Mumbai, July 6 -- Crisil Ratings stated that the upgrade reflects an improvement in the business and financial risk profile of the company in the past two fiscals which is expected to sustain over the medium term.

RSL's operating performance has improved with a steady increase in volume of sales. Further, better procurement policy and increasing scale of operations has led to the improvement of operating margins to 9.26% in fiscal 2026 as against 8.05% in fiscal 2025 and 6.80% in fiscal 2024. The Group's operating performance is expected to sustain over the medium term.

The financial risk profile of the group is also on an improving trajectory with reduction of debt from Rs 100 crore as on 31 March 2025 to Rs 67 crore as on 31 March 202...