Jain Irrigation Systems Ltd Management Discussions

GLOBAL ECONOMY

The global economy continued to demonstrate resilience during FY2025-26, navigating a complex landscape of geopolitical tensions, trade disruptions, US Tariff, Russia-Ukraine war and evolving monetary policy cycles across major economies. According to leading multilateral institutions, global economic growth remained steady, supported primarily by the dynamism of emerging markets and developing economies, while advanced economies managed a more gradual expansion amidst elevated debt levels and policy transitions. This macroeconomic environment was shaped by a combination of structural shifts and cyclical factors. While geopolitical developments in energy-producing regions introduced intermittent volatility to commodity markets, supply chains proved adaptable. Fluctuations in energy prices and evolving global trade policies prompted manufacturing and industrial sectors worldwide to prioritize operational agility and risk mitigation. Financial markets mirrored this cautious optimism as central banks successfully balanced growth support with inflation management. As inflationary pressures eased compared to the previous year, the stabilization of monetary policies across major economies began providing a more predictable framework for capital multiplier effects across flows, currency movements, and long-term investment decisions. Concu rrently, climate change and sustainability have matured from long-term challenges into active catalysts for economic evolution. While extreme weather events continue to test global agricultural systems and resource availability, they have also accelerated a sophisticated global response. Policymakers are constructively integrating climate action into new supply chain guidelines and investment frameworks, successfully accelerating the adoption of sustainable technologies and robust, climate-resilient infrastructure. This global focus on Environmental, Social, and Governance (ESG) frameworks is unlocking substantial new horizons for businesses. Sectors engaged in water conservation, climate-smart agriculture, renewable energy, and resource-efficient technologies are seeing unprecedented momentum. Governments, institutions, and investors are no longer just prioritizing risk mitigation, but are actively investing in sustainable growth models that harmonize economic progress with environmental stewardship.

Again st this backdrop, sectors linked to food security, water management, sustainable agriculture and resilient infrastructure hold profound long-term structural relevance. The increasing global emphasis on efficient resource utilization and climate adaptation creates a highly favorable demand environment for technology-led enterprises operating in these domains, positioning forward-thinking organizations to drive both impactful solutions and sustainable shareholder value.

INDIAN ECONOMY AND DOMESTIC MARKET REVIEW

India maintained its trajectory as one of the fastest-growing major economies globally, anchored by robust aggregate domestic demand, policy continuity, and sustained public capital expenditure. Despite an intricate backdrop of external uncertainties and global macroeconomic crosswinds, the domestic economy exhibited notable macro-stability, underpinned by prudent fiscal management and strengthening structural fundamentals. Go vernment-led infrastructure investments remained the primary engine of economic activity during the year. The states targeted capital expenditure on transport networks, drinking water infrastructure, urban rejuvenation, and micro-irrigation systems continues to generate significant manufacturing and construction sectors. This sustained public investment cycle has been catalytic, increasingly crowding-in private capital and fortifying medium-term growth prospects. Str ategic policy frameworks and the Union budgetary allocations during the fiscal year reaffirmed a commitment to infrastructure-led and inclusive development. Ongoing state outlays toward rural infrastructure, piping networks, and agricultural modernization are providing long-term demand visibility for sectors aligned with comprehensive water management, fluid transmission systems, and sustainable agriculture.

Suppo rting this expansion, Indias financial architecture remained robust and highly accommodative of growth. Marked by clean balance sheets, systemic credit deepening, and strong capital adequacy ratios, financial institutions comfortably met the funding requirements of enterprise and infrastructure projects alike. This enhanced liquidity and credit availability, particularly within tier-2, tier-3, and rural markets, acts as a critical enabler for the capitalization and adoption of modern, productivity-enhancing agricultural technologies.

The agr arian economy witnessed positive drivenbyfavorablecropoutput,anexpandinghorticultural footprint, and a policy-driven shift toward irrigation efficiency. To mitigate traditional vulnerabilities, the sector is undergoing a structural pivot toward precision farming, high-value crop diversification, and mechanized water management, fundamentally reshaping rural economics and generating sophisticated demand for advanced irrigation systems. Concu rrently, the Indian economy actively structural realities including climate variability, localized groundwater depletion, and the imperative of rural income sustainability. Rather than acting as constraints, these environmental dynamics are accelerating the transition toward resource-efficient and climate-resilient agricultural practices. The critical need to solve for water scarcity and resource optimization effectively transforms these systemic challenges into development opportunities.

Ultim ately, Indias secular growth trajectory firmly backed by favorable demographic dividends, rapid digitalization, and an expanding manufacturing base. The convergence of macro policy stability with an urgent domestic demand for climate adaptation and resource-efficient infrastructure provides a highly supportive, resilient operating environment for technology-led enterprises positioned at the intersection of agri-tech, irrigation, and infrastructure development.

Industry Overview

The Indian pipe industry enters FY27 against a much more volatile macro backdrop. The USA–Iran war that escalated in February–March 2026, the closure of the

Strait of Hormuz (traffic has since resumed following the April ceasefire), Brent spiking into the US$100 120 range at the peak of the crisis before easing back to near pre-war levels, and the rupee sliding from the ~INR 91/US$ level seen in early February to a record low of ~INR 96 in mid-May have together reversed two key assumptions — softer resin prices and a stable currency. Despite this, the demand-side case remains intact. The Union Budget FY27 has restored capex aggressively (12.22 lakh crore central capex, +49.5% in Housing & Urban Affairs, JJM back to 67,670 crore, PMKSY at 7,137 crore). Drip irrigation, micro-irrigation, JJM pipes and CPVC plumbing are all in energy consumption, the transition toward scope for accelerated FY27 offtake. Resin prices, after softening during Jul–Dec 2025, re-rated upward from January — encouraging advance purchases by dealers and supporting pipe makers realisations, even as heightened volatility weighs on near-term margins.

Resin, a derivative of crude, has remained at elevated levels, with costs increasing significantly by almost 50%. The increase in raw material (RM) costs has largely been passed through; however, it has had an impact on working capital requirements and volumes due to relatively lower demand in the piping segment. The Company focuses mainly on a cash-and-carry business, and cash flow remained strong as many dealers booked orders by paying advances in anticipation of further RM price increases, enabling the

Company to manage its cash position through this difficult period. The Companys long-term relationships with key vendors enable it to contain cost increases to some extent and ensure steady supply. Nevertheless, near-term visibility remains unclear given the fragile ceasefire in West Asia and the fact that over 50% of Indias PVC requirement is imported. While the Company continues to see better sales, navigates margins may be impacted by the very high price volatility under current uncertainty and the evolving demand-supply situation.

Agriculture, Water Management and Irrigation

As per the Economic Survey 2025–26, the demand-side base case still holds: agricultural GVA expanded 3.6% in H1 FY26 (vs 2.7% a year earlier); food grain output hit a record 3,577.3 LMT; and horticulture has overtaken food remains grains as the largest agri-GVA contributor at 33% — directly supportive of drip / micro-irrigation. Manufacturing GVA grew 7.72% in Q1 and 9.13% in Q2 of FY26. PLI investment has crossed 2 lakh crore with 12.6 lakh jobs. Demand fundamentals for both plastic plumbing and agri pipes are firmly intact.

Agriculture remains a cornerstone of the Indian economy, supporting a substantial portion of the population and driving vital economic and social development. Concurrently, the sector is actively navigating structural headwinds arising from fragmented land holdings, water scarcity, climate volatility, rising input costs, and shifting farm productivity dynamics. Under Union Budget FY27, the Government has made substantial budgetary provision for various schemes like JJM, PMAY, PMKSY, AMRUT and PM-KUSUM 2.0, which should support stronger demand for the irrigation and piping businesses going forward.

This has brought Indias critical water-food-energy nexus to the forefront. Meeting the needs of a growing population within the constraints of limited freshwater resources and climate-related disruptions makes the efficient utilisation of water and energy imperative for sustainable agricultural development. Because traditional irrigation practices frequently result in substantial water conveyance losses and inefficient advanced irrigation technologies and precision farming solutions has accelerated.

