Adani Transmission Step-One Limited (ADTIN)

The ratings shown in company materials around the ADTIN 2036 notes are in the low investment-grade range, and this report’s public-information-based view is not materially distant from that area. Based on the end-September 2025 DSCR, availability, receivables ageing and the disclosed financing mainly intended to refinance the 2026 notes, the credit direction appears closer to stable than to sudden deterioration. However, because the current standalone balance of the 2036 notes, post-refinancing debt service, trust deed provisions, hedge details and ATSOL-specific metrics after end-March 2026 have not been confirmed, it should not be asserted that the credit level or direction is unlikely to change rapidly. The credit should be reassessed once the next certificate and post-refinancing structure are available.

Credit supports are the high availability of existing transmission assets, the company’s explanation that licence periods extend beyond the 2036 maturity, regulated and contracted revenues, DSCR of 1.89x at end-September 2025, no receivables over 180 days, and security, account control and DSRA arrangements. The disclosed financing mainly intended to refinance the 2026 notes is also a positive development, but completion of the refinancing and the impact of the new notes’ terms remain unconfirmed. These factors support analysing the ADTIN 2036 notes more as project-finance-style debt than as ordinary unsecured Adani Group corporate bonds.

Constraints are Adani Group-wide governance and market-access risk, foreign-currency debt and hedging, cash-collection lags in regulated revenue, unconfirmed post-refinancing debt structure for the 2026 notes, unconfirmed standalone balance and amortisation schedule of the 2036 notes, and lack of full rating-agency reports. In particular, it is important not to confuse comfort from the group name with the actual debt-service capacity of the restricted group. Investment decisions require separate confirmation of current spread, WAL, outstanding amount and comparison with similar infrastructure bonds; this report alone does not assess price attractiveness.