Transcript - Q4 and FY 2026 Earnings Conference Call
JISLJALEQS · price
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Jain Irrigation reported Q4 FY26 revenue of ~INR1,800 crores (4.3% YoY growth) with EBITDA up 7%. The Hi-Tech segment showed strong performance with 8% revenue growth and 22% EBITDA growth, with margins improving to 19.8% from 17.5%. The company faced an unprecedented raw material price shock in March 2026, with PVC and polyethylene prices rising 50-60% within 20 days, causing farmers to postpone purchases and resulting in ~INR200-250 crores revenue shortfall. Full year FY26 saw 11% revenue growth with Hi-Tech growing over 20%. The new beverage manufacturing lines (juice and CSD) have started operations with INR27-28 crores revenue in Q4, and the company is in discussions for 3 more lines. The food business crossed INR2,000 crores revenue. Management expects FY27 to be better than FY26 on all parameters and targets PAT positivity, while focusing on cash flow generation to service significant debt obligations due in September and March.
The margin improvement in Hi-Tech (most profitable segment) and positive cash flow generation (INR600 crores, 76% conversion from EBITDA) are encouraging signs. However, concerns remain about debt servicing in FY27 and the timeline for PAT positivity. The pending Tamil Nadu land sale and government receivables are key near-term catalysts.