Jain Irrigation Systems Ltd_DVR

Debt servicing update

• Debt obligations due by Sept 30, 2026 have been fully discharged.
• Repayments since July 2026 total ₹246.72 crore (NCDs and term debt).
• Payments funded by operating cash flows, collections, and available liquidity.
• Timely, ahead-of-schedule servicing indicates strengthened liquidity position.
• Company focusing on improving cash flows and receivables to support working capital.

Financial Performance

• Revenue for Q1 FY27 about Rs 1,500 crore, down 2.5% year-on-year.
• EBITDA declined due to unabsorbed fixed costs from lower volumes and forex impact.
• Hi-Tech margin 14.4% versus 16.6% year-ago; ~2 percentage points lower.
• Plastic margin improved to 11% from 10%.
• Agro-Processing margin down about 3%.
• Adjusted PAT after NCD unwinding about Rs 3 crore vs Rs 30 crore.
• EBITDA conversion to cash flow ~78% of EBITDA; cash-flow positive.
• Consolidated net working capital days 183 vs 210 in June last year; improvement.

Operating Update

• Hi-Tech revenue degrew due to delayed monsoon and higher polymer prices.
• Agro-Processing grew on beverage business and overseas market.
• Overseas business performed well; plastics EBITDA supported by growth.
• Solar pump and tissue culture segments show seasonality; recovery expected later.

Balance Sheet and Cash Flow

• Debt: ~Rs 690 crore NCDs due this year; ~Rs 230 crore due in September; rest in March.
• Banks approved additional limits; supportive amid West Asia crisis.
• Old legacy receivables ~Rs 800–900 crore; government receivables ~Rs 180 days; total ~Rs 1,100 crore.
• Target recovery of Rs 422 crore from old receivables in 2026–27; Rs 60 crore already received.
• Refinancing: no lender pushback; term sheets in hand; internal cash flow can meet obligations.

Projects and Capex

• Pune water-supply project billing remaining in triple digits; other projects Rs 40–50 crore left.
• O&M on 10–12 projects over 2–3 years; billed as incurred; not a cash squeeze.
• Tamil Nadu land monetization delayed; expected delivery in current quarter.
• Biochar plant started in coffee/beverage line; revenue impact from next fiscal year; carbon credits possible.

Outlook and Guidance

• Q1 muted; July revenue growth versus April–June; August–September expected positive.
• Monsoon favorable; rainfall supports irrigation and next year crop demand.
• FY27 standalone margin ~14%; consolidated margin ~12–13%.
• Second-half performance expected to improve; ongoing monetization and cost-pass-through.

Q&A Highlights

• Government receivables: Rs 60 crore received in Q1; July Rs 25–30 crore; more to come.
• Pune project remains; total remaining billing ~Rs 40–50 crore on other EPC projects.
• Legacy receivables: target Rs 380 crore to be received in nine months; total ~Rs 422 crore.
• Value-based monetization discussed; next year; Tamil Nadu land monetization being pursued.
• IPO for food business delayed due to market valuations; PE partner patient.
• Refinancing: no pushback; term sheets in hand; internal cash flow sufficient to meet obligations.

AGM Details

• Date and time: 10 August 2026, 09:30 A.M.; Mode: Physical with VC/OAVM.
• Record date: 04 August 2026.

Key Resolutions and outcomes

• Adoption of audited financial statements; ordinary resolution passed.
• Re-appointment of retiring director by rotation; ordinary resolution passed.
• Ratification of remuneration of cost auditors for the year ended 31 March 2026; ordinary resolution passed.
• Appointment and remuneration to a director for an office of profit under section 188; ordinary resolution passed.
• Appointment and remuneration to another person for an office of profit under section 188; ordinary resolution passed.

Dividend

• No dividend proposed or declared at the AGM.

Auditor matters

• Remuneration of Cost Auditors ratified; no other auditor changes disclosed.

Related party transactions

• Remuneration approvals for offices of profit granted to related parties.

