Mumbai, Sept. 12 -- Crisil Ratings stated that the ratings upgrade reflects the continuing improvement in the credit risk profile of the Belrise group.

The business risk profile has been improving backed by continuous addition as well as premiumisation of products, and addition of new customers, thus diversifying the client base.

This, along with longstanding relationships with customers, has led to growth in revenues to Rs 8,312 crore in fiscal 2025 from Rs 6,578 crore in fiscal 2023. Operating margins also remained healthy at 12.5-13.5% over the three fiscals through 2025.

With continued product as well as customer diversification and healthy repeat orders, supported by longstanding relationships with customers, the business risk pro...