Mumbai, June 23 -- Crisil Ratings stated that the rating upgrade reflects sustained improvement in the business risk profile of the company, driven by healthy scalability and range bound operating profitability.

Regular addition of new customers and diversification in product and service offerings such as graphics processing unit (GPU)-based artificial intelligence (AI) infrastructure have led to nearly 70% compound annual growth rate (CAGR) in revenue over the four fiscals through 2025; revenue is achieved at Rs 1,149 crore during fiscal 2025.

Furthermore, a healthy order book of Rs 325 crore along with L-1 orders of Rs 362 crore, as of March 2025, provide revenue visibility over the medium term.

While operating profitability has mode...