The agency has also affirmed the company's short-term rating at 'IND A1'.
India Ratings & Research stated that the ratings reflect the agency's expectation of sustained revenue growth over FY27-FY28, with healthy profitability and credit metrics. The company reported steady revenues and resilient operating profitability with rangebound EBITDA margins over FY24-FY26.
Additionally, the company's credit metrics remained healthy in FY25-FY26, following the receipt of the proceeds from an initial public offering (IPO).
The proceeds were utilised to largely repay its debt, leading to a reduction in its interest burden and an improvement in the coverage indicators.
Kross has been investing to increase its existing capacities and develop new products, which is expected to benefit its top line FY27 onwards, and remains a key monitorable.
Furthermore, India Ratings believes the company's deleveraged balance sheet and healthy cash balance would support its credit profile in case of any downturn in the auto industry.
Kross is engaged in the manufacturing of automobile parts (such as axle shafts, coupling flanges, and tractor parts) for commercial vehicles and tractors. It has five integrated manufacturing plants, including a forging unit in Jamshedpur.
The scrip rose 0.68% to currently trade at Rs 191.20 on the BSE.
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