Runaya Green Tech secures Crisil A/Stable Rating as Revenues Surge on Critical Minerals Expansion

Runaya Green Tech, a Runaya Group company focused on sustainability and circular economy solutions in the natural resources sector, has received a ‘Crisil A/Stable’ long-term rating and a ‘Crisil A1’ short-term rating from Crisil Ratings. The ratings reflect the company’s strong revenue visibility, healthy financial risk profile and rapid expansion of operations.

Crisil highlighted Runaya’s accelerated scale-up, with revenues increasing nearly fourfold to INR 270 crore in FY25. The rating agency expects revenues to double in FY26, driven by the commissioning of new capacities and higher production of critical minerals including cadmium, cobalt, nickel, copper and antimony.

Runaya operates a technology-led, sustainability-focused ‘waste-to-wealth’ business model, underpinned by proprietary recovery processes and global technology partnerships across its recycled critical metals portfolio. All of the company’s operations are powered by renewable energy, underscoring its commitment to responsible and environmentally conscious manufacturing.

Commenting on the development, Neha Bhandari, Group Chief Financial Officer, Runaya, said, “The Crisil ratings validate the company’s business model, operating performance and financial discipline as it expands its critical minerals portfolio. The leadership in recycling zinc and lead smelter residues, supported by proprietary technologies and global partnerships, has driven strong revenue growth and cash generation.”

According to Crisil, the ratings are supported by long-term supply and purchase agreements with anchor customers, providing strong revenue visibility. The agency also noted Runaya’s healthy financial risk profile, characterised by low leverage, strong cash accruals and interest coverage exceeding five times in FY25, supported by robust cash generation.

The critical minerals produced by Runaya are essential for advanced material systems and form a key foundation for India’s rapidly growing electric vehicle and battery ecosystem. As high-tech manufacturing, electric mobility and energy storage scale up, dependable access to these metals is becoming increasingly critical. Runaya’s expanding portfolio strengthens domestic availability, reduces import dependence and aligns supply with the evolving needs of India’s EV and energy transition landscape.

Runaya’s critical minerals facilities at Chanderiya and Dariba in Rajasthan, powered entirely by renewable energy, are set to significantly enhance processing capacity and operational scale. With a commitment to becoming water-positive by 2027, alongside strong capital discipline and prudent financial management, the company is positioned for sustained growth and to support India’s expanding manufacturing and clean energy ecosystem.