Mumbai, April 3 -- The agency has, however, reaffirmed the company's short-term rating at 'Crisil A1+'.

Crisil Ratings stated that the rating action reflects continuation of subdued business risk profile of MAL, particularly due to a consistently muted top line and pressure on profitability.

In the first nine months of fiscal 2026, sales volume of over 1.8 lakh metric tons and moderate realization of around Rs 80,000 per ton, resulted in operating income (including other related income) being limited to Rs 1,613 crore.

Power costs, forming around 30% of the total cost of sales, continue to have a significant bearing on profitability, resulting in an operating margin of 9.5% in the first nine months of fiscal 2026.

In the absence of a ...