Mumbai, Sept. 29 -- The agency has reaffirmed the company's short-term rating at 'Crisil A1+'.

Crisil Ratings stated that the revision in outlook reflects continuation of low operating margins leading to net cash accruals significantly lower than previous expectations.

Net cash accruals were over Rs 495 crore in the two fiscals through 31 March 2023 due to increased realizations attributable to favorable market conditions.

However, during the last two fiscals through fiscal 2025, operating margins have remained volatile primarily driven by high power costs resulting in reduced productions.

Also, the realizations have seen a moderation to over Rs 80,000 per ton during these fiscals against over Rs 1,10,000 per ton in fiscals 2022-23. T...