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Ratings for RML and REL reflect Runaya’s strengthening financial profile, business diversification and growth in technology-intensive manufacturing

Runaya, a Vedanta company focused on advanced technological solutions for the circular economy and critical metals recovery, has strengthened its credit profile, with all its key businesses now positioned in the ‘A’ family rating category by CRISIL.

The ‘A’ family ratings mark a significant milestone in Runaya’s credit journey, reflecting its improving financial profile, resilient business fundamentals and expanding diversification. The progression from its earlier ‘BBB’ family rating profile underscores the strengthening of its businesses as the company scales into higher-value and technology-intensive manufacturing.

Runaya’s improved credit profile comes amid strong business growth, with its businesses recording nearly three-fold growth in consolidated revenue in FY2026. The growth has been driven by increasing operating scale, long-term customer relationships and expansion across metal recovery, recycling, value-added products and advanced materials.

The company’s diversified portfolio is supported by long-term contractual arrangements with leading industrial customers, providing revenue visibility, along with strategic global technology partnerships and strong manufacturing and project execution capabilities.

The stronger credit profile also provides a foundation for Runaya’s next phase of expansion. The company plans to deploy approximately ₹700 crore in growth capital expenditure over the next two to three years, focused on capacity expansion and high-value downstream manufacturing.

A key initiative is Runaya’s joint venture with ECKART, Germany, which is nearing commissioning of a first-of-its-kind inert gas-atomised spherical aluminium powder facility in Jharsuguda, Odisha. The facility is designed to serve applications across aerospace, automotive coatings, solar cells, agrochemicals and additive manufacturing, with the potential for 100% import substitution.

Runaya’s maiden rating for REL is supported by strong parent backing, long-term offtake arrangements, assured raw material supply and the complementary capabilities of the joint venture partners.

Naivedya Agarwal, Managing Director, Runaya, said, “The A family ratings for our key businesses mark an important milestone, reflecting the scale, resilience and strength of our partnerships. As we enter our next phase of growth, we remain focused on disciplined capital deployment, operational excellence and long-term value creation.”

Neha Bhandari, Group Chief Financial Officer, Runaya, said, “The ratings reflect the progress we have made in strengthening our financial profile while scaling and diversifying our businesses. The maiden rating for REL further underscores our ability to combine global technology partnerships with strong manufacturing and execution capabilities to build high-value businesses in India.”

Runaya continues to expand its portfolio across circular economy solutions, critical mineral recovery and advanced materials, supported by technology adoption, sustainability initiatives, long-term partnerships and disciplined financial and operational execution.