Crisil Upgrades Rating of Gautam Solar with Stable Outlook

Renewal energy solutions provider Gautam Solar on Tuesday said Crisil has upgraded its long-term rating to 'A-/Stable' from 'BBB+/Stable' earlier.

This achievement highlights the strong fundamentals of Gautam Solar and its solid growth trajectory, constantly strengthening its reputation as a reliable partner in the renewable energy market and a provider of preferred modules for large projects, a company statement said.

According to the statement, Gautam Solar Pvt Ltd (GSPL), having 28+ years of experience in solar module manufacturing, has received the long-term rating of CRISIL A-/Stable and a short-term rating of CRISIL A2+, a recognition that signifies the company's financial strength, capability, longer-term reliability and bankability of its solar modules.

Earlier, the firm had a CRISIL BBB+/Stable long-term and CRISIL A2 short-term rating.

The major upgrade to CRISIL A- is a true measure of Gautam Solar's strengthened business profile, strong financials, and sustained track record of meeting its obligations, the statement said.

Gautam Solar has shown resilience and improvement over the years, with a stunning 200 per cent rise in revenues in the last three years underpinned by increased capacity, better utilisation, and premium demand for products, it added.

Its CEO Gautam Mohanka said, "We are proud to have received the 'CRISIL A-/Stable 'long-term and 'CRISIL A2+' short-term ratings as they validate our business fundamentals and provide us with a badge of credibility, assuring our customers and the financial institutions we partner with".

Gautam Solar is targeting to raise its solar module manufacturing capacity to 5 GWp by FY2025-26 from its current capacity of 3.2 GWp.