Jain Irrigation Systems Limited — Credit Ratings, 07-05-2026: Credit Rating

ICRA has downgraded Jain Irrigation's `787.24 Cr` Non-Convertible Debentures (NCDs) to `[ICRA]BB+(Negative)` from `[ICRA]BBB-(Negative)`, and simultaneously withdrawn the rating. This reflects continued delays in recovering overdue receivables, a stretched working capital cycle, and slower progress on land sales. The outlook for the downgraded rating was Negative, signalling stressed liquidity and pressure on FY27 debt servicing.