Jain Irrigation Systems Limited (JISLDVREQS)
₹18.53 -0.16% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jain Irrigation's revenue was ₹1,508 Cr, and net profit ₹-17.8 Cr; the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,508 | — | — |
| Operating profit | ₹164 | — | — |
| Net profit | ₹-17.8 | — | — |
| EPS (₹) | -0.20 | — | — |
| Operating margin | 10.9% | — | — |
JISLDVREQS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.2% of the JISLDVREQS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.24%. That is close to its usual level. Turnover was only ₹6 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 82.2% · 83.0% · 76.6% · 67.8% · 56.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CRISIL Ratings has reaffirmed its 'CRISIL BBB-/Negative/CRISIL A3' ratings on Jain Irrigation Systems Limited's bank facilities and Non-Convertible Debentures (NCDs). The agency withdrew ratings on NCDs worth Rs 218.64 crore following full redemption, alongside withdrawing Rs 5.16 crore of bank facilities upon no-dues confirmation. The 'Negative' outlook remains in place due to elevated refinancing risk, with Rs 449 crore of debt due in March 2027 against projected annual cash accruals of Rs 200–220 crore. JISL has secured a signed term sheet for up to Rs 800 crore to address this refinancing, subject to lender approvals and documentation.
- Long-term rating reaffirmed at CRISIL BBB-/Negative and short-term at CRISIL A3
- Ratings withdrawn for Rs 218.64 crore of NCDs following redemption confirmation
- Rated bank loan facilities reduced from Rs 2,711.07 crore to Rs 2,705.91 crore
- Refinancing risk highlighted with ~Rs 449 crore of repayments due in March 2027 vs cash accruals of Rs 200–220 crore
- Signed term sheet obtained from a potential lender to refinance up to Rs 800 crore
Jain Irrigation Systems Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 03, 2026, confirms the processing of dematerialization requests. It verifies that physical share certificates received were mutilated, cancelled, and substituted in the Register of Members within 15 days. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Applies to the quarter ended September 30, 2026
- RTA confirmation provided by MUFG Intime India Private Limited dated October 03, 2026
- Securities confirmed and substituted in Register of Members within 15 days
Jain Irrigation Systems Limited informed the exchanges that its Independent Directors held their first meeting for FY2026-27 on September 30, 2026. The meeting was conducted via video conferencing from 8:00 P.M. to 9:35 P.M. without executive directors or management present, as mandated under Companies Act, 2013, and SEBI LODR Regulation 25(3). The filing is purely statutory and carries no financial or operational disclosures.
- Meeting of Independent Directors held on September 30, 2026
- Meeting commenced at 8:00 P.M. and concluded at 9:35 P.M. (duration of 1 hour 35 minutes)
- Conducted pursuant to Section 149(8), Schedule IV of Companies Act, 2013 and SEBI LODR Regulation 25(3)
- Held via Video Conferencing without the presence of Executive Directors or management
Jain Irrigation Systems Limited announced that it has fully discharged all debt repayment obligations due up to September 30, 2026, ahead of scheduled dates. Between July 2026 and September 25, 2026, the company made aggregate debt repayments of approximately Rs 246.72 crore across Non-Convertible Debentures (NCDs) and term loans. The repayments were financed through internal business cash flows, receivable collections, and available liquidity while maintaining working capital. This progress aligns with the company's multi-year deleveraging plan to reduce high interest costs.
- Repaid approximately Rs 246.72 crore of NCDs and term debt obligations ahead of schedule
- Covers all debt repayment obligations falling due up to September 30, 2026
- Repayments executed between July 2026 and September 25, 2026
- Funded via operating cash flows, collections, and existing liquidity without impairing working capital
Jain Irrigation Systems Limited has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) valued at ₹117.96 crore (inclusive of GST). The contract involves the supply and installation of 5,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems across Maharashtra under the Magel Tyala Saur Krushi Pump Yojana. The scope covers 3 HP, 5 HP, and 7.5 HP systems and requires swift completion within 60 days. Compared to the company's Q1 FY27 revenue of ₹1,508.37 crore (quarter ended June 2026), this order represents approximately 7.8% of quarterly revenue.
