Jain Irrigation Systems Ltd Management Discussions

GLOBAL ECONOMY

• As per its latest assessment, the International Monetary Fund (IMF) projects global growth at 3.2 per cent in 2024 and 2025, with emerging markets and developing economies (EMDEs) growing at a steady pace, advanced economies (AEs) reverting or approaching potential growth, and low-income economies facing downside risks. The World Bank, on the other hand, projects global growth at 2.6 per cent and 2.7 per cent in 2024 and 2025, respectively

• In this uncertain global macroeconomic and financial environment, the Indian economy is exhibiting resilience and stability. Real gross domestic product (GDP) is projected to grow at 6.6 per cent in 2024-25 aided by revival in rural consumption, pickup in government consumption and investment and strong services exports. The underlying growth momentum remains strong and is supported by the steadfast focus of monetary policy on a durable alignment of inflation to the target. A stable financial system, bolstered by healthy balance sheets and profitability of banks and non-banks and reasonable expansion in credit, is providing support to businesses and households

• The global financial system displayed continued resilience amidst moderation in economic activity, rising policy uncertainty and elevated geopolitical tensions. Major vulnerabilities, such as elevated and rising public debt and stretched asset valuations, however, remain. Spells of high volatility in the global financial markets suggest continued uncertainty on future growth prospects. The Indian economy and the financial system remain strong and stable underpinned by sound macroeconomic fundamentals, healthy balance sheets of banks and non-banks and low volatility in financial markets despite some qualms about global spillovers. (Source - RBI, Financial Stability Report Dec 2024)

Climate Risk and Sustainability Outlook

• In its latest Monetary Policy Report (April 2024), the Reserve Bank of India (RBI) highlighted the continued resilience of domestic economic activity, driven by robust domestic demand and improved macroeconomic fundamentals (Source: RBI Monetary Policy Report, April 2024). However, it also flagged significant downside risks to growth and price stability arising from climate change, alongside geopolitical tensions and financial market volatility. Notably, the RBI emphasized that frequent weather shocks triggered by climate change present persistent challenges to monetary policy formulation, while posing direct threats to agricultural productivity, inflation management, and long-term economic output.

• As climate events become more erratic and extreme, their economic and social consequences are becoming increasingly pronounced. Global warming, rising average temperatures, and increased frequency of extreme weather events (EWEs) such as floods, droughts, heatwaves, and unseasonal rainfall have already begun disrupting supply chains, eroding agricultural yields, and impairing infrastructure. These disruptions contribute directly to price volatility in essential commodities, affecting both food inflation and the cost of raw materials. Climate change also affects the natural rate of interest and may undermine the effectiveness of monetary policy transmission over time.

• According to the RBI, in the absence of adequate climate mitigation efforts, Indias long-term economic output could decline by as much as 9% by 2050, compared to a scenario with no climate change impact (Source: RBI Climate Risk Assessment). These projections underscore the urgency for integrating climate resilience into core policy, business, and investment decisions.

• At Jain Irrigation Systems Ltd., we recognize the critical implications of climate change—not only for our operations but also for the broader ecosystems we serve. As a global leader in micro-irrigation and sustainable agri-solutions, JISL has long embraced a proactive approach to environmental stewardship. Our technologies are uniquely positioned to address climate- induced water stress, improve farm productivity, and promote climate-resilient agriculture.

• Our micro-irrigation systems—which include drip and sprinkler solutions—enable precise and efficient water usage, helping conserve water in arid and drought- prone regions. In doing so, we empower farmers to sustain yields despite irregular rainfall patterns and declining water tables. We also continue to advocate for the adoption of solar-powered irrigation, biofertilizers, and renewable energy solutions across our operations, aligning with Indias broader climate targets under its Nationally Determined Contributions (NDCs) as per Paris Agreement (Source: Ministry of Environment, Forest and Climate Change, India).

• Moreover, the increasing global shift toward Environmental, Social, and Governance (ESG) investing reinforces the need for corporates to align profit objectives with planetary boundaries. Investors and stakeholders are now gravitating toward companies that demonstrate measurable sustainability impact and resilience to environmental risks. At JISL, sustainability is not an add-on—it is deeply embedded in our core strategy, product innovation, and stakeholder engagement.

• As India and the world navigate the uncertain path of climate transition, JISL remains committed to driving inclusive, green growth—helping mitigate climate risks while creating shared value for farmers, communities, and investors alike.

Indias Economic Outlook: A Positive Shift

Indias macroeconomic landscape remains resilient, maintaining strong growth momentum despite a challenging global environment characterized by geopolitical uncertainties, inflationary pressures, and monetary tightening in developed economies. The Economic Survey of India for FY24 reinforces this positive outlook, projecting real GDP growth to surpass 7.2%, marking the third consecutive year of growth above 7%. This consistent performance underscores Indias robust structural economic fundamentals and the effectiveness of its proactive policy measures. Supporting this, the Reserve Bank of Indias Annual Report 2023-24 highlights improved domestic demand and financial stability, while the International Monetary Funds World Economic Outlook (April 2024) also forecasts India as one of the fastest- growing major economies globally. Additionally, the World Banks Global Economic Prospects report echoes the strong growth trajectory, driven by increased public investment and consumption recovery (Sources: Economic Survey FY24, Ministry of Finance; RBI Annual Report 202324; IMF World Economic Outlook April 2024; World Bank Global Economic Prospects January 2024).

Several key drivers underpin this outlook:

1) Increased Public Sector Investment

The Government of India has significantly ramped up its capital expenditure, especially in infrastructure, drinking water, irrigation, housing, and rural development. Initiatives such as PM Gati Shakti, Jal Jeevan Mission, and Smart Cities Mission are expected to catalyze downstream demand across sectors (Source: Economic Survey FY24, Ministry of Finance). These investments not only stimulate direct employment but also foster multiplier effects across allied industries, including agriinputs, construction materials, and consumer goods.

For JISL, increased infrastructure spending—especially in rural water supply, irrigation systems, and housing— translates into greater demand for micro-irrigation systems, plastic piping, and water management solutions, directly aligning with our product offerings and strategic focus.

2) A Robust and Stable Financial Sector

Indias banking system has demonstrated significant improvement in asset quality and capital adequacy. With non-performing assets (NPAs) at multi-year lows and healthy provisioning coverage, the financial system is better placed to support economic recovery. The increased availability of credit to agriculture, infrastructure, and MSMEs is a strong enabler of inclusive growth. This ensures that small farmers and rural entrepreneurs—who form a large part of our customer base-gain access to financing, which in turn supports adoption of our solutions (Source: RBI Financial Stability Report).

3) Robust Growth in Non-Agricultural Credit

The growth in non-food credit, particularly to sectors such as manufacturing, trade, infrastructure, and services, reflects expanding economic activity and business confidence. It also indicates a gradual transition from consumption-led to investment-led growth, which is essential for sustained medium-term expansion. For JISL, this trend signifies increased capital formation in both urban and rural India, with a corresponding rise in demand for durable agri-tech and irrigation infrastructure (Source: RBI Monthly Bulletin).

Challenges Remain: Inflation and Sustainability

While the Indian economy shows promise, challenges persist. Inflation management and rising interest rates pose potential risks to future growth. Additionally, aligning Indias impressive economic trajectory with its sustainability goals requires continued efforts in areas like:

• Renewable Energy Integration: Accelerating the adoption of clean energy sources is crucial for reducing carbon footprint and ensuring energy security.

• Climate-Smart Agriculture: Promoting sustainable farming practices and water conservation technologies like those championed by JISL will be essential.

• Technological Innovation: Investing in research and development for clean technologies and climate-resilient infrastructure is vital for long-term sustainability.

By addressing these challenges and capitalising on its strengths, India can navigate the global economic landscape effectively while ensuring a sustainable future. For future sustainable growth of Agri and allied products in India, various initiatives needs to taken such as to boost exports beyond cereals into marine, processed vegetables higher budgetary allocation will be necessary, long term credit facility and access to credit at competitive rates needs to be made available to farmers, strong rural infrastructure including roads, bridges, storage facilities, cold chains, and veterinary services needs to be built which can significantly reduce post-harvest losses and improve market access for farmers in remote areas and offering and promoting agri technologies and practices which would help to minimise impact of climate change is very important. Jain Irrigation is playing a pivotal role in offering the latest technology and assistance to farmers to overcome the challenges of climate change.

Industry Overview

Agriculture & Irrigation

Agriculture, involving around 54.6% of Indias total workforce and contributing 17.8% to the countrys GVA, is pivotal to Indias economy. However, conventional farming methods have led to limited efficiency and productivity growth. Therefore, the Indian government has initiated the fourth agricultural revolution, known as Agriculture 4.0. This advanced approach is a refined version of precision farming, aiming to enhance yield quality and quantity while minimising environmental damage. According to Bain & Co., the Indian agricultural sector is predicted to increase to US$ 30-35 billion by 2025.

Source: IBEF

With the help of technology and government initiatives, this new approach offers a promising growth trajectory for Indian agriculture. Agriculture 4.0 includes cloud-based solutions and other cutting-edge management techniques to increase farming efficiency.

The governments policy initiatives for agricultural digitalization include the Jal Jeevan Mission, PM Kisan Yojana, Agriculture Infrastructure Fund, PM Fasal Bima Yojana, Mission for Integrated Development of Horticulture, National Agriculture Market (e-NAM) Scheme, Organic Farming under the Paramparagat Krishi Vikas Yojana (PKVY), Rashtriya Krishi Vikas Yojna (RKVY), and the Atmanirbhar Clean Plant Program. These initiatives are designed to boost productivity, supplement farmers financial needs, support post-harvest activities, provide insurance, and promote online transparent trading and organic farming. Under Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)-Per Drop More Crop, an area of about 145 Lakh hectare (ha) has been covered till 2024 under micro (Drip and Sprinkler) irrigation in the country.

To enhance coverage of small and marginal farmers in the formal credit system, RBI in its Financial Stability

Report December, 2024 has taken regulatory measure for Collateral-free Agriculture Loan — Enhancement of Limit: In view of overall inflation and rise in agricultural input costs, the Reserve bank has raised the limit for collateral free agricultural loans including loans for allied activities from the existing level of 1.6 lakh to 2 lakh per borrower. The banks have been advised to give effect to the revised instructions expeditiously and in any case not later than January 1,2025

In the Budget 2025-26, the Indian Government has given emphasis on holistic and comprehensive reforms in agriculture in India by focussing on financial inclusion and investment, technology innovation and skilling, Food Processing and productivity, Atmanirbarta and Infrastructure. The government has announced following key initiatives for the agricultural sector:

• GOI has initiated a 5 years Action Plan on Micro Irrigation through Per Drop More Crop (PDMC) scheme. In this regard, Govt. has set a target to achieve 100 lakh ha in the next five years period from the

• year 2025-26 to 2029-30. To achieve this target, at least 20 lakh ha area per annum needs to be achieved under Micro Irrigation through PDMC scheme. Therefore, States/UTs have been asked to prepare an action plan regarding areas to be achieved under micro irrigation for the next five years i.e. from 2025-2026 to 20292030. The yearly target set in the action plan must be maintained while preparing/finalizing the Annual Action Plan of PDMC scheme.

