Mumbai, May 13 -- The agency has reaffirmed its short-term rating on the company's bank facilities at 'Crisil A1'.

Crisil Ratings stated that the upgrade reflects steady and sustained improvement in the business and financial profile of Gokaldas group in the past fiscal.

The group's revenues grew by nearly 81% YoY during nine months period ending 31-Dec-2024 and would continue to grow at over 10-15% in the current fiscal supported by a healthy order book and consistent scaling up in both GEL's standalone business as well as in the acquired entities.

However, profitability witnessed a decline in fiscal 2025 owing to higher employee costs associated with scaling up and stabilization of Madhya Pradesh plant and followed by increase in ope...