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Acuité has reaffirmed the long-term rating of ACUITE BB with a stable outlook on Magnum Ventures Limited’s Rs. 180 Cr. Non-Convertible Debentures. This is supported by improved EBITDA margins at 19.64% in FY25, up from 11.68% last year, driven by upgraded machinery and cost-efficient raw material use despite a 14% decline in revenues to Rs. 396.24 Cr. The company’s moderate financial risk profile is marked by gearing below unity at 0.97 times and a net worth of Rs. 215.30 Cr., although interest coverage weakened to 2.42 times due to high coupon rates on debt. Planned refinancing via Rs. 240 Cr. NCD issuance aims to lower borrowing costs and extend debt maturities, enhancing liquidity and supporting working capital needs. Overall, the stable rating affirms manageable risk amid sector challenges.