Transcript - Q4 and FY 2026 Earnings Conference Call

Jain Irrigation reported Q4 revenue of INR 1,800 crores (up 4.3% YoY) with EBITDA margins improving to 13.2% from 12.8%. The Hi-Tech division (drip irrigation) grew 8% in Q4 and over 20% for the full year, with margins expanding to 19.8%. The company faced an unprecedented raw material price shock in March, with PVC and polyethylene prices surging 50-60% within 20 days, causing farmers to postpone purchases and missing INR 200-250 crores in revenue. Prices have since stabilized. New beverage lines have started operations with INR 140 crores invested, and 3 additional lines are planned. Operating cash flow for FY26 was INR 600 crores (76% of EBITDA). Significant NCD repayments are due in FY27 (September and March), with the company expecting to repay through internal accruals, government receivables (INR 450 crores), and asset sales (Tamil Nadu land deal expected to close soon). Adjusted PAT for the year was INR 133 crores, though reported PAT was negative due to non-cash items.