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Adani’s Empire Is ‘Deeply Overleveraged,’ CreditSights Warns : Bloomberg

Some other highlights from the report, authored by CreditSights Lakshmanan R, Rohan Kapur and Jonathan Tan:

The Adani Group is entering new and unrelated businesses, which are highly capital intensive, raising concerns over execution oversight

Potential strong competition between the group and Ambani’s Reliance to achieve market dominance could lead to “imprudent financial decisions”

Adani Group is also exposed to moderate levels of governance and ESG risks

The group has a “strong track record of churning out strong and stable companies” through its flagship, Adani Enterprises Ltd., and has built a portfolio of “stable infrastructure assets tied to the healthy functioning” of the Indian economy

Its founder “enjoys a strong relationship” with the Modi government and has benefited from “policy tailwinds”

CreditSights remain “cautiously watchful” of the group’s growing appetite for expansion, which is largely debt-funded

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