Mumbai, Oct. 8 -- The agency has also affirmed the company's short-term rating at '[ICRA] A1+'.

ICRA stated that the reaffirmation of the ratings takes into consideration Ultramarine and Pigments' (UPL) established track record as a manufacturer of ultramarine blue pigments and surfactants. Further, the company has long-standing relationships with its customers. The ratings also factor in a strong financial risk profile and healthy revenues in FY2025.

Further, the capital structure remains comfortable with low debt levels and healthy coverage indicators.

The ratings, however, are constrained by product concentration risk in the pigment segment as the company manufactures majorly a single product- ultramarine blue. While the company is ...