Mumbai, July 4 -- The agency has also affirmed the company's short-term rating at 'IND A1+'.

India Ratings and Research stated the affirmation reflects an improvement in the consolidated financial performance in FY25 while maintaining a strong credit profile, in line with the agency's expectations.

The ratings continue to be supported by the company's strong position in the flexible packaging industry.

The agency further said that developments that could, individually or collectively, lead to a positive rating action include an improvement in the scale and operating EBITDA, and maintaining the share of value-added products in the overall revenue and EBITDA mix, while maintaining the credit metrics on a sustained basis.

However, delays...