Intimation regarding Credit Rating under Regulation 30 of SEBI (LODR) Regulations, 2015- Non-Convertible Debentures Credit Rating which has been withdrawn
JISLJALEQS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICRA Limited has withdrawn the credit rating for Jain Irrigation Systems' Non-Convertible Debentures worth Rs. 787.24 crore.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. ICRA cited delayed recovery of overdue receivables (Rs. 196 crore outstanding as of December 2025) and a stretched working capital cycle as key concerns. The company faces significant debt repayments of Rs. 241 crore in September 2026 and Rs. 448 crore in March 2027. Progress on planned initiatives including land parcel monetization (expected Rs. 125 crore) and government incentives has been slower than anticipated. JISL states it has been regular in debt servicing and disputes the rating, noting the contract expired in April 2026 and it has a valid existing rating from CRISIL.
The downgrade to BB+ (junk territory) signals elevated credit risk. Shareholders should note the company faces near-term debt repayment pressure of Rs. 689 crore in FY2027 while its liquidity remains stretched with fund-based limits nearly fully utilized. The rating withdrawal itself is neutral as the company maintains a CRISIL rating.