Adani Ports & SEZ has notified stock exchanges regarding a structural change in its statutory auditor's firm constitution. The company informed BSE and NSE on January 16, 2026, about the conversion of its auditing firm into a Limited Liability Partnership structure.

Auditor Firm Conversion Details

The statutory auditors M S K A & Associates, Chartered Accountants, have converted their firm into a Limited Liability Partnership under the provisions of the Limited Liability Partnership Act, 2008. The conversion became effective from January 13, 2026.

Continuity of Audit Services

The company emphasized that this conversion represents only a change in the firm's constitution and does not affect the auditing arrangement. M S K A & Associates LLP will continue to function and discharge their obligations as statutory auditors for the remaining period of their approved tenure.

Regulatory Compliance

Company Secretary Kamlesh Bhagia signed the intimation letter sent to both BSE (Scrip Code: 532921) and NSE (Scrip Code: ADANIPORTS) to ensure compliance with regulatory disclosure requirements under Regulation 30. The notification maintains transparency with stakeholders regarding changes in the company's statutory auditor structure while confirming continuity of audit services.

Moody's Ratings has upgraded the outlook to stable from negative for three key Adani Group entities, marking a significant positive development across the conglomerate's infrastructure businesses. The rating agency announced outlook upgrades for Adani Transmission Step-One Ltd (ATSOL), Adani Electricity Mumbai Ltd (AEML), and Adani Ports and Special Economic Zone Ltd (APSEZ) while reaffirming their Baa3 investment grade ratings.

Rating Actions Across Adani Entities

The comprehensive rating actions demonstrate Moody's improved confidence in the group's financial stability and liquidity access. The key rating changes include:

Rationale for Outlook Upgrades

Moody's cited expectations that all three companies will maintain solid access to liquidity and credit profiles consistent with their investment-grade ratings over the next 12-18 months. The rating agency emphasized improved financial profiles and robust liquidity positions as key factors supporting the upgrade decision.

For ATSOL, the rating agency highlighted close credit linkages with parent Adani Energy Solutions Ltd (AESL), including guarantees on bonds and default provisions tied to AESL's credit profile. The rating agency emphasized AESL's diversified portfolio of regulated transmission and distribution assets, which underpins stable operating performance.

Company-Specific Credit Strengths

Regarding APSEZ, Moody's noted the company's robust financial profile supported by the discretionary nature of planned growth capital expenditure and continued access to funding. This flexibility allows the company to adjust growth-related expenditure based on funding access and market conditions, providing operational resilience.

For AEML, Moody's highlighted predictable cash flows from its regulated electricity distribution business in Mumbai, alongside an improving financial profile following recent deleveraging. The agency expects AEML's cash flow from operations pre-working capital to debt to remain in the 10.50-11.50% range over the next one to two years.

Regulatory Compliance and Future Outlook

Adani Ports filed the rating disclosure under Regulation 30(6) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Moody's indicated that rating upgrades remain unlikely without sovereign rating improvement, while downgrades could follow sustained weakening in credit metrics.

The agency continues monitoring ongoing US legal proceedings involving senior executives at another Adani group entity, warning that material negative developments could affect the group's capital access and growth objectives. However, the stable outlook reflects confidence in the entities' ability to maintain investment-grade credit profiles through the upcoming 18-month window.