Analysts/Institutional Investor Meet/Con. Call Updates

Regd. Office: Jain Plastic Park, P.O.Box: 72, N.H.No. 53, Jalgaon – 425 001. India. Tel: +91-257-2258011; Fax: +91-257-2258111; E-mail: jisl@jains.com; Visit us at: www.jains.com CIN: L29120MH1986PLC042028 JISL/SEC/2026/11/B-2/B-6 November 05, 2026 To, To, BSE Ltd., National Stock Exchange of India Ltd., Corporate Relationship Department, Exchange Plaza, C-1, Block G, 1st Floor, New Trading Wing, Rotunda Bandra Kurla Complex, Building, P. J. Tower, Dalal Street, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Email: corp.relations@bseindia.com Email : cc@nse.co.in Ref: Code No. 500219 (BSE) & JISLJALEQS (NSE) for Ordinary Equity Shares Code No. 570004 (BSE) & JISLDVREQS (NSE) for DVR Equity Shares Sub: Transcript – Q2/H1 FY27 Investor Conference Call Dear Sir/Madam, Please find enclosed herewith transcript of Q2/H1 FY27 Investor Conference Call held on November 04, 2026 at 04:30 PM IST. Please take the above on record and acknowledge. Yours faithfully, For Jain Irrigation Systems Limited, A. V. Ghodgaonkar Company Secretary Encl: a/a Jain Irrigation Systems Limited Q2/H1 FY 2027 Earnings Call November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to Jain Irrigation Systems Limited Q2 and H1 FY 2027 Earnings Conference Call. Today, we have on call Mr. Anil Jain – CEO and MD, and Mr. Bipeen Valame – CFO. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” and then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anil Jain to take us through the company's business outlook and financial highlights, after which we will open the floor for questions. Thank you, and over to you, sir. Anil Jain: Would like to welcome all the listener to this call for Q2 Results of Jain Irrigation. This has been a good quarter for us. I think we have grown overall revenue by more than 10% double digit at close to INR 1,576 crore, and our EBITDA is also up compared to the earlier year to INR 207 crore. Both are quite positive. Overall margin has come at about 13.2% as against 13.9%. But what is important to see is that Hi-Tech MI micro-irrigation has maintained high teen level of margin at about 18.8%, while Plastics segment and agro Page 1 of 20 processing, they remain around full double-digit low, with food being around 12% and Plastics segment being at around 9%. With the good significant revenue growth, good level of better than last year, same period EBITDA, our overall company has been profitable and adjusted PAT after adjusting for NCD wind down from the P&L works out to about INR 40 crore. So, I think that is quite good. Overall, when we look at this quarter in the perspective of the 1st Quarter, 1st Quarter was quite weak, especially the business out of India. We had almost 24% or 25% negative revenue growth and the resultant impact on the EBITDA as well as net earning. I think this quarter, we have come out quite strong in both in terms of overall revenue, profitability, and in fact also improved working capital cycle. We've been able to reduce the level of receivables as well. When we think through six months, as a company, we have incurred revenue of approximately INR 3,100 crore, higher about 4% than the last year, covering for the deficit which was in the 1st Quarter. Overall EBITDA is at INR 372 crore, which is quite significant and good at 12.1%. Adjusted PAT continues at about INR 43 crore. So, when we look at in perspective of this quarter as well as six months, company steadily but surely improving its overall performance. In terms of when I look at various businesses this quarter, what worked, what did not work, our overall drip irrigation business continues to be good. The retail business grew domestic business almost 18% or so. The piping business, which Page 2 of 20 was significantly negative, 25%-30% in the 1st Quarter, has come back to almost same level as the last year. Compared to the 1st Quarter, that is better. Drip and tissue culture, the Hi-Tech MI micro-irrigation agribusiness, has continued to maintain high-teen level of growth, which augurs very well overall for the company. When I combine both of these businesses, the retail total business has grown approximately at 12%. With some changes in the project, which is a chosen reduction in the project business, the domestic revenue growth works out to approximately 10% or so. Overall, in terms of positive part, in terms of the revenue growth, all businesses, MIS business, Plastic segment business, tissue culture business, all have been positive. Overall, when I look at our subsidiaries one is the food subsidiaries, they are doing well. Their performance has been also quite good. If I look at even the overseas Plastic sheet business, that has also done well. Agro-processing, at about INR 560 crore in a single quarter, registered almost 8.4% growth. Plastics, including overseas plastic and domestic, also registered almost 17% growth. That way, overall revenue-wise, all businesses have done their bit and have been positive for the company. In terms of when I look at the overall financially how company has done during this period of time, that as we said, EBITDA has in fact improved compared to the earlier in this period. Cash flow has been quite positive in totality, where significant amount of cash which was generated. Out of INR 208 crore of EBITDA, almost INR 206 crore have been converted into cash. That provided big support for us also to honor our obligation. We had INR 230 crore of the repayments Page 3 of 20 due of NCDs, and those were paid with improved substantial performance from the company's cash flow. Net result was that our working capital cycle came down by four days, from 183 to 179 days during this period. When I, in fact, look at for the entire first half, working capital, in fact, from March onwards, if you look at or compared to the same period last year, last year, end of September, our overall working capital cycle was 205 days, and now it is down to 179 days. Out of this improvement of almost 25 days or so, 15 days improvement on DSOs is accounts receivable, and rest is shared between improvement on inventory as well as accounts payable. As we have said as management, we are very focused on cash flow because this one single year is a significant year in terms of repayments which we needed to do, and one part is already owed. Second part is due in March. We believe we don't anticipate any issue in terms of our ability to honor those obligations. In terms of the underlying business scenario, situation is somewhat uncertain, especially due to the deficient monsoon we had as a country. Some states, things are okay, in terms of north and Northeast, but especially states in west and south, there is a issue which we have. In west and south, if we look at, 80%-85% business of companies takes place in west and south. I think that's where there is a larger challenge. The experts are saying that this is the worst monsoon in last 35 years or so. In case of state of Maharashtra, which is a very important state for us, it is said that this is worst monsoon in more than 50 years. Page 4 of 20 Kharif crops were already hit, and Rabi is likely to be hit. But all said and done, I think we as a management are aware of the situation, are taking necessary steps, working with our dealers and farmers, working into areas where there is adequate water to see that we are able to put through our capacity back into the market. But in some areas, there is going to be a significant impact because the government wants to ensure that water is saved for drinking. So, they will not give water to agriculture, and if there is no water, of course, farmers cannot do irrigation and do not need drip or pipe. But in certai [Showing first 8,000 characters — download PDF for full document]