Industrials · Q2FY27 · Consolidated

Operating margin rises 2.43 points as Jain Irrigation returns to profit

Sequential revenue grew 4.53% while expenses rose 1.68%; net profit also benefited from a small tax credit, not other income.

By Ashutosh

Filed 04 Nov 2026, 15:35 IST · after market close · Jain Irrigation Systems Ltd-DVR (JISLDVREQS)

Key takeaways

  • Consolidated operating margin expanded 2.43 percentage points sequentially to 13.32% as revenue grew 4.53% and expenses 1.68%.
  • Consolidated net profit swung to Rs 18.01 cr from a Rs 17.80 cr loss, while interest expense rose 7.93%.
  • Jain Irrigation's 13.32% operating margin was 1.08 percentage points above the Industrials median across 143 reported peers.

Price around the results

Revenue growth lifted operating profit

Consolidated revenue rose 4.53% sequentially to Rs 1,576.66 cr, while operating profit increased 27.83% to Rs 210.07 cr. The stronger operating result moved net profit from a Rs 17.80 cr loss in Q1FY27 to Rs 18.01 cr, with EPS turning positive at Rs 0.23 from negative Rs 0.20.

Lower cost growth widened the margin

Expenses grew 1.68%, slower than revenue, which expanded operating margin by 2.43 percentage points to 13.32%. Interest expense rose 7.93% to Rs 119.33 cr, adding pressure below the operating line, while depreciation was nearly unchanged. Other income fell 90.73% and contributed 5.3% of pre-tax profit, so it was not the main driver of the profit swing; the tax line was a Rs 0.09 cr credit.

Margin stayed above the reported peer median

Jain Irrigation's 13.32% operating margin was 1.08 percentage points above the 12.24% median for 143 Industrials peers that had reported the same quarter. The sequential margin direction improved from 10.89% in Q1FY27, but there is only one earlier quarter in the available trend. The results were filed after market close, so no post-result stock reaction is covered.

Q2FY27 at a glance

Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.

Line itemQ2FY27Q1FY27QoQ
Revenue₹1,577 cr₹1,508 cr+4.53%
Other income₹1 cr₹10 cr-90.73%
Expenses₹1,367 cr₹1,344 cr+1.68%
Operating profit₹210 cr₹164 cr+27.83%
Operating margin (%)13.32%10.89%—
Interest₹119 cr₹111 cr+7.93%
Depreciation₹74 cr₹74 cr+0.03%
Profit before tax₹18 cr₹-10 cr—
Tax₹-0 cr₹8 cr—
Net profit₹18 cr₹-18 cr—
EPS (₹)₹0.23₹-0.20—

Operating margin of 13.32% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.

What to watch

  • Whether operating margin holds above 13.32% after its 2.43-point sequential rise.
  • Whether interest expense moves below or above Rs 119.33 cr.
  • Whether reported profit remains positive without a larger contribution from the current -0.50% tax rate.