Mumbai, Nov. 19 -- Fitch Ratings stated that the ratings incorporate the agency's expectation of a modest leverage profile, with EBITDA net leverage sustained around 1.5x; a leading market position in India; a large market with robust long term demand-growth potential; and cost-efficient operations.

The agency further said that factors that could, individually or collectively, lead to positive rating action/upgrade include EBITDA net leverage below 1.5x on a sustained basis; improved business mix, with segments other than grey cement contributing around 30% of revenue; expectations of neutral or positive FCF profile; and strengthening of Grasim's consolidated credit profile.

However, a worsening market position or industry competitive e...