Jain Irrigation Systems Ltd
Jain Irrigation Systems Limited is engaged in providing solutions in agriculture, piping and infrastructure through manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs. [1]
- Market Cap ₹ 3,839 Cr.
- Current Price ₹ 52.9
- High / Low ₹ 83.4 / 45.1
- Stock P/E 80.1
- Book Value ₹ 72.0
- Dividend Yield 0.00 %
- ROCE 4.39 %
- ROE 0.43 %
- Face Value ₹ 2.00
Pros
- Stock is trading at 0.73 times its book value
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 10.2% over past five years.
- Promoter holding is low: 26.7%
- Company has a low return on equity of 0.92% over last 3 years.
- Promoters have pledged or encumbered 40.8% of their holding.
- Company has high debtors of 214 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,128 | 4,202 | 4,233 | 3,656 | 4,170 | 4,402 | 1,972 | 2,121 | 2,778 | 3,556 | 3,758 | 3,212 | 3,438 | |
| 3,484 | 3,572 | 3,546 | 3,050 | 3,558 | 3,715 | 2,206 | 2,026 | 2,511 | 3,188 | 3,245 | 2,741 | 2,917 | |
| Operating Profit | 644 | 630 | 687 | 606 | 612 | 687 | -234 | 95 | 267 | 368 | 512 | 471 | 521 | 
| OPM % | 16% | 15% | 16% | 17% | 15% | 16% | -12% | 4% | 10% | 10% | 14% | 15% | 15% | 
| -142 | -17 | 64 | 121 | 145 | 118 | 55 | 40 | 366 | 180 | 9 | 17 | 15 | |
| Interest | 391 | 400 | 429 | 342 | 276 | 310 | 418 | 445 | 257 | 363 | 292 | 292 | 296 | 
| Depreciation | 141 | 178 | 229 | 181 | 190 | 173 | 159 | 165 | 156 | 151 | 149 | 159 | 167 | 
| Profit before tax | -30 | 34 | 93 | 203 | 291 | 323 | -755 | -476 | 220 | 35 | 79 | 38 | 73 | 
| Tax % | -113% | -43% | 34% | 19% | 3% | 27% | -33% | -35% | 12% | -13% | 30% | 34% | |
| 4 | 49 | 61 | 164 | 281 | 235 | -508 | -307 | 193 | 39 | 56 | 25 | 48 | |
| EPS in Rs | 0.09 | 1.11 | 1.34 | 3.56 | 5.66 | 4.72 | -10.24 | -6.19 | 3.26 | 0.65 | 0.83 | 0.37 | 0.71 | 
| Dividend Payout % | 593% | 47% | 39% | 22% | 18% | 22% | 0% | 0% | 0% | 0% | 0% | 0% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -3% | 
| 5 Years: | 10% | 
| 3 Years: | 5% | 
| TTM: | 4% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -15% | 
| 5 Years: | 15% | 
| 3 Years: | 31% | 
| TTM: | 276% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | -2% | 
| 5 Years: | 29% | 
| 3 Years: | 14% | 
| 1 Year: | -18% | 
| Return on Equity | |
|---|---|
| 10 Years: | 0% | 
| 5 Years: | -1% | 
| 3 Years: | 1% | 
| Last Year: | 0% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 92 | 92 | 95 | 96 | 103 | 103 | 103 | 103 | 122 | 125 | 137 | 138 | 147 | 
| Reserves | 2,260 | 2,269 | 4,066 | 4,221 | 4,456 | 4,618 | 4,113 | 3,809 | 4,410 | 4,467 | 4,696 | 4,843 | 4,995 | 
| 2,939 | 3,084 | 2,831 | 1,627 | 1,202 | 1,636 | 3,133 | 3,327 | 2,829 | 2,737 | 2,466 | 2,450 | 2,369 | |
| 1,532 | 1,612 | 1,458 | 1,706 | 1,942 | 1,831 | 1,125 | 1,248 | 935 | 1,061 | 958 | 1,038 | 1,082 | |
| Total Liabilities | 6,824 | 7,057 | 8,452 | 7,649 | 7,704 | 8,188 | 8,474 | 8,487 | 8,297 | 8,390 | 8,257 | 8,469 | 8,592 | 
| 2,002 | 1,908 | 3,023 | 2,970 | 2,957 | 2,981 | 3,034 | 2,918 | 2,819 | 2,775 | 2,775 | 2,824 | 2,781 | |
| CWIP | 21 | 32 | 16 | 20 | 67 | 101 | 43 | 23 | 17 | 30 | 22 | 36 | 30 | 
| Investments | 731 | 732 | 1,427 | 1,097 | 1,142 | 1,158 | 1,157 | 1,156 | 1,430 | 1,443 | 1,448 | 1,446 | 1,449 | 
| 4,070 | 4,386 | 3,986 | 3,563 | 3,539 | 3,948 | 4,241 | 4,391 | 4,032 | 4,142 | 4,013 | 4,163 | 4,333 | |
| Total Assets | 6,824 | 7,057 | 8,452 | 7,649 | 7,704 | 8,188 | 8,474 | 8,487 | 8,297 | 8,390 | 8,257 | 8,469 | 8,592 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 521 | 512 | 334 | 783 | 1,019 | -107 | -917 | 110 | 367 | 393 | 542 | 483 | |
| -192 | -128 | -16 | 574 | -307 | -34 | -191 | -57 | -83 | -40 | -133 | -138 | |
| -377 | -281 | -411 | -1,448 | -701 | 97 | 1,202 | 68 | -400 | -411 | -422 | -357 | |
| Net Cash Flow | -49 | 103 | -94 | -91 | 11 | -43 | 94 | 122 | -117 | -58 | -12 | -12 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 131 | 150 | 155 | 153 | 151 | 198 | 413 | 369 | 250 | 213 | 193 | 214 | 
| Inventory Days | 170 | 168 | 108 | 157 | 122 | 111 | 247 | 186 | 156 | 129 | 125 | 181 | 
| Days Payable | 159 | 162 | 115 | 152 | 185 | 153 | 139 | 88 | 79 | 90 | 79 | 106 | 
| Cash Conversion Cycle | 142 | 156 | 148 | 158 | 87 | 156 | 521 | 467 | 327 | 252 | 240 | 288 | 
| Working Capital Days | 45 | 48 | 75 | 88 | 71 | 108 | 27 | -86 | 140 | 114 | 113 | 129 | 
| ROCE % | 10% | 9% | 8% | 8% | 10% | 10% | -5% | -0% | 2% | 6% | 5% | 4% | 
Documents
Announcements
- 
        
          Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
          
            8h - Audio recording of Q2/H1 FY26 earnings call held 30 Oct 2025 at 4:00 PM IST; link provided.
- Announcement under Regulation 30 (LODR)-Investor Presentation 13h
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          Announcement under Regulation 30 (LODR)-Press Release / Media Release
          
            13h - Q2FY26 consolidated revenue ₹14,323m (+20.2%), EBITDA ₹1,992m; PAT ₹153m; bottling JV production expected Q3FY26
- 
        
          Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Working Results For The Quarter
And Half Year Ended 30Th September, 2025
          
            13h - Unaudited Q2 and H1 results: consolidated Q2 revenue ₹143,233 lakh; H1 profit ₹2,653 lakh; unmodified limited review.
- 
        
          Announcement under Regulation 30 (LODR)-Credit Rating
          
            1d - CRISIL reaffirmed JISL ratings: Long-term Crisil BBB-/Stable; Short-term A3; NCDs Rs785.63 crore reaffirmed.
Annual reports
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      Financial Year 2025
      from bse
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      Financial Year 2024
      from bse
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      Financial Year 2023
      from bse
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      Financial Year 2022
      from bse
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      Financial Year 2021
      from bse
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      Financial Year 2020
      from bse
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      Financial Year 2019
      from bse
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      Financial Year 2018
      from bse
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      Financial Year 2017
      from bse
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      Financial Year 2016
      from bse
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      Financial Year 2015
      from bse
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      Financial Year 2014
      from bse
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      Financial Year 2013
      from bse
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      Financial Year 2012
      from bse
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      Financial Year 2011
      from nse
Concalls
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      Jul 2025TranscriptNotesPPT REC
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      Jul 2025Transcript PPT
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      May 2025Transcript PPT
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      Feb 2025Transcript PPT
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      Oct 2024Transcript PPT
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      Aug 2024Transcript PPT
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      May 2024Transcript PPT
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      Feb 2024Transcript PPT
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      Nov 2023Transcript PPT
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      Aug 2023Transcript PPT
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      May 2023Transcript PPT
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      Feb 2023TranscriptNotesPPT
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      Nov 2022TranscriptNotesPPT
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      Aug 2022TranscriptNotesPPT
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      May 2022TranscriptNotesPPT
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      Feb 2022TranscriptNotesPPT
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      Nov 2021TranscriptNotesPPT
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      Aug 2021TranscriptNotesPPT
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      Jun 2021TranscriptNotesPPT
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      Feb 2021Transcript PPT
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      Feb 2021TranscriptNotesPPT
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      Nov 2020TranscriptNotesPPT
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      Sep 2020TranscriptNotesPPT
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      Aug 2020TranscriptNotesPPT
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      Mar 2020TranscriptPPT
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      Aug 2019TranscriptNotesPPT
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      May 2019TranscriptNotesPPT
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      Feb 2019TranscriptNotesPPT
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      Nov 2018TranscriptNotesPPT
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      Jun 2016TranscriptPPT
Market Position
JISL is the world's second-largest micro-irrigation company and India's largest manufacturer of micro-irrigation systems. It is also the country's largest polyethylene pipe producer, one of the top three PVC pipe producers, and the world's largest tissue culture banana and pomegranate plant producer. Additionally, JISL is the second-largest dehydrated onion producer globally and the largest producer of mango pulp, puree, and concentrate in India. [1]