- Order value of ₹117.96 crore inclusive of GST awarded by MSEDCL
- Scope covers supply and installation of 5,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems
- Project includes 3 HP, 5 HP, and 7.5 HP agricultural pump capacities
- Execution timeline is strict, requiring completion within 60 days
Jain Irrigation Systems Limited has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) valued at ₹117.96 crore (inclusive of GST). The scope includes design, manufacture, supply, installation, testing, and commissioning of 5,000 off-grid DC solar pumps across Maharashtra. The project falls under the Magel Tyala Saur Krushi Pump Yojana and has an aggressive execution timeline of 60 days. This follows the company's prior execution of 12,457 pumps worth ₹307.62 crore under the same scheme since December 2024.
- Empanelment order valued at ₹117.96 crore (inclusive of GST) from MSEDCL
- Covers supply and installation of 5,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems
- Scope includes 3 HP, 5 HP, and 7.5 HP capacity agricultural solar pump systems
- Scheduled completion timeline is within 60 days
- Adds to 12,457 pumps (valued at ₹307.62 crore) previously completed under this scheme since December 2024
CRISIL Ratings has reaffirmed Jain Irrigation Systems Limited's long-term rating at 'Crisil BBB-/Negative' and short-term rating at 'Crisil A3' across Rs 2,711.07 crore of bank facilities (reduced from Rs 2,930 crore) and Rs 785.63 crore of NCDs. The Negative outlook highlights elevated refinancing risk, as FY27 debt repayments of ~Rs 624 crore significantly exceed projected cash accruals of Rs 200–220 crore. JISL is servicing near-term obligations of ~Rs 164 crore due on September 30, 2026, and has obtained a signed term sheet to refinance up to Rs 800 crore subject to lender approvals.
- Ratings reaffirmed at 'Crisil BBB-/Negative' for long-term facilities and NCDs, and 'Crisil A3' for short-term debt
- Total bank facilities reduced by Rs 218.93 crore to Rs 2,711.07 crore following no-dues confirmations
- FY27 debt repayments of ~Rs 624 crore exceed projected cash accruals of Rs 200–220 crore
- Near-term debt obligation of ~Rs 164 crore due September 30, 2026, with Rs 120 crore targeted for repayment by September 19, 2026
- Signed term sheet secured from a potential lender to refinance up to Rs 800 crore, subject to existing lender and NCD holder approvals
CRISIL Ratings has reaffirmed its ratings on Jain Irrigation Systems Limited's (JISL) Rs 2,930 crore bank facilities and Rs 785.63 crore Non-Convertible Debentures (NCDs) at 'CRISIL BBB-/Negative/CRISIL A3'. The reaffirmation reflects progress on refinancing debt maturing in FY27, backed by a signed term sheet from a potential lender targeting closure by end-August 2026. However, the outlook remains 'Negative' due to elevated refinancing risk on Rs 652 crore of NCDs and ECB2 obligations in FY27 (Rs 202 crore due end-September 2026 and Rs 450 crore end-March 2027), which significantly exceeds projected annual cash accruals of Rs 200-220 crore.
- Ratings reaffirmed at CRISIL BBB-/Negative for long-term facilities (Rs 2,930 cr) and NCDs (Rs 785.63 cr), and CRISIL A3 for short-term facilities
- Debt obligations of around Rs 652 crore for NCDs and ECB2 mature in FY27 (Rs 202 crore in Sep 2026 and Rs 450 crore in Mar 2027)
- Received signed term sheet for refinancing; due diligence targeted for completion by end of August 2026
- FY27 total debt servicing requirement stands at ~Rs 671 crore vs expected annual business cash accruals of Rs 200-220 crore
- Total debt stood at Rs 2,499 crore as of June 30, 2026, with modest liquidity of ~Rs 24 crore as of August 17, 2026
Jain Irrigation reported a muted Q1 FY27 with consolidated revenue declining 2.5% YoY to Rs 1,500 crore, primarily due to raw material volatility and a delayed monsoon impacting the Hi-Tech segment. Adjusted PAT saw a sharp decline to Rs 3 crore from Rs 30 crore in the previous year, though the company maintained profitability. A key positive was the improvement in the net working capital cycle to 183 days from 210 days YoY, with 78% of the Rs 164 crore EBITDA converted into operating cash flow. The company faces significant debt obligations of Rs 690 crore in NCDs due in FY27, which management plans to service through internal accruals and backup credit lines.