Recognising these challenges, the Government of India continues to actively incentivise irrigation efficiency, agricultural modernisation, and climate-resilient farming through targeted policy frameworks and flagship schemes. Programmes such as the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), Per Drop More Crop, the Jal Jeevan Mission, and PM-KUSUM, alongside broader irrigation infrastructure modernisation, remain highly catalytic in driving the adoption of micro-irrigation, optimised water distribution systems, and solar-powered agricultural solutions.

Consequently, the structural investment case for micro-irrigation remains highly compelling. The steady expansion of horticulture, escalating water stress, and a clear farmer preference for high-yield crops continue to underpin the long-term demand for precision drip and sprinkler irrigation systems. By enabling the precise application of water and vital nutrients, these micro-irrigation technologies directly optimise crop yields, conserve critical water resources, and significantly enhance farm economics.

This shift is positioning climate-smart agriculture as a defining, long-term trend for the sector. To mitigate the operational risks associated with droughts, heat stress, erratic rainfall, and soil degradation, the agricultural community is rapidly adopting sophisticated mitigation technologies. Consequently, specialised solutions including low-pressure drip systems, fertigation, precision irrigation, protected cultivation, and renewable-energy-driven irrigation, are witnessing sustained, growing adoption. Further strengthening this sustainability proposition are innovative irrigation technologies specifically engineered to operate under ultra-low energy and low-pressure conditions.

By simultaneously improving water-use efficiency and reducing energy dependency, these advancements make modern irrigation solutions highly accessible and economically viable, particularly for resource-constrained farming communities.

Plastic Pipes and Water Infrastructure

The Indian plastic piping industry continues to capitalise on robust structural demand drivers across agriculture, housing, urbanisation, and macro-infrastructure development. The systematic expansion of drinking water networks, irrigation systems, sanitation infrastructure, and residential construction provides sustained, long-term volume growth for PVC, HDPE, and advanced polymer piping systems.

Prominent government programmes including the Jal Jeevan Mission, urban water supply frameworks, affordable housing initiatives, and state-led irrigation modernisation projects remain pivotal growth catalysts for the sector. Concurrently, accelerating urbanisation, a growing domestic replacement cycle, and a distinct consumer shift toward organised, good-quality products further underpin the industrys expanding footprint.

Conversely, the industry navigates inherent exposure to polymer price volatility, currency fluctuations, and cyclical shifts in global petrochemical markets. Because raw materialcostsareintrinsicallylinkedtocrudeoilbenchmarks and international supply dynamics, they can influence near-term operating margins and inventory economics. Nevertheless, expanding domestic manufacturing capacity, the progressive formalisation of the market, and an escalating regulatory and consumer preference for quality-certified products continue to strengthen the competitive positioning of organised, scaled manufacturers.

Sustainability and the Water–Food–Energy Nexus

The accelerating intersection of water conservation, food security, and energy efficiency is redefining the future of global agriculture and industrial infrastructure. Within this paradigm, sustainable development has transitioned from a peripheral compliance consideration into a core driver of macroeconomic planning and corporate capital allocation. Organisations operating at the convergence of these three critical domains are uniquely positioned to spearhead climate adaptation while capturing long-term structural value. Advanced micro-irrigation, robust water-conveyance infrastructure, decentralised renewable energy integration, and agritech-driven farming solutions are no longer just environmental ideals; they are central to both state policy priorities and commercial market demand.

In this evolving landscape, enterprises that deliver integrated, technology-driven sustainability solutions are uniquely insulated from traditional market cyclicality. By aligning their corporate strategy with the critical imperatives of resource optimisation, such organisations ensure sustained shareholder value creation while driving inclusive, environmentally responsible growth.

Overview of the Business:

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

1) Hi-Tech Agriculture Solutions (Micro and Sprinkler Irrigation Systems, Tissue Culture, Planting Material and Solar Agri Pump) 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, Belgium and Turkey) 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 in the country. 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 and ISO 50001 and HACCP certified, catering to diverse customer requirements across more than 120 countries.

Financial & Operational Highlights

Jain Irrigation Systems Limited ("JISL") delivered a resilient financial and operational performance during FY2025-26 despite operating in a challenging global and domestic business environment marked by geopolitical uncertainties, volatile commodity prices, inflationary long-term opportunities for pressures, changing weather patterns and uneven global economic growth.

Against this backdrop, the Companys diversified business portfolio, strong performance of the Hi-Tech Agri Input Products business, expanding retail-led business model and continued focus on operational excellence enabled it to achieve healthy revenue growth while improving operating profitability during the year.

The Companys performance during FY2025-26 was primarily driven by robust growth in the Hi-Tech Agri Input Products business, supported by increasing retail penetration, healthy domestic demand, operational efficiencies and disciplined cost management. The Agro

Processing business also maintained stable performance, backed by its diversified product portfolio, strong customer relationships and expanding global presence. These positive developments helped offset the relatively challenging business conditions experienced in certain segments during the year.

The Plastic Products business operated in a challenging market environment throughout FY2025-26. The domestic in PVC business was impacted by significant suspension-grade resin prices during a major part of the year, which led to inventory rationalisation and cautious procurement by dealers across the distribution channel. Demand was further affected by slower execution of certain water infrastructure and irrigation projects and unseasonal rainfall in key agricultural markets. Nevertheless, the Company continued to strengthen its market position through product innovation, expansion of its product portfolio, manufacturing capacity enhancement and wider market reach, while maintaining operational discipline and strengthening customer engagement.

Despite these near-term challenges, the Company continued to execute its long-term growth strategy by expanding manufacturing capacities, introducing new products and Stock Keeping Units (SKUs), strengthening its manufacturing and distribution infrastructure and improving operational efficiencies across its businesses.

Continued emphasis on retail sales, exports, value-added products, prudent working capital management and financial discipline further strengthened the Companys competitive position and laid a strong foundation for sustainable future growth.

Looking ahead, the long-term outlook for the Companys businesses remains favourable, supported by continued Government emphasis on agriculture, water conservation, irrigation infrastructure and rural development. The Union Budget 2026-27 restored the allocation for the Jal Jeevan Mission to approximately 67,670 crore, and the Union Cabinet has subsequently extended the

Mission up to December 2028 with enhanced central assistance, reaffirming the Governments commitment towards universal rural piped drinking water supply. These policy initiatives, together with continued investments in irrigation, affordable housing and water infrastructure, are expected to provide significant the Companys Plastic Products, Micro Irrigation Systems and integrated water management businesses.

Subsequent to the close of FY2025-26, the global business environment has continued to witness heightened geopolitical tensions, evolving international trade policies, supply chain disruptions and volatility in energy and commodity prices. While these developments may result in short-term market uncertainties, they also reinforce the importance of efficient resource utilisation, water conservation and resilient agricultural practices, which remain the core focus areas of the Company.

The India Meteorological Department (IMD), in its Long Range Forecast issued on 29 May 2026, has projected the 2026 Southwest Monsoon (June-September) seasonal rainfall at 90% of the Long Period Average (LPA) (?4%), placing it in the below-normal category with the possibility of El Ni?o conditions developing during the season. Although below-normal rainfall may affect agricultural activity in certain regions, it further highlights the increasing need for precision irrigation, efficient water management and climate-smart agricultural technologies. These structural trends are expected to continue supporting long-term demand for the Companys Micro Irrigation Systems and integrated agri-solutions.

Supported by its diversified business portfolio, strong brand equity, technological leadership, extensive distribution network, global presence and continued focus on innovation, operational excellence and financial discipline, the Company remains well positioned to navigate evolving market conditions, capitalise on emerging opportunities and create sustainable long-term value for all its stakeholders.

Consolidated Performance

On a consolidated basis, Jain Irrigation Systems Limited (JISL) reported revenue of 6,399.52 crore for the year ended March 31, 2026, registering a 10.7% year-on-year growth over the previous year. The Companys performance reflects the resilience and diversification of its business portfolio, supported by strong growth in the Hi-Tech Agri and Agro Processing businesses.

