Jain Irrigation Systems Q2 FY27 results: net profit up 17.4% to ₹18.01 crore, revenue up 10.1%

How did Jain Irrigation Systems perform in Q2 FY27?

Jain Irrigation Systems reported consolidated revenue of ₹1,577 crore in Q2 FY27, up 10.1% from ₹1,432 crore in Q2 FY26. EBITDA rose to ₹210.07 crore from ₹197.95 crore, while the EBITDA margin fell to 13.3% from 13.8%. Profit before tax was ₹17.92 crore, compared with ₹17.79 crore, and net profit was ₹18.01 crore versus ₹15.34 crore. Basic EPS was ₹0.23, compared with ₹0.21.

Against Q1 FY27, revenue increased to ₹1,577 crore from ₹1,508 crore and EBITDA rose to ₹210.07 crore from ₹164.33 crore. The margin improved to 13.3% from 10.9%. Profit before tax moved from a loss of ₹10.03 crore to ₹17.92 crore, while net profit moved from a loss of ₹17.80 crore to ₹18.01 crore; basic EPS was ₹0.23 against a loss of ₹0.20.

What changed in Jain Irrigation Systems' costs and profit?

Total expenses were ₹1,560 crore in Q2 FY27, up from ₹1,420 crore in Q2 FY26, an increase of ₹139.33 crore. Cost of materials rose by ₹84.76 crore to ₹887.37 crore, employee cost increased by ₹11.44 crore to ₹212.86 crore, finance costs increased by ₹3.66 crore to ₹119.33 crore, depreciation increased by ₹3.46 crore to ₹73.77 crore and other expenses increased by ₹2.60 crore to ₹277.53 crore.

Other income declined by ₹4.87 crore to ₹0.95 crore from ₹5.82 crore in Q2 FY26. There was no exceptional item in the quarter. The tax figure moved from ₹2.45 crore to a tax benefit of ₹0.09 crore, a difference of ₹2.54 crore, while profit before tax was ₹17.92 crore compared with ₹17.79 crore.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹3,085.03 crore, up ₹107.05 crore or 3.6% from ₹2,977.98 crore in H1 FY26. Total income rose to ₹3,095.93 crore from ₹2,985.83 crore, an increase of ₹110.1 crore or 3.7%.

Profit before tax fell to ₹8.19 crore from ₹38.72 crore in H1 FY26, a decline of ₹30.53 crore or 78.8%. Net profit was ₹0.21 crore compared with ₹26.53 crore, down ₹26.32 crore or 99.2%, and basic EPS was ₹0.03 against ₹0.41. The investor presentation reported H1 FY27 EBITDA of ₹371.9 crore, down 7.3%, with a margin of 12.1% against 13.5%.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹12,246.78 crore against ₹12,155.44 crore at 31 March 2026, and total equity was ₹6,040.4 crore against ₹5,997.82 crore. Borrowings fell to ₹4,034.87 crore from ₹4,062.46 crore, while cash fell to ₹62.95 crore from ₹122.07 crore.

Inventories were ₹1,981.76 crore at 30 September 2026, compared with ₹1,882.01 crore at 31 March 2026. Trade receivables were ₹2,149.12 crore against ₹2,273.94 crore, and trade payables were ₹971.65 crore against ₹884.9 crore. In H1 FY27, operating cash flow was ₹334.6 crore, against ₹192.88 crore in H1 FY26; investing cash flow was negative ₹115.48 crore against negative ₹190.61 crore, and financing cash flow was negative ₹278.24 crore against negative ₹30.54 crore.

How has Jain Irrigation Systems done over the last 8 quarters?

Revenue reached ₹1,823.97 crore in Q4 FY26, the highest level in the reported period, before falling to ₹1,508.37 crore in Q1 FY27 and rising to ₹1,576.66 crore in Q2 FY27. The lowest revenue was ₹1,360.78 crore in Q3 FY25.

Net profit peaked at ₹27.86 crore in Q4 FY25 and bottomed at a loss of ₹47.48 crore in Q3 FY26. It was a loss of ₹19.04 crore in Q4 FY26 and a loss of ₹17.8 crore in Q1 FY27 before recovering to ₹18.01 crore in Q2 FY27. EBITDA margin peaked at 13.8% in Q2 FY26 and fell to 10.4% in Q3 FY26, then rose to 13.3% in the latest quarter.

Which businesses drove the quarter?

Hi-tech Agri Input Products reported revenue of ₹497.8 crore in Q2 FY27, up 4.9% from ₹474.67 crore in Q2 FY26. Segment EBIT was ₹56.08 crore, compared with ₹54.13 crore, and the reported EBIT margin was 11.3%.

Plastic Division revenue rose 17.6% to ₹519.85 crore from ₹441.91 crore. EBIT was ₹30.82 crore, down from ₹36.97 crore, with a reported EBIT margin of 5.9%.

Agro Processing Division revenue increased 8.4% to ₹559.01 crore from ₹515.75 crore. Segment EBIT was ₹47.33 crore, compared with ₹39.27 crore, and the reported EBIT margin was 8.5%.

What else did the company announce?

The Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 4 November 2026. The filing stated that the statutory auditors, M/s Singhi & Co., carried out a limited review of the results, and the company also issued an investor presentation on the same date. No dividend, fund raise or appointment was reported in the same-day filing excerpt.

What did Jain Irrigation Systems' management say?

Management said the Q2 FY27 revenue increase was led by the Plastic and Agro Processing businesses, while overseas Plastic and US Agro Processing performed well. It also cited adverse weather and drought in parts of India as factors moderating domestic demand for micro-irrigation systems and agricultural pipes.

Management said it expected the consolidated EBITDA margin decline to recover in H2 FY27. It also said it expected the Hi-Tech Agri and domestic Piping businesses to recover, with improved operational efficiencies going forward. Management identified polymer-price and freight-cost pressure, domestic demand weakness and softness in the Hi-Tech Agri and domestic Plastic businesses as risks.

The presentation reported that consolidated Q2 FY27 revenue rose 10.1% to ₹1,576.7 crore and EBITDA increased 4.2%, while the margin slipped to 13.2%. It also reported H1 FY27 revenue growth of 3.6%, EBITDA decline of 7.3% and a margin of 12.1%, alongside standalone PAT losses of ₹14.5 crs in Q2 FY27 and ₹28.4 crs in H1 FY27.

How did other Plastic Products - Industrial companies do?

The Plastic Products - Industrial peer set included 15 companies, compared with 19 for profit analysis. The median peer revenue growth was 27.4%, while 10 peers reported higher profit. Six peers grew more slowly than Jain Irrigation Systems and nine grew faster; these counts exclude Jain Irrigation Systems itself.