Jain Irrigation Systems (500219) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue grew 20.2% year-over-year to INR 14,323 million, with EBITDA up 43.6% and margin expansion to 13.9%.

• H1 FY26 consolidated revenue rose 11.5% year-over-year to INR 29,780 million, with EBITDA up 26.4% and PAT turning positive at INR 265 million.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved and reviewed by the Board and auditors, with unqualified opinions issued.

• Growth was broad-based across Hi-Tech Agri, Plastic, and Agro Processing segments, with strong export and retail performance.

• Cash PAT increased 76% year-over-year in Q2 FY26, reflecting improved profitability and cash flow conversion.

Financial highlights

• Q2 FY26 revenue: INR 14,323 million (up 20.2% YoY); H1 FY26 revenue: INR 29,780 million.

• Q2 FY26 EBITDA margin: 13.9%; Hi-Tech Agri margin: 19.3%; Plastic: 10.7%; Agro Processing: 11.7%.

• Consolidated net profit for H1 FY26 was INR 2,653 lakh, compared to a net loss of INR 95 lakh in H1 FY25.

• Export revenue for H1: INR 260 crore, up 38% YoY.

• Net cash from operating activities in Q2: INR 190 crore post working capital changes.

Outlook and guidance

• Management expects sustainable demand revival in H2 FY26, maintaining >15% annual growth target.

• Q3 and Q4 anticipated to be seasonally stronger, with additional tailwinds from GST reductions and improved demand post-monsoon.

• Commercial production from a new beverage bottling venture under the agro-processing arm is expected in Q3 FY26, with significant contribution from FY27.

• Tissue culture and food processing divisions expected to sustain 20%+ growth.

• Segment reporting structure revised from April 1, 2025, integrating 'Other Division' into 'High-tech Agri Input Products' for improved reporting.