Mumbai, June 29 -- The agency has, however, reaffirmed its rating on the short-term bank facilities and commercial paper programme of the company at 'Crisil A2+'.

Crisil Ratings stated that the rating action factors in higher-than-anticipated decline in the company's operating performance in fiscal 2026 and the expectation that it will remain below earlier estimates over the near term.

VIP is likely to continue reporting net losses in fiscal 2027, which will constrain the financial risk profile and impact key debt metrics. The company is undergoing a transition with Multiples Alternate Asset Management (Multiples) acquiring 31.9% stake and assuming management control in December 2025.

Revenue growth is expected to remain modest in fisc...