EBITDA increased by 12.8% year-on-year to 808.92 crore in FY26 from 716.82 crore in FY25. The improvement in EBITDA reflects better operational performance and the

Companys continued focus on operational efficiencies and disciplined cost management. EBITDA margin improved to 12.6% in FY26 from 12.4% in FY25, demonstrating a favourable business mix and sustained emphasis on higher-margin businesses.

The Company continued to focus on prudent working capital management and cash generation during the year.

These initiatives resulted in an improvement in the working capital cycle from 201 days as on March 31, 2025 to 186 days as on March 31, 2026, enabling the Company to generate operating cash flow of 619 crore during the year. Finance costs stood at 458.38 crore in FY26 as compared to 432.93 crore in FY25.

Profit After Tax (PAT) stood at (40.0) crore for FY26 as against a profit of 25.7 crore in FY25. The reported PAT was impacted by exceptional items, deferred tax remeasurement and the unwinding of non-cash financecosts relating to 0.01% NCDs/EBCs. However, the Companys underlying operational performance remained strong, with Adjusted PAT increasing by 36.0% year-on-year to 133.1 crore.

Cash PAT stood at 241.9 crore during FY26, reflecting healthy internal cash generation and the Companys continued ability to support its business operations and debt servicing requirements.

Segment-wise Performance:

1) Hi-Tech Agri Input Products (Micro Irrigation Systems & Planting Material)

The H i-Tech Agri Input Products Division principal growth driver during FY2025-26. The segment delivered a strong performance with revenue increasing by 20.5% and EBITDA by 26.2% over the previous year. Growth was driven by healthy domestic demand, increasing retail penetration, Government support for micro-irrigation, higher contribution from value-added products and continued focus on operational efficiencies. The Division continued to strengthen the

Companys leadership position in precision irrigation and integrated agricultural solutions.

2) Plastic Products

The Plastic Products Division recorded a 2.4% year-on-year increase in revenue during FY2025-26, supported by continued growth in the overseas plastics business, which registered 13.5% revenue growth during the year. The domestic business operated in a challenging environment due to PVC resin price volatility, inventory rationalisation across the distribution channel and slower execution of certain water infrastructure projects. Consequently, the segment witnessed moderation in EBITDA margins owing to changes in product mix and prevailing market conditions.

3) Agro Processing (Jain Farm Fresh Foods Limited) the

The Agro Processing Division delivered a healthy performance during FY2025-26, with revenue increasing by 9.3% and EBITDA by 9.0% over the previous year. The business benefited from improved demand in export markets, healthy growth in overseas operations and a diversified product portfolio. While certain overseas operations experienced margin pressures due to the prevailing global business environment, the Division continued to maintain a strong market position supported by its global customer base and focus on value-added food ingredients.

Standalone Performance

On a standalone basis, Jain Irrigation Systems Limited (JISL) reported revenue of 3,533.28 crore for the year ended March 31, 2026, reflecting an 8.4% increase over the previous year. The growth was primarily driven by the strong performance of the Hi-Tech Agri business, supported by improved domestic demand, operational on efficiencies higher-value products.

EBI TDA stood at 532.49 crore, registering a 13.1% year-on-year increase. EBITDA margin improved to 15.1% in FY26 from 14.5% in FY25, supported by a favourable product mix, disciplined cost management and continued operational efficiencies. Pr ofit After Tax (PAT) stoodat 24.03 crore in FY26 as compared to 24.72 crore in FY25. The marginal decline was primarily attributable to exceptional items recognised during the year. Cash PAT remained healthy 191.84 crore, reflectingat strong internal cash generation and the Companys ability to support its operational requirements and future growth initiatives.

Strategic Priorities and Outlook

Jain Irrigation Systems Limited ("JISL" or "the Company") continues to focus on creating long-term stakeholder value by strengthening its leadership across the Water-Food-Energy nexus through innovation, operational excellence, customer-centric solutions and financial discipline. During FY26, the Company delivered resilient operating performance despite global geopolitical uncertainties, volatility in raw material prices and evolving international trade dynamics. The Companys diversified business portfolio, strong manufacturing capabilities, global presence and integrated business model enabled it to achieve double-digit revenue growth while improving operating operational profitability cash flows.

The Companys strategic priorities continue to focus on: from Enhancing profitability value-added products, domestic retail business and export markets.

Impr oving operational efficiency through cost management, inventory optimisation and efficient working capital management.

Str engthening the distribution network by expanding dealer reach across under-penetrated domestic markets and enhancing customer engagement. Drivin g innovation through climate-smart agricultural technologies, integrated irrigation solutions and sustainable food processing. Impr oving cash generation, strengthening the balance sheet and maintaining financial discipline to support long-term sustainable growth. With increasing policy emphasis on water conservation, irrigation infrastructure, rural development and sustainable agriculture, the Company believes it is well positioned to leverage emerging opportunities across its diversified business segments.

Growth Drivers and Strategy – FY27

Jain Irrigation Systems Limited remains committed to its long-term vision of becoming a global leader in integrated water management, sustainable agriculture and food processing solutions. The Companys strategy continues to focus on strengthening its leadership position through technological innovation, geographic expansion, operational excellence and customer-centric business models.

Geographic Expansion and Product Portfolio Diversification

The Company continues to expand its domestic and international footprint by strengthening its distribution network across Northern, Eastern and North-Eastern India while simultaneously increasing its presence in global markets. Historically, the Companys Micro Irrigation Systems and Plastic Piping businesses have held strong market leadership in Western and Southern India. During FY26, focused initiatives were undertaken to enhance - market penetration in under-served regions including Rajasthan, Punjab, Uttar Pradesh, West Bengal and the North-Eastern states.

Simultaneously, the Company continues to diversify its product portfolio by expanding its offerings across Micro Irrigation Systems, Plastic Piping Solutions, Food Processing, Renewable Energy Solutions, Tissue Culture Plants and other integrated agricultural products to address evolving customer requirements and changing market dynamics.

Comprehensive Agri Solution Approach

Jain Irrigation Systems Limited (JISL) has established itself as a One-Stop Agri Solution Provider, offering integrated and sustainable solutions across the agricultural value chain. The Companys comprehensive approach combines advanced irrigation technologies, quality planting materials, crop nutrition and agronomic advisory services to improve farm productivity, optimise water use and promote sustainable agricultural practices.

The Companys integrated agri-solutions strategy focuses on:

Customised Solutions: Delivering irrigation, water management and crop protection solutions based on crop patterns, climatic conditions and soil characteristics. Resea rch & Development: Developing superior planting materials through Jain Tissue Culture and Jain Seeds for crops such as banana, pomegranate, sweet orange, onion, papaya and potato. Protected Cultivation: Expanding greenhouse and polyhouse solutions to improve crop yield, quality and farmer income.

Climate-Smart Agriculture: Promoting precision irrigation, smart fertigation and sustainable farming technologies to enhance water-use efficiency and climate resilience. Through these initiatives, JISL continues to strengthen its position as a trusted partner in delivering innovative and sustainable agricultural solutions.

Climate-Smart Agriculture

In response to increasing climate variability and the growing need for sustainable farming practices, the Company continues to promote climate-smart technologies that improve water-use efficiency and enhance climate resilience.

Climate Factor	Key Issues	Jain Irrigations Solutions
Heat waves Cold waves High temperature stress	Yield drop during grain filling Crop burn and sap freeze Fruit cracking, poor colour	Acurain mini sprinklers for cooling crops Frost sensor-based micro-sprinkler system 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 initiatives reinforce the Companys commitment towards sustainable agriculture while helping farmers improve productivity and optimise resource utilisation.

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

The Company continues to strengthen its retail-led business model by expanding its dealer network, enhancing market penetration and improving customer engagement across domestic and international markets. The retail and cash-and-carry model remains a key strategic focus, helping improve working capital efficiency and generate sustainable cash flows.

