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.
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 item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| 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.