Jain Irrigation Systems FY26 Results: Revenue Up 10.7%, Net Loss at ₹39.99 Crore
Jain Irrigation Systems reported consolidated revenue of ₹6,399.52 Crore for FY26, up 10.7% YoY, with EBITDA growing 12.8% to ₹808.9 Crore and EBITDA margin expanding to 12.6%. Exceptional items totalling ₹55.33 Crore, including Labour Code gratuity impacts and subsidiary disruption costs, resulted in a consolidated net loss of ₹39.99 Crore against a net profit of ₹25.69 Crore in FY25. On a standalone basis, revenue rose 8.4% to ₹3,533.29 Crore with net profit of ₹24.03 Crore, while operating cash flow at the consolidated level reached ₹619 Crores.
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Jain Irrigation Systems Limited released its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results at its meeting held on May 15, 2026, following review and recommendation by the Audit Committee. Statutory auditors M/s Singhi & Co., Chartered Accountants, issued an unmodified and unqualified audit opinion on both standalone and consolidated financial results. For the full year, the company achieved double-digit consolidated revenue growth, reflecting the resilience and diversification of its business portfolio. Focused working capital management improved the working capital cycle on a year-on-year basis, enabling the company to generate operating cash flow of ₹619 Crores, equivalent to 76% of EBITDA.
Q4 FY26 Performance Snapshot
Q4 FY26 was marked by global uncertainties and a sharp rise in polymer prices in March following geopolitical developments. Despite these headwinds, the company delivered consolidated revenue growth of 4.3% year-on-year, led by strong performance in the Hi-Tech and Agro Processing segments. Cash generation for the quarter stood at ₹233 Crores, representing almost 97% of EBITDA. The following table presents key Q4 and full-year metrics on both a consolidated and standalone basis:
| Particulars (₹ in Crore): | Consolidated Q4 FY26 | Consolidated Q4 FY25 | % Change | Standalone Q4 FY26 | Standalone Q4 FY25 | % Change |
|---|---|---|---|---|---|---|
| Total Income: | 1,824.0 | 1,748.7 | 4.3% | 1,003.1 | 1,027.3 | -2.4% |
| EBITDA: | 239.9 | 223.6 | 7.3% | 165.7 | 159.9 | 3.6% |
| EBITDA %: | 13.2% | 12.8% | 37 bps | 16.5% | 15.6% | 95 bps |
| Adjusted PAT: | 51.8 | 46.4 | 11.6% | 55.9 | 46.9 | 19.2% |
| PAT: | -19.0 | 27.9 | -168.3% | 11.3 | 28.3 | -60.1% |
| Cash PAT: | 55.1 | 95.1 | -42.1% | 55.0 | 73.7 | -25.4% |
| Cash PAT %: | 3.0% | 5.4% | -242 bps | 5.5% | 7.2% | -169 bps |
| Particulars (₹ in Crore): | Consolidated FY26 | Consolidated FY25 | % Change | Standalone FY26 | Standalone FY25 | % Change |
|---|---|---|---|---|---|---|
| Total Income: | 6,399.5 | 5,779.3 | 10.7% | 3,533.3 | 3,259.0 | 8.4% |
| EBITDA: | 808.9 | 716.8 | 12.8% | 532.5 | 471.0 | 13.1% |
| EBITDA %: | 12.6% | 12.4% | 24 bps | 15.1% | 14.5% | 62 bps |
| Adjusted PAT: | 133.1 | 97.8 | 36.0% | 152.6 | 96.9 | 57.5% |
| PAT: | -40.0 | 25.7 | -255.7% | 24.0 | 24.7 | -2.8% |
| Cash PAT: | 241.9 | 278.8 | -13.3% | 191.8 | 183.7 | 4.4% |
| Cash PAT %: | 3.8% | 4.8% | -105 bps | 5.4% | 5.6% | -21 bps |
Adjusted PAT is calculated before exceptional items, deferred tax re-measured impact and unwinding of finance costs (non-cash) related to 0.01% NCDs/EBCs.
