1. Opening Hook
September quarter. Heavy monsoon. Weak irrigation demand. Government payments slow.
Perfect setup for excuses, right?
Instead, Jain Irrigation walked in with 20% revenue growth, 43% EBITDA growth, and calmly said, “worst quarter of the year is behind us.” PVC prices fell, fruit pulp prices collapsed, yet volumes still grew ~25%. Somewhere between banana tissue culture, solar pumps, and beverage bottling, Jain is quietly rebuilding the business it almost lost a few years ago.
The ghosts of debt, EPC receivables, and margin collapse still hover — but this concall felt less like damage control and more like cautious confidence.
Read on. Because this story is no longer about survival — it’s about whether Jain can finally compound again without blowing itself up.
2. At a Glance
- Revenue up 20% YoY – In a monsoon quarter. Let that sink in.
- EBITDA up 43% – Earnings grew faster than management confidence.
- H1 revenue ~₹3,000 cr – Seasonality still loading for H2.
- H1 EBITDA ~₹400 cr – Best September EBITDA ever, apparently.
- High-tech agri +39% – Farmers adopting tech, slowly but surely.
- Agro-processing margins double-digit – Food finally behaving like food, not charity.
3. Management’s Key Commentary
“September quarter is a mute quarter for us.”
(Translation: This is our weakest quarter — and we still grew 20% 😏)
“Growth came despite
deflation in PVC and fruit pulp prices.”
(Translation: Volumes did the heavy lifting)
“EBITDA grew 43% while revenue grew 20%.”
(Translation: Operating leverage finally woke up)
“High-tech business grew 39%.”
(Translation: Micro-irrigation still has life beyond subsidies)
“Agro-processing margins moved from single-digit to double-digit.”
(Translation: Food business stopped bleeding)
“We generated ₹190 cr operating cash post working capital.”
(Translation: Cash flow is real, not PowerPoint)
“We repaid ₹1,300 cr debt through internal accruals in 3.5 years.”
(Translation: The leverage hangover is easing 😏)
4. Numbers Decoded
Metric Q2 / H1 FY26
------------------------------------------------
Revenue Growth (Q2) +20% YoY
EBITDA Growth (Q2) +43% YoY
H1 Revenue ~₹3,000 cr
H1 EBITDA ~₹400 cr
EBITDA Margin (Q2) ~13.9%
High-tech EBITDA Margin ~19%
Order Book ~₹1,900 cr
Order Execution (FY26) ~₹1,500 cr
Net Cash from Ops (Q2) ~₹190 cr
Receivables (net) ~₹2,000 cr
Govt EPC Receivables ~₹900 cr
- Quality of earnings clearly improving
