Mumbai, Sept. 24 -- Infomerics Ratings stated that the rating is based on strengths derived from experienced management and long track record of operations, integrated nature of operations and modest debt protection metrics & capital structure.

The rating is, however, constrained by project execution risk, sharp fall in profitability in FY25, albeit favourable demand outlook and exposure to volatility in input costs, price realisations, and industry cyclicality.

The 'positive' outlook reflects the expectation of improvement in overall performance post completion of capex, which is progressing on time as per the revised schedule and expected to be operational from 1st January 2026.

The agency further said that substantial & sustained im...