JAIN DVR EQUITY SHARES

Operates across three divisions — Hi-tech Agri Input Products, Plastic Division, and Agro Processing Division (food processing). The Hi-tech division (drip irrigation and agricultural inputs) is the largest single revenue stream at Rs 2,344.35 crore for FY26, with an EBITDA margin of 19.8% in Q4 FY26 and 18.6% for the full year. The Agro Processing Division's food business crossed Rs 2,000 crore in revenue during FY26. Total consolidated FY26 revenue was Rs 6,399.52 crore with a consolidated EBITDA margin of 12.6%. Raw materials are the biggest cost driver at 56.8% of revenue, primarily polymers (PVC, polyethylene), which saw a sharp price shock in March 2026 (PVC up 50%, polyethylene up 60% in roughly 20 days). Two beverage manufacturing lines were commissioned during FY26 at an investment of Rs 140 crore and generated Rs 27-28 crore of revenue in Q4 FY26, with three additional lines planned for FY27. An industrial-scale biochar facility was commissioned in June 2026. Operating cash flow was Rs 600+ crore in FY26 (76% conversion of EBITDA), and the working capital cycle improved by 15 days to 186 days. The business has repaid Rs 1,300 crore of debt over the past four years, though Rs 750 crore of NCD maturities are due in FY27.