NSE: JISLJALEQS · BSE: 500219
JAIN IRRIGATION SYSTEMS
Makes micro-irrigation systems (drip irrigation), PVC and polyethylene plastic products, processed food, beverages and biochar. FY26 segment reporting shows two segments: Hi-tech Agri Input Products at Rs 2,344.35 crore (66.4% share of segment revenue, Rs 294.9 crore EBIT) covering drip irrigation, food processing, beverage and biochar; and the Plastic Division at Rs 1,188.94 crore (33.6% share, Rs 69.78 crore EBIT). The Hi-tech segment drove FY26 consolidated revenue of Rs 6,399.52 crore with over 20% growth, and its Q4 FY26 EBITDA margin reached 19.8%. The food business crossed Rs 2,000 crore for the year and two beverage lines (juice and CSD) were commissioned in Q4 FY26 backed by Rs 140 crore of investment. An industrial-scale biochar reactor was commissioned in June 2026, described in the company's press release as one of the world's largest single-unit biochar reactors. A 72.5% stake in Harlequin Manufacturing Ltd was acquired for Rs 82.13 crore during FY26. Polymer raw materials are the largest cost at 56.8% of revenue; in March 2026 PVC rose 50% and polyethylene rose 60% within 20 days. FY26 operating cash flow was Rs 600+ crore, equal to 76% of EBITDA. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hi-tech Agri Input Products (66%), Plastic Division (34%). Asset-heavy industrial group spanning agri-input products, plastic products, food processing, beverages and biochar
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 | 0.3 | 1.6 | 3 of 42 | 95% |
| 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 | 1787 | 126 | 9 of 55 | 85% |
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 to hold Q2 FY27 investor call on November 4 | 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 JISL ratings at BBB-/Negative; withdraws redeemed NCDs | credit debt | medium | — | — |
| 8 Oct 2026 · Jain Irrigation clarifies NSE query on share volume surge | regulatory legal | medium | — | — |
| 7 Oct 2026 · Unusual trading volume observed, exchange seeks clarification from company | regulatory legal | high | — | — |
| 6 Oct 2026 · RTA confirms Q2 FY26 dematerialization compliance | compliance | minimal | — | — |
| 1 Oct 2026 · Independent Directors' first meeting for FY26-27 held | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Jain Irrigation prepays about Rs 247 crore debt ahead of schedule | credit debt | high | — | — |
| 17 Sept 2026 · JISL wins 117.96 crore solar pump order from MSEDCL in Maharashtra | business updates | 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.