Key initiatives include:

Retail-Led Growth: Strengthening the retail business by expanding the distribution network and increasing market presence across existing as well as emerging geographies.

Dealer Network Expansion: Leveraging a network of over 4,000 dealers across India, with a strong presence in Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Telangana and Rajasthan, while further expanding into Northern and Eastern India. Dealer Empowerment: Supporting dealers through financing arrangements with partner banks and NBFCs to improve liquidity and facilitate business growth.

W orking Capital Optimisation: Continuing the focus on the cash-and-carry business model and efficient receivables management to enhance cash flows and improve overall working capital efficiency.

Pr oject Portfolio Optimisation: Maintaining a disciplined approach towards EPC project execution by focusing on selective projects and prioritising higher-margin retail and value-added businesses. Through these initiatives, the Company continues to strengthen its distribution ecosystem, improve customer reach and enhance long-term profitability while maintaining financial discipline.

Operational Excellence and Financial Discipline

Operational excellence and financial discipline remain central to the Companys long-term strategy. As noted under Consolidated Performance, focused initiatives in working capital management during FY26 improved the working capital cycle by 15 days and enabled the Company to generate operating cash flow of 619 crore, equivalent to approximately 76% of EBITDA, reflecting improved operational efficiencyand effective cash flow management.

The Company will continue to focus on improving operational efficiencies, optimising manufacturing costs, enhancing productivity, improving collections from project receivables and generating sustainable free cash flows while maintaining prudent capital allocation.

Outlook

The India Meteorological Department has forecast a below-normal monsoon for 2026. However, the Company expects continued Government focus on irrigation infrastructure, water conservation and rural development through initiatives such as the Jal Jeevan Mission and other agricultural development programmes to support long-term demand for its products and solutions. Going forward, the Company remains focused on expanding its domestic retail business, strengthening exports, enhancing operational efficiencies, improving . profitability

The Company also expects increasing adoption of climate-resilient agricultural technologies, precision irrigation systems, renewable energy solutions and integrated water term management practices to create significant growth opportunities.

With its diversified business portfolio, strong brand equity, integrated manufacturing capabilities, global presence and continued focus on innovation and sustainability, Jain Irrigation Systems Limited remains well positioned to deliver sustainable and profitable growth while creating long-term value for all stakeholders.

Competitive Strengths

Jain Irrigation Systems Limited (JISL) possesses several enduring competitive advantages that enable it to maintain its leadership across diversified business verticals. The

Companys integrated business model, strong brand equity, technological capabilities, innovation-driven approach and customer-centric philosophy continue to strengthen its competitive position while creating sustainable value for all stakeholders.

Strong Brand Equity and Diversified Product Portfolio

JISL is one of Indias leading companies in Micro Irrigation Systems (MIS), Plastic Piping Solutions, solutions with precision irrigation, water

Agro Processing, Renewable Energy Solutions and Sustainable Agri Technologies, with widely recognised brands including Jain Drip, Jain Sprinklers, Jain Pipes, Chapin and Jain Farm Fresh.

The Companys diversified portfolio across water management, piping, food processing and renewable energy enables it to cater to a wide range of customer requirements while reducing dependence on any single business segment.

Its strong presence across both B2B and B2C coupled with long-standing relationships with farmers, dealers, Government agencies and institutional customers, strengthens customer confidence and enhances business resilience.

Experienced Leadership and Skilled Human Capital

Guide d by experienced leadership with deep knowledge, the Company continues to adapt its business strategy to changing agricultural, environmental and market dynamics.

A ded icated workforce comprising technical, manufacturing, research, marketing and customer support professionals enables the Company to consistently deliver high-quality products and services.

Conti nuous investment in employee development, technical training and knowledge enhancement strengthens execution capabilities while supporting customer service, dealer development and technology adoption at the grassroots level.

Global Market Access and International Presence

JISL s products conform to internationally accepted quality standards and are exported to more than 120 countries across North America, Europe, Africa, Asia and the Middle East.

Thr ough its overseas subsidiaries and marketing network, the Company serves global markets with micro irrigation solutions, piping products and agro processed products, thereby providing geographical diversification and access to international growth opportunities.

The Companys expanding global presence continues to strengthen export capabilities while supporting long-term growth through diversified revenue streams.

Integrated and Sustainable Agri-Value Chain Solutions

JISL has established itself as a One-Stop Agri Solution Provider, offering integrated solutions across the agricultural value chain, including tissue culture plants, quality seeds, micro irrigation systems, piping solutions, solar-powered irrigation systems, fertigation solutions and agronomic advisory services.

The Companys customer-centric approach combines crop-specific management and crop nutrition practices, enabling improved farm productivity, efficient resource utilisation and sustainable agricultural development.

Thr ough initiatives such as Jain Good Agricultural Practices (JainGAP) and integrated farming solutions, the Company continues to promote responsible farming practices while enhancing farmer income and environmental sustainability.

Technological Leadership, Research & Development and Innovation

Inno vation remains one of the Companys key strengths, supported by continuous investment in research and development across agriculture, irrigation, piping and food processing businesses.

The Companys R&D facilities continue to develop climate-smart agricultural technologies, advanced irrigation systems, superior planting materials, protected cultivation solutions and precision farming technologies to address evolving customer requirements. leap in 1994 by setting up a modern

JISL s broad technology platform and product innovation enable it to offer one of the most comprehensive portfolios of irrigation, water management and agricultural solutions in the industry.

Product Quality, Sustainability and Operational Excellence

The Company follows stringent quality management systems and manufacturing practices across all its facilities to ensure consistent product quality, operational efficiency and customer satisfaction.

Manufacturing facilities are certified under internationally recognised standards, including ISO 9001, ISO 14001, ISO 45001, HACCP and ISO 50001, reflecting the Companys commitment to quality, environmental management, occupational safety and food safety. The Companys continued focus on sustainable manufacturing, climate-smart agricultural technologies, digital irrigation management, efficient fertigation systems and renewable energy solutions reinforces its commitment to responsible and sustainable business practices.

Strong Distribution Network and Customer Reach

JISL has developed an extensive distribution comprising over 4,000 dealers across India, supported by a strong sales and after-sales service infrastructure. The Company continues to strengthen dealer capabilities through financing arrangements with partner banks and financial institutions while expanding its presence across Northern, Eastern and other high-growth regions. This robust distribution ecosystem enables wider reach, deeper customer engagement and sustained growth in retail business.

Sustainable Competitive Advantage

The Companys unique combination of strong brand equity, integrated business model, extensive distribution network, technological leadership, research and development capabilities, global market presence, manufacturing excellence and commitment to sustainability provides a durable competitive advantage. These strengths position JISL to capitalise on emerging opportunities in agriculture, water management, food processing and renewable energy while delivering sustainable long-term value to customers, shareholders and other stakeholders.

Overview – Food Business

Jain Irrigation Systems Limiteds (JISL) food subsidiary has become a substantial player in the global food ingredients sector. The Companys food business history goesbackto1979,whenit 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 Greenfield facility to produce 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.

In 2016, the Companys food operations were consolidated under a new subsidiary, Jain Farm Fresh Foods Limited (JFFFL). Today, JFFFL operates a network of facilities across India, Turkey, Belgium, the United Kingdom, and the United States, with a global customer base spanning more than 60 countries. The Companys vast product range includes dehydrated onion and garlic; tropical fruit purees, concentrates and clarified juices for fruits such as mango, banana, guava, papaya, tomato and pomegranate; various Indian and Mediterranean herbs and spices; IQF (frozen) fruits and vegetables; and spice blends and seasonings. In the year under review, the Company also successfully implemented two high-speed bottling lines for juices and carbonated soft drinks (CSD) for one of the leading Consumer Beverages manufacturers in India. With the addition of this new capacity, the Companys private label business has made a substantial leap.

JFFFLs diversified product portfolio and integrated processing capabilities enable it to serve a wide range of customers across the food ingredients, food service, retail and beverage industries.

