ICRA expects India's cement industry to grow about 6 to 7 per cent in FY27, and touch 6.5 to 7.5 per cent growth in the current fiscal year FY26.
S&P may raise the ratings if India's fiscal deficits narrow, meaningfully and general government debt falls below 7 percent of GDP on a structural basis.
India’s rating has remained unchanged at the lowest investment grade even when it has become the fifth largest economy in the world.
Moody's rationale for these actions is attributed to Vedanta Resources' lack of meaningful progress in addressing its upcoming debt maturities through refinancing.