Jain Irrigation returns to profit as operating margin recovers
Revenue growth outpaced expense growth, but interest costs still rose 7.93% QoQ and kept profit before tax at Rs 17.92 cr.
Filed 04 Nov 2026, 15:30 IST · after market close · Jain Irrigation Systems Ltd (JISLJALEQS)
Key takeaways
- Jain Irrigation swung to consolidated net profit of Rs 18.01 cr from a Rs 17.80 cr loss in Q1FY27.
- Operating margin recovered 2.43 percentage points to 13.32% as revenue grew 4.53% QoQ while expenses rose 1.68%.
- Operating margin was 1.08 percentage points above the 12.24% median for 143 Industrials peers that had reported.
Price around the results
Operating improvement drives the profit swing
Jain Irrigation moved from a consolidated loss to a net profit of Rs 18.01 cr in Q2FY27, as profit before tax rose from negative Rs 9.73 cr to Rs 17.92 cr sequentially. Revenue increased 4.53% QoQ to Rs 1,576.66 cr, while expenses grew 1.68% to Rs 1,366.59 cr. Other income was only 5.3% of pre-tax profit, so the return to profit was mainly supported by operations rather than non-operating income.
Margin recovery absorbed higher interest costs
Operating profit increased 27.83% QoQ to Rs 210.07 cr because revenue growth outpaced expense growth, lifting operating margin by 2.43 percentage points to 13.32%. Interest costs nevertheless rose 7.93% to Rs 119.33 cr, limiting the conversion of operating profit into pre-tax profit. The tax line moved from a Rs 8.07 cr charge in Q1FY27 to negative Rs 0.09 cr in Q2FY27, but the tax benefit was small in absolute terms.
Margin recovered after the Q1 dip and beat the peer median
The operating margin path was 12.78% in Q4FY25, 10.89% in Q1FY27 and 13.32% in Q2FY27, showing a recovery after the sequential decline. The Q2 margin was 1.08 percentage points above the 12.24% median among 143 Industrials companies that had reported the quarter.
Results were filed after market close
The company filed its consolidated Q2FY27 results after market close on 4 November 2026. The filing comes before a market reaction is covered in this update.
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 remains above 13.32% after the Q1FY27 recovery.
- Whether revenue growth continues to outpace expense growth after the Q2FY27 comparison of 4.53% versus 1.68% QoQ.
- Whether net profit remains positive after the Q2FY27 result of Rs 18.01 cr.