Standalone Financial Performance
On a standalone basis, Jain Irrigation recorded revenue from operations of ₹3,533.29 Crore for FY26, compared to ₹3,259.02 Crore in FY25. Total income for the year stood at ₹3,552.86 Crore against ₹3,276.37 Crore in the prior year. Profit before exceptional items and tax improved significantly to ₹87.98 Crore from ₹37.64 Crore in FY25. After accounting for an exceptional loss of ₹20.72 Crore related to the incremental gratuity impact of the new Labour Codes, profit before tax stood at ₹67.26 Crore. Net profit for the year was ₹24.03 Crore against ₹24.72 Crore in FY25, with total comprehensive income of ₹27.85 Crore versus ₹24.22 Crore. The following table summarises key standalone financial metrics:
| Metric: | Q4 FY26 (Audited) | Q3 FY26 (Un-Audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations (₹ Crore): | 1,003.15 | 919.66 | 1,027.33 | 3,533.29 | 3,259.02 |
| Total Income (₹ Crore): | 1,005.28 | 926.63 | 1,029.42 | 3,552.86 | 3,276.37 |
| Total Expenses (₹ Crore): | 956.76 | 900.52 | 988.47 | 3,464.88 | 3,238.73 |
| Profit Before Exceptional Items & Tax (₹ Crore): | 48.52 | 26.11 | 40.95 | 87.98 | 37.64 |
| Profit Before Tax (₹ Crore): | 48.52 | 5.39 | 40.95 | 67.26 | 37.64 |
| Net Profit (₹ Crore): | 11.28 | 3.75 | 28.29 | 24.03 | 24.72 |
| Total Comprehensive Income (₹ Crore): | 12.60 | 3.46 | 27.40 | 27.85 | 24.22 |
| Basic EPS (₹): | 0.15 | 0.06 | 0.41 | 0.33 | 0.36 |
| Diluted EPS (₹): | 0.15 | 0.06 | 0.40 | 0.33 | 0.35 |
Standalone Segment Performance
The company operates through two reportable segments: Hi-tech Agri Input Products and Plastic Division. Effective April 1, 2025, the erstwhile 'Other Division' was merged into the Hi-tech Agri Input Products segment in line with the revised internal reporting structure. Segment revenue and results for FY26 are presented below:
| Segment: | Revenue FY26 (₹ Crore) | Revenue FY25 (₹ Crore) | Segment Result FY26 (₹ Crore) | Segment Result FY25 (₹ Crore) |
|---|---|---|---|---|
| Hi-tech Agri Input Products: | 2,344.35 | 1,942.32 | 294.90 | 209.68 |
| Plastic Division: | 1,188.94 | 1,316.70 | 69.78 | 102.30 |
| Total: | 3,533.29 | 3,259.02 | 364.68 | 311.98 |
Standalone total assets as at March 31, 2026 stood at ₹8,580.13 Crore compared to ₹8,468.72 Crore as at March 31, 2025, while total liabilities were ₹3,421.84 Crore against ₹3,487.95 Crore. Standalone cash and cash equivalents as at March 31, 2026 stood at ₹83.78 Crore, up from ₹26.64 Crore as at March 31, 2025.
Consolidated Financial Performance
On a consolidated basis, the group reported revenue from operations of ₹6,399.52 Crore for FY26, up from ₹5,779.34 Crore in FY25. Total income for the year was ₹6,413.31 Crore compared to ₹5,793.24 Crore in FY25. Profit before exceptional items and tax for the full year stood at ₹74.93 Crore versus ₹46.48 Crore in FY25. However, exceptional items of ₹55.33 Crore — comprising the Labour Code gratuity impact of ₹23.97 Crore, de-recognition of goodwill of ₹14.91 Crore on liquidation of a non-operational subsidiary, and ₹16.45 Crore of expenses incurred by a subsidiary due to a prolonged production disruption — resulted in profit before tax of ₹19.60 Crore. After total tax expense of ₹59.59 Crore, the group reported a net loss of ₹39.99 Crore for FY26 compared to a net profit of ₹25.69 Crore in FY25. Total comprehensive income for the year was ₹68.90 Crore against ₹48.82 Crore in FY25, supported by exchange differences on translation of foreign operations of ₹112.98 Crore.
