Credit Rating

Credit rating upgraded by ICRA on September 25, 2026. - Long-term fund-based term loan rating upgraded to [ICRA]A+ (Stable) from [ICRA]A (Stable) with enhanced limit of Rs 83.76 crore. - Long-term fund-based working capital rating upgraded to [ICRA]A+ (Stable) from [ICRA]A (Stable) for Rs 35.20 crore. - Short-term non-fund based working capital rating reaffirmed at [ICRA]A1 for Rs 70 crore. - Rating upgrade reflects healthy growth in scale, improved debt metrics, and strong relationships with MSIL and SMIPL. - Capacity expansion planned with Rs 130-140 crore capex in FY2027 funded by debt and internal accruals. - Stable outlook expects continued revenue growth of 30-35% in FY2027 and comfortable debt metrics. - High client concentration risk with MSIL (~80% revenue) partially offset by increasing SMIPL business. - Profitability exposed to raw material price fluctuations but mitigated by pass-through clauses. - Liquidity adequate with expected cash flows of Rs 105-125 crore and working capital buffer. - ICRA will review ratings within one year or as new information arises.