Jain Irrigation Systems Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jain Irrigation Systems Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jain Irrigation reported Q4 FY26 revenue of about Rs 1,800 crore, up 4.3% year-on-year, with EBITDA growth of about 7% and margin improvement to 13.2% from 12.8%. Management attributed the slower revenue growth to a sharp spike in PVC and polyethylene prices in March that caused farmers to postpone purchases. For the full FY26 year, revenue grew about 11%, with the Hi-Tech (drip irrigation) business growing over 20% and food crossing Rs 2,000 crore in revenue.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR1,800 crores (Q4 FY26)
p. 3
“we were able to manage approximately a revenue of about INR1,800 crores this quarter as the entire company as against same period last year at about INR1,750”
Anil Jain, page 3 of the filed PDF · View the filing
Revenue growth: 4.3% (Q4 FY26)
p. 3
“So registering about a nominal growth of about 4.3%.”
Anil Jain, page 3 of the filed PDF · View the filing
EBITDA growth: 7% (Q4 FY26)
p. 3
“So revenue grew 4%, EBITDA grew about 7%.”
Anil Jain, page 3 of the filed PDF · View the filing
Hi-Tech EBITDA growth: 22% (Q4 FY26)
p. 3
“Within Hi-Tech, the EBITDA had a really good growth at about 22% compared to the same period last year.”
Anil Jain, page 3 of the filed PDF · View the filing
Overall EBITDA margin: 13.2% (Q4 FY26)
p. 3
“Overall margin came at 13.2% as against 12.8% across all the divisions.”
Anil Jain, page 3 of the filed PDF · View the filing
Hi-Tech EBITDA margin: 19.8% (Q4 FY26)
p. 3
“Within individual businesses, Hi-Tech came out at 19.8% as against last year same period, 17.5%.”
Anil Jain, page 3 of the filed PDF · View the filing
Full year revenue growth: 11% (FY26)
p. 4
“revenue has grown by about 11% for the whole year.”
Anil Jain, page 4 of the filed PDF · View the filing
Hi-Tech full year revenue growth: more than 20% (FY26)
p. 4
“you would see that the Hi-Tech business grew more than 20%.”
Anil Jain, page 4 of the filed PDF · View the filing
Plastics full year revenue growth: 2.4% (FY26)
p. 4
“The plastics grew only at 2.4%, and the food managed to cross INR2,000 crores revenue by growing 9%.”
Anil Jain, page 4 of the filed PDF · View the filing
Hi-Tech full year EBITDA growth: 26% (FY26)
p. 4
“while revenue growth for Hi-Tech was about 20%, EBITDA for the whole year grew to 26%.”
Anil Jain, page 4 of the filed PDF · View the filing
Operating cash flow: INR600 crores (FY26)
p. 7
“almost about 76% was operating cash flow post working capital change was created in that to -- in north of about INR600 crores”
Anil Jain, page 7 of the filed PDF · View the filing
Adjusted PAT: INR133 crores (FY26)
p. 15
“If you adjust that adjusted PAT and which we have given in the investor presentation also on Slide 9 is about INR133 crores, which was INR97 crores earlier.”
Anil Jain, page 15 of the filed PDF · View the filing
Reported PAT: minus INR40 crores (FY26)
p. 15
“the PAT is at minus INR40 crores.”
Anil Jain, page 15 of the filed PDF · View the filing
Exports: INR455 crores (FY26)
p. 9
“this year, I think we clocked exports of last year INR455 crores from the earlier year of INR500 crores.”
Anil Jain, page 9 of the filed PDF · View the filing
Domestic business growth: 12% (FY26)
p. 9
“the domestic business grew about 12%.”
Anil Jain, page 9 of the filed PDF · View the filing
Retail business growth: 13% (FY26)
p. 9
“the retail business within that grew 13%.”
Anil Jain, page 9 of the filed PDF · View the filing
UK food business revenue: GBP 68 million (FY26)
p. 14
“we have grown this year from, I think, GBP 60 million to GBP 68 million on the food side”
Anil Jain, page 14 of the filed PDF · View the filing
Standalone net cash from operations: INR350 crores (FY26)
p. 11
“even the last year, I think in '25, '26, we generated net cash from operations about INR350 crores post working capital change.”
Anil Jain, page 11 of the filed PDF · View the filing
Debt repaid to banks: INR1,300 crores (FY22-FY26)
p. 11
“since '22 in last 4 years, we also repaid INR1,300 crores total to the banks”
Anil Jain, page 11 of the filed PDF · View the filing
Bottling beverage investment: INR140 crores
p. 14
“we have invested approximately INR140 crores over the last couple of quarters, December and March quarter.”
Anil Jain, page 14 of the filed PDF · View the filing
Beverage lines revenue before end of March: INR27-28 crores
p. 15
“we already had, I think, about INR27 crores, INR28 crores revenue clocked before end of March.”
Anil Jain, page 15 of the filed PDF · View the filing
Revenue shortfall in Q4 due to price shock: INR200-250 crores (Q4 FY26)
p. 17
“the entire reduction, about INR200 crores, INR250 crores is linked to this pricing shock in March.”