JFFFL has a global market presence. The Companys target markets include 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 across the globe. 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 Company follows an integrated "farm-to-fork" business model, enabling it to control quality at every stage of the value chain. It works closely with thousands of farmers across India through contract farming arrangements, providing them with superior planting material, modern irrigation and fertigation systems, agronomic guidance, and training in Good Agricultural Practices (GAP). 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 three primary business verticals with distinct sub-categories under each: F ruit 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.

Dehy drated 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.

Priv ate Label / Beverage Bottling Unit (BBU):The Companys newly formed division comprising high-speed beverage bottling lines for juices and carbonated soft drinks.

JFFFL India serves an extensive and reputed clientele, including marquee global and domestic brands such as Hindustan Coca-Cola Beverages, Nestl?, 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 marginal 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: in The Fruit Division reported a significant Export overall performance and healthy profitability sales registered robust growth, supported by a strong order book. The year under review also witnessed lower fruit prices at the farmgate level, which lowered the overall per-kg selling price and compressed overall sales turnover, even as the Division maintained volume growth and profitability.

Dehydrated Ingredients (DHO) Division Performance:

The Division performed well on both revenue and margin growth, delivering one of its best overall performances in the last 30 years in terms of both revenues and profitability.

The Companys contract farming programme also delivered good results.

Strategic Focus Areas for India businesses:

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. The

Companys new venture in private label bottling of juice drinks and carbonated soft drinks offers substantial growth potential.

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

United Kingdom Operations:

The UK subsidiary, Sleaford Quality Foods (SQF), recorded healthy revenue growth of 10.5% during FY26. SQF continues to benefit from its 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 customised ingredient solutions.

USA Operations:

The Company managed well in the changing trading and tariff landscape.

JFFFL Global 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.

JFFFL Growth Drivers and Strategy

Jain Farm Fresh Foods Limited (JFFFL) is on a strong growth trajectory following its operational improvements in existing businesses and the setting up of a new venture in beverage bottling / private label.

On the supply and operations side, Jain Farm Fresh

Foods has benefited immensely by leveraging the parent companys reach and presence amongst Indian farmers. JFFFL has taken the concept of sustainability and improving farmers lives to a whole new level through several unique initiatives. JFFFLs India operations also benefit immensely from the parent company, Jain Irrigation Systems Limited (JISL), which has tremendous agriculture R&D, varietal development programmes for farmers, strong operational know-how and continued leadership oversight and support. On the demand side, 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 position in backward integration, farmer connect, traceable supply chains, world-class processing infrastructure, and exceptional customer service.

The Companys strategic priorities in India include:

Achie ving and surpassing previous peak utilisation levels to drive operating leverage and reduce per-unit costs.

Gr owing its newly formed beverage bottling unit other private label business. Incr easing tomato processing capabilities, collaboration with large global strategic partners, to tap into growing demand for processed tomato products in global and domestic markets.

Accel erating the growth of the spices business, bulk ingredients for industrial users and in retail small packs for consumer markets under its own brand, Valley Spice. Str engthening retail operations, with focus on 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 health-conscious 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 optimisation, 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.

JFFFL Competitive Strengths

Jain Farm Fresh Foods Limited (JFFFL) continues to build a differentiated, resilient business model anchored in deep integration across agriculture, processing, and global markets. Its competitive strengths are not standalone capabilities—they reinforce each other to create sustainable advantage, improve customer relevance, and enable disciplined expansion into adjacent categories. a) Proprietary R&D and Crop Development Capabilities

JFFFL s long-standing investment in agricultural R&D remains a structural differentiator. What originally began as a response to the lack of processing-suitable varieties has evolved into a core capability. Today, the Company develops and scales proprietary fruit and vegetable capacity varieties in close collaboration with farmers, optimised for yield, processing efficiency, and end-product specifications. This ensures consistency in quality and and supply security—two factors that are increasingly difficult to achieve in a volatile agri environment and creates a clear barrier to entry. in b) Integrated Farm-to-Factory Ecosystem

JFFFL operates one of the most tightly integrated supply chains in the industry, spanning seed selection both into final processing. Leveraging the farmer ecosystem built by Jain Irrigation Systems Limited, the Company has established a scalable, traceable, and sustainable sourcing model. This integration not only drives cost competitiveness and quality assurance but also aligns -strongly with evolving customer expectations around traceability, responsible sourcing, and sustainability. The contract farming model continues to expand in both scale and sophistication, enabling tighter control over raw material outcomes. c) Execution-Focused Management with Deep Domain Expertise

JFFFL s leadership team combines domain expertise across agriculture, processing, and international markets with a strong execution mindset. The ability to manage variability—whether in crop cycles, pricing, or demand patterns—while maintaining customer commitments is a key strength. This operational discipline, particularly in sourcing and supply chain management, remains critical in delivering consistent performance in a volatile environment. d) Scaled, Globally Approved Manufacturing Footprint

JFFFL operates world-class processing facilities across India and international locations, built to meet the exacting standards of global food companies. Its plants are certified to leading international standards and are routinely audited by multinational customers. Beyond compliance, the Companys focus remains on continuously improving process efficiencies, yield optimisation, and product consistency at scale—critical factors in maintaining competitiveness across product categories. e) Strong Global Market Access and Customer Integration

JFFFL has built long-standing relationships with food manufacturers, foodservice players, and retailers across the UK, US, Europe, and other key markets. Its presence in these markets is strengthened by on-ground capabilities, including Sleaford Quality Foods in the UK, which provides direct access to foodservice and private label customers. The Companys ability to offer customised solutions—whether in ingredients, blends, or semi-finished products positions it as a strategic partner rather than a transactional supplier. f) Expansion into Beverages and Private Label Platforms

Durin g the year, JFFFL took a strategic step with the establishment of its beverage bottling platform. This marks its entry into value-added, consumer-facing adjacencies, leveraging its core strengths in fruit processing and supply chain integration. In parallel, the Company is accelerating its private label business across categories and geographies, deepening engagement with large retailers and foodservice customers. These initiatives allow it to move closer to end consumers while continuing to anchor on its core B2B strengths, thereby diversifying revenue streams and improving margin resilience.

Overall, JFFFLs competitive position today is defined not just by scale, but by integration, control over raw materials, customer intimacy, and the ability to extend its capabilities into adjacent growth platforms. This combination positions JFFFL to navigate near-term volatility while building a stronger, more diversified business over the medium term.

Subsidiary Operations of JISL

Indian Subsidiary Companies

Jain Processed Foods Trading and Investment Private Limited ("JPFTIPL") is owned 100% by JISL. JPFTIPL holds 99% of DripTech India Pvt. Ltd. and a 6.82% stake in JFFFL. The main business of the Company is trading and dealing in foodstuffs and food products of every description and carrying on the business of a holding and investment Company. Revenue of the Company was NIL in FY 2025-26 (PY 7.45 million). JPFTIPL had other income of 3.24 million in FY 2025-26 as against 2.99 million in FY 2024-

25. The Company had a net profit of 0.18 million in FY 2025-26, unchanged from FY 2024-25.

DripTech India Pvt. Ltd., India ("DripTech") is owned to the extent of 99% by JPFTIPL and 1% by JISL. The Company focuses on affordable, high-quality irrigation systems designed for small-plot farmers that are easy to use and will help increase income from farmland. The Company caters to both domestic and international markets. Revenue of the Company has increased by 8.4% from 272.95 million in FY 2024-25 to 295.88 million in FY 2025-26, mainly due to an increase in demand for low-priced irrigation products.

