Mumbai, March 7 -- The agency has affirmed the company's short-term rating at 'IND A1'.

India Ratings & Research said that the upgrade reflects PNGJ Group's strong retail revenue growth through healthy same store sales growth (SSSG) and ramping-up of operations at its newly opened stores along with EBITDA expansion, translating into improved credit metrics in FY25 and 1HFY26.

The rating also reflects the group's improved financial flexibility post an initial public offering (IPO) by PNGJ in FY25.

Furthermore, India Ratings expects the group's scale as well as profitability to continue to improve over the medium term, on the back of a strong brand recall and customer acceptance in Maharashtra, and prudent expansion in the non-core marke...