• For Micro Irrigation, Rashtriya Krishi Vikas Yojana (CSS) and Krishionnati Yojana (CSS) GOI has committed around 8000 Crs each on these schemes Promote micro- irrigation (drip & sprinkler) and to improve water- use efficiency Improve agricultural productivity through modern irrigation techniques

• For Plastic Pipe, under Pradhan Mantri Krishi Sinchayee Yojana (CSS), Jal Jeevan Mission (JJM) (CSS), GOI has done substantial allocation of funds Develop irrigation infrastructure, including plastic pipes for water distribution and to Provide tap water connections to rural households

• GOI has also taken major initiative towards de- dieseliation under PM KUSUM (Kisan Urja Suraksha evam Utthaan Mahabhiyan) Promote solar-powered pumps to reduce dependence on grid electricity with allocation of 2800 Crs with additional support to be given by each state. This will help to reduce power subsidy and also help farmers to have solar pumps.

• The Union Cabinet approved the Modernization of Command Area Development and Water Management (M-CADWM) as a sub-scheme of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for the period 2025-2026 with an initial total outlay of Rs.16000 million. The scheme aims for modernization of the irrigation water supply network to supply irrigation water from existing

canals or other sources in a designated cluster. It will make robust backend infrastructure for micro- irrigation by farmers from established sources to the Farm gate up to 1 Ha with underground pressurized piped irrigation. The use of SCADA, Internet of things technology will be used for water accounting and water management. This will increase the Water Use Efficiency (WUE) at the farm level, increase agriculture production & productivity; and thereby increase the income of farmers

Overview of the Business:

Jain Irrigation Systems Limited (JISL) is a diversified, integrated player offering solutions in sustainable agriculture, water management, and food processing. The Company operates across four key business verticals:

1) Hi-Tech Agriculture Solutions (Micro and Sprinkler Irrigation Systems, Tissue Culture, Planting Material)

2) Plastic Piping Systems (PVC, PE Pipes for Agriculture, Infrastructure, and Plumbing applications)

3) Agro Processing (through its subsidiary Jain Farm Fresh Foods Limited and its overseas subsidiaries in the UK, USA, Europe, Dubai, Ireland, and Turkey)

4) Others (Renewable Energy Systems and Solar Products)

JISL has a global reputation as an agriculture and irrigation technology leader. It is the worlds largest producer of tissue-cultured banana and pomegranate plants, with an annual capacity exceeding 120 million banana tissue culture plants. The Company is also:

• Indias largest producer of polyethylene (PE) pipes and among the top three manufacturers of PVC pipes,

• The worlds second-largest processor of dehydrated onions, and

• The largest producer of processed mango pulp, puree, and concentrate in India.

Additionally, JISL works in the fields of renewable energy, hybrid seeds, biogas solutions, bio-fertilizers, and precision agriculture. Its global-standard processing and manufacturing facilities are FDA-compliant, ISO 50001, and HACCP certified, catering to diverse customer requirements across more than 120 countries.

Financial & Operational Highlights

Jain Irrigation Systems Ltd. (JISL) continues to benefit from Indias resilient macroeconomic environment and structural growth drivers. The Indian Meteorological Department (IMD) has forecasted an above-normal monsoon for the year, which is expected to stimulate agricultural output, ease inflationary pressures, and support rural income levels. Early reports on Rabi crop harvesting have been encouraging, reinforcing this positive outlook (Source: IMD, Ministry of Agriculture).

Global crude oil prices are expected to remain range-bound between USD 65-70 per barrel, which should help maintain currency stability and reduce input cost volatility (Source: International Energy Agency, IEA). This, in turn, is likely to keep polymer prices—particularly PVC resin, a key raw material for our products—stable and affordable. Favorable pricing will enhance the competitiveness of our product portfolio in both domestic and export markets, especially as certain countries face tariff and trade disruptions, creating new opportunities for Indian manufacturers (Source: Ministry of Commerce and Industry, India).

During the previous financial year, the Company experienced steady performance across most of its business segments, with the exception of the Plastic Pipe Systems division. The slowdown in this segment was primarily attributable to three factors:

• Reduced infrastructure spending by both Central and State Governments compared to FY23-24 (Source: Union Budget FY24-25, Government of India)

• Significant price corrections in PVC suspension-grade resin—core input material—which declined sharply post- July FY24, leading to widespread de-stocking along the distribution chain (Source: Chemical Industry Reports).

• Unseasonal rainfall affecting demand in critical regions (Source: IMD Weather Reports).

As of now, PVC resin prices have stabilized at lower levels, and the distribution channel is gradually normalizing inventory levels. Demand indicators for both the agriculture and housing sectors are positive. In a significant policy shift, the Central Government has announced a threefold increase in budgetary allocation for drinking water supply infrastructure for FY25-26, compared to actual expenditure in FY24-25. This bodes well for the revival and growth of our Plastic Pipe Systems business (Source: Union Budget FY25-26, Government of India). Furthermore, the Company has effectively expanded capacities, added new SKUs, and strengthened its systems infrastructure, laying the foundation for robust volume growth in the current year.

Overall, the Company is optimistic about its growth prospects for FY25-26, driven by favorable macroeconomic tailwinds, increased government infrastructure spending, stable input costs, improved rural demand, and our continued commitment to operational excellence and innovation.

On a consolidated basis, Jain Irrigation Systems Limited (JISL) reported revenues of 57,790 million for the year ended March 31, 2025, representing a 6% year-on-year decline, primarily due to the strategic reduction in the EPC business as part of the Companys conscious decision to focus on higher-margin retail and export-driven segments. Despite the decline in overall revenues, the Company demonstrated improvement in operating profitability driven by better product mix and cost efficiency initiatives.

• EBITDA stood at 7,170 million, a decline of 9% YoY compared to the previous year, mainly due to lower contribution from the Plastics and Agro Processing divisions. However, the Q4FY25 EBITDA improved by 3% YoY, indicating sequential recovery and operational stability towards the end of the fiscal year.

• EBITDA margin stood at 12.4% in FY25, compared to 12.8% in FY24, largely stable despite lower volumes, reaffirming the Companys strategy of shifting towards more profitable business segments like Hi-Tech Agri retail products and exports.

• The Companys focus on prudent working capital management and debt reduction yielded positive results. Finance costs declined by 11% YoY, reflecting successful deleveraging and better fund utilization across businesses.

• Profit After Tax (PAT) stood at 257 million for FY25, impacted by lower absolute EBITDA and higher tax provision on certain profitable overseas operations.

• Cash PAT remained robust at 2,790 million, indicating healthy internal cash generation sufficient to support ongoing business needs and repayment obligations.

Segment-wise Performance:

1) Hi-Tech Agri Input (Micro Irrigation Systems & Planting Material): Revenue in this division saw a marginal decline due to strategic moderation in EPC business execution. However, the retail micro irrigation segment posted growth on the back of government subsidies, private sector demand, and market expansion into untapped regions.

2) Plastic Piping Systems: The Plastics division remained the primary growth driver, delivering improved revenue and profitability performance, supported by strong demand in the domestic infrastructure, agriculture, and plumbing sectors. Improved operating leverage and raw material cost management contributed to better EBITDA margins in this segment.

3) Agro Processing (JFFFL): The Agro Processing division, through Jain Farm Fresh Foods Limited and its global subsidiaries, posted stable revenue with notable improvement in margins. The export-driven food processing business maintained strong order books in key markets such as the US, Europe, and the UK.

4) Others (Solar & Renewable Energy): This segment remained stable with modest contributions, aligned with the Companys focus on green energy solutions and renewable product offerings.

Standalone Performance

• On a standalone basis, Jain Irrigation Systems Limited (JISL) reported revenues of 32,590 million for the year ended March 31, 2025, reflecting a 14.7% decline compared to FY24. The decrease was primarily due to the Companys deliberate decision to reduce exposure to the low-margin EPC (Engineering, Procurement & Construction) business and shift focus towards high- margin retail and export-oriented sales.

• EBITDA stood at 4,710 million, a decline of 8.1% YoY, but with a notable improvement in EBITDA margin to 14.5% in FY25, compared to 13.4% in FY24, supported by a favorable product mix, better cost control, and operational efficiencies.

• PAT stood at 247 million, compared to 555 million in FY24, impacted by lower absolute EBITDA and higher non-operating costs, including finance and tax charges.

• Cash PAT remained healthy at 1837 million, underlining strong internal cash generation capabilities, sufficient to support operational funding and continued deleveraging efforts.

Strategic Priorities and Outlook

The Company continues to focus on:

• Enhancing profitability and margins by growing high- margin segments such as Retail, Exports, and Value- Added Products across all verticals.

• Improving working capital efficiency through strict inventory and receivables management.

• Quality of business improvement by de-risking from large EPC contracts and increasing the share of B2C (retail) and export revenues.

• Balance sheet strengthening through debt reduction initiatives, leading to improved credit metrics and lower financing costs.

• With a diversified business portfolio, a global presence, and strong backward integration capabilities, Jain Irrigation Systems Limited remains well-positioned to drive sustainable growth in agriculture, infrastructure, and food processing sectors. The strategic focus on higher-margin businesses, operational excellence, and financial prudence is expected to create long-term value for stakeholders.

Growth Drivers and Strategy - FY26 Jain Irrigation Systems Limited (JISL) remains committedto its long-term vision of becoming a leader in the Water-

Food-Energy nexus by leveraging its strengths in innovation,integrated agri-solutions, manufacturing excellence, andfarmer outreach. The Company continues to build value across the supply chain by focusing on water conservation, renewable energy, and sustainable food production systems. Key components of its current strategy include:

Geographic Expansion and Product Portfolio Diversification

JISL is actively expanding both its domestic and international market presence. Historically, the Micro Irrigation Systems (MIS) and piping businesses have been concentrated in Western and Southern India. The Company is now making dedicated efforts to enhance its distribution footprint in Northern, Eastern, and North-Eastern states, including Rajasthan, Punjab, Uttar Pradesh, West Bengal, and the North-East, to capture untapped market potential.

Product diversification remains a priority with increased focus on:

• Promoting MIS for traditionally flood-irrigated crops such as rice and wheat, in addition to commercial crops like sugarcane, cotton, vegetables, and fruits.

• Strengthening offerings in the Plumbing, Infrastructure, and Industrial piping solutions segments.

• Enhancing export product lines to meet the growing demand from global markets.

Comprehensive Agri Solution Approach

JISL has built a strong position as a One-Stop Agri Solution Provider, offering customized, sustainable solutions for irrigation, water management, and crop protection. The approach involves detailed analysis of:

• Crop patterns, regional climate variations, seasonality, and soil conditions.

