AI-generated · cited to primary sources · not investment advice
Jain Irrigation (500219) Feb 2026 Filing Analysis
Does management do what it says?
Working-capital efficiency improved by Q2 FY26. Consolidated net working-capital days fell to 200 from 205 in June 2025, while Hi-Tech Agri DSO fell to 301 days from 330 days QoQ and 322 days YoY. (1 exceeded, 3 missed, 1 met across 5 tracked commitments)
“And in the current quarter, we will definitely grow more than 15%. So, we think we should then average it out around 15% growth for the whole year as was projected and discussed by us earlier in terms of what is our goal.”
Reduce government-project receivables by approximately Rs. 125 crore on a net basis in Q4 FY26. — target: Approximately Rs. 125 crore net reduction (+2 more commitments)
“I think, in current quarter, fourth quarter, I think we are expecting a lot reduction to the tune of about Rs. 125 crores or so from government projects alone on net basis.”
Reduce government-project revenue contribution to less than 1% of company revenue in FY27. — target: Less than 1% of total company revenue (+1 more commitment)
“So, next year maybe it is, when you look at the whole company, the government would be may be less than 1% or so.”
See the full cited Management analysis of Jain Irrigation
How durable is the business?
Plastics expanded materially in revenue after a weak first half. Revenue increased from Rs. 391 crore to Rs. 462 crore, with PE pipes growing significantly and PVC pipes roughly flat in volume/value terms despite lower prices. This is a recovery from the previously extracted slight revenue decline. (1 expanding)
“The plastic business, which includes the pipes business in India and the plastic sheet business overseas, it grew 18% from Rs. 391 crores to Rs. 462 crores.”
See the full cited Business Model analysis of Jain Irrigation
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