Mumbai, Sept. 21 -- The agency has reaffirmed the company's short-term rating at 'Crisil A1'.

Crisil Ratings stated that the revision in the rating outlook factors in the expectation of a subdued business risk profile over the medium term.

Revenue growth remained constrained by intense competition, and due to occurrence of fire at GSL's key manufacturing facility in December 2024, which contributed significantly to revenue. Following the incident, the company's operational performance has been under pressure, as evidenced by muted revenue growth and decline in operating margin.

Operating margin has also contracted due to rising raw material cost and lower utilisation of installed manufacturing capacities. Although GSL reported growth i...