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Swing Capital

Jain Irrigation Systems Ltd

NSE: JISLJALEQS BSE: 500219Finance

Jain Irrigation Systems Limited is engaged in providing solutions in agriculture, piping and infrastructure through manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs. [1]

₹29.7
52W: ₹27.1 — ₹66.4
PE 68.8 · Book ₹72.2 · -59% vs book
Market Cap₹2,164 Cr
Stock P/E68.8Price to Earnings
ROCE5.1%Return on Capital
ROE0.62%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Stock is trading at 0.42 times its book value
  • +Company's working capital requirements have reduced from 107 days to 79.7 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 10.8% over past five years.
  • −Promoter holding is low: 26.7%
  • −Company has a low return on equity of 0.73% over last 3 years.
  • −Promoters have pledged 40.8% of their holding.
  • −Company has high debtors of 207 days.

Shareholding Pattern

Promoters26.68%
FIIs3.91%
DIIs8.61%
Public60.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters26.12%26.12%26.02%▼0.125.94%▼0.126.68%▲0.726.68%26.68%26.68%
FIIs5.18%5.38%▲0.24.55%▼0.84.97%▲0.45.19%▲0.22.98%▼2.23.2%▲0.23.91%▲0.7
DIIs9.33%9.36%▲0.09.41%▲0.19.42%▲0.06.85%▼2.68.85%▲2.08.84%▼0.08.61%▼0.2
Public59.02%58.79%▼0.259.68%▲0.959.52%▼0.261.13%▲1.661.35%▲0.261.14%▼0.260.69%▼0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales8051,0658575758001,0279196919201,003
Expenses691932750501670867796584784837
Operating Profit11513410774130160123108136166
OPM %14%13%12%13%16%16%13%16%15%17%
Net Profit2256-21112872411
EPS ₹0.030.380.1-0.310.160.420.10.030.050.16

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,533Cr, up 10% YoY. OPM at 15%.

Debt Position

Borrowings at ₹2,477Cr. Debt-to-equity ratio: 0.49x. Healthy balance sheet.

Capex Cycle

CWIP at ₹55Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.61% (-1.26pp change). FIIs: 3.91% (-0.24pp change). Promoters hold 26.68%.

Margin & Efficiency

ROCE declining from 9% (Mar 2015) to 5% (Mar 2026). Working capital days: 80.

Valuation

PE 68.8x with 5.1% ROCE. Price is -59% above book value of ₹72.2. Dividend yield: 0%.

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