Mumbai, Sept. 10 -- The agency has reaffirmed its 'Crisil A1+' rating on the short-term bank facilities.

Crisil Ratings stated that the upgrade reflects the strengthening of the company's business risk profile, driven by increasing revenue diversification through the faster-than-expected scale-up of subsidiaries, a robust growth in order book providing healthy growth visibility, its sustained market leadership in the niche stainless steel tubes and pipes (SSTP) segment, and strong operating efficiency.

The upgrade is further supported by the company's strong financial risk profile, characterised by conservative leverage, a net cash position, strong liquidity and healthy cash accrual generation.

Going forward, revenue is expected to gro...