Mumbai, June 24 -- Crisil Ratings stated that the rating upgrade reflects the substantial improvement in the company's financial and liquidity risk profile in the past two fiscals, supported by sustained focus on deleveraging.

Total debt reduced significantly to around Rs. 500-530 crore as on 31 May 2026, from Rs. 999 crores as on 31 March 2024, aided by equity infusion of approximately Rs. 445 crores through rights issues in three tranches over the last two years.

The lower debt levels, coupled with improved operating performance over the past two fiscals, have resulted in a recovery in debt protection metrics, with interest coverage improving to around 2 times in fiscal 2026 from negative levels earlier.

The business risk profile, ho...