degrees of comfort. The global financial services firm concluded by highlighting that Adani Green, with a significant loan of $1.1 billion due in March 2025, would be a key entity to watch among the bond-issuing companies.