NSE: JISLDVREQS · BSE: 570004
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hi-tech Agri Input Products, Plastic Division, Agro Processing Division. Multi-division industrial and agri-input business with cyclical polymer raw material exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,119 | 5,748 | 6,147 | 5,779 | 6,400 |
| EBITDA (ex other income) | 1,298 | 656 | 784 | 715 | 746 |
| margin % | 18.2 | 11.4 | 12.8 | 12.4 | 11.7 |
| Owners' profit | 325 | 828 | 45 | 34 | (25) |
| EPS, as reported (₹) | 12.30 | 13.33 | 0.67 | 0.98 | 0.34 |
| ROE % · ROCE % | 8.7 · 12.9 | 22.4 · 6.4 | 0.8 · 7.6 | 0.4 · 6.5 | (0.7) · 6.6 |
| Debt / equity (x) | 1.75 | 0.74 | 0.71 | 0.66 | 0.68 |
| Cash from operations | 476 | 45 | 535 | 843 | 619 |
| Capex | (173) | (160) | (228) | (245) | (354) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,192 | 1,361 | 1,749 | 1,546 | 1,432 | 1,598 | 1,824 | 1,508 |
| Profit before tax | (17) | 1 | 47 | 22 | 18 | (49) | 30 | (10) |
| Net profit | (13) | (1) | 28 | 11 | 15 | (47) | (19) | (18) |
| EPS (₹) | (0.14) | 0.01 | 0.84 | 0.20 | 0.21 | (0.57) | 0.17 | (0.20) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Hi-tech Agri Input Products | 2,343 | 36.6 |
| Plastic Division | 1,995 | 31.2 |
| Agro Processing Division | 2,062 | 32.2 |
| Total, before eliminations | 6,400 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.2 | 1.6 | 2 of 42 | 98% |
| ROCE | 0.3 | 7.0 | 46 of 56 | 16% |
| ROE | (0.7) | 7.6 | 37 of 45 | 16% |
| Debt / Equity | 0.7 | 0.2 | 39 of 45 | 11% |
| EBITDA margin | 11.6 | 11.6 | 22 of 43 | 48% |
| Revenue growth | (2.4) | 10.6 | 35 of 49 | 27% |
| Profit growth | (259.1) | 20.7 | 43 of 47 | 7% |
| Market cap | 1226 | 126 | 11 of 55 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Jain Irrigation schedules Q2 FY27 investor conference call | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Jain Irrigation signs deal for up to 19,000 tonnes of biochar credits | compliance | low | — | — |
| 10 Oct 2026 · CRISIL reaffirms Jain Irrigation rating at BBB- with Negative outlook | credit debt | medium | — | — |
| 6 Oct 2026 · Routine filing: Jain Irrigation DVR shares demat confirmation for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Independent Directors first meeting for FY 2026-27 held on Sept 30 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Jain Irrigation prepays debt of about 246 crore ahead of schedule | credit debt | medium | — | — |
| 17 Sept 2026 · Jain Irrigation gets Rs 117.96 cr solar pump empanelment from MSEDCL | business updates | high | — | — |
| 17 Sept 2026 · Jain Irrigation wins Rs 117.96 crore solar pump order from MSEDCL | business updates | high | — | — |
| 17 Sept 2026 · CRISIL reaffirms ratings at BBB-/Negative; bank loans reduced to Rs 2,711 cr | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.