- Consolidated revenue for Q1 FY27 stood at Rs 1,500 crore, a 2.5% decline YoY.
- Adjusted PAT fell to Rs 3 crore from Rs 30 crore in the same period last year due to unabsorbed fixed costs.
- Net working capital cycle improved to 183 days from 210 days a year ago, reflecting better liquidity management.
- Total NCD debt of Rs 690 crore is due for repayment in FY27, with Rs 230 crore maturing in September 2026.
- EBITDA cash conversion rate reached 78% on an EBITDA of Rs 164 crore during the quarter.
Jain Irrigation Systems Limited has provided the audio recording link for its Q1FY27 investor conference call held on August 10, 2026. This routine disclosure allows investors to hear management's commentary on the company's ongoing transition from low-margin EPC contracts to high-margin retail and export segments. The company is currently working towards a 15% expected growth rate and a multi-year deleveraging plan to address high interest costs. Previous filings indicated a 6% YoY decline in FY25 revenue to INR 57,790 million due to strategic business restructuring.
- Investor conference call for Q1FY27 held on August 10, 2026, at 04:30 PM IST
- Company targeting a 15% growth rate by penetrating high-margin domestic retail markets
- FY25 consolidated revenue stood at INR 57,790 million, a 6% YoY decline
- 95% of EBITDA was converted into operating cash flow (INR 1.9 billion) in Q2 FY26
- New bottling unit expected to contribute significant revenue starting in FY27
Jain Irrigation reported a 2.4% YoY decline in consolidated revenue to ₹1,508.4 cr for Q1 FY27, primarily driven by a 22% drop in the Hi-Tech Agri segment due to strategic project reductions and monsoon delays. Consolidated EBITDA fell 18.7% to ₹164.3 cr, with margins contracting to 10.9% from 13.1% YoY. The company reported a net loss of ₹17.8 cr, though adjusted PAT remained marginally positive at ₹3.1 cr. Despite the weak quarter, management reiterated FY27 guidance for double-digit revenue growth and a 12.5% consolidated EBITDA margin.
- Consolidated revenue decreased 2.4% YoY to ₹1,508.4 cr, while Standalone revenue fell 23.9% to ₹699.3 cr.
- EBITDA margins contracted by 220 bps to 10.9% due to lower fixed cost absorption in the agri segment.
- Agro Processing segment provided a cushion with 19.7% YoY revenue growth to ₹547.7 cr.
- Consolidated order book stands at ₹1,700 cr as of June 30, 2026, excluding retail channel orders.
- Working capital cycle improved by 27 days compared to June 2025, releasing approximately ₹175 cr in cash.
Jain Irrigation reported a weak Q1 FY27 with consolidated revenue declining 2.4% YoY to ₹1,508.4 cr. Profitability was significantly impacted as the company swung to a consolidated net loss of ₹17.8 cr from a profit of ₹11.2 cr in the year-ago period. EBITDA margins contracted by 217 bps to 10.9%, driven by polymer price volatility and delayed domestic demand in the pipe and drip segments. Despite the weak quarter, management has reiterated its FY27 guidance for double-digit revenue growth and a 12.5% consolidated EBITDA margin.
- Consolidated Total Income decreased 2.4% YoY to ₹1,508.4 cr in Q1 FY27
- Consolidated EBITDA fell 18.7% YoY to ₹164.3 cr, with margins contracting to 10.9%
- Reported a consolidated net loss of ₹17.8 cr compared to a profit of ₹11.2 cr in Q1 FY26
- Standalone revenue saw a sharp decline of 23.9% YoY to ₹699.3 cr
- Management maintains FY27 EBITDA margin guidance of 14% for standalone and 12.5% for consolidated operations
Jain Irrigation reported a standalone net loss of ₹13.94 Cr for Q1 FY27 (ended June 30, 2026), a sharp reversal from the ₹7.06 Cr profit in the year-ago period. Standalone revenue from operations contracted by 23.9% YoY to ₹699.32 Cr, driven by declines in both the Hi-tech Agri and Plastic divisions. Consolidated revenue was more resilient, declining only 2.4% YoY to ₹1,508.37 Cr. High finance costs of ₹69.75 Cr (standalone) continue to weigh heavily on the bottom line, despite including ₹20.93 Cr of non-cash interest unwinding.
