CRISIL Ratings has revised its outlook on the long-term bank facilities of Chemplast Sanmar Limited (CSL) to ‘Negative’ from ‘Stable’ and reaffirmed the rating at ‘CRISIL AA-‘. The short term rating has been reaffirmed at ‘CRISIL A1+’. The revision in the outlook follows the higher than anticipated deterioration in revenues and absolute operating profits of CSL in the current fiscal, due to steep decline in realisations of suspension PVC (S-PVC) and paste PVC (80% of consolidated revenues), following heavy dumping by China. Besides, other business segments such as caustic soda, chloromethanes and customs manufacturing are also facing headwinds due to excess domestic supply, further adding to pressure on profitability for the second year in a row, operating profitability too will be significantly impacted at 2-3%, from 9.5% in fiscal 2023. This along with higher interest costs due to debt raised for capex will exacerbate pressure on net p...