Surya Roshni Limited — Credit Ratings, 26-07-2025: Credit Rating

Surya Roshni Limited's short-term rating of [ICRA]A1+ for its bank facilities and commercial paper has been reaffirmed. This action reflects the company's strong operational profile, backed by its established market position in ERW pipes and robust brands. The reaffirmation also factors in SRL's healthy financial risk profile, consistent operating performance, and comfortable liquidity. Key strengths include nil term debt and minimal working capital borrowings of Rs 3.1 Cr as of March 31, 2025, driven by strong internal accruals and proactive working capital management. While intense competition and raw material price volatility remain challenges, the stable rating is positive for investor confidence and provides strategic flexibility, supported by over Rs 110 Cr in average undrawn working capital limits.