CRISIL Ratings has downgraded RPP Infra Projects' Long-Term rating to 'BBB/Stable' (from 'BBB+/Stable') and Short-Term rating to 'A3+' (from 'A2') for its Rs. 642 Cr bank facilities. This reflects a weaker operating performance, with EBITDA margins dropping to ~2.2% in FY26 due to higher project costs and delayed claim receipts. Outlook remains Stable.