AGM details

• Date: 10 August 2026
• Time: 09:30 A.M. IST
• Mode: Physical and VC/OAVM

Ordinary business

• Adoption of audited standalone and consolidated financial statements for FY ended 31 March 2026, with reports.
• Directors' reappointment: Shri Ajit B. Jain by rotation.

Special business

• Remuneration of Cost Auditors for FY ending 31 March 2026 ratified.
• Appointment and remuneration to Mr. Athang Anil Jain for Office/Place of Profit under Sec 188(1)(f).
• Appointment and remuneration to Mr. Abhedya Ajit Jain for Office/Place of Profit under Sec 188(1)(f).

Voting results

• Voting results to be submitted to stock exchanges within two working days from AGM.

Meeting Details

• Board meeting scheduled for Monday, 10 August 2026; time and venue not disclosed.

Key Agenda Items

• Review and approve Standalone and Consolidated Unaudited Financial Results for Q1 FY27 (quarter ended 30 June 2026).
• Publish unaudited standalone and consolidated results in newspapers.
• Submit Standalone and Consolidated Results and Limited Review Report to Exchanges after board approval on 10 August 2026.
• Audit Committee meeting to discuss various matters.

Other Notes

• Trading window closure: internal circular submitted to stock exchanges on 25 June 2026.

Financial performance

• Consolidated revenue ₹6,399.5 cr; up 10.7%.

Profitability

• EBITDA ₹808.9 cr; margin 12.6%.

Earnings and margins

• Net loss after tax ₹24.61 cr; EPS (basic/diluted) (0.34).

Dividends and capital allocation

• FY2025-26 dividend: none under Resolution Plan constraints.

Capital structure & liquidity

• Total borrowings ₹4,062.46 cr; cash ₹153.10 cr; undrawn facilities ₹520.67 cr.

Strategic investments & acquisitions

• Harlequin UK acquisition: 72.50% stake; consideration ₹82.13 cr; goodwill ₹30.56 cr.

Geography and segment mix

• Geographic revenue India ₹3,275.86 cr; Europe ₹1,784.73 cr; USA ₹1,046.50 cr.

Hi-Tech / segment performance

• Hi-tech Agri revenue ₹2,342.89 cr; profit ₹263.29 cr.

Joint ventures & associates

• Joint Venture Jain Kagome Foods formed 16-Dec-2025; not yet active.

AGM Details

• AGM date/time: 10 August 2026, 9:30 AM IST; held physically and via VC/OAVM.
• Book closure: 3 August to 7 August 2026 (inclusive).
• Cut-off for e-voting: 4 August 2026.
• Remote e-voting window: 6–9 August 2026.
• Results for e-voting to be published by 12 August 2026.
• Notice includes live webcast link and e-voting instructions.

Key Resolutions

• Adopt financial statements for year ended 31 March 2026.
• Reappoint Ajit B Jain as Director on rotation.
• Ratify Cost Auditors’ remuneration for FY2026 (Ordinary Resolution).
• Appoint Athang Anil Jain as President; five-year term; remuneration ₹8,33,333/month with 20% variable.
• Appoint Abhedya Ajit Jain as Senior Vice President; five-year term; remuneration ₹6,66,667/month with 20% variable.

Auditor Appointments

• Statutory Auditors Singhi & Co re-appointed for five years from 1 Apr 2025.

Related Party Transactions

• Related party: Athang Anil Jain appointment; five-year term; remuneration details disclosed.
• Related party: Abhedya Ajit Jain appointment; five-year term; remuneration details disclosed.

Book closure and AGM

• Book closure for Ordinary and DVR Equity Shares from 3 August 2026 to 7 August 2026 (inclusive).
• AGM scheduled for 10 August 2026 at 9:30 AM (physical/VC/OAVM).
• Purpose: 39th Annual General Meeting.
• Security types affected: Ordinary Equity Shares and DVR Equity Shares.
• Notice and Explanatory Statement to be sent electronically to eligible shareholders.