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Revenue
₹1,600 Cr
verification pending
Revenue YoY
17.4%
reported change
EBITDA
₹168 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jain Irrigation reported Q3 FY26 revenue of ~₹1,600 crore, up 17.4% YoY, driven by broad-based growth across all segments: high-tech (drip/tissue culture) +16%, plastics +18%, and agri-processing +18.5%. Retail sales surged 24% YoY, signaling a successful shift away from project-based revenue. However, EBITDA margin contracted to 10.5% (vs 12.9% last year) due to inventory losses in plastics from falling resin prices and lower capacity utilization in agri-processing from erratic weather. Exports declined 34% YoY. Management reiterated full-year guidance of 15%+ revenue growth and 15%+ EBITDA growth, with Q4 expected at 18-20% growth. The new beverage bottling lines are now operational, adding revenue from Q4 FY26. Key risk: government receivable collections remain slow, with ₹350-400 crore expected only in FY27, while ₹688 crore of unsustainable debt matures in H2 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year revenue growth of 15%+, with Q4 growing 18-20% to average out the 13.5% growth in 9M.
- EBITDA for 9M grew 15% to ₹569 crore; management expects full-year EBITDA growth to exceed 15%.
- For next fiscal year, management targets revenue growth of 18-20%, up from the current 15%+ target.
- Management expects EBITDA margin to improve from ~13% in FY26 to 14-14.5% in FY27, driven by better mix and absorption.
Risks flagged
- ₹688 crore of unsustainable debt matures in H2 FY27; management expects internal accruals and land sales to cover it, but any shortfall could strain liquidity.
- Despite expecting ₹350-400 crore in FY27, collections have been slower than desired; delays could impact debt repayment plans.
- Falling resin prices in H1 FY26 caused inventory losses and margin compression; while prices are now rising, further volatility could hurt.
- Exports declined 34% in Q3; management expects recovery next year but did not provide specific drivers or timelines.
Key quotes
- Retail sales grew very well at 24%. And that is what our focus is going forward as well... the retail sale is what is going to fuel the growth for the company and that automatically means better balance sheet.
- We think you know for the coming year as well as per our internal budget we should have adequate cash flow to repay most of it.
- The idea would be to improve the margin next year from you know 13... to at least 14 or 14 and a half.
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