Jain Irrigation Q1 FY27 Results (NSE: JISLJALEQS)
Signal: Slipped to loss
The read
The key inflection is negative: after Q4FY26's 13% OPM recovery, consolidated EBITDA margin reverted to 10.90% in Q1FY27 and PAT remained a 17.80 crore loss; Agro Processing delivered 19.66% revenue growth but its result fell 38.73%, so mix-led growth is not yet converting into profit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,508.37 Cr | -2.41% | -17.31% |
| EBIT | ₹90.58 Cr | -32.39% | |
| Net profit | ₹-17.8 Cr | -259.16% | |
| EPS | ₹-0.2 | -200.00% | |
| EBIT margin | 10.90% |
P&L walk
Consolidated revenue declined to 1,508.37 crore, -2.41% YoY, while gross margin expanded 205bps to 44.78% on lower net material consumption after inventory changes; EBITDA fell 18.66% to 164.33 crore and margin contracted 217bps to 10.90%, with PAT at a 17.80 crore loss after 110.56 crore finance costs and 8.07 crore tax expense.
Segments
Agro Processing was the growth engine, with revenue up 19.66% YoY to 547.73 crore, but its segment result fell 38.73% to 22.13 crore; Hi-tech Agri Input Products was the main drag, with revenue down 21.98% and result down 54.70% YoY, while Plastic revenue was flat and result declined 9.18%.
Key positives
- Consolidated gross margin expanded 205bps YoY to 44.78%, with net material consumption declining to 55.22% of revenue from 57.27%, although the filing does not disclose the driver.
- Agro Processing revenue grew 19.66% YoY to 547.73 crore, and its segment assets increased 9.69% YoY to 3,333.57 crore.
- Consolidated finance costs declined 3.03% YoY to 110.56 crore and segment assets increased 5.73% YoY to 12,298.39 crore.
Key concerns
- Consolidated revenue declined 2.41% YoY to 1,508.37 crore and EBITDA margin contracted 217bps to 10.90%, reversing the 13% OPM reported in Q4FY26.
- PAT attributable to owners turned to a 14.93 crore loss from a 13.93 crore profit YoY, while finance costs of 110.56 crore exceeded derived EBITDA of 164.33 crore and consumed 67.25% of it.
- Agro Processing revenue rose 19.66% YoY but segment result fell 38.73% to 22.13 crore, indicating weak profit conversion in the fastest-growing division.
- Hi-tech Agri Input Products revenue fell 21.98% YoY to 450.79 crore and segment result fell 54.70% to 25.89 crore.
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