CRISIL Ratings reaffirmed Jain Irrigation's long-term rating at BBB-/Negative for Bank Loan Facilities (Rs 2930 Cr) and NCDs (Rs 785.63 Cr), and A3 for short-term facilities.

This reflects progress in refinancing FY27 debt.

However, the Negative outlook persists due to high refinancing risk from Rs 652 Cr repayments in FY27, significantly exceeding Rs 200-220 Cr expected cash accrual, coupled with slow progress on asset sales and receivables.