Jain Irrigation Systems Limited has informed the Exchange about Credit Rating
JISLJALEQS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICRA downgraded Jain Irrigation's NCD rating of Rs. 787.24 crore from BBB-(Negative) to BB+(Negative) before withdrawing it at the company's request after receiving NOCs from all lenders. The downgrade reflects continued delays in recovering overdue receivables (Rs. 196 crore as of December 2025) and a stretched working capital cycle constraining cash flows. The company faces significant debt repayments in FY2027 — Rs. 241 crore in September 2026 and Rs. 448 crore in March 2027. JISL disputes the new rating, citing an expired contract and an existing valid CRISIL rating. The company remains regular with debt servicing and is exploring raising fresh debt to pay off unsustainable portions. ICRA classifies liquidity as 'Stretched' with fund-based limits almost fully utilized.
The downgrade to BB+ (junk territory) signals elevated credit risk and could increase borrowing costs. Investors should monitor the company's ability to raise fresh debt and monetize non-core assets before the large FY2027 repayments.