Jain Irrigation Systems Ltd

- No specific current decision on new fundraising through equity or listing has been finalized. - Discussions regarding listing the subsidiary Jain Farm Food are ongoing but no definitive timeline or decision yet, as it requires approval from the Board and private equity partners. - The company is focused on reducing debt, with a target to reduce net debt by INR400+ crores in FY'26 through internal accruals and cash flow. - Management indicated willingness to explore additional value monetization or listing opportunities if they arise to further reduce debt or support future growth. - Currently, the company aims to sustain growth and deleveraging primarily through internal cash generation rather than raising new funds externally. - No mention of planned new debt fundraising; emphasis is on debt reduction and managing working capital efficiently.

- The company has adequate existing capacity and does not foresee heavy capex for growth in MIS or PVC pipe business. - Some small investments are planned for specific product lines with higher margins or better sales, mainly within replacement of depreciation. - No large capex is anticipated; planned investments will fit within current depreciation levels. - Investments related to government EPC projects are minimal for completion of pending work (around INR 20-70 crores depending on project stage). - No specific mention of large strategic capital investments beyond ongoing operational improvements and capacity utilization enhancements. - Expansion plans in PVC pipe business target new state markets with expected growth over the next 2-3 years, which may require modest capex. - Focus remains on internal accruals to fund working capital and growth, minimizing external capital requirements.

- FY'26 is expected to witness high teens revenue growth overall on a consolidated basis across all businesses (Page 5). - Spices business is being rebuilt, with FY'26 expected to reach three figures in revenue, and significant contribution over 2-3 years (Page 16). - Food business grew 9-9.5% last year; current year growth forecasted at 15-20%, with consistent growth expected over 5 years (Page 14). - Hi-tech business (micro irrigation and tissue culture) grew ~16.8% recently, expected to continue growth with 20-30% in tissue culture over next 2 years (Pages 4, 6). - PVC pipe business aiming to expand in existing and new states, expecting growth over next 2-3 years with initial sales of INR100+ crores in urban/commercial sector this year (Page 14). - Export growth strong, 40% last year and forecasted 25-30% this year (Page 9). - Overall, management is optimistic and bullish on revenue, EBITDA growth, cash flow generation, and debt reduction (Pages 4, 16).

- Jain Irrigation Systems expects high teens revenue growth in FY'26, targeting around 15%-20% growth specifically in the food business. - EBITDA growth is expected to outpace revenue growth, with a forecast of 23%-24% increase due to better fixed cost absorption. - Hi-tech division (micro irrigation and tissue culture) to grow strongly, with tissue culture potentially growing 20%-30%. - Agro Processing is expected to maintain revenue growth with improved margins due to better seasonal produce availability. - Company aims for EBITDA margin expansion by around 2%-3% in FY'26. - Continued focus on free cash flow generation and debt reduction, targeting at least INR400 crores net debt reduction. - Outlook includes positive growth from increased usage of capacities (e.g., mango, onion), contract manufacturing opportunities, and expanding piping/PVC business. - First quarter FY'26 is anticipated to show positive year-on-year growth reflecting confidence in achieving guidance.

- The company expects normal institutional sales in the piping division, similar to last year levels (~INR250 crores), primarily through Jal Jeevan Mission (JJM) via contractors. - There is an anticipated increase in exports of pipes and irrigation systems, with exports having grown ~40% last year and expected to grow 25-30% this year. - Orders under negotiation for exports are promising. - Piping business is expanding into new states and urban/commercial markets, targeting INR200 crores sales in this segment this year. - Micro irrigation projects from certain states with long working capital cycles were reduced by around INR200 crores last year; some states have improved payments recently, allowing potential revival. - Overall, the company is cautiously optimistic about growth, targeting high-teens percentage revenue growth in FY'26, supported by increasing order intake and better state budget allocations.