• Continuous development of superior plant varieties (Banana, Pomegranate, Sweet Oranges, Onion, Papaya, Potato) through in-house R&D facilities like Jain Tissue Culture and Jain Seeds.

• Expansion of protected cultivation solutions (greenhouses, polyhouses) under its Hi-Tech Agri vertical to drive higher yield, better quality produce, and improved farmer incomes.

Climate-Smart Agriculture Technology Promotion

In response to increasing climate volatility, JISL has introduced climate-smart technologies to support farmers in mitigating risks related to droughts, heat stress, frost, erratic rainfall, and high energy costs:

Climate Factor	Key Issues	Jain Irrigations Solutions
Heat waves	Yield drop during grain filling	Acurain mini sprinklers for cooling crops
Cold waves	Crop burn and sap freeze	Frost sensor-based micro-sprinkler system
Climate Factor	Key Issues	Jain Irrigations Solutions
High temperature stress	Fruit cracking, poor color	Mini sprinkler system for evaporative cooling
Global warming (methane emissions)	GHG emissions from paddy fields	Drip irrigation for rice cultivation
Sudden climatic shifts	Reduced yields	Climate-neutral cultivation packages
Drought	Yield loss, crop failure	Drought-tolerant seeds, survival irrigation kits
High energy use	Environmental & cost impact	Low-pressure drip systems, solar- powered drip irrigation, Agro- photovoltaics
Soil degradation	Nutrient loss, over-irrigation	Jain Logic for smart fertigation and irrigation control

These solutions position the Company as an innovator and responsible leader in sustainable agriculture.

Focus on Retail Sales, Cash & Carry Model and Dealer Empowerment

The Company is prioritizing retail sales and a cash-and-carry business model to reduce working capital requirements and enhance free cash flow:

• EPC project exposure has been intentionally reduced over the last three years, with limited execution on legacy projects nearing completion.

• Standalone Days Sales Outstanding (DSO) of AR is in the same range as of previous year despite degrowth in sales in FY25, reflecting efficient receivables management.

• On a consolidated basis, DSO increased slightly due to payments to creditors, but overall working capital efficiency remains a focus area.

JISL maintains a network of 4,000+ dealers across India, with key presence in Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Telangana, and Rajasthan. The Company is intensifying dealer development in Northern and Eastern India.

In addition, JISL supports dealer growth through dealer financing schemes with partner banks and NBFCs, offering favorable terms to improve liquidity at the distributor level, thus ensuring uninterrupted retail sales expansion.

Capital Structure Optimization and Deleveraging

The Company continues to target deleveraging and capital structure optimization by:

• Improving free cash flows from core operations.

• Limiting dependence on working capital borrowing.

• Prioritizing repayment of high-cost debt to reduce finance costs.

These measures are designed to strengthen the balance sheet and enhance the Companys financial flexibility for future investments in R&D, capacity expansion, and market penetration.

Outlook

JISLs strategy for FY26 will focus on:

• Further penetration of high-margin domestic retail markets,

• Leveraging climate-resilient Agri technologies,

• Expanding exports via high-demand product lines,

• Strengthening dealer and distribution ecosystem,

• Continuing to reduce debt and improve profitability metrics.

The Company remains committed to its mission of enabling sustainable agricultural practices while ensuring profitable and responsible growth.

Competitive Strengths

Jain Irrigation Systems Limited (JISL) possesses several enduring competitive advantages that enable it to sustain leadership across its diversified business verticals. These strengths form the backbone of its ability to deliver value to stakeholders while navigating dynamic market environments:

Strong Brand Equity and Diverse Product Portfolio

• JISL is among Indias most trusted names in Micro Irrigation Systems (MIS), Plastic Piping Systems, and Agro Processing, with widely recognized brands such as Jain Drip, Jain Sprinklers, Jain Pipes, Chapin, and Jain Farm Fresh.

• The Companys robust presence in both B2B and B2C segments ensures resilience across domestic and global markets.

• Deep and longstanding relationships with farmers, state governments, and international development bodies strengthen the Companys reach and influence in promoting modern agricultural practices.

Experienced Leadership and Skilled Human Capital

• With over five decades of industry expertise, JISLs seasoned leadership team continues to guide its strategic evolution in response to global agricultural, energy, and sustainability trends.

• Supported by a workforce of over 1,000 qualified professionals, the Company offers unmatched aftersales service, technical guidance, and training, especially in rural and semi-urban India—creating high customer stickiness.

• This human capital strength is crucial for nurturing dealer networks, training farmers, and ensuring technology adoption at the grassroots level.

Global Market Access and Reach

• JISLs extensive product portfolio meets stringent global quality standards, facilitating seamless exports to over 120 countries across North America, Europe, Africa, Asia, and the Middle East.

• The Company directly exports its micro irrigation solutions, piping products, and processed foods via its subsidiaries located in the USA, UK, Europe, and Turkey, ensuring market diversification and foreign currency earnings.

• Export capabilities remain a key pillar of JISLs growth strategy, especially in light of increasing global focus on water conservation and climate-resilient farming technologies.

Integrated and Sustainable Agri-Value Chain

Solutions

• JISL offers an unparalleled end-to-end solution across the agricultural value chain, starting from biotechnology- based planting materials (tissue culture, seeds) to solar pumps, advanced irrigation systems, precision fertigation, and agronomic advisory services.

• Its traceable and backward-integrated supply chain, particularly in food processing and MIS businesses, ensures alignment with international food safety and sustainability norms—making JISL a preferred partner for global food and agri-value chains.

• The Companys emphasis on sustainable farming practices through Jain Good Agricultural Practices (JainGAP) enhances farmer income while reducing the environmental footprint.

Technological Leadership, R&D Excellence, and Intellectual Property Strength

• JISL is a pioneer in developing India-specific and climate- smart agricultural technologies, such as low-pressure drip irrigation, solar-powered pumping systems, and protected cultivation structures.

• Its well-equipped R&D centers and innovation hubs enable the creation of new products and process enhancements across Micro Irrigation Systems (MIS), Sprinkler Irrigation Systems (SIS), Pipes, Fittings, and Agro Processing.

• JISL holds the widest product offering in India across these segments, positioning itself as a one-stop solution provider for modern farming and irrigation infrastructure.

Product Quality, Safety, and Certifications

• The Company follows a stringent quality management system, ensuring manufacturing efficiency and minimal defect rates across all its plants, which are certified with international standards including ISO 9001, ISO 14001, OHSAS 18001, HACCP and ISO 50001.

• The implementation of JainGAP assures customers of traceability, food safety, environmental stewardship, and ethical sourcing, which enhances customer confidence and repeat business in both domestic and export markets.

• Focus on climate-smart solutions such as drought- resistant crop varieties, efficient fertigation systems, and digital irrigation management (Jain Logic) contributes to sustained product superiority.

• JISLs unique combination of technology, integrated solutions, global reach, brand trust, and farmer engagement provides it with a sustainable competitive edge. These strengths are crucial as the Company navigates towards higher value-added offerings, digital agri-solutions, and deeper market penetration both in India and internationally.

Overview - Food Business

Jain Irrigation Systems Limited (JISL) has a long-standing legacy in the food processing sector, dating back to 1979, when it first entered the business by converting a banana powder facility in Jalgaon into a unit for manufacturing Papain, a high-quality natural enzyme derived from papaya latex. Building on this foundation, JISL made a significant leap in 1994 by setting up a modern Greenfield facility for the production of tropical fruit pulps and purees. In the following year, the Company expanded its capabilities further with the establishment of a dehydration facility for processing onion and garlic.

Over the years, JISLs food processing operations have matured into a globally integrated business, offering a wide range of value-added food ingredients and finished products. To unlock focused value and drive global scale, these operations were consolidated under its wholly owned subsidiary Jain Farm Fresh Foods Limited (JFFFL) eight years ago. Today, JFFFL operates a network of facilities across India, Turkey, Belgium, the United Kingdom, and the United States, with a global customer base spanning over 60 countries.

The Company employs a full suite of food processing technologies, including dehydration, pulping, freezing, fresh processing, and hybrid solutions, enabling it to offer products in multiple formats as per evolving customer requirements. The product portfolio of JFFFL includes:

• Fruit-Based Products:

o Tropical fruit pulps and purees (e.g., mango, banana, guava)

o Fruit concentrates and clarified juices o Frozen fruits and vegetables

• Vegetable Dehydration Products:

o Dehydrated onion (white and red) o Dehydrated garlic

• Spices and Seasonings:

o Indian spices such as chili, turmeric, ginger, cumin, and coriander

o Mediterranean herbs and spices (via Turkey operations)

o Customized seasoning blends and spice mixes for industrial and retail applications

• Value-Added Ingredients and Retail Products:

o Industrial dry food ingredients and blends (via Belgium and UK subsidiaries) o Fresh fruits for export and domestic markets o Private label and co-manufacturing services o Retail-branded products catering to domestic Indian consumers

JFFFL serves a diversified customer base across multiple segments, including food manufacturers, food service and institutional buyers, private label brands, modern retail chains, and co-manufacturing partners. Its operations are designed for high throughput, cost competitiveness, flexibility, and scale, enabling it to service both bulk industrial orders and retail requirements with equal agility.

The business continues to be anchored in JISLs broader mission of "Leave this world better than you found it" by promoting sustainable agriculture and reducing food waste through preservation and processing. The Company remains committed to quality, traceability, innovation, and global food safety standards, supported by certifications such as FSSC 22000, BRC, Halal, Kosher, USDA Organic, and others, enabling it to cater to stringent regulatory environments and premium customer requirements globally.

India Business Overview - Jain Farm Fresh Foods Limited (JFFFL)

The India operations of Jain Farm Fresh Foods Limited (JFFFL) comprise two primary business verticals with distinct sub-categories under each:

• Fruit Division: Engaged in the production and sale of fruit purees, concentrates, clarified juices, Individually Quick Frozen (IQF) fruits, frozen fruit pulps, and custom value-added fruit-based products.

• Dehydrated Ingredients Division (DHO Division): This vertical focuses on dehydrated onions and garlic, as well as Indian-origin spices, offered in bulk packs, small packs, branded spices, custom blends, spice pastes, and related products.

JFFFL India serves an extensive and reputed clientele, including marquee global and domestic brands such as Hindustan Coca-Cola Beverages, Nestle, Unilever, and leading players in the Quick Service Restaurant (QSR) segment. Additionally, JFFFL India plays a critical role in supporting the supply requirements of its international subsidiaries in the United Kingdom, United States, and Turkey, making India a hub for both domestic operations and global ingredient sourcing.

Financial and Operational Performance

During the year under review, JFFFL India recorded low single-digit growth in revenue on a standalone basis, while delivering a notable 10% growth in EBITDA, reflecting improved operational efficiency and cost management.

