Mumbai, Dec. 27 -- Crisil Ratings stated that the company's revenue remained flattish in the first half of fiscal 2026 due to moderation in sales of cooling appliances (ACs and refrigerators) in the first quarter led by early onset of monsoon and goods and services tax (GST)-related sale deferrals in the second quarter of fiscal 2026. The revenue is expected to start picking momentum in the second half of fiscal 2026, driven by GST rate cuts, wedding & festive season and upcoming summer seasons.

The operating margin improved by nearly 2% to 12.8% in fiscal 2025 due to softening of raw material prices and economies of scale. However, the margin moderated to 10.2% in the first half of fiscal 2026 due to elevated commodity prices and strong...