Intimation regarding Credit Rating under Regulation 30 of SEBI (LODR) Regulations, 2015- Non-Convertible Debentures Credit Rating which has been withdrawn
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ICRA Limited has withdrawn the credit rating for Jain Irrigation Systems' Non-Convertible Debentures worth Rs. 787.24 crore. The rating was downgraded from BBB-(Negative) to BB+(Negative) before withdrawal at the company's request, after receiving NOCs from all lenders. The company disputes the downgrade, stating the rating contract had already expired and it has a valid existing rating from CRISIL. ICRA cited concerns including delayed recovery of overdue receivables, stretched working capital cycle, and sizeable debt repayments due in FY2027 (Rs. 241 crore in September 2026 and Rs. 448 crore in March 2027). The company claims it remains regular in debt servicing and is focusing on improving working capital, recovering receivables, and monetizing non-core assets.
The rating downgrade to BB+ (junk territory) reflects credit stress, but the company disputes this and has an alternative CRISIL rating. Shareholders should monitor the company's ability to meet upcoming debt repayments and the progress of its asset monetization plans.