Fruit Division Performance:

The Fruit Division reported significant improvement in revenue and healthy profitability levels. Export sales registered robust growth, supported by a strong order book. However, the division faced operational challenges due to an adverse mango crop season, marked by a shortened harvesting window.

Dehydrated Ingredients (DHO) Division Performance:

The top-line improved owing to robust demand and the Management is working closely to further improve the margins through improved cost control measures, better product mix, and favorable pricing strategies. Production volumes of key products—dehydrated onion, dehydrated garlic, and Indian spices—remained below expectations, tracking at approximately 60-65% of anticipated levels during the peak production months. This shortfall was primarily attributable to raw material availability constraints and operational disruptions during the season.

Strategic Focus Areas

Despite certain volume-related challenges, the Company remains committed to enhancing production efficiencies, expanding value-added product offerings, and strengthening its domestic and export market presence. The India business is expected to leverage its established customer base and strategic collaborations to drive sustainable growth in the coming fiscal periods.

Overseas Business Overview - Jain Farm Fresh Foods Limited (JFFFL)

The overseas operations of JFFFL delivered a strong performance during the year under review, contributing significantly to the overall growth and profitability of the Group. The international businesses accounted for approximately 60% of JFFFLs consolidated revenue, underlining the Companys growing global presence and its ability to cater to diverse food markets across geographies.

United Kingdom Operations:

The UK subsidiary, Sleaford Quality Foods (SQF), recorded a decent growth of 9.5% growth in revenue during FY25. SQF continues to benefit from its extensive distribution network across the British Isles and its established relationships with leading food manufacturers, foodservice providers, and private label retailers. The subsidiarys diverse product portfolio, comprising dry food ingredients, seasonings, and custom blends, supported by robust supply chain capabilities, has enabled it to maintain its competitive position in the UK market.

Turkey and Belgium Operations:

The Companys Turkey and Belgium subsidiaries demonstrated remarkable resilience amidst challenging macroeconomic conditions, particularly in Turkey, which was impacted by currency volatility and inflationary pressures. Despite these external headwinds, both operations managed to sustain business momentum, supported by prudent working capital management, a diversified customer base, and a focus on high-margin product segments, such as Mediterranean herbs, spices, and customized ingredient solutions.

Outlook

The Company remains optimistic about its overseas operations, driven by sustained customer demand, expanding product portfolios, and further penetration into value-added segments. Strategic initiatives in new product development, private label partnerships, and geographic expansion are expected to further strengthen JFFFLs global footprint in the coming years.

Growth Drivers and Strategy

Jain Farm Fresh Foods Limited (JFFFL) has firmly reestablished itself on a growth trajectory following the disruptions caused by the COVID-19 pandemic and subsequent supply chain and operational challenges. The Companys strategic direction for its India operations remains centered on restoring and surpassing its pre- COVID performance benchmarks across key operating parameters including revenue, profitability, capacity utilization, and working capital efficiency.

One of JFFFLs core strengths lies in its long-standing and deeply embedded relationships with customers, both domestic and international. Despite the global supply chain disruptions faced over the past few years, the Company has successfully retained customer confidence due to its unique positioning in backward integration, farmer connect, traceable supply chains, world-class processing infrastructure, and exceptional customer service.

JFFFLs India operations benefit immensely from the parent company, Jain Irrigation Systems Limited (JISL), which has nurtured unmatched relationships with the farming community over decades. These relationships ensure reliable sourcing of quality agricultural raw materials under traceable and sustainable practices—a growing requirement in the global food value chain where food safety, transparency, and responsible sourcing are nonnegotiable.

The Companys strategic priorities in India include:

• Achieving and surpassing pre-COVID capacity utilization levels to drive operating leverage and reduce per-unit costs.

• Expanding the processed fruit product portfolio by evaluating new categories such as processed citrus pulps and concentrates to complement its strong mango and tropical fruit offerings.

• Increasing tomato processing capabilities, in collaboration with large global strategic partners, to tap into growing demand for processed tomato products in global and domestic markets.

• Accelerating the growth of the spices business, both in bulk ingredients for industrial users and in retail small packs for consumer markets under its own brand, Valley Spice.

• Strengthening retail operations, with focus on value- added, health-oriented products such as the fruit- based snack range under the in-house brand FRUSH, which uses the Companys own processed fruit pulps as inputs. These products are positioned as natural, preservative-free, and nutritious offerings for healthconscious consumers.

• JFFFLs Overseas Operations continue to evolve their market strategies to remain agile and responsive to shifting global demand patterns. The international subsidiaries are not only expanding into new geographic markets but also diversifying their sourcing origins to manage supply risks and cost competitiveness. The focus remains on driving efficiency, cost optimization, and risk mitigation across these international supply chains to enhance margin stability and customer service levels.

• Overall, JFFFLs growth strategy is built on a strong foundation of traceable sourcing, product diversification, supply chain resilience, and market expansion—both in its India operations and its international business units. The Company remains committed to leveraging its integrated business model to unlock value across the entire food processing value chain and to strengthen its leadership position in global industrial and retail food ingredient markets.

Competitive Strengths

Jain Farm Fresh Foods Limited (JFFFL) has built a robust foundation of competitive strengths that differentiate the Company in both domestic and global food ingredient markets. These core advantages provide sustainable value creation opportunities, enable superior customer service, and offer resilience in navigating market volatilities.

a) Strong Research & Development (R&D) Capabilities

JFFFLs commitment to continuous research and development has been a key pillar of its competitive advantage. In the formative years of its food processing business, the Company faced significant challenges in sourcing commercially viable fruit and vegetable varieties suitable for industrial processing. This constraint led the Company to develop its own proprietary varieties in close collaboration with farmers. What began as a necessity has now become a distinctive strength, ensuring a consistent supply of superior-quality raw materials tailored for processing requirements. This capability is difficult to replicate and offers a sustainable edge over competitors.

b) Integrated Backward Linkages and Contract Farming

The Company is one of the very few players in the food processing industry with a fully integrated supply chain, extending from farm to factory. Leveraging the strong farmer network of its parent company, Jain Irrigation Systems Limited (JISL), JFFFL has established a secure, traceable, and sustainable sourcing ecosystem. This backward integration not only ensures consistent quality and cost competitiveness but also aligns with global customers rising demand for transparency, food safety, and sustainable agriculture practices. The Companys sustainability model is now regarded as a benchmark within the industry, inspiring peers and partners to adopt similar approaches.

c) Experienced and Visionary Management Team

A highly experienced leadership team with deep domain knowledge across agriculture, food processing, supply chain management, and international markets is a key enabler of JFFFLs sustained performance. The teams expertise in securing the right quality agricultural produce at competitive prices and managing scale and seasonality risks has been instrumental in the Companys ability to meet customer expectations worldwide.

d) World-Class Processing Infrastructure

JFFFL operates state-of-the-art processing facilities across its India and overseas locations. These facilities meet stringent international standards and hold certifications required by global food majors, including ISO, BRC, FSSC, and others. The facilities are routinely audited and approved by large multinational food and beverage companies, ensuring adherence to best practices in hygiene, safety, and product quality.

e) Expansive International Market Access

JFFFL enjoys a broad and established presence in international markets, supplying leading food manufacturers, foodservice companies, and private label retailers across the United Kingdom, United States, Europe, and other regions. The Companys UK subsidiary, Sleaford Quality Foods (SQF), provides direct access to the institutional and foodservice industries in the British Isles, offering a range of spices, seasonings, and customized food ingredient blends. In addition, JFFFLs frozen ingredient products and fruit-based offerings enjoy strong acceptance in key markets such as the US and Europe, supported by unique processing capabilities and a reliable global supply chain.

These strengths have collectively positioned JFFFL as a trusted partner for leading global food brands and have underpinned the Companys ability to drive growth, build customer loyalty, and expand into new product categories and geographies.

Subsidiary Operations of JISL

Indian Subsidiary Companies Jain Processed Foods Trading and Investment Private Limited ("JPFTIPL") is owned 100% by JISL. The main business of the Company is trading and dealing in food stuff and food products of every description and to carry on the business of a holding and an investment Company. Revenue of the Company was 7.45 million in FY 202425 (PY Nil). JPFTIPL had other income 2.99 million in FY 2024-25 as against 2.65 million in FY 2023- 24. The Company had a net profit 0.18 million in FY 2024-25 as against net loss 0.02 million in FY 2023- 24.

DripTech India Pvt. Ltd., India ("DripTech") is owned to the extent of 74% by JPFTIPL and 1% by JISL. The Company focuses on affordable, high quality irrigation systems designed for small-plot farmers which are affordable, high quality and easy to use which will help to increase income from farm land. The Company caters to both domestic and international markets. Revenue of the Company has increased by 24.5% from 219.16 million in FY 2023-24 to 272.95 million in FY 2024-25, mainly due to increase in demand for low priced irrigation products.

Overseas Holding Companies:

a) JISL Overseas Ltd., Mauritius ("JISO") is a wholly owned subsidiary of JISL India and was incorporated in 1994 under the laws of Mauritius. JISO acts as a holding Company for the UK based overseas subsidiaries. It holds 54.53% in Jain (Europe) Ltd,. It made a net loss of US$ 0.02 mn in FY 2024-25 as at the same level of loss of US$ 0.02 mn in FY 2023-24.

b) Jain International Trading B.V., ("JITBV") is a wholly owned subsidiary of JISL India incorporated in March 2010 under the laws of The Netherlands. It holds 45.47% in Jain (Europe) Ltd., UK, and 100% in Jain Americas Inc., USA, Jain MENA DMCC, Dubai and Jain Overseas B.V., Netherlands. JITBV had a net profit of US$ 1.72 mn in FY 2024-25 as against net loss of US$ 2.93 mn in FY 202324 due to interest income.

c) Jain Overseas B.V., The Netherlands ("JOBV") is

a wholly owned subsidiary of the Jain International Trading BV, and was incorporated under the laws of The Netherlands. It has been in business since 2007. JOBV has a net loss of US$ 0.40 mn in FY 2024-25 against net loss of US$ 1.23 mn in FY 2023-24.

d) Jain (Israel) B.V., The Netherlands ("JIBV") is a

wholly owned subsidiary of the Jain Overseas B.V., The Netherlands was incorporated under the laws of The Netherlands. It has been in business since 2007. JIBV had a net loss of US$ 2.09 mn in FY 2024-25 against net loss of US$ 2.12 mn in FY 2023-24.

e) JISL Global SA, Switzerland ("JGSA") is a wholly owned subsidiary of the Jain Overseas B.V., The Netherlands and was incorporated under the laws of Switzerland. It

has been a holding Company since 2007. JGSA had a net profit of CHF 0.17 mn in FY 2024-25 against a ne1 loss of CHF 0.07 mn in FY 2023-24 and further the company was liquidated on July, 10 2024.

f) JISL Systems SA, Switzerland ("JSSA") is a wholly owned subsidiary of the JISL Global SA., Switzerland and was incorporated under the laws of Switzerland. I1 has been in business since 2007. JSSA had a net loss ol CHF 0.004 mn in FY 2024-25 against a net loss of CHF 0.01 mn in FY 2023-24 and further the company was liquidated on July, 10 2024.