- Standalone revenue declined 23.9% YoY to ₹699.32 Cr from ₹919.17 Cr.
- Reported a standalone net loss of ₹13.94 Cr against a profit of ₹7.06 Cr in Q1 FY26.
- Hi-tech Agri Input Products revenue dropped 22.1% YoY to ₹450.79 Cr.
- Finance costs remained high at ₹69.75 Cr, consuming nearly 10% of standalone revenue.
- Consolidated revenue for the quarter stood at ₹1,508.37 Cr, down from ₹1,545.65 Cr YoY.
Jain Irrigation Systems Limited held its 39th Annual General Meeting (AGM) on August 10, 2026. The meeting covered the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. Key agenda items included the re-appointment of Director Ajit B. Jain and the approval of remuneration for Athang Anil Jain and Abhedya Ajit Jain for 'Office or Place of Profit' roles. The company currently reports a TTM revenue of ₹4,461 crore and a PAT of ₹54 crore.
- 39th Annual General Meeting successfully convened on August 10, 2026
- Adoption of Audited Financial Statements for the year ended March 31, 2026
- Re-appointment of Shri Ajit B. Jain (DIN: 00053299) as Director
- Approval sought for remuneration of 2 family members under Section 188(1)(f) for Office of Profit
- Voting results to be submitted to exchanges within 2 working days
Jain Irrigation Systems Limited has scheduled its Q1 FY27 earnings conference call for August 10, 2026, at 4:30 PM IST. The management, including the Vice Chairman & MD and the CFO, will discuss the company's performance. This follows a trailing twelve-month (TTM) revenue of ₹4,461 Cr and a PAT of ₹54 Cr. Investors will likely seek updates on the company's deleveraging strategy and the progress of the new bottling unit expected to scale in FY27.
- Investor conference call for Q1 FY27 scheduled for August 10, 2026, at 4:30 PM IST
- Management representation by Vice Chairman & Managing Director Mr. Anil Jain and CFO Mr. Bipeen Valame
- Company reported TTM revenue of ₹4,461 Cr with an operating profit margin of 13.5%
- Call will be accessible via two primary dial-in numbers and a dedicated Diamond Pass link
Financial Performance
Revenue Growth by Segment
In H1 FY26, the Hi-Tech Agri segment contributed 35.3% (INR 10,525 million), Plastic segment 32.0% (INR 9,520 million), and Agro/Food segment 32.7% (INR 9,735 million). Consolidated revenue for Q2 FY26 grew 20.2% YoY to INR 14,323 million, while H1 FY26 revenue grew 11.5% YoY to INR 29,780 million.
Geographic Revenue Split
Domestic operations are concentrated in Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Telangana, and Rajasthan. Overseas performance was strong in the UK (spice business) and US (food business), which helped offset a 7% dip in the Indian food business during Q2 FY26.
Profitability Margins
Net profit margin for Q2 FY26 turned positive at approximately 1.07% (INR 153 million) compared to a loss of INR 132 million in Q2 FY25. Cash PAT for Q2 FY26 rose 76.2% YoY to INR 857 million, reflecting improved internal cash generation and operational turnaround.
EBITDA Margin
Consolidated EBITDA margin improved to 13.9% in Q2 FY26, a 227 bps increase from 11.6% in Q2 FY25. Standalone EBITDA margin reached 15.6%, up 263 bps YoY. The Agro-Processing division specifically saw margins double to 11.7% from 6.6% due to higher capacity utilization and better product mix.
Capital Expenditure
The company generated INR 1.9 billion in operating cash flow in Q2 FY26, with a focus on using available cash for debt servicing and growth investments for FY27. Specific planned CAPEX figures for FY26 were not disclosed, but the strategy prioritizes deleveraging over aggressive new spending.
Credit Rating & Borrowing
The company is actively prioritizing the repayment of high-cost debt to reduce finance costs. It aims to limit dependence on working capital borrowing by shifting to a cash-and-carry retail model. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Key raw materials include PVC and HDPE resins for the Plastic and Hi-Tech Agri segments, and various fruits and spices (e.g., for the UK spice business) for the Agro-Processing division. Raw material costs represent a significant portion of the cost of goods sold, though specific percentage breakdowns per material were not provided.