Overseas Holding Companies: leading 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 2025-26, at the same level as the loss of US$ 0.02 mn in FY 2024-25. 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 profitof US$ 1.78 mn in forward

FY 2025-26 as against a net profit of US$ 1.72 mn in FY

2024-25, supported by interest income. c) Jain Overseas B.V., The Netherlands ("JOBV") is a wholly owned subsidiary of Jain International Trading B.V. and was incorporated under the laws of The Netherlands. It has been in business since 2007. JOBV had a net loss of US$ 1.13 mn in FY 2025-26 against a net loss of US$ 0.40 mn in FY 2024-25. d) Jain (Israel) B.V., The Netherlands ("JIBV") is a wholly owned subsidiary of Jain Overseas B.V., The Netherlands, and was incorporated under the laws of The Netherlands. It has been in business since 2007. JIBV had a net loss of US$ 2.10 mn in FY 2025-26 against a net loss of US$ 2.09 mn in FY 2024-25.

Overseas Sales and Distribution Companies e) Jain (Europe) Ltd., UK ("JEL") is a wholly owned subsidiary incorporated in 1996 under English laws. Jain (Europe) Ltd. is the Companys marketing and distribution arm in the UK and other EU countries. The sales of the Company increased from GBP 0.30 million in FY 2024-25 to GBP 0.33 million in FY 2025-26. The

Company now operates largely as a holding/financing company for the Plastic business subsidiaries. f) 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 arm in the United States for the plastic sheet and hi-tech agri businesses. The sales of the Company increased by 10.1% to US$ 24.76 million in FY 2025-26 from US$ 22.48 million in FY 2024-25. g) 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 Centre, Dubai. JMENA is the marketing and distribution arm in Dubai and other neighbouring countries. The sales of the Company have decreased from AED 16.12 million in FY 2024-25 to AED 7.104 million in FY 2025-26 owing to challenging market conditions.

Operating Overseas Subsidiary Companies h) 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 sheet products. EPL is one of the leading manufacturers of the highly technical product PVC Foam Sheets in Europe. The sales of the Company have increased by 9.7% from EUR 29.75 million in FY 2024-25 to EUR 32.63 million in FY 2025-26. After the Covid-19 slowdown, the Company has strongly turned around and registered robust revenue growth. Ex-cel Plastics Limited is now the leading player in Europe in PVC Foam Sheets, especially in the key markets such as the UK, France, Italy, Germany and Spain. Ex-cel Plastics is the strategic supplier to the leading plastic sheet distributors across all the main European countries. Excel 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 digital print companies and in the building industry due to the consistent quality and reliability of supplies. The European market for sign and graphics has been quite challenging due to the slowdown in the German economy and other factors such as reduced demand following cuts in sales and advertising budgets by major companies. Ex-cel Plastics has managed to stay ahead of the competition despite the challenging environment. i) Northern Ireland Plastics Ltd. ("NIP") is owned 100% through Jain (Europe) Ltd., UK. The Company is engaged in the manufacture and distribution of Polypropylene (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 the Groups existing plastic sheet operations in the Republic of Ireland. The Company services three main industries – Sign & Graphics, Packaging and Building Construction. With the increase in online sales of products, the Company is focusing on the Packaging sector. The sales of the Company have decreased by 9.3% from GBP 12.15 million in FY 2024-25 to GBP 11.01 million in FY 2025-26. Northern Ireland Plastics continues to service mainly the UK market in all the key areas of Sign & Graphics, the Packaging sector and Building Construction. CORRIBOARD continues to be the most preferred brand in its sector.

j) Boom er Industries Ltd., UK ("Boomer") is owned 100% through Jain (Europe) Ltd., UK. The sales of the Company have decreased by 6.4% from GBP 10.73 million in FY 2024-25 to GBP 10.04 million in FY 2025-26. Boomer

Industries is a specialist PVC profiles manufacturer dedicated to servicing a wide cross-section of industries, such as modular home builders, bus manufacturers and the electrical sector. In addition, Boomer Industries is a leading UK and Ireland manufacturer of architectural pre-hung ready door sets and screens for the commercial sector such as schools, nursing homes and industrial spaces. k) Harlequin Manufacturing Ltd., UK ("Harlequin") is owned 72.50% through Jain (Europe) Ltd., UK. The sales of the Company were GBP 12.77 million (for 9 months) in FY 2025-26. Harlequin Manufacturing is a leading manufacturer of innovative polyethylene storage tanks and systems. Headquartered in Northern Ireland, UK, the Company has over 40 years heritage and exports to over 20 countries internationally. Harlequin Manufacturing hasdevelopedadiverseandinnovativeproductrangeand is one of the fastest growing manufacturing companies in Northern Ireland with over 120 employees. While the Companys services and operations have expanded over the last 40 years, the underlying principles of the business have remained constant. With Harlequins state-of-the-art manufacturing facilities, it engineers a wide range of specialist products, such as wastewater treatment plants, rainwater harvesting systems, and hot water storage systems. Its products are designed and manufactured to exceed the most technical, environmental, and regulatory requirements. Harlequin operates with several internationally recognised management system certifications, including ISO 9001,

14001 and 45001, and is a registered member of OFTEC, NADC and British Water.

Subsidiary Companies – Food Business l) Jain Farm Fresh Foods Ltd., India ("JFFFL") was incorporated in April 2015. The Standalone revenue of the Company has increased by 0.3% to 6,611.78 million in FY 2025-26 as against 6,590.94 million during FY 2024-25. The Company also had better margins on account of better realisation in spite of higher raw material prices.

Overseas Sales and Distribution Companies m) Jain International Foods Ltd., UK ("JIFL") is a wholly owned subsidiary of Jain Farm Fresh Foods Ltd., India ("JFFFL") and incorporated under English laws. The sales of the Company increased by 0.9% on a year-on-year basis from GBP 21.46 million in FY 2024-25 to GBP 21.65 million in FY 2025-26. 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. n) 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 increased to US$ 0.74 million in FY 2025-26 from US$ 0.57 million in FY 2024-25.

.Operating Overseas Subsidiary Companies o) Sleaford Quality Foods Ltd., UK ("SQF") is based in Sleaford town in Lincolnshire County in the East Midlands region of England. The primary nature of its business is blending, repacking, trading and distribution of food ingredients. The sales of the Company increased by 10.5% from GBP 61.64 million in FY 2024-25 to GBP 68.13 million in FY 2025-26. The Company continues to enjoy a strong order book and excellent customer relations. p) 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 2.7% from US$ 40.50 million in FY 2024-25 to US$ 41.61 million in FY 2025-26. The Company is focused on improving the working capital cycle and inventory reduction. The Company enjoys strong customer relations due to the high-quality products it offers to customers and also has a strong order book. q) Jain Farm Fresh Holdings SPRL, Belgium ("JFFH") is a wholly owned subsidiary and incorporated in 2018 under the laws of Belgium. JFFH has acquired a 100% stake in Innova Foods N.V., Belgium. Innova Foods is a leading importer, stockist and distributor of food ingredients and has become one of the leading players in dehydrated vegetables, spices and other food ingredients in Belgium, the Netherlands, France and other neighbouring countries. Consolidated sales of JFFH, including Innova Foods, were EUR 23.14 million in FY 2025-26, compared with EUR 24.53 million in FY 2024-25. r) 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$ 7.51 million in 2024-25 and US$ 6.46 million in 2025-26. The Company is the youngest company in the JFFFL food group. During the year under review, the Company saw delayed volume offtake from one of its key customers and, as a result, reported lower revenue year-on-year. The Company is operating in an economically volatile environment of very high inflation and interest rates, but is managing these risks well.

Overall Jain Irrigation Systems Limited, India Corporate Structure

Overview of Segments

A) Hi-Tech Agri Input Products Division

Jain Irrigation Systems Limited (JISL) continues a leading provider of comprehensive, innovative and sustainable agricultural technologies. As a pioneer in micro-irrigation, the Company designs, manufactures and delivers world-class drip and sprinkler irrigation systems along with integrated irrigation solutions that enhance farm productivity while conserving vital natural resources. Its strong in-house technological capabilities enable the development of solutions that maximise water-use efficiency, optimise fertiliser application and deliver sustainable agricultural outcomes. The Companys products are engineered for ease of installation, operational reliability and long service life, thereby reducing operational challenges for farmers and agri-enterprises alike.

