Credit Rating

Regd. Office: Jain Plastic Park, P.O.Box: 72, N.H.No. 53, Jalgaon – 425 001. India. Tel: +91-257-2258011; Fax: +91-257-2258111; E-mail: jisl@jains.com; Visit us at: www.jains.com CIN: L29120MH1986PLC042028 JISL/SEC/2026/10/B-2/B-6 October 10, 2026 To, To, BSE Ltd., National Stock Exchange of India Ltd., Corporate Relationship Department, Exchange Plaza, C-1, Block G, 1st Floor, New Trading Wing, Rotunda Bandra Kurla Complex, Building, P. J. Tower, Dalal Bandra (East), Street, Mumbai - 400 001. Mumbai - 400 051. Email: corp.relations@bseindia.com Email: cc@nse.co.in Ref: Code No. 500219 (BSE) & JISLJALEQS (NSE) for Ordinary Equity shares Code No. 570004 (BSE) & JISLDVREQS (NSE) for DVR Equity Shares Sub: Intimation regarding Credit Rating under Regulation 30 of SEBI (LODR) Regulations, 2015 - Bank Loan Facilities & Non-Convertible Debentures Dear Sir/Ma’am, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CRISIL Ratings Limited, vide its Rating Rationale dated October 09, 2026, has reaffirmed the ratings assigned to the Company's Bank loan facilities and Non-Convertible Debentures (NCDs) albeit at reduced levels and also withdrawn the ratings on certain Bank loan facilities and NCDs, as they are no longer outstanding. As CRISIL Ratings Limited has issued multiple rating rationales for the Company's Bank loan facilities and NCDs in recent 3 months, the comparative details of the ratings disclosed to the Stock Exchanges, including the latest Rating Rationale dated October 09, 2026, are provided below in summarised form: Particulars August 18, 2026 September 16, 2026 October 09, 2026 Total Bank Loan ₹2,930.00 crore ₹2,711.07 crore ₹2,705.91 crore Facilities Rated CRISIL BBB- CRISIL BBB- CRISIL BBB- Long-Term Rating /Negative /Negative /Negative Short-Term Rating CRISIL A3 CRISIL A3 CRISIL A3 NCDs – Rating ₹785.63 crore ₹785.63 crore ₹566.99 crore Reaffirmed NCDs – Rating — — ₹218.64 crore Withdrawn Now, the total bank loan facilities rated have reduced to ₹2,705.91 crore (following the withdrawal of ratings on facilities aggregating to ₹5.16 crore). Further, the rating on NCDs aggregating to ₹218.64 crore has been withdrawn following confirmation of their redemption. The ratings on the remaining NCDs aggregating to ₹566.99 crore have been reaffirmed. The Rating Rationale dated October 09, 2026, issued by CRISIL Ratings Limited is enclosed herewith for your reference and records. You are requested to kindly take the above information on record. Thanking you, Yours faithfully, For Jain Irrigation Systems Limited, A V Ghodgaonkar Company Secretary Encl: a/a Rating Rationale October 09, 2026 | Mumbai Jain Irrigation Systems Limited Ratings reaffirmed at ‘Crisil BBB-/Negative/Crisil A3’ Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.2705.91 Crore (Reduced from Rs.2711.07 Crore) Instrument Long Term Rating Crisil BBB-/Negative (Reaffirmed) RBI Short Term Rating Crisil A3 (Reaffirmed) RBI Rs.566.99 Crore Non Convertible Crisil BBB-/Negative (Reaffirmed) MCA Debentures Rs.218.64 Crore Non Convertible Withdrawn MCA Debentures Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has reaffirmed its ‘Crisil BBB-/Negative/Crisil A3’ ratings on the bank facilities and non-convertible debentures of Jain Irrigation Systems Limited (JISL). Crisil Ratings has withdrawn its rating on the non-convertible debentures (NCDs) amounting to Rs 218.64 crore, upon independent confirmation from a third party that these instruments have been redeemed. Crisil Ratings has also withdrawn its ratings on bank facilities worth Rs 5.16 crore at the company’s request and upon receipt of the no-dues certificate and an independent confirmation from the lenders. The withdrawal is in line with the Crisil Ratings policy on withdrawal of ratings. The Negative outlook continues to reflect the elevated refinancing risk arising from sizeable outstanding debt obligation of around Rs 449 crore in March 2027, which significantly exceeds expected cash accrual of Rs 200–220 crore. The company has timely repaid its debt obligations due up to September 30, 2026, including the 0.01% non-convertible debentures (NCD) and external commercial borrowings (ECB2), through business cash flow and available liquidity. The Negative outlook also factors in slower-than-expected progress on other identified liquidity avenues, such as asset monetisation, receipt of incentives from the Government of Maharashtra, and recovery of project receivables outstanding around Rs 880 crore as on March 31, 2026 (of which identified overdue of Rs 195 crore have since been fully recovered). Timely closure of refinancing by end of December 2026, recovery of project receivables and progress on other liquidity avenues will remain key rating sensitivity factors. The company has received a signed term sheet from a potential lender to refinance up to Rs 800 crore, primarily to service the NCDs and ECB2 repayment of ~Rs 449 crore due in March 2027 and subsequent obligations of Rs ~140 crore due in fiscal 2028. Refinancing remains subject to approvals from existing lenders and NCD holders, legal documentation and creation of security. The ratings continue to reflect JISL’s established market position in the domestic micro-irrigation systems (MIS) segment, its diversified presence across the agricultural value chain, experienced promoters and extensive dealer network. These strengths are offset by exposure to volatility in raw material prices, moderate financial risk profile and high debt obligations requiring refinancing, as well as the working capital-intensive nature of operations. While liquidity remains modest, JISL has made some progress on steps taken to improve liquidity. The company has availed a working capital facility of Rs 100 crore from JDCC Bank in the first week of September 2026, and has recovered identified overdue receivables (IOR) of Rs 195 crore in the first half of fiscal 2027. Subsequently, the company has fully repaid the debt obligation up to September 30, 2026, towards NCDs and ECB2. These repayments were met through a combination of business cash flow, collections and available liquidity, which has also improved with better collections in September. As on September 19, 2026, liquidity was ~Rs 29 crore, comprising unutilised cash credit limit of Rs 22 crore and trust and retention account (TRA) balance of Rs 7 crore. While JISL is pursuing other avenues, including receipts up to Rs 50 crore from the first tranche of incentives from the Government of Maharashtra in the near term and Rs 80 crore from the first tranche of the proposed land sale, progress on these avenues has been slow and remains monitorable. Operating performance improved in fiscal 2026, with standalone revenue growing 9.0% to Rs 3,519 crore and operating margin rising by ~110 basis points (bps) to 14.7%. Revenue growth was driven by the hi-tech segment, which grew by ~21% on-year, while that in the domestic plastics division declined ~10% on-year. Revenue, including the international plastics division, grew ~12% to Rs 4,324 crore and operating margin improved to 13.9%. However, operating performance has moderated in the first quarter of fiscal 2027, because of delayed monsoon, volatility in raw material prices on account of the West Asia conflict and lower project billing. Standalone revenue declined around ~24% on-year to Rs 699 crore; while operating profitability declined ~32% to Rs 84 crore, while operating margin contracted by ~130 bps to 12.1%. Growth in the international plastics division partly cushioned the decline. JISL’s performance is expec [Showing first 8,000 characters — download PDF for full document]