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

ICRA Limited downgraded Jain Irrigation's Non-Convertible Debentures (NCDs) worth Rs. 787.24 Cr to [ICRA]BB+(Negative) from [ICRA]BBB-(Negative) before withdrawing the rating. The downgrade reflects continued delays in recovering receivables and stretched working capital. The company requested withdrawal, stating the rating contract had expired and an existing CRISIL rating is valid.