Mumbai, May 28 -- The agency has also affirmed the company's short-term rating at 'IND A1+'.

India Ratings and Research stated that the 'positive' outlook reflects the likelihood of an improvement in PJL's operating profitability in FY26, after a subdued FY25, leading to an improvement in its credit profile.

The fall in realisations amid a tepid demand and an increasing competitive intensity, led to a fall in EBITDA in FY25, as against the agency's expectation of an improvement. However, the agency expects an improvement in cement demand and increased realisations, coupled with cost optimisation measures, across segments to result in an improvement in the EBITDA in FY26.

Furthermore, despite the fall in the EBITDA, the company reduced ...