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 Q2 FY27 revenue of ₹1,577 crore, up 10.1% from ₹1,432 crore in Q2 FY26 and 4.5% from ₹1,508 crore in Q1 FY27. EBITDA rose 6.1% year on year to ₹210.07 crore and increased 27.8% from ₹164.33 crore in the previous quarter, while EBITDA margin was 13.3%, compared with 13.8% and 10.9%, respectively.

Consolidated net profit for Q2 FY27 was ₹18.01 crore, up 17.4% from ₹15.34 crore in Q2 FY26 and a net loss of ₹17.80 crore in Q1 FY27. Basic EPS was ₹0.23, compared with ₹0.21 a year earlier and a loss of ₹0.20 in the previous quarter. On the standalone basis, revenue was ₹725.09 crore and PAT was a net loss of ₹14.46 crore.

What changed in Jain Irrigation Systems' costs and profit?

Total expenses rose 9.8% year on year to ₹1,560 crore, including cost of materials of ₹887.37 crore, up 10.6%, employee cost of ₹212.86 crore, up 5.7%, finance costs of ₹119.33 crore, up 3.2%, depreciation of ₹73.77 crore, up 4.9%, and other expenses of ₹277.53 crore, up 0.9%. Other income fell to ₹0.95 crore from ₹5.82 crore, a decline of ₹4.87 crore; there was no exceptional item.

Against Q1 FY27, total expenses rose 2.1% to ₹1,560 crore. Cost of materials fell 4.2% to ₹887.37 crore and other expenses fell 8.6% to ₹277.53 crore, while employee cost rose 2.5% to ₹212.86 crore and finance costs rose 7.9% to ₹119.33 crore. Other income was ₹0.95 crore against ₹9.95 crore, while tax moved from ₹8.07 crore to a tax benefit of ₹0.09 crore.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue rose 3.6% to ₹3,085.03 crore from ₹2,977.98 crore, and total income rose 3.7% to ₹3,095.93 crore from ₹2,985.83 crore. PBT fell 78.8% to ₹8.19 crore, while PAT fell 99.2% to ₹0.21 crore from ₹26.53 crore. Basic EPS was ₹0.03, compared with ₹0.41 in H1 FY26.

Management said H1 revenue growth did not translate into EBITDA growth. The presentation reported consolidated EBITDA of 7.3% lower in H1 FY27, while PAT fell to ₹0.2 crore from ₹26.5 crore; it also reported adjusted PAT of ₹42.7 crore against ₹65.4 crore in the prior period.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹12,246.78 crore, compared with ₹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 rose to ₹1,981.76 crore from ₹1,882.01 crore.

H1 FY27 operating cash flow was ₹334.6 crore, compared with ₹192.88 crore in H1 FY26. Investing cash flow was an outflow of ₹115.48 crore against ₹190.61 crore, financing cash flow was an outflow of ₹278.24 crore against ₹30.54 crore, and capex was ₹121.22 crore compared with ₹115.79 crore.

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

Revenue in the latest eight-quarter series peaked at ₹1,823.97 crore in Q4 FY26 and was lowest at ₹1,360.78 crore in Q3 FY25. It fell to ₹1,508.37 crore in Q1 FY27 before rising to ₹1,576.66 crore in Q2 FY27, with the latest quarter above ₹1,576.66 crore only at Q4 FY26.

PAT bottomed at a net loss of ₹47.48 crore in Q3 FY26 and reached its highest level at ₹28.18 crore in Q4 FY25. The latest quarter returned to profit at ₹18.01 crore, after a net loss of ₹17.80 crore in Q1 FY27. EBITDA margin bottomed at 10.4% in Q3 FY26, peaked at 13.8% in Q2 FY26 and stood at 13.3% in Q2 FY27.

Which businesses drove the quarter?

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

Plastic Division revenue rose 17.6% to ₹519.85 crore from ₹441.91 crore, but EBIT fell to ₹30.82 crore from ₹36.97 crore, with an EBIT margin of 5.9%. Agro Processing Division revenue rose 8.4% to ₹559.01 crore from ₹515.75 crore, and EBIT rose to ₹47.33 crore from ₹39.27 crore; its EBIT margin was 8.5%.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial working results for the quarter and half year ended 30 September 2026 on 4 November 2026. The statutory auditors, M/s Singhi & Co., issued a limited review report on both sets of financial statements. No dividend, fund raise or appointment was reported in the same-day filing provided.

What did Jain Irrigation Systems' management say?

Management said H1 revenue growth was led by Plastic and Agro Processing, with overseas businesses performing well, while higher polymer prices and lower fixed-cost absorption pressured margins. It identified adverse weather and drought in parts of India as moderating demand for micro-irrigation systems and agricultural pipes, and said West Asia developments and supply concerns contributed to higher polymer prices and freight costs.

Management expects to recover margin pressure in H2 FY27. It also expects Hi-Tech Agri and domestic Piping businesses to recover, and said: “With our Agro Processing and overseas businesses performing well, and the Hi-Tech Agri and domestic Piping businesses expected to recover, we anticipate improved operational efficiencies going forward.” The presentation also highlighted receivables recovery and improved working-capital efficiency.

How did other Plastic Products - Industrial companies do?

Sixteen Plastic Products - Industrial peers were compared for Q2 FY27 revenue growth, with a median growth of 24.8%. Six peers grew slower than Jain Irrigation Systems and nine grew faster. Among the 20 peers for which profit was compared, 11 reported higher profit.