Overseas Sales and Distribution Companies

g) Jain (Europe) Ltd., UK ("JEL") a wholly owned subsidiary incorporated in 1996, under English laws. Jain (Europe) Ltd. is our marketing and distribution arm in the UK anc other EU countries. The sales of the Company increased from GBP 0.01 million in FY 2023- 24 to GBP 0.30 million in FY 2024-25. The Company now operates as largely a holding / financing Company for the Plastic business subsidiaries.

h) Jain Americas Inc., USA ("JAI") is a wholly owned subsidiary and was incorporated in August 2022, under the laws of Delaware, USA. It is the key marketing and distribution in the United States for Plastic sheet & Hi- tech agri business. The sales of the Company marginally decreased to US$ 22.48 million in FY 2024-25 from US$ 24.15 million in FY 2023-24

i) Jain MENA DMCC, Dubai ("JMENA") is a wholly owned subsidiary of Jain International Trading B.V., Netherlands and was incorporated in 2017, registered in Dubai Multi Commodities Center, Dubai. JMENA is the marketing and distribution arm in Dubai and other neighbouring countries. The sales of the Company have increased from AED 12.20 million in FY 2023-24 to AED 16.12 million in FY 2024-25 due to better market opportunities.

Operating Overseas Subsidiary Companies

j) Ex-cel Plastics Ltd., Ireland ("EPL") is a Company limited by shares and was incorporated in 2013 under the laws of the Republic of Ireland. The Company is engaged in manufacturing Plastic sheets products. EPL is one of the leading manufacturers of the highly technica product PVC Foam Sheets in Europe. The sales of the Company have decreased by 2.1% from EUR 30.38 million in FY 2023-24 to EUR 29.75 million in FY 202425. After Covid-19 slowdown, the Company has strongly turned around and registered a double-digit revenue growth. Ex-cel Plastics Limited is now the leading player in Europe in PVC Foam Sheets especially in the key markets such as UK, France, Italy, Germany & Spain Ex-cel Plastics is the strategic supplier to the leading plastic sheet distributors across all the main Europear countries. Ex-cel Plastics Limited has one of the widest product ranges in the industry. The EX-CEL Brand is widely recognised as the most preferred brand by digita print companies and in the building industry due to the consistent quality & reliability of supplies. The European market for sign and graphics has been quite challenging due to slow down in the German economy and diverse reasons such as reduced demand due to a cut in sales & advertising budget by major companies. Ex-cel Plastics has managed to stay ahead of competition despite the challenging environment.

k) Northern Ireland Plastics Ltd. ("NIP") is owned 100% through the Jain (Europe) Ltd., UK. The Company is engaged in manufacture and distribution ofPolypropylene (PP) twin-walled plastic sheets under the well-known brand name CORRIBOARD. The company was acquired to expand the product range, extend the presence at key European distributors, expand the markets for plastic products and provide a plastic manufacturing base in the United Kingdom to service that market. The company is one of the largest manufacturers of PP Twin Wall Sheets in Europe, and has an excellent reputation for product quality and service. The company also employs the latest extrusion technology at its plant in Northern Ireland, and complements our existing plastic sheet operations in the Republic of Ireland. The Company services three main industries - Sign & Graphics, Packaging & Building Construction. With the increase in online sales of products, the Company is focussing on the Packaging sector. The sales of the Company have increased by 2.2% from GBP 11.89 million in FY 202324 to GBP 12.15 million in FY 2024-25. Northern Ireland Plastics continues to service mainly the UK market in all the key areas of Sign & Graphics, Packaging sector and in Building Construction. CORRIBOARD continues to be the most preferred brand in its sector.

m) Boomer Industries Ltd,UK. ("Boomer") is owned 100% through the Jain (Europe) Ltd., UK. The sales of the Company have increased by 54% from GBP 6.97 million (for 9 months) in FY 2023-24 to GBP 10.73 million in FY 2024-25. Boomer Industries is a specialist PVC profiles manufacturer dedicated to servicing a wide crosssection of industries such supplying to modular home builders, bus manufacturers, electrical sector etc. In addition, Boomer Industries is a UK and Ireland leading manufacturer of architectural pre-hung ready door sets and screens for the commercial sector such as schools, nursing homes and industrial spaces.

Subsidiary Companies - Food Business

n) Jain Farm Fresh Foods Ltd., India ("JFFFL") The Company was incorporated in April-2015. The Standalone revenue of the Company has decreased by 1.8% to 6,590.94 million in FY 2024-25 as against 6,712.76 million during the FY 2023-24. The Company also had better margins on account of better realization in spite of higher raw material prices.

o) Jain Processed Foods Trading & Investments Pvt. Ltd., India ("JPFTIPL") is a wholly owned subsidiary of the Company. JPFTIPL holds 74% of Driptech India Pvt Ltd. & 6.82 % in JFFFL.

Overseas Sales and Distribution Companies

p) Jain International Foods Ltd., UK ("JIFL") is a wholly owned subsidiary of the Jain Farm Fresh Foods Ltd., India ("JFFFL) and incorporated under English laws. The sales of the Company increased by 6.7% on a yoy basis from GBP 20.11 million in FY 2023-24 to GBP 21.46 million in FY 2024-25. JIFLs trading business primarily involves servicing customers on behalf of its parent Company i.e. Jain Farm Fresh Foods Limited by providing local logistics and sales support. The Companys performance is dependent upon volume allocation from the parent Company in the markets and customers that JIFL looks after.

q) Jain America Foods Inc., USA ("JAF") is a wholly owned subsidiary and was incorporated in 1998, under the laws of Ohio, USA. It is the sales, distribution and investment arm in the United States for the food business. The sales of the Company decreased to US$ 0.57 million in FY 2024-25 from US$ 1.14 million in FY 2023-24. Company is a sales and distribution arm for food business and servicing North American markets.

Operating Overseas Subsidiary Companies

r) Sleaford Quality Foods Ltd., UK ("SQF") is based in Sleaford town in Lincolnshire County in the East Midlands region of England. Primary nature of its business is blending, repacking, trading & distribution of food ingredients. The sales of the Company increased by 9.5% from GBP 56.27 million in FY 2023-24 to GBP 61.64 million in FY 2024-25. The Company continues Turkey to enjoy a strong order book and excellent customer relations.

s) Jain Farm Fresh Foods. Inc ("JFFFI, USA") is a wholly owned subsidiary through Jain America Foods Inc., USA. JFFFI, USA is engaged in the frozen vegetables and frozen foods business. The sales have increased by 10.9% from US$ 36.53 million in FY 2023-24 to US$ 40.50 million in FY 2024-25. The company is focused on improving the working capital cycle and inventory reduction. The Company enjoys strong customer relations due to high quality products it offers to customers and also has a strong order book.

t) Jain Farm Fresh Holdings SPRL, Belgium ("JFFH") is a wholly owned subsidiary and incorporated in 2018 under the laws of Belgium. JFFH has acquired 100% stake in Innova foods N.V. Belgium. Innova food is a leading importer, stockist and distributor of food ingredients and has become one of the leading players in the dehydrated vegetables, spices and other food ingredients in Belgium, Netherlands, France and other neighbouring countries. Consolidated sales of the JFFH including Innova food for FY 2023-24 were EUR 21.90 million and FY 2024-25 is EUR 24.53 million.

u) Jain Farm Fresh Gida Sanayi Ve Ticaret Anonim Sirketi, Turkey ("JFFG") is a subsidiary and incorporated in 2019 under the laws of Turkey. JFFG is a leading processor, importer, stockist and distributor of food ingredients, especially Mediterranean herbs and spices. The sales of the Company were US$ 9.84 million in the year 2023-24 and US$ 7.51 million in 2024-25. The Company is the youngest Company in the JFFFL food group. During the year under review, the Company saw delayed volumes offtake from one of the key customers and as a result showed less revenue year-on-year. The Company is operating in an economically volatile environment of very high inflation and interest rates but the Company is managing these risks well.

Overview of Segments

A) Hi Tech Agri Input Products Division

We are proud to be the global one-stop solution provider for comprehensive, innovative, and sustainable agricultural technologies. As pioneers in micro-irrigation, we design and manufacture world-class drip and sprinkler irrigation systems as well as integrated turnkey solutions that enhance farm productivity while conserving vital resources. Our strength lies in cutting-edge in-house technological expertise, which enables us to develop systems that not only ensure maximum water efficiency and fertilizer optimization, but also deliver consistent, bountiful harvests—season after season. Our solutions are engineered for easy installation and long-term durability, minimizing operational hassles for farmers and agrienterprises alike.

Going beyond irrigation, we offer advanced biotech tissue culture solutions to support modern, high-yield farming practices. These services help propagate disease-free, uniform, and high-performing plant varieties, reinforcing our mission to uplift agricultural output sustainably.

Sustainability is at the heart of everything we do. Our high- tech systems are built to reduce environmental footprint, optimize labor and input costs, and empower farmers with smarter choices for a better tomorrow.

With our unwavering focus on innovation, efficiency, and ecological stewardship, Jain Irrigation is not just transforming agriculture — we are shaping the future of farming.

Experience the future of agriculture with Jain Irrigation - where technology meets nature to create a greener, more prosperous world.

Industry:

1) Micro Irrigation Systems

The Indian agricultural landscape continues to grapple with growing food demand due to a /IIIJ \ rising population and shrinking arable land. I )

This has intensified the need for efficient irrigation solutions, with micro-irrigation technologies (drip and sprinkler systems) emerging as a critical tool for water conservation.

The combined market for fertilizers, pesticides, seeds, plastic pipes, and micro-irrigation systems in India is currently estimated at USD 12.5 billion (as of mid-2024). JISL, a key player in this sector, holds a 4.2% market share, translating to approximately USD 525 million in revenue. This market is projected to grow significantly, reaching USD 20 billion by 2030. JISL aims to capitalize on this growth by targeting a 5% market share, equivalent to USD 1 billion in revenue.

The micro-irrigation segment, while still a smaller portion of the overall market, is experiencing rapid expansion. Growing awareness among farmers about the benefits of water efficiency, coupled with the governments push for micro-irrigation adoption through subsidies, are key drivers behind this growth.

Indias micro-irrigation market remains consolidated, with the top five companies commanding a significant portion of the market. JISL competes in this landscape alongside both domestic and international players. Government subsidies continue to play a crucial role in driving microirrigation adoption, with ongoing programs covering a substantial portion of installation costs and providing additional support to small and marginal farmers.

Operational Performance

Revenue from domestic sales of Micro Irrigation Systems has decreased by 15.6% in FY 2025 to 13,198 million from .15,643 million in FY 2024 mainly due to reduction in turnkey projects related sales. However, retail sales have increased by 84%. Export of MIS has singinificantly increased by 104 % to 3,525 million in FY 2025 from .1,735 million in FY 2024.

