Jain Irrigation Systems Ltd_DVR
CRISIL reaffirms Jain Irrigation’s BBB-/Negative rating and withdraws the rating on ₹218.64 crore of redeemed NCDs
- Credit rating
- Agriculture
Jain Irrigation Systems Limited has told the exchanges that CRISIL Ratings Limited, in a rating rationale dated 9 Oct 2026, has reaffirmed the ratings on its bank loan facilities and non-convertible debentures (NCDs), at reduced amounts, and withdrawn the ratings on some facilities and NCDs that are no longer outstanding. The company made the disclosure on 10 Oct 2026 under Regulation 30 of the SEBI listing rules.
The rated bank loan facilities now total ₹2,705.91 crore, down from ₹2,711.07 crore, after ratings on facilities of about ₹5.16 crore were withdrawn. The long-term rating is Crisil BBB-/Negative and the short-term rating is Crisil A3, both reaffirmed. The rating on NCDs of ₹566.99 crore is reaffirmed at Crisil BBB-/Negative, and the rating on NCDs of ₹218.64 crore has been withdrawn after their redemption was confirmed.
The company also gave a comparison with CRISIL’s earlier actions in the last three months: bank loan facilities rated of ₹2,930.00 crore on 18 Aug 2026, ₹2,711.07 crore on 16 Sep 2026 and ₹2,705.91 crore on 9 Oct 2026, with the ratings unchanged across the three.
Inference
The ratings and the negative outlook are unchanged, and the amounts rated have come down as debt was repaid, including NCDs that have been redeemed. A negative outlook means the agency sees a higher chance of a downgrade than an upgrade.
BBB- is the lowest rating in the investment grade category on CRISIL’s long-term scale. The reasons for the outlook are in the rationale attached to the filing.
Reference: Original filing (PDF)
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