Mumbai, June 12 -- Crisil Ratings stated that the rating Revenue increased by 3% year-on-year in fiscal 2025, supported by volume growth as realisations remained muted due to lower commodity prices. EBITDA margin declined to 15.8% in fiscal 2025, from 18.2% in fiscal 2024, due to change in product mix with increase in orders from water applications that have lower profitability compared to oil and gas applications.

The company's revenue is expected to increase by 8-10% over the medium term, driven by healthy order book position of Rs 2,000 crore, ramping up of increased production capacity and scaling up of revenue from subsidiaries. Meanwhile, the operating margin may sustain at 16-18%.

The company plans to undertake a capital expendit...