Anil Jain, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Retail business growth — more than 15% · FY27
stated as an aspiration by Anil Jain
p. 9
“So our target is that the retail business should grow more than 15%, right?”
Anil Jain, page 9 of the filed PDF · View the filing
Operating cash flow — 4 figures (in crores) · FY27
stated conditionally by Anil Jain
p. 7
“the idea in the current fiscal FY '27 is to take this amount to 4 figures by recovering the old government receivables and project receivables.”
Anil Jain, page 7 of the filed PDF · View the filing
Standalone net cash from operations — INR750-800 crores · FY27
stated conditionally by Anil Jain
p. 11
“we are expecting the INR350 crores to grow to almost about INR750 crores, INR800 crores is our anticipation.”
Anil Jain, page 11 of the filed PDF · View the filing
PAT — PAT positive · FY27
stated firmly by Anil Jain
p. 15
“For FY '27, right, our plan right now is to be PAT positive.”
Anil Jain, page 15 of the filed PDF · View the filing
Government benefits receipt — INR150 crores · FY27
stated firmly by Anil Jain
p. 11
“we are expecting in the current year in standalone business, about INR150 crores of the government benefits.”
Anil Jain, page 11 of the filed PDF · View the filing
Additional beverage lines — 3 more lines · FY27
stated conditionally by Anil Jain
p. 5
“there is a discussion ongoing to also put additional 3 more lines during FY '27.”
Anil Jain, page 5 of the filed PDF · View the filing
Food business IPO — not in first half
stated conditionally by Anil Jain
p. 16
“I don't see that immediately happening, at least not in the first half.”
Anil Jain, page 16 of the filed PDF · View the filing
North India piping brand visibility — 12- to 18-month period
stated as an aspiration by Anil Jain
p. 19
“So I think the situation that our brand is not visible in North would change over next, I think, 12- to 18-month period.”
Anil Jain, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said internal accruals from standalone business cash flow, plus government receivables and benefits, would cover the majority of the repayment, with refinancing and equity raise as backup options.
Answered by Anil Jain
Asked by Praneeth: How will the company service its upcoming debt obligations given limited standalone cash flow?
p. 11
“we feel fairly confident that we should be able to do through internal accruals.”
Anil Jain, page 11 of the filed PDF · View the filing
Management said the plan is to be PAT positive from FY27, noting the negative reported PAT reflected one-time noncash adjustments.
Answered by Anil Jain
Asked by Sumit Kumar: When will the company become PAT positive?
p. 15
“But I think the whole idea of thought process from next year onwards, right, is that you must earn the PAT even post any adjustment, if any, to be on positive so that you have a positive EPS.”
Anil Jain, page 15 of the filed PDF · View the filing
Management said two lines started in Feb/March, generated some initial revenue, and expects a good season with more revenue coming from three additional lines next fiscal year.
Answered by Anil Jain
Asked by Parag Khare: What is the status of the bottling plant and expected revenue?
p. 15
“We are running both the lines quite well right now as we speak.”
Anil Jain, page 15 of the filed PDF · View the filing
Management attributed the shortfall to the March raw material price shock causing farmers to postpone purchases, but said margins and EBITDA for the domestic business were still higher year-on-year.
Answered by Anil Jain
Asked by Ravi Kumar: What caused the shortfall of Rs 200-250 crore versus the earlier 15% Y-o-Y guidance for Q4?
p. 17
“the entire reduction, about INR200 crores, INR250 crores is linked to this pricing shock in March.”
Anil Jain, page 17 of the filed PDF · View the filing
Management explained that groundwater is more easily accessible in the North, reducing the perceived value of water-saving technology, but noted growth is starting there.
Answered by Anil Jain
Asked by Ankit Bansal: Why is drip irrigation not more widely adopted in North India?
p. 20
“the value of the water understanding is less in North.”
Anil Jain, page 20 of the filed PDF · View the filing
Risks flagged
Sharp spike in PVC and polyethylene raw material prices in March
p. 4
“there were more than 50% increase in the raw material prices within a space of about 20 days.”
Anil Jain, page 4 of the filed PDF · View the filing
Farmers postponing purchase decisions due to price uncertainty
p. 5
“customers decided to postpone their demand or their orders, especially the farmers.”
Anil Jain, page 5 of the filed PDF · View the filing
Geopolitical and tariff issues affecting exports
p. 9
“export, we have to be watchful this year because of whole geopolitical scenario, the tariff issues, sometimes you can't ship, all kinds of issues.”
Anil Jain, page 9 of the filed PDF · View the filing
Lower export prices for farmer produce due to war-type scenario
p. 6
“due to this whole war type scenario, the exports went down.”
Anil Jain, page 6 of the filed PDF · View the filing
Significant debt obligations due in September and March creating repayment pressure
p. 7
“There are additional obligations in the current year, that is in FY '27. Those are due in September and March.”
Anil Jain, page 7 of the filed PDF · View the filing
Continued high polyethylene prices remaining elevated
p. 5
“polyethylene, HDPE or LLDPE, continues to remain still quite high because it is direct derivative of the crude.”
Anil Jain, page 5 of the filed PDF · View the filing
Uncertainty in overall business environment for the coming year
p. 10
“'27 being somewhat uncertain year because of all these situations.”
Anil Jain, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.