Mumbai, Jan. 7 -- Crisil Ratings stated that the continuation of negative outlook takes into account subdued operational performance of the company in the first half of fiscal 2026. Battery division continues to book operating losses, though a recovery in revenue was observed during the period.

This, along with a slight decline in profitability from the traditional extrusion business due to a changes in the product mix, has led to an overall decline in the profitability of the company during the first half of fiscal year 2026.

Despite moderation in the business risk, the financial risk profile and liquidity position of KEL remain adequate amid negligible long-term debt, moderate capex obligation, and free cash and equivalents of Rs 44 c...