Mumbai, Sept. 15 -- The agency has also reaffirmed its 'Crisil A1' rating on the short-term bank facilities of Lumino Industries.

Crisil Ratings stated that the upgrade factors in the continued strengthening of the business and financial risk profiles owing to increasing scale of operations supported by strong order book, healthy operating profitability, and improvement in the working capital cycle and debt coverage indicators.

Revenue increased at compound annual growth rate (CAGR) of around 39% in the three fiscals through 2026 driven by healthy execution of the order book, which stood at Rs 3,090 crore as on 30 June 2026. The company sustained healthy operating performance in the first quarter of fiscal 2027 with estimated turnover o...