Given the backdrop of government’s thrust on irrigation and sustainable management of water resources and Jain Irrigation Systems Ltd. being the largest player in this segment of business makes the stock value investing. However, steady yearly performance, inability of the management to reduce its debt and greater share of export business which is vulnerable to foreign exchange rate risk, makes stock riskier proposition. We value the stock PE 7.8x of FY21E EPS and have arrived at downwardly revised TP of Rs. 60 with potential upside of 33%. Seasonality of business and government policies could be key risks to valuation.