Mumbai, May 16 -- The agency has affirmed the company's short-term rating at 'IND A2+'.

India Ratings and Research stated that the outlook revision reflects strong growth in BHL's revenue and profitability in 9MFY25, coupled with the equity infusions during FY25-FY26 through preferential equity share allotment and share warrants, leading to the repayment of debt and funding for capex requirements.

India Ratings notes the equity infusions have led to a significant improvement in the company's credit metrics, with its leverage remaining below 2x over the near to medium term.

The ratings reflect BHL's improving business mix, led by diversification in higher margin business formulations coupled with revenue emanating from contract developm...