IKIO Lighting Ltd upgraded to CRISIL BBB/Stable from CRISIL BBB-/Positive on long-term bank facilities due to improved financial risk profile, repaid debt of Rs 50 crore, gearing and TOL/TNW ratios of 0.01 and 0.09 respectively, healthy debt protection metrics, liquidity of Rs 191 crore as of March 31, 2024, sluggish export sales, new market entry in 2025, assembly of wearables and hearables.