Intimation regarding Credit Rating under Regulation 30 of SEBI (LODR) Regulations, 2015 - Bank Loan Facilities and Non Convertible Debentures

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/2026/08/B-2/B-6 August 19, 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 Street, Bandra (East), 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 (“SEBI Listing Regulations”), we wish to inform you that CRISIL Ratings Limited (“CRISIL”), vide its Rating Rationale dated August 18, 2026, has reaffirmed the credit ratings assigned to the Bank Loan Facilities and Non-Convertible Debentures of Jain Irrigation Systems Limited (“the Company”). The details of the ratings assigned are as under: Rating Action: Total Bank Loan Facilities Rated Rs.2930 Crore Long Term Rating Crisil BBB-/Negative (Reaffirmed) Short Term Rating Crisil A3 (Reaffirmed) Rs.785.63 Crore Non-Convertible Crisil BBB-/Negative (Reaffirmed) Debentures The Rating Rationale 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 August 18, 2026 | Mumbai Jain Irrigation Systems Limited Ratings reaffirmed at ‘Crisil BBB-/Negative/Crisil A3’ Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.2930 Crore Instrument Long Term Rating Crisil BBB-/Negative (Reaffirmed) RBI Short Term Rating Crisil A3 (Reaffirmed) RBI Rs.785.63 Crore Non Convertible Crisil BBB-/Negative (Reaffirmed) 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 debt programmes of Jain Irrigation Systems Limited (JISL). The reaffirmation reflects significant progress made by JISL on refinancing its non-convertible debentures (NCDs) and external commercial borrowings (ECB2) maturing in fiscal 2027, with the company having received a signed term sheet from a potential lender. The repayment of around Rs 652 crore for 0.01% NCDs and ECB2 are with Rs 202 crore maturing at the end of September 2026 and Rs 450 crore at the end of March 2027. This amount is after factoring in the prepayment of around Rs 38 crore of debt obligations this fiscal which were originally due in September 2026. Currently, the potential lender is carrying out its due diligence process and completion of the transaction, post legal documentation, is targeted by end of August 2026. Approval from existing lenders and NCD holders is expected to be obtained expeditiously within the targeted timeline. Any delay in these timelines pertaining to refinancing forthcoming debt obligation will be a key rating sensitivity factor. JISL is also working on various other measures to improve liquidity such as enhancement of limits from JDCC Bank of Rs 100 crore which is at an advanced stage and expected to be completed by end of August 2026 and recovery of project receivables (including incremental recovery of Rs 50-60 crore from project receivables by end of August 2026). Additionally, the company expects up to Rs ~50 crore of government of Maharashtra incentives (out of Rs ~150 crore) and proceeds from sale of land (first tranche of Rs 80 crore) to support the near-term liquidity for servicing the NCD obligation. Progress on these avenues will be key rating sensitivity factors and critical to enhancing future liquidity and working capital requirement. The negative outlook continues to reflect elevated refinancing risk arising from sizeable repayment of around Rs 652 crore in fiscal 2027. Besides this, the company also has Reserve Bank of India (RBI) trade relief repayment due of around Rs 19 crore in September 2026, taking the total requirement in September 2026 to ~Rs 221 crore. The overall debt obligation of ~Rs 671 crore in fiscal 2027 is significantly higher than expected business cash accrual of Rs 200-220 crore. The 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, as well as recovery of identified overdue receivables (IOR) which remain at around Rs 162 crore as on July 31, 2026 and project receivables of around Rs 880 crore as on March 31, 2026. Liquidity remains modest, although it marginally improved to around Rs 24 crore as on August 17, 2026, comprising unutilised bank lines of Rs 15 crore and trust and retention account (TRA) balance of Rs 9 crore. The company received Rs 99.80 crore under the Emergency Credit Line Guarantee Scheme (ECLGS 5.0) in July 2026, income-tax refund of Rs 45 crore and goods and services tax (GST) refund of around Rs ~18 crore. Operating performance improved in fiscal 2026, with standalone revenue growing 9.0% to Rs 3,519 crore and operating margin improving by ~110 basis points (bps) to 14.7%. Growth was led by the hi-tech segment, which grew around 21% on year, while domestic plastics declined around 10% on year. Including the international plastics division, revenue grew around 12% to Rs 4,324 crore and operating margin improved to 13.9%. Performance moderated in the first quarter of fiscal 2027 because of delayed monsoon, raw material price volatility on account of the West Asia conflict and lower project billing. Standalone revenue declined around ~24% on year to Rs 699 crore, operating profitability declined ~32% to Rs 84 crore and operating margin contracted by ~130 bps to 12.1%. Growth in the international plastics division partly cushioned the decline. Performance is expected to recover from the second quarter, supported by improved rainfall and stable commodity prices. Over the medium term, revenue growth is expected at 7-9%, with operating margin at 12-14%. The financial risk profile remains modest, with total debt of around Rs 2,499 crore as on June 30, 2026, including around Rs 831 crore of 0.01% NCDs and ECB2. Adjusted networth remained healthy at around Rs 5,071 crore as on March 31, 2026. However, debt protection metrics remain moderate, and standalone interest coverage ratio weakened in the first quarter of fiscal 2027 on account of lower profitability. The working capital cycle has improved following tighter credit policies, although elevated receivables and high bank limit utilisation continue to constrain liquidity. The ratings continue to reflect JISL’s established business position in the domestic micro-irrigation systems (MIS) segments, diversified presence across the agricultural value chain, experienced promoters and extensive dealer network. Timely refinancing, release of the JDCC limits, recovery of receivables and improvement in operating performance will remain key rating sensitivity factors. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of JISL (standalone) and its subsidiaries and step-down subsidiaries engaged in the international plastics business. The entities, collectively referred to as J [Showing first 8,000 characters — download PDF for full document]