Going beyond irrigation, the Company offers advanced biotechnology-based tissue culture solutions, quality planting materials, precision farming technologies and agronomic advisory services that support modern, high-yield and climate-resilient farming practices. These integratedlong-term solutions growth help farmersopportunities, improve cropas productivity, optimise resource utilisation and adopt sustainable agricultural practices across diverse agro-climatic regions.

Sustainability continues to remain at the core of the Companys business philosophy. Through continuous innovation, research & development and customer-centric product offerings, JISL remains committed to reducing the environmental footprint of agriculture, improving farm profitability with efficient and sustainable farming solutions.

With its continued focus on innovation, operational excellence and ecological stewardship, the Company remains committed to transforming agriculture through technology-driven solutions while contributing towards water conservation, food security and sustainable rural development.

Industry

1) Micr o Irrigation Systems

The Indian agricultural landscape continues to face increasing challenges arising from a growing population, shrinking arable land, changing climatic conditions and depleting groundwater resources. These challenges have further reinforced the importance of efficient irrigation solutions, with to be micro-irrigation technologies such as drip and sprinkler irrigation emerging as one of the most effective means of improving water-use efficiency, enhancing crop productivity and promoting sustainable agriculture.

The long-term outlook for the micro-irrigation industry remains encouraging, supported by increasing awareness among farmers regarding efficient water management, rising adoption of precision farming practices and continued Government support for improving irrigation infrastructure. Flagship initiatives such as the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), with emphasis on Per Drop More Crop, continue to promote the adoption of micro-irrigation systems through financial assistance and policy support. In addition, increasing focus on climate-smart agriculture, sustainable farming practices and efficient resource utilisation is expected to further drive demand for precision irrigation technologies.

Indias micro-irrigation market continues to offer a significant substantial portion of the countrys irrigated agricultural land is yet to adopt modern irrigation systems. The Company continues to leverage its technological leadership, integrated product portfolio, extensive dealer network and strong customer relationships to strengthen its market position while addressing the evolving needs of farmers.

Operational Performance

The Micr o Irrigation Systems business delivered a performance during FY2026, supported by improved domestic demand, increasing retail penetration and continued focus on value-added products.

Revenue from domestic sales of Micro Irrigation Systems increased by 16.6% to 1,464.31 crore during FY2026 as compared to 1,256.28 crore in FY2025. Export revenue from the Micro Irrigation Systems business stood at 286.48 crore during FY2026 as against 344.68 crore in FY2025. While export demand remained subdued in certain international markets owing to global macroeconomic and geopolitical uncertainties, the domestic business continued to witness healthy growth driven by increasing adoption of precision irrigation technologies and expansion of the Companys retail business.

Risks & Challenges

The Micro Irrigation Systems business to operate in an environment influenced by climatic conditions, Government policies and rural economic factors. Delays in subsidy disbursements, variability in rainfall patterns, depletion opportunities for further expansion of groundwater resources and fluctuations in farm incomes continue to influence demand across different regions.

The business also faces challenges arising from volatility in raw material prices, availability of power for irrigation, increasing competition and evolving regulatory requirements. Further, global geopolitical developments, reciprocal tariff measures and changing international trade dynamics may impact export demand and supply chain efficiencies. The Company continues to address these challenges through product innovation, operational efficiencies, expansion of its retail-led business model and strengthening of its distribution network.

Opportunities & Outlook

The long-term fundamentals of the Indian micro-irrigation industry remain strong. Increasing awareness regarding water conservation, climate-smart agriculture, efficient resource utilisation and sustainable farming practices is expected to continue driving demand for precision irrigation technologies.

Government initiatives aimed at improving irrigation infrastructure, enhancing agricultural productivity and promoting efficient water-use practices are expected to provide sustained growth opportunities for the industry. Increasing adoption of modern irrigation technologies by farmers, coupled with growing focus on precision agriculture and integrated farming solutions, is expected to further strengthen market demand.

The Company remains well positioned to benefit from these opportunities through its comprehensive product portfolio, technological expertise, strong brand equity and extensive distribution network. Going forward, JISL will continue to focus on expanding its retail business, strengthening its presence in under-penetrated markets, developing innovative climate-smart irrigation solutions and creating sustainable value for farmers, customers and other stakeholders.

2) Biotech Tissue Culture

The global plant tissue culture industry continues to witness demand steady driver for the Companys growth, driven by increasing demand for high-quality, disease-free planting materials, improved crop productivity and sustainable agricultural practices. In India, tissue culture has emerged as a key technology for the propagation of commercially important crops, particularly banana, pomegranate, strawberry and several horticultural crops. Growing awareness among farmers regarding the benefits of tissue-cultured planting materials, coupled with the increasing adoption of modern farming practices, is expected to support the long-term growth of the industry.

Banana continues to be the largest tissue-cultured crop in

India, with significant considering that tissue-cultured plants account for only a limited proportion of the total cultivated area. The Company continues to maintain a leadership position in this segment by offering high-quality tissue-cultured banana plants and precision production technologies that significantly enhance productivity, improve disease resistance and reduce the crop cycle.

Similarly, the Company continues to enjoy a strong presence in the pomegranate segment, supported by its high-quality planting material and advanced propagation techniques. Continuous research and development have enabled the Company to improve crop quality, enhance productivity and provide superior planting material suited to diverse agro-climatic conditions.

The Company has also strengthened its presence in the potato segment through the development and production of high-quality seed material using advanced technologies such as aeroponics, net-house cultivation and seed plot techniques. Its innovative "Air Aloo" technology continues to demonstrate the Companys commitment to developing next-generation agricultural solutions.

During the year, the Company expanded its product portfolio by introducing specially developed coffee and black pepper planting materials, which received an encouraging response from growers. The Company has also established a strong position in sweet orange and mango planting materials through advanced nursery production systems and continues to undertake research for developing superior planting materials for crops such as ginger, turmeric, red onion seeds and other high-potential horticultural crops.

Operational Performance

The Tissue Culture business continued to deliver a healthy performance during FY2026 and contributed approximately 8.1% to the Companys corporate turnover. Revenue from the Tissue Culture business increased by 11.2% to 286.80 crore during FY2026 from 257.80 crore in FY2025. Besides its standalone contribution, the Tissue Culture business continues to act as a significant

Micro Irrigation Systems business by promoting integrated farming solutions and strengthening the overall value proposition offered to farmers.

Risks & Challenges

The tissue culture industry continues to face challenges arisingfromseasonaldemandpatterns,longpropagation cycles, dependence on skilled manpower and relatively high production costs. Demand for planting material is also influenced by rainfall patterns, climatic conditions and farmers investment decisions, making production planning and inventory management critical.

The industry also requires continuous investment in research, automation and quality systems to improve productivity, reduce production costs and maintain consistent quality standards. Availability of skilled technical personnel and the need for rapid commercialisation of new varieties continue to remain important focus areas for sustained growth.

Opportunities & Outlook

Tissu e culture continues to play a vital role in agriculture by enabling the production of disease-free, genetically superior and high-yielding planting material. Increasing adoption of horticultural crops, rising demand for quality planting material and growing emphasis on climate-resilient agriculture are expected to create significant long-term opportunities for the industry.

The Companys Hi-Tech Nursery, accredited by the National Horticulture Board (NHB), continues to play an important role in developing premium planting material for fruit, vegetable and horticultural crops. The Company remains focused on expanding its portfolio across horticulture, agroforestry, medicinal and ornamental crops while continuously investing in research and innovation.

Advancements in biotechnology, automation and gene-editing technologies are expected to further strengthen the potential of tissue culture in crop improvement and sustainable agriculture. Leveraging its strong research capabilities, technological expertise and extensive experience in tissue culture, the Company remains well positioned to capitalise on emerging opportunities and continue supporting farmers with high-quality planting long- material for improving productivity, profitability term sustainability.

