In its update for quarter 4 (2012), CRISIL's Independent Equity Research Report maintains its pragmatic ratings - stating ISMT to have "Good Fundamentals" and a "Strong Upside" from the current market price. It highlights ISMT's exports to be "'going strong'" and is optimistic about its yoy growth. The report says "(we) maintain our fundamental grade of 3/5 as we remain positive on the growth of the tube industry"