Jain Irrigation Systems (500219) Q3 25/26 earnings summary

Executive summary

• Achieved 17.4% year-over-year consolidated revenue growth in Q3 FY26, reaching nearly INR 1,600 crore, with all business segments contributing double-digit growth rates.

• Retail sales surged 24% in Q3, outpacing overall growth and reflecting a strategic shift from project-based to retail-driven sales.

• Exports declined 32% year-over-year in Q3, impacting overall performance, but domestic retail and product mix offset some of the shortfall.

• Robust cash generation with operating cash flow at 149% of EBITDA in Q3 and 78% for the nine-month period.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board and reviewed by statutory auditors.

Financial highlights

• Q3 FY26 consolidated revenue: ₹1,597.6 crore (up 17.4% YoY); EBITDA: ₹167.8 crore (down 4.5% YoY); EBITDA margin: 10.5%.

• 9M FY26 consolidated revenue: ₹4,575.5 crore (up 13.5% YoY); EBITDA: ₹569.0 crore (up 15.4% YoY); EBITDA margin: 12.4%.

• Adjusted PAT for Q3 FY26: ₹15.9 crore; for 9M FY26: ₹81.3 crore.

• Consolidated net loss for Q3 FY26 was ₹4,748 lakh, compared to a profit of ₹122 lakh in Q3 FY25, due to exceptional items.

• Inventory reduced by INR 100 crore in India, improving working capital and cash flow.

Outlook and guidance

• FY26 revenue growth expected to average 15%, with Q4 targeted at 18–20% growth to meet annual guidance.

• FY26 EBITDA margin targeted at 13%+; FY27 margin expected to improve to 14.5% with revenue growth of 18–20%.

• Revenue contribution from the new beverage bottling facility and tomato puree JV expected from Q4 FY26.

• The company is monitoring the impact of new Labour Codes and expects further regulatory clarifications to potentially affect future results.