B) Plastic Products

The Plastic Products Division continues to be one of the Companys key business segments, offering a comprehensive portfolio of PVC Pipes & Fittings, CPVC Plumbing Systems, HDPE/PE Pipes & Fittings and PVC Sheets catering to agriculture, water supply, irrigation, infrastructure, housing and industrial applications. Supported by modern manufacturing facilities, an extensive distribution network and a strong brand presence, the Company continues to provide high-quality piping solutions that meet evolving customer requirements across domestic and international markets.

During FY2026, the domestic Plastic Products business continued to face headwinds arising from lower infrastructure spending during a major part of the year, volatility in PVC resin prices and temporary inventory corrections across the distribution channel.

Revenue from the domestic Plastic Products Division stood at 1,030.09 crore during FY2026 as compared to 1,163.04 crore in FY2025. Export revenue from the Plastic Products Division increased by 3.4% to 158.85 crore during FY2026 from 153.65 crore in FY2025, reflecting continued demand in overseas markets. a) PVC Piping Industry

The Indian plastic piping industry continues to play a vital role in supporting the countrys expanding water infrastructure, irrigation, housing and sanitation sectors. Growing investments in drinking water supply, urban infrastructure, affordable housing, agriculture and industrial development continue to create long-term demand for high-quality plastic piping systems.

PVC pipes remain one of the most preferred piping solutions owing to their durability, corrosion resistance, ease of installation and cost-effectiveness across a wide range of applications including irrigation, potable water supply, plumbing, sewerage and infrastructure projects. Demand for CPVC piping systems also continues to increase, particularly in residential and commercial plumbing applications due to their superior thermal and corrosion-resistant properties.

During FY2026, the industry witnessed moderation in demand during the first half of the year due to lower Government infrastructure spending, significant correction in PVC resin prices and inventory rationalisation across the distribution channel. However, PVC resin prices stabilised during the latter part of the year and demand gradually improved across agriculture and housing sectors.

The Governments continued focus on improving rural drinking water infrastructure through the Jal Jeevan Mission, expansion of irrigation facilities, affordable housing, urban infrastructure and sanitation projects is expected to provide sustained growth opportunities for the plastic piping industry. In addition, increasing awareness regarding quality-certified piping systems, efficient water management and replacement demand is expected to support long-term industry growth.

Operational Performance

The PVC Piping business continued to operate in challenging market environment during FY2026.

This business contributed approximately 19.6% to the Companys corporate turnover during the year. Revenue from the PVC business stood at 691.09 crore during FY2026 as compared to 786.19 crore in FY2025. Revenue from the domestic PVC Pipe business stood at 639.29 crore during FY2026 as against 742.55 crore in FY2025. The decline in revenue was primarily attributable to lower domestic demand during the initial part of the year, inventory correction across the distribution channel following sharp PVC resin price movements and slower execution of infrastructure projects. Demand, however, improved during the latter part of the year as PVC resin prices stabilised and channel inventories gradually normalised.

Risks & Challenges

The Plastic Products business continues to face challenges arising from fluctuations in raw material prices, changing demand patterns, increasing competition and evolving regulatory requirements.

Volatility in PVC resin prices can significantly influence purchasing behaviour across the distribution network, resulting in inventory adjustments and temporary demand moderation.

The industry also faces competition from alternative piping materials such as HDPE, steel and other specialised piping solutions used for specific applications. Rising energy costs, logistics expenses, labour availability and increasing quality expectations further add to operational challenges.

Environmental concerns relating to plastic waste management and increasing emphasis on sustainable manufacturing practices continue to require continuous investments in product innovation, recycling initiatives and efficient manufacturing technologies. The Company continues to address these challenges through operational excellence, product quality, cost optimisation and continuous expansion of its value-added product portfolio.

Opportunities & Outlook

The long-term outlook for the Indian plastic piping industry remains positive, supported by increasing investments in water infrastructure, irrigation, affordable housing, sanitation and urban development. Government initiatives such as the Jal Jeevan Mission, Pradhan Mantri Awas Yojana (PMAY), AMRUT, Swachh Bharat Mission and other infrastructure development programmes are expected to continue driving demand for quality piping solutions.

The stabilisation of PVC resin prices, gradual normalisation of channel inventories and improving demand from agriculture, housing and infrastructure sectors are expected to support recovery in the domestic plastic piping business. In addition, increasing replacement demand, growing awareness regarding BIS-certified products and rising adoption of modern plumbing systems are expected to provide further growth opportunities.

The Company remains well positioned to benefit from these opportunities through its diversified product portfolio, established brand, extensive dealer network, manufacturing capabilities and continued focus on product innovation. Going forward, the Company will continue to strengthen its market presence, expand its value-added product portfolio and improve operational efficiencies while supporting the countrys growing water and infrastructure requirements. b) PE Piping Industry

The P olyethylene (PE) piping industry continues to play a significant role in the development of water infrastructure, irrigation networks, gas distribution systems, sewerage, industrial applications and other utility projects. Owing to their superior strength, flexibility, corrosion resistance and long service life, High-Density Polyethylene (HDPE) pipes are increasingly being adopted across diverse sectors, including agriculture, drinking water supply, city gas distribution, wastewater management and industrial processing.

Growing investments in water supply infrastructure, expansion of gas distribution networks, rapid urbanisation and increasing focus on sustainable infrastructure development continue to support the long-term growth of the PE piping industry. Government initiatives aimed at improving rural water supply, irrigation infrastructure and wastewater management are expected to further accelerate the adoption of HDPE piping systems.

The industry also continues to benefit from increasing preference for durable and maintenance-free piping solutions, technological advancements in manufacturing processes and rising awareness regarding efficient water management. These factors are expected to support sustained demand for PE piping solutions over the long term.

Operational Performance

The PE Piping business continued to operate in a challenging market environment during FY2026, primarily due to moderation in project execution and lower demand from certain infrastructure segments. This business contributed approximately 11.5% to the Companys corporate turnover during the year. Revenue from the PE Piping business stood at 406.63 crore during FY2026 as compared to 448.86 crore in FY2025. Export revenue from the PE Piping business stood at 25.93 crore during FY2026 as against 31.67 crore in FY2025. Despite the decline in revenue, the Company continued to strengthen its market presence by offering high-quality products across agriculture, infrastructure, industrial and utility applications while maintaining its focus on operational efficiencyand customer service.

Risks & Challenges

The PE piping industry continues to face challenges arising from delays in execution of infrastructure projects, fluctuations in raw material prices and increasing competition across domestic and international markets. Timely implementation of Government projects and evolving regulatory standards also influence demand for HDPE piping products. advantages While HDPE pipes offer significant in terms of durability, corrosion resistance and operational life, continuous investment in research, product development and advanced manufacturing technologies remains essential to meet evolving customer expectations and quality standards. The industry also faces the challenge of increasing awareness regarding the technical advantages of HDPE piping solutions over conventional materials such as steel and concrete.

The Company continues to address these challenges through continuous product innovation, stringent quality standards, technological upgradation and customer education, while strengthening its manufacturing capabilities and expanding its presence across key application segments.

Opportunities & Outlook

The long-term outlook for the PE piping industry remains favourable, supported by increasing investments in water supply, irrigation, city gas distribution, wastewater management and industrial infrastructure. Rapid urbanisation, expansion of housing and infrastructure projects, and growing emphasis on sustainable resource management are expected to continue driving demand for HDPE piping systems.

Government initiatives such as the Jal Jeevan Mission (JJM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), expansion of city gas distribution networks and investments in wastewater treatment infrastructure are expected to provide sustained growth opportunities for the industry. Increasing adoption of HDPE pipes across agriculture, infrastructure and industrial applications is also expected to support long-term market expansion. With its established manufacturing capabilities, diversified product portfolio, strong quality standards and extensive market presence, the Company remains well positioned to capitalise on these opportunities. Going forward, JISL will continue to focus on product innovation, strengthening customer relationships, improving operational efficiencies and expanding its presence across high-growth infrastructure and utility segments. c) PVC Sheets Industry

The PV C