Import Sources
Raw materials are sourced for global operations including the US, UK, Switzerland, and the Netherlands. Domestic sourcing is centered around major agricultural and industrial hubs in India to support the 4,000+ dealer network.
Capacity Expansion
The company is focusing on increasing capacity utilization to drive EBITDA growth. A new bottling unit is under development, which is expected to contribute significant revenue starting in FY27, though marginal revenue is expected in late FY26.
Raw Material Costs
Raw material costs are being managed through improved product mix and cost control initiatives. In the Agro-Processing division, better product mix and operating leverage helped double EBITDA despite fluctuating input costs.
Manufacturing Efficiency
The company converted 95% of EBITDA into operating cash flow (INR 1.9 billion) in Q2 FY26. Manufacturing efficiency is supported by international certifications including ISO 9001, 14001, and 50001.
Logistics & Distribution
The company maintains a massive distribution network of over 4,000 dealers across India. Dealer growth is supported by financing schemes with partner banks and NBFCs to ensure uninterrupted retail sales expansion.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved by penetrating high-margin domestic retail markets, expanding the dealer network in Northern and Eastern India, and scaling high-value plastic sheet products. The company is also transitioning to a 'Water-Food-Energy' nexus leader by leveraging R&D in solar-powered pumping and smart fertigation.
Products & Services
Micro Irrigation Systems (MIS), Sprinkler Irrigation Systems (SIS), PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products (fruit purees, concentrates), Spices, Tissue Culture Plants, and Solar-powered pumping systems.
Brand Portfolio
Jain Irrigation, DripTech (75% owned subsidiary focusing on affordable irrigation for small-plot farmers).
New Products/Services
New bottling unit (significant revenue in FY27), smart fertigation systems, and climate-smart agricultural technologies like low-pressure drip irrigation.
Market Expansion
Intensifying dealer development in Northern and Eastern India and expanding the export share of the Plastic and Agro-Processing divisions.
Market Share & Ranking
JISL holds the widest product offering in India across MIS, SIS, and Pipes, positioning it as a one-stop solution provider for irrigation infrastructure.
Strategic Alliances
DripTech India Pvt. Ltd. (74% owned by JPFTIPL, 1% by JISL). Partner banks and NBFCs provide dealer financing schemes.
External Factors
Industry Trends
The industry is shifting toward sustainable agriculture and water conservation. JISL is positioning itself for this 15% industry growth trend by focusing on 'climate-smart' technologies and renewable energy solutions.
Competitive Landscape
The company faces competition in the plastic pipes and agro-processing sectors but maintains a lead through its integrated 'one-stop-shop' model for farmers.
Competitive Moat
Durable advantages include a network of 4,000+ dealers, a pioneer status in drip irrigation in India, and integrated operations from tissue culture to food processing. These are sustainable due to high switching costs for farmers and deep-rooted brand trust.
Macro Economic Sensitivity
Highly sensitive to agricultural cycles and monsoon seasonality; H2 is historically much stronger than H1 due to the Indian cropping calendar.
Consumer Behavior
Increasing demand for low-priced, high-quality irrigation products among small-plot farmers, leading to a 24.5% revenue increase for the DripTech subsidiary (INR 272.95 million).
Geopolitical Risks
Overseas operations in the UK and US are critical to offsetting domestic volatility. Net losses were reported in some European subsidiaries (e.g., Jain Israel B.V. lost USD 2.09 million in FY25).
Regulatory & Governance
Industry Regulations
Operations must comply with international food safety standards including HACCP for the Agro-Processing division and OHSAS 18001 for occupational health and safety.
Environmental Compliance
Manufacturing plants are certified under ISO 14001 (Environmental Management) and ISO 50001 (Energy Management).
Risk Analysis
Key Uncertainties
Seasonality of the agri-business and the timing of the turnaround for net margins, which management admits will take 'a couple of years' to reach mid-double digits.
Geographic Concentration Risk
Heavy reliance on the Indian market, specifically six key states, although international food businesses provide some diversification.
Third Party Dependencies
Dependency on partner banks and NBFCs for dealer financing to maintain retail liquidity.
Technology Obsolescence Risk
Mitigated by continuous R&D in smart fertigation and solar-powered systems to stay ahead of traditional irrigation methods.
Credit & Counterparty Risk
Receivables management is a focus; Standalone DSO has been maintained despite revenue shifts, reflecting disciplined credit control.
