Jain Irrigation Systems (500219) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 consolidated revenue grew 1.3% YoY to INR 17,487 million, with EBITDA up 3% YoY to INR 2,236 million; FY25 revenue declined 6% YoY to INR 57,793 million, and EBITDA fell 8.9% YoY to INR 7,168 million.

• Hi-Tech Agri and Agro Processing segments led Q4 growth, offsetting declines in Plastic; Hi-Tech division grew 16.8% YoY in Q4, Agro Processing up 14.6%.

• FY25 net profit was INR 2,569 lakh, down from INR 4,280 lakh in FY24, reversing Q4 losses from last year.

• Strong cash flow from operations (INR 84,277 lakh for FY25) enabled debt reduction by INR 2,570 million, with net debt now at INR 35,915 million.

• Audited standalone and consolidated financials for FY25 were published with unqualified audit opinions.

Financial highlights

• Q4 FY25: Revenue INR 17,487 million (+1.3% YoY), EBITDA INR 2,236 million (+3% YoY), PAT INR 279 million (vs. loss YoY).

• FY25: Revenue INR 57,793 million (-6% YoY), EBITDA INR 7,168 million (-8.9% YoY), PAT INR 2,569 lakh.

• Hi-Tech EBITDA margin improved to 18.8% in FY25; standalone Hi-Tech EBITDA margin rose to 15.6% in Q4.

• Cash flow from operations post working capital: INR 8,427.7 million for FY25.

• Debt reduced by INR 2,570 million in FY25; net worth at INR 59,206 million as of March 31, 2025.

Outlook and guidance

• FY26 guidance: High teens revenue growth (~18%+), EBITDA growth of 23-24%, and debt reduction of at least INR 4,000 million.

• Management expects retail demand recovery, supported by government infrastructure spending and stable agricultural output.

• Exports expected to grow 25-30% in FY26 after 43% growth in Q4 FY25.

• Focus on reducing reliance on government projects and increasing retail and export sales.