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CRISIL has reaffirmed Sukhjit Starch's A+ long-term and A1 short-term credit ratings, but shifted the long-term outlook from 'Stable' to 'Negative'. This revision reflects expected moderation in the company's operating efficiency and lower net cash accruals. Margins dropped to 6.93% in FY25 (from 9.20%), primarily due to volatile maize prices. While revenue grew to Rs 1,487 Cr in FY25, volumetric growth was limited. Debt protection metrics, like interest coverage (3.6x in FY25), also moderated. This 'Negative' outlook hints at potential future downgrades, which could slightly impact borrowing costs and investor sentiment. Sustained margin improvement and stronger debt metrics are crucial monitorables for investors.