As an alumnus of IIT-Madras, Jagannathan was part of the 1970 batch, and was awarded the gold medal from IIT-M for best academic performance in mechanical engineering.

In recognition of his achievements and to commemorate his contributions to the business world, IIT-Madras said that an auditorium is being named after the businessperson. The auditorium was inaugurated on Friday by Jagannathan in the presence of Bhaskar Ramamurthi, director of IIT Madras, and other dignitaries.