Jain Irrigation Systems Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results at their meeting held on February 4, 2026, in Jalgaon and via video conferencing.

Strong Consolidated Revenue Growth

The company demonstrated robust consolidated performance in Q3FY26, with total income reaching ₹1,597.6 crores compared to ₹1,360.8 crores in the corresponding quarter of the previous year, representing a growth of 17.4%. EBITDA stood at ₹167.8 crores against ₹175.7 crores in Q3FY25.

Standalone Financial Performance

On a standalone basis, the company reported revenue from operations of ₹919.66 crores in Q3FY26 compared to ₹799.73 crores in Q3FY25, marking a 15.0% increase. Total expenses reached ₹900.46 crores against ₹783.90 crores in the previous year, while profit before tax improved to ₹26.17 crores from ₹18.65 crores.

Impact of New Labour Codes Implementation

A significant development during the quarter was the implementation of new Labour Codes by the Government of India, effective November 21, 2025. The company reported exceptional items of ₹38.93 crores in consolidated results, primarily consisting of incremental gratuity provisions due to changes in wage definitions and goodwill de-recognition from subsidiary liquidation.

Management Commentary and Strategic Outlook

Vice Chairman and Managing Director Anil Jain highlighted the strong quarter performance, noting 17.4% year-on-year revenue growth across all business segments. He emphasized that recent GST rate reductions have supported demand and aided revenue expansion. The company's focus on execution and cash discipline resulted in significant working capital cycle improvement, with cash flow from operations at 149% of EBITDA during the quarter.

For the nine-month period, the company sustained 13.5% growth in revenues while delivering margin improvement, reflecting benefits from strategic shift towards retail business and improved operating efficiencies.

Business Developments and Partnerships

During the period, the agro-processing arm JFFFL partnered with leading beverage brands to set up bottling facilities, with revenue contribution expected from Q4 FY26. JFFFL also entered into a joint venture with a leading international company for tomato puree manufacturing in India. Additionally, subsidiary Jain (Europe) Limited acquired a 72.5% stake in Harlequin Manufacturing Ltd, UK for ₹82.13 crores.

Jain Irrigation Systems Limited , a leading player in the micro-irrigation sector, has reported a robust performance for the second quarter of fiscal year 2026. Despite the traditionally weak monsoon season, the company has shown significant growth across its business segments.

Financial Highlights

Segment-wise Performance

Key Takeaways

1. Strong Revenue Growth: Despite the traditionally weak monsoon quarter, Jain Irrigation achieved a 20% year-on-year revenue growth.

2. Impressive EBITDA Growth: The company's EBITDA grew by 43%, outpacing revenue growth and indicating improved operational efficiency.

3. Segment Performance: The high-tech business segment led the growth with a 39% increase, followed by agro-processing at 15% and plastic division at 9.5%.

4. H1 FY26 Performance: For the first half of FY26, the company reported consolidated revenue of approximately Rs 3,000 crores and EBITDA of Rs 400 crores, representing about 12% growth.

5. Margin Improvement: The company maintained EBITDA margins of around 19% in the high-tech segment, while the agro-processing segment saw margins improve from low single-digit to double-digit.

6. Future Outlook: Jain Irrigation maintains its guidance of over 15% growth for the full year, expecting strong performance in Q3 and Q4.

7. Order Book: The company has an order book of Rs 1,900 crores, with Rs 1,500 crores expected to be executed by March 2026.

8. Government Receivables: The company expects to collect around Rs 900 crores related to EPC projects by FY27.

9. New Ventures: Jain Irrigation is entering the beverage bottling business, which could generate Rs 400-500 crores in revenue when fully operational.

Management Commentary

Anil Jain, CEO and Managing Director, stated, "We had a good monsoon, so between now and till next May, there should be good demand for the Rabi crop and for the summer crops going forward for irrigation as well as pipe business."

He also highlighted the strong demand in the tissue culture business, particularly for banana plants, stating, "We are sold out. We are working to add capacities going forward, but it takes time to add capacities. But over the next couple of years, we will be increasing our capacity in that business by 50% over 3 years by almost double the size."

Jain Irrigation's performance this quarter demonstrates its resilience in a challenging environment and positions it well for continued growth in the coming quarters. The company's diversified business segments and focus on high-margin areas are likely to drive sustained performance improvement.