Risks & Challenges

The energy needed to operate micro-irrigation systems can be a barrier for small and marginal farmers, particularly in regions with unreliable power supply. Additionally, the initial investment cost of these systems can be prohibitive for some farmers. Further, many farmers still lack awareness about the advantages of micro-irrigation and the proper techniques for its utilization. This knowledge gap can lead to suboptimal results and discourage further adoption. The fragmentation of landholdings and declining farm incomes pose challenges to farmers investment capacity in new technologies like micro-irrigation. The Indian agricultural sectors heavy reliance on monsoons and the increasing depletion of groundwater resources highlight the urgent need for water-efficient irrigation solutions. Drought conditions during the latter part of the monsoon season have led to diminished demand for micro-irrigation products in the Rabi season, affecting the markets overall growth.

Opportunities & Outlook

We are well-positioned to benefit from the expanding micro-irrigation market. The company not only caters to the domestic market but also exports micro-irrigation components to various regions globally. Our focus on innovation, coupled with ongoing government initiatives and the escalating need for water-efficient agriculture, are expected to fuel the growth in the coming years. Despite the positive outlook, challenges remain. The micro-irrigation market is highly competitive, requiring us to constantly innovate and differentiate ourselves. Additionally, while government subsidies are a major driver, ensuring their effective utilization and reaching farmers in remote areas remains a focus.

The opportunity lies in the vast untapped potential of the Indian agricultural sector. With the area under microirrigation still representing a relatively small percentage of the total irrigated land, theres significant room for expansion. JISL, with its experience and market presence, is well-placed to contribute to this growth and achieve its ambitious market share target.

2) Biotech Tissue Culture

The global plant tissue culture industry, / * pv currently valued at approximately $475 / ? a \ million, is projected to reach $895 million l iF / by 2030. In India, over 78 tissue culture / laboratories produce around 200 million plants annually. While ornamental plants hold a significant share, banana dominates as the largest crop propagated through tissue culture. Other prominent commercial crops include pomegranate and strawberry. The industrys future looks promising, as tissue-cultured planting materials can substantially enhance crop productivity.

Banana, the leading tissue-cultured plant in India, currently accounts for less than 20% of the total crop area. We are a major player in the market with over 50% share, offering quality tissue-cultured banana plants and precision production technology that can boost productivity by 3-6 fold. The continuous demand for banana plants, due to annual or biennial replacements and expansion into new areas, fuels the industrys growth.

Pomegranate, another major tissue-cultured crop, sees us holding over 70% of the market share. The high returns on pomegranate cultivation have driven its expansion into new regions. Pomegranate plants are replaced every 1012 years, creating a long-term business cycle. Our research and development efforts have reduced the banana crop cycle from 15-18 months to 9-10 months, enabling higher yields and disease resistance. The company produces 120 million banana plants annually, with plans to increase capacity to 150 million.

In the potato sector, the company has ventured into the development and production of high-quality seeds using advanced technologies like aeroponics, net house cultivation, and seed plot techniques. The company has also developed a unique technology for growing potatoes in the air without soil, called "Air Aloo."

This year, we expanded our product offerings to include specially developed coffee and black pepper varieties, which were met with strong demand from growers. Building on this success, we are committed to scaling up production and distribution to ensure these high-quality products are accessible to a wider range of growers in the coming season.

We have established a strategic position in sweet orange and mango planting materials by developing innovative high-tech nursery production systems. The company is actively working on various projects to introduce high- quality planting materials for new crops like ginger, turmeric, red onion seeds and other potential crops in the future.

Operational Performance:

The Business contributed about 7.9% to the Companys corporate turnover. The Tissue Culture Revenue has decreased by 2.4% in FY 2025 to 2,578 million from 2,642 million in FY 2024.. The major benefit of this business is that it acts as a pull effect for MIS/SIS business thereby supporting and enhancing the overall value proposition of the Companys offerings.

Risks & Challenges:

The tissue culture industry faces several challenges, including seasonal plant demand, lengthy propagation cycles, the need for skilled labour, and high unit costs. These factors, coupled with unpredictable precipitation, make it difficult to accurately plan manufacturing schedules and forecast plant material demand. To overcome these obstacles, the industry is actively seeking cost-reduction measures, with a strong focus on automation. The development of affordable, automated systems for mass propagation and efficient robotic transplant manufacturing is becoming crucial for the advancement and sustainability of the industry.

Opportunity & Outlook:

Tissue culture has revolutionised crop improvement by enhancing germplasm diversity, improving plant health, and promoting genetic diversity. The integration of specific traits through gene transfer and large-scale micropropagation has significantly benefited various markets.

Looking ahead, tissue cultures impact is set to expand further, with the potential to produce commercially valuable variants and improved varieties through somaclonal and gametoclonal variations, cell line selection, and protoplast fusion. This technology will continue to yield disease-free, high-quality plants, maintaining their genetic integrity.

Our Hi-Tech nursery, accredited by NHB for premium planting material manufacturing, is at the forefront of this innovation. They are poised to expand their offerings to include agroforestry, ornamental, medicinal, and fruit and vegetable crops. With a commitment to higher yields and improved quality, tissue culture technology is poised to play a pivotal role in shaping the future of agriculture.

Furthermore, recent advancements in gene editing techniques like CRISPR-Cas9 have opened new avenues for targeted crop improvement. Tissue culture serves as a crucial platform for integrating these genetic modifications, enabling the development of crops with enhanced resistance to pests, diseases, and environmental stresses. This convergence of tissue culture and gene editing holds immense promise for sustainable agriculture and food security in the face of climate change and a growing global population.

We believe, tissue culture technology, along with recent breakthroughs in gene editing, is revolutionizing crop improvement by enhancing genetic diversity, producing disease-free plants, and enabling the development of crops with improved traits. Our Hi-Tech nursery is well-positioned to leverage these advancements, contributing to a more resilient and productive agricultural landscape.

B) Plastic Products

Revenue from the domestic Plastic Products division has decreased by 28.0% in FY 2025 to 11,630 million from 16,149 million in FY 2024. The revenue from export of Plastic division has decreased by 9.7% in FY 2025 to Rs 1,536 million from Rs 1,701 million in FY 2024. The Company manufactures and offers PVC Pipes & Fittings, plumbing systems, PE Piping and PVC sheets.

a) PVC Piping

Industry:

The Indian plastic pipe industry is poised for a robust growth trajectory, fueled by sustained f demand driven by increased government UQPX) spending on crucial sectors like water supply, irrigation, housing, and infrastructure development. The industry anticipates a significant 13-15% year-on-year volume growth in the next fiscal year.

Polyvinyl chloride (PVC) pipes remain a cornerstone of the industry, favored for their affordability and versatility. The cost-effectiveness of PVC water pipes, compared to traditional materials like steel or concrete, makes them an attractive choice for consumers across various applications.

Chlorinated polyvinyl chloride (CPVC) pipe manufacturers are also witnessing a surge in demand, particularly for hot and cold water supply systems. CPVC pipes have gained popularity due to their exceptional resistance to heat and corrosion, making them ideal for demanding applications.

The outlook for the plastic pipe industry in India is decidedly optimistic. With the governments emphasis on infrastructure development, industrial expansion, and water conservation initiatives, the demand for plastic pipes is expected to soar. This heightened demand is likely to spur technological advancements and innovation in manufacturing processes, ultimately leading to even higher quality products and potentially lower prices for consumers. Its worth noting that while the plastic pipe industrys growth prospects are encouraging, challenges

such as fluctuating raw material prices and environmental concerns regarding plastic waste disposal need to be addressed for sustainable development.

Overall, the Indian plastic pipe industry is well-positioned for continued expansion, driven by government initiatives, rising consumer demand, and technological advancements. The sectors focus on affordability, durability, and innovation is set to shape the future of water infrastructure and plumbing systems across the country.

Operational Performance:

During FY 2025, this division contributed about 24.1% to the Companys turnover. The revenue from PVC has decreased by 12.8% to 7,862 million in FY 2025 from 9,013 million in FY 2024. The revenue from the domestic market for PVC Pipe has decreased by 12.5% in FY 2025 to 7,426 million from 8,491 million in FY 2024.

Risks & Challenges:

The availability of substitutes for PVC pipes, such as steel, HDPE, and PEX, presents a significant challenge to PVC pipe manufacturers. These alternative materials offer distinct advantages in certain applications, potentially eroding the market share of PVC.

While these alternatives pose a competitive threat, its important to note that PVC pipes still maintain a strong position in the market due to their affordability, ease of installation, and versatility. However, the growing adoption of substitute materials necessitates PVC manufacturers to innovate and adapt to maintain their market share.

Apart from the competitive landscape, the plastics pipe industry faces other challenges including Labor-Intensive Machinery, Erratic Power and High Energy Prices, Transportation and Handling Challenges, Maintaining High Standards

While the plastics pipe industry, particularly PVC pipe manufacturers, faces numerous challenges, these obstacles also present opportunities for growth and innovation. Embracing technological advancements, investing in sustainable practices, and adopting robust quality control measures can help PVC manufacturers not only navigate the competitive landscape but also thrive in a dynamic market.

Opportunity & Outlook:

With growing awareness among consumers and farmers about the durability and BIS standards of plastic pipes, theres a clear shift towards high-quality pipes to minimize water wastage. The affordability, superior quality, and longevity of PVC pipes have contributed to their rising popularity.

Amongst the key growth drivers, we note that the Government Initiatives like Jal Jeevan Mission, Pradhan Mantri Awas Yojana (Housing for All), AMRUT, Swatch Bharat Abhiyan, and the development of Smart Cities are significantly boosting the demand for PVC pipes in India coupled with International Projects and Replacement

Demand provides a significant opportunity for the growth of the product market.

Further, the PVC pipe industry is poised for sustained growth. Market consolidation, stable PVC prices, and emerging opportunities in the infrastructure pipe segment are all positive indicators. Furthermore, the governments strong emphasis on infrastructure development in the budget and the resumption of construction activities are expected to further accelerate growth. The PVC pipe industry is experiencing a promising phase, driven by government initiatives, growing demand, and a focus on quality and innovation. The company is well-positioned to leverage these favorable conditions and contribute to the development of the industry.

b) PE Piping

Industry:

The global High-Density Polyethylene (HDPE) z pipe market is experiencing robust growth, ( projected to reach $26.5 billion by 2025, with l f a steady 5% CAGR since 2018. Several key factors like Agricultural Demand, Infrastructure Investment, Urbanization and Construction Boom, Aging Infrastructure Replacement, Rising Industrial Output and Wastewater Management are fueling this expansion.

These factors collectively create a positive outlook for the HDPE pipe market, with continued growth expected in the coming years. As the world focuses on sustainable infrastructure development and efficient resource management, HDPE pipes are well-positioned to play a crucial role in meeting these demands.