| Metric: | Q4 FY26 (Audited) | Q3 FY26 (Un-Audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations (₹ Crore): | 1,823.97 | 1,597.58 | 1,748.73 | 6,399.52 | 5,779.34 |
| Total Income (₹ Crore): | 1,824.63 | 1,602.86 | 1,750.15 | 6,413.31 | 5,793.24 |
| Profit Before Exceptional Items & Tax (₹ Crore): | 46.20 | (9.98) | 46.28 | 74.93 | 46.48 |
| Exceptional Items (₹ Crore): | (16.40) | (38.93) | — | (55.33) | — |
| Profit Before Tax (₹ Crore): | 29.80 | (48.91) | 46.28 | 19.60 | 46.48 |
| Net Profit / (Loss) (₹ Crore): | (19.04) | (47.48) | 27.86 | (39.99) | 25.69 |
| Total Comprehensive Income (₹ Crore): | 34.25 | (33.93) | 30.89 | 68.90 | 48.82 |
| Basic EPS (₹): | (0.17) | (0.57) | 0.42 | (0.34) | 0.49 |
| Diluted EPS (₹): | (0.17) | (0.57) | 0.41 | (0.34) | 0.48 |
Consolidated Segment Performance
The consolidated group operates across three reportable segments: Hi-tech Agri Input Products, Plastic Division, and Agro Processing Division. Consolidated segment revenue and results for FY26 are as follows:
| Segment: | Revenue FY26 (₹ Crore) | Revenue FY25 (₹ Crore) | Segment Result FY26 (₹ Crore) | Segment Result FY25 (₹ Crore) |
|---|---|---|---|---|
| Hi-tech Agri Input Products: | 2,342.89 | 1,944.83 | 263.29 | 212.82 |
| Plastic Division: | 1,994.61 | 1,948.66 | 142.03 | 195.44 |
| Agro Processing Division: | 2,062.02 | 1,885.85 | 102.73 | 76.60 |
| Total: | 6,399.52 | 5,779.34 | 508.05 | 484.86 |
Consolidated total assets as at March 31, 2026 stood at ₹12,155.44 Crore compared to ₹11,443.79 Crore as at March 31, 2025. Total equity was ₹5,997.82 Crore against ₹5,759.70 Crore in the prior year, while total liabilities were ₹6,157.62 Crore versus ₹5,684.09 Crore. On a consolidated basis, cash and cash equivalents were ₹122.07 Crore compared to ₹80.36 Crore in the prior year.
Management Commentary
Commenting on the results, Mr. Anil Jain, Vice Chairman and Managing Director of the Company, noted that Q4 FY26 was marked by global uncertainties and a sharp rise in polymer prices in March following geopolitical developments. Despite these headwinds, the company delivered consolidated revenue growth of 4.3% year-on-year, led by strong performance in the Hi-Tech and Agro Processing segments. For the full year, consolidated EBITDA at ₹809 Crores in FY26 is higher by 12.8% compared to FY25. The company continues to closely monitor the evolving global environment, which may impact input costs and international trade flows. The India Meteorological Department has forecasted below normal monsoon for 2026. Going forward, the company remains focused on revenue growth, improving collections from project receivables, and generating sustainable free cash flow.
Key Corporate Developments
Several notable developments were disclosed alongside the financial results:
- During the quarter ended June 30, 2025, the company received the balance 75% of allotment money amounting to ₹149.67 Crore from warrant holders against the allotment of 42,786,430 Ordinary Equity Shares on conversion of Equity Share Warrants.
- During the quarter ended September 30, 2025, subsidiary Jain (Europe) Limited acquired a 72.5% stake in Harlequin Manufacturing Ltd, UK — engaged in manufacturing of Polyethylene Storage Tanks & Systems — for a consideration of ₹82.13 Crore. Goodwill of ₹30.56 Crore was recognised pending final fair value assessment.
- Pursuant to amendments introduced by the Finance Act, 2026, the company evaluated the option under Section 115BAA of the Income-tax Act, 1961, to migrate to a concessional tax regime at a reduced rate of 22% (plus applicable surcharge and cess) effective April 1, 2026. This resulted in a net deferred tax charge of ₹24.23 Crore (standalone) and ₹34.13 Crore (consolidated) for the year ended March 31, 2026.
- The Government of India notified four Labour Codes on November 21, 2025, consolidating 29 existing labour laws. The standalone incremental gratuity impact of ₹20.72 Crore and consolidated impact of ₹23.97 Crore, primarily arising from a change in wage definition, were presented as exceptional items.
- Ongoing geopolitical conflict in the Middle East involving the U.S. and Iran has resulted in disruption in the availability and increase in the cost of raw materials. The company has taken steps to mitigate this impact and continues to monitor the situation.
Historical Stock Returns for Jain Irrigation Systems
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -6.85% | -13.56% | -2.69% | -34.54% | -44.75% | +59.18% |
How might the IMD's forecast of a below-normal monsoon for 2026 impact demand for Jain Irrigation's Hi-Tech Agri Input Products segment in FY27, and what contingency strategies is the company considering?
With polymer prices already spiking due to Middle East geopolitical tensions, how vulnerable is the Plastic Division's margin trajectory in FY27, and could further supply chain disruptions force a strategic restructuring of this segment?
Following the acquisition of Harlequin Manufacturing Ltd in the UK, what is Jain (Europe) Limited's pipeline for further inorganic growth in international markets, and how will the goodwill recognition impact consolidated financials once the final fair value assessment is completed?
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