Financial Performance:

This business contributed about 13.8% to the Companys corporate turnover. The revenue from PE Piping has decreased by 42.7% to 4,489 million in FY 2025 from 7,830 million in FY 2024. The revenue from export PE Piping has increased by 5.5% in FY 2025 to 317 million from 300 million in FY 2024.

Markets:

Risk and Challenges:

Project execution delays remain a significant challenge for the HDPE pipe industry. This issue, coupled with consumer confusion regarding quality standards, necessitates a renewed focus on innovation and adherence to stringent manufacturing protocols.

While HDPE pipes offer superior resistance to most chemicals and solvents, their susceptibility to stress cracking and combustion risks underscores the need for advanced production capabilities. Manufacturers must prioritize the development of state-of-the-art pipes that not only meet but exceed existing quality benchmarks.

The transition from traditional materials like steel and concrete to HDPE pipes is hindered by resistance to adapting technical standards. However, a notable shift in industry mindset signals a promising trajectory for HDPE pipe adoption. To remain competitive, manufacturers should invest in research and development to enhance the durability and performance of HDPE pipes. A proactive approach to educating consumers about the benefits and limitations of HDPE pipes will further drive market acceptance. Additionally, collaboration with regulatory bodies to streamline the standardization process can accelerate the widespread adoption of HDPE pipes in various applications. By addressing these challenges head- on, the industry can unlock the full potential of HDPE pipes and solidify its position as a leading material for sustainable infrastructure development.

Opportunity and Outlook:

The Indian HDPE (High-Density Polyethylene) Pipes Market is experiencing robust growth, projected to reach significant value in the coming years, with an impressive compound annual growth rate (CAGR). HDPE pipes are finding increasing applications across diverse sectors, including gas transit, agriculture irrigation, drinking water supply, sewage systems, city gas distribution, and chemical & processing industries.

Rapid urbanization and a growing population are driving the expansion of the construction sector, subsequently boosting the demand for pipelines and fostering the growth of the HDPE pipes market. Government initiatives such as the Jal Jeevan Mission (JJM), aimed at providing piped water connections to all rural households, are playing a pivotal role in driving market growth.

The focus on upgrading wastewater treatment infrastructure, combined with government schemes like PMKSY, is providing additional momentum to the sector. The expansion of gas distribution networks, increased agricultural activities, and the rising number of housing units are all contributing to the growth opportunities for the HDPE pipes market.

Overall, the Indian HDPE Pipes Market is poised for sustained growth in the foreseeable future, driven by a combination of factors such as rapid urbanization, government initiatives, infrastructure development, and technological advancements.

c) PVC Sheets

Industry:

The PVC foam board and sheet market is experiencing significant growth, projected to reach $154.65 billion by 2026, driven by a 4.06% annual growth rate. Its high quality, water and corrosion resistance, and eco-friendly properties are key factors in its increasing adoption across various industries. PVC sheets are replacing traditional wood in applications like doors, furniture, advertising, and shelving, due to their versatility and durability. This demand is further fueled by their use in control panels, wall cladding, displays, and structures resistant to corrosive environments.

Wood Polymer Composite (WPC) is another burgeoning market, expected to reach $9.03 billion by 2027 with an 8.57% CAGR. WPCs strength, fire, moisture, and corrosion resistance, coupled with its eco-friendly nature, make it a preferred alternative to wood and plywood. Its versatile applications, spanning construction, automotive, and marine sectors, contribute to its growing demand.

Both PVC foam boards and WPC sheets are at the forefront of innovation, with emerging technologies and new product offerings driving their adoption. Their combined benefits of sustainability, durability, and versatility position them as leading materials in the evolving landscape of construction and manufacturing.

Operational Performance:

The business contributed about 2.5% to the Companys corporate turnover. The business has decreased by 19.0% to 816 million in FY2025 from .1,008 million in FY2024. This is a small segment for the Company currently, but in coming years Company would like to focus on this given improved financial position.

Markets:

Risks and Challenges:

PVC (Polyvinyl Chloride) sheets have experienced rapid growth in recent years, emerging as a popular choice for panel products due to their versatility, durability, and cost- effectiveness. However, the influx of unorganized players into the market has intensified competition, leading to concerns about maintaining high-quality standards. The PVC sheet market is currently witnessing a surge in demand, driven by the construction and renovation sectors. However, several challenges that hinders the industrys potential include Unorganized Sector, Quality Control, Alternative Materials and Environmental Concerns.

Market Outlook:

Despite the challenges, the PVC sheet market continues to hold significant growth potential. The demand for lightweight, durable, and moisture-resistant panel products is expected to rise, especially in emerging economies with booming construction sectors. By addressing the concerns surrounding quality and sustainability, the PVC sheet industry can position itself for long-term success.

Opportunity and outlook:

The global PVC foam board market is experiencing rapid expansion, fueled by growing recognition of its potential and environmental advantages. This growth is particularly pronounced in emerging economies like India, China, Indonesia, Malaysia, Vietnam, Singapore, and Thailand. Factors contributing to this surge include Increasing demand for plastic sheets due to versatility in the material, Rapid industrialization, Changing demographics and Government initiatives.

Overall, the confluence of these factors propels the PVC foam board markets growth in numerous regions.

3) Agro-Food Processing

JFFFL is well-positioned for continued growth, leveraging Indias thriving economy and /A— expanding food processing sector. Despite UQ)J a temporary setback due to the COVID-19 pandemic, Indias GDP has consistently shown strong year-on-year growth over the past three decades. The food processing sector, projected to reach US$ 535 billion by 2025-26, is a key driver of this growth. Indias strategic location provides advantageous access to major international markets, further enhancing JFFFLs global reach.

The companys focus on the packaged food segment aligns with the sectors impressive 10% CAGR and estimated value of Rs 4,000 billion. JFFFLs participation in the booming spices sector, particularly in dehydrated onion and garlic, demonstrates its commitment to high-growth categories. The companys active involvement in Indias fruit processing sector, experiencing an annual growth of 7-8%, further strengthens its position in the market.

While JFFFLs international operations face unique challenges, the company has successfully navigated these issues. In Turkey, JFFFL has effectively managed the volatile economic situation characterized by high inflation and interest rates. Despite softening demand due to rising interest rates and inflation in mainland European markets, JFFFLs Belgium operations continue to perform well. In the UK, JFFFLs business is recovering from the impact of COVID-19 and adapting to the current economic challenges of high interest rates and inflation. The US market remains robust for JFFFL, although cost inflation poses a challenge.

Overall, JFFFLs diversified portfolio, strong market presence, and ability to adapt to changing economic conditions position it for a promising future in the global food processing industry.

Products

The Company under its brand, Jain Farm Fresh, offers dehydrated onion and vegetable products, aseptic fruit purees, concentrates, clarified juices, individually quick frozen (IQF) and frozen products of premium quality. Valley Spice has been created to give consumers the real taste of spice in its most pure and authentic form.

Operational Performance

The business has grown by 7.9% from 17,501 million in FY 2024 to 18,877 million in FY2025.

Markets

The Company has two plants in India and one in the US, with total capacity to manufacture 34,700 MT of product. It caters to major players in dehydrated soups and ready to eat/cook products in 28 countries.

Risk & Challenges

Our primary concerns continue to revolve around unpredictable crop conditions, adverse weather events affecting both yield and quality, escalating production

costs due to inflation, a softening in consumer demand, and rising expenses across the supply chain from origin to market. The ongoing high interest rate environment further complicates matters.

While our unwavering commitment to delivering premium products remains a cornerstone of our strategy, we acknowledge the competitive pressure from lower-priced alternatives that may compromise on quality.

Opportunities & Outlook

JFFFL is poised for growth, capitalizing on existing and emerging opportunities with both our loyal customer base and potential new markets. By increasing production volumes and reducing unit costs, we will deliver exceptional value to our customers while simultaneously fortifying our business foundation.

We are committed to enhancing yield at every stage, from farm to processing, and to optimizing costs across our operations. This strategic focus allows us to remain competitive, providing thought leadership and innovative solutions in the markets we serve.

Despite the ever-changing business landscape, we maintain a bullish outlook, armed with robust, adaptable plans for the coming years. JFFFLs agility and responsiveness will ensure continued success in a dynamic environment, enabling us to seize opportunities for sustained growth and deliver on our commitment to value creation.

4) Risks and concerns at corporate level

Our company operates in the dynamic agricultural and manufacturing sectors, facing a diverse array of risks including commodity price fluctuations, seasonal agricultural variations, foreign exchange rate volatility, capacity utilization challenges, regulatory uncertainties, and liquidity concerns. Despite these complexities, our robust risk management strategies have enabled us to maintain growth, enhance margins, and expand our market share even amid recent pandemic and war-related economic turbulence.

Heres a breakdown of our top six risks and our corresponding mitigation approaches:

Operating Risks:

• Liquidity Risk- The Company continues to work on very tight liquidity due to full utilisation of working capital limits. The Company has strategically shifted its business from projects to retail with cash and carry model, however, due to higher receivables and seasonality in the business, the Company is still facing liquidity challenges. The Company has taken many initiatives to create adequate liquidity in the system in given constraints. The Company has ensured timely repayment of lenders payment and account remained as standard.

• Raw Material Prices: Given the absence of hedging instruments for plastic resins, we currently do not hedge against price fluctuations. However, we closely monitor market trends and adjust our pricing and procurement strategies accordingly.

• Lower Capacity Utilization: Seasonal variations,

competition, and the underperformance of government programs like RKVY can lead to reduced capacity utilization. To address this, we proactively diversify our product portfolio, explore new markets, and optimize our production processes.

• Climate Change: With changing climatic conditions, changing weather patterns due to Global Warming, there are challenges in predicting the impact on a companys product sale due to unpredictable rain patterns and timing. The Company continues to innovate and promote Climate Smart Technological solutions to overcome these challenges.

• Geopolitical Challenges : The Company continues geological challenges posed by continued wars, reciprocal tariff from the USA and global uncertainties. The Company continues to innovate to overcome these challenges and reduce its impact to the extent possible.

Market Risks & Opportunities:

• Demand: We leverage a robust Management

Information System (MIS) to track market trends, consumer preferences, and emerging opportunities. We actively participate in government initiatives like the PMKSY to expand our reach and tap into the growing demand for micro-irrigation solutions. Additionally, we capitalize on the increasing focus on water infrastructure development through programs like Jal Swarajya, Jal Nirmal, and AMRUT, promoting our plastic products. We also recognize the immense potential of tissue culture saplings in Indias agricultural landscape and are strategically positioned to meet the rising demand.

• Interest Rate and Foreign Exchange Risk: We closely monitor interest rate projections and assess their potential impact on our cash flows. We also keep close watch on FX rates and its impact. Our proactive approach includes continuous efforts to deleverage our balance sheet and optimize working capital management. We hedge foreign exchange risk by taking adequate forward covers.

• Payments and Overdue Outstanding: Recognizing the challenges posed by delayed subsidy payments from state governments, we have transitioned from a subsidy model to a cash-and-carry model. Furthermore, we have initiated community-based turnkey irrigation projects, focusing on supply rather than implementation. This strategic shift, coupled with our strong dealer network, allows us to prioritize retail business and maintain a healthy cash flow.

• In conclusion, our comprehensive risk management plan, which includes regular reviews and adjustments in response to evolving market dynamics and internal operations, is the cornerstone of our resilience and continued success. We remain committed to navigating the complexities of the agricultural and manufacturing sectors, leveraging opportunities, and mitigating risks to deliver long-term value to our stakeholders.

6) Analysis of the Standalone financial performance

a) Net Sales (? in million)

Business	2024-25	2023-24	Change absolute	Change %
Hi Tech Agri
Input Products Division	19,299	20,010	(711)	3.6%
Plastic Division	13,167	17,850	(4,683)	26.2%
Other Division	124	351	(227)	64.7%
Total Revenue	32,590	38,211	(5,621)	14.7%
Domestic	27,528	34,775	(7,247)	20.8%
Export	5,062	3,436	1,625	47.3%

Total revenue of the Company decrease by 14.71% to 32,590 million in FY 2025 vis-a-vis 38211 million in FY 2024.

The companys total domestic revenue has decreased by 20.8% for FY 2025 to 27,528 from 34,775 million in FY 2024. The revenue from exports has increased by 47.3% in FY 2025 to Rs 5,062 million from 3,437 million in FY 2024.

i) Hi Tech Agri Input Products Division:

Revenue from sales of Companys Hi-Tech Agri Input Products has decreased by 3.6% in FY 2025 to 19,299 million from 20,010 million in FY 2024 mainly due to decrease in project sales.

ii) Plastic Products:

Revenue from the Plastic Products division has decreased by 26.2% in FY 2025 to 13,167 million from 17,850 million in FY 2024 mainly due to subdued retail demand, prolonged monsoon and general elections.

iii) Other Division:

Other divisions include Solar Water Heating systems, Solar Photovoltaic Systems, and Agricultural products. Revenues from other divisions have decreased by 64.7% in fiscal 2025 to 124 million from 351 million in FY 2024.

b) Raw material consumption (? in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Polymers, Chemicals & additives, packing material etc.	18,306.67	21,442.95	(3,136.28)	14.63%

Raw material consumption has decreased by 14.63%, due to lower production in line with lower sales.

c) Other Expenses (? in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Polymers, Other Expenses	6,360.95	7,915.91	(1,554.96)	19.64%

Other Expenses decreased by 19.64% due to overall decline in sales.

d) Employee Benefit Expenses C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Employees benefit expenses	3,525.13	3,218.21	306.92	9.54%

Employee cost has increased by 9.54% due to increase in basic salary of associates.

e) Finance Costs (?in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Interest Exp	2,708.40	2,734.41	(26.01)	0.95%
Bank Charges	208.47	188.09	20.38	10.84%
Total	2,916.87	2,922.50	(5.63)	0.19%

The interest expense has decreased by 0.95% in FY25 as compared to FY24 mainly due to repayments of term borrowings.

f) Fixed Assets C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Gross Block(net of disposal)	48,308.88	47,426.77	882.11	1.86%
Less: Depreciation	21,120.51	20,032.96	1,087.55	5.43%
Net Block	27,188.37	27,393.81	(205.44)	0.75%

Gross block of Fixed Assets has increased by 882.11 million during FY 25. The increase is mainly due to addition in Plant and Equipment 744.44 million and orchards 113.93 million (net of disposal).

g) Investments C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Investment in Wholly owned subsidiary (WoS)/ Subsidiary/ Step Down Subsidiary Company	13,222.54	13,011.08	211.46	1.63%
Other Investment	612.48	612.48	-	-
Total	13,835.02	13,623.56	-	1.55%

There is no change in the Investments made in the Subsidiaries and associates. The change observed is due to Ind-AS adjustments.

h) Inventories C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Inventories (incl. Biological assets)	10,495.89	8,954.04	1,541.85	17.22%

The overall inventory is held in line with the upcoming season.

i) Trade Receivables C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Gross Receivables	23,044.24	24,019.21	(974.97)	4.06%
Less:
Impairment allowances	4,192.41	4,135.34	57.07	1.38%
Net Receivables	18,851.83	19,883.87	(1,032.04)	5.19%

The gross receivables have been lower by 974.97 million due to collections from receivables and net receivables decreased by 5.19%.

j) Short Term Loans and Other Current Assets

C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Short Term Loans & other current assets	5,149.38	5,120.59	28.79	0.56%

Short Term Loans & Other Current Assets have remained flattish.

k) Current Liabilities C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Short Term Loans & other current assets	2,6894.57	25,814.31	1080.26	4.18%

Current Liabilities have increased by 1,080.26 million mainly due to increase in trade payable by 522.03 million and other current liabilities by 415.83 million.

l) Long Term Borrowing C in Million)

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Long Term Borrowing (incl. the current maturities	8,818.88	9,878.92	(1,060.04)	10.73%

The Long Term Borrowing has decreased by 10.73% to 8,818.88 in FY 2025 from 9,878.92 million in FY 2024 due to repayment of the term loans.

n) Dividend (? in Million)

The Board has not proposed to pay dividend on Ordinary Equity Shares and DVR Equity Shares for the FY 2025.

Particulars	31st Mar 2025	31st Mar 2024	Change absolute	Change %
Equity
Dividend

7) Internal Control Systems and Their Adequacy

At Jain Irrigation Systems Ltd. (JISL), we maintain a robust and responsive internal control framework designed to safeguard assets, ensure the reliability of financial reporting, and support compliance with applicable laws and regulations. This framework is aligned with the Companys strategic direction and evolving operational environment.

The internal control system is regularly monitored by the Management and includes well-documented policies, clearly defined authority levels, and structured reporting mechanisms. These controls are embedded in all key functions to ensure seamless integration with day-to-day operations.

• Agile Budgetary Control and Financial Oversight

We adopt an agile and dynamic approach to budgetary control, ensuring efficient resource deployment and operational adaptability. Actual performance is continuously monitored against budgets and revised forecasts, enabling proactive decision-making and effective course correction in response to emerging business needs.

• Comprehensive Risk-Based Internal Audit Program

Our internal audit function operates under a risk-based audit plan, approved annually by the Audit Committee. The scope of internal audit covers operational, financial, and compliance areas across all business units. The Internal Audit is conducted by an external independent agency appointed by the Audit Committee.

Quarterly internal audit reports are presented to the Audit Committee, detailing key findings, management responses, and progress on remediation actions. This

m) Shareholders Fund

Particulars	Equity Capital	Premium Share	Other Reserves	Retained	Money recd agst share warrants	Total
Balance as on 1st April 2024	1,373.52	20,032.24	3,948.64	22,483.95	498.90	48,337.25
a) Allotted during the year	8.72	148.11	-	-	-	157
b) Share option outstanding	-	-	-	-	-	-
b) Profits for the year	-	-	-	247.16	-	247
c) Dividend paid (incl. dividend tax)	-	-	-	-	-	-
d) Adjustments	-	-	-	1,066.52	-	1,067
Sub Total (a to d)	8.72	148.11	-	1,313.68	-	1,471
Balance as on 31st March 2025	1,382.24	20,180.35	3,948.64	23,797.63	498.90	49,808

Increase in Equity share capital and share premium by 24.08 million and 323.53 million due to issue 12,040,623 Equity share to domestic and foreign lenders and individual investor.

ensures transparency, strengthens oversight, and reinforces a culture of accountability.

• Governance-Oriented Policies and Empowered Structures

JISLs governance model is supported by clearly articulated business rules, authority matrices, and process documentation that guide operational conduct and decision-making. These frameworks are periodically reviewed to remain aligned with strategic priorities and industry best practices, while fostering decentralised, informed, and timely decision-making.

• Continuous Improvement and ESG Alignment

In line with our commitment to continuous improvement, the internal control environment is subject to periodic evaluation and enhancement. The Company actively integrates ESG considerations into its control frameworks, ensuring that governance, risk management, and compliance mechanisms reflect the growing emphasis on sustainability, ethical practices, and stakeholder responsibility.

The Board of Directors and Audit Committee remain actively engaged in overseeing the effectiveness of the internal control system, ensuring that it remains robust, relevant, and resilient in the face of a dynamic business landscape.

8) Human Resources - Empowering People, Enabling Purpose

At Jain Irrigation Systems Ltd. (JISL), our people are the driving force behind our mission to create sustainable value and lasting impact. True to our founding principles of "Innovate, Adapt, and Thrive," we are building more than a workforce—were nurturing a vibrant ecosystem of talent aligned with our purpose.

We believe that empowered individuals create empowered organizations. Our human resource philosophy centers on unlocking human potential, fostering leadership, and aligning individual aspirations with collective progress.

• Building a Culture of Ownership and Excellence

We are committed to nurturing a high-performance environment where individuals are encouraged to lead, take initiative, and innovate. Through tailored leadership development initiatives and performance enablers, we equip our supervisory and managerial teams to transform vision into execution and goals into achievements.

• Human Capital Strategy - Evolving with the Times

To remain agile and relevant in a dynamic global environment, we integrate forward-thinking HR practices that blend people-first values with technological agility:

• Insight-Driven Talent Management:

Through advanced people analytics, we generate realtime insights across the employee lifecycle—enabling proactive decisions in hiring, development, succession planning, and retention.

• Curated Employee Experiences:

We go beyond traditional engagement, focusing on personalized development journeys, and a feedback-rich environment that enhances productivity and emotional well-being.

• Diversity as a Catalyst for Innovation:

Our Diversity, Equity & Inclusion (DEI) agenda ensures diverse representation, fosters belonging, and drives innovation. Inclusive hiring practices and ongoing sensitization initiatives reflect our commitment to equity at all levels.

• Agile and Adaptive HR Frameworks:

By embracing agile methodologies, we respond swiftly to organizational and market shifts. Our HR systems promote collaboration, transparency, and continuous improvement.

• Technology as an Enabler:

We deploy AI and automation in routine processes such as recruitment, onboarding, and compliance— allowing HR leaders to focus on strategic priorities and employee-centric transformation.

People at the Core of Our Purpose

Our HR vision is aligned with the broader JISL purpose: to create shared prosperity, sustain the environment, and empower communities. We cultivate a workplace where talent is nurtured, potential is realized, and contributions are deeply valued.

We do not just prepare our people for the future—we cocreate it with them.

Disclaimer

The Management cautions that certain statements made herein are forward-looking and represent directional guidance or estimates based on current expectations. These statements are subject to inherent uncertainties and may not accurately reflect actual outcomes, as they are influenced by various factors, including those beyond the control of the Management. Accordingly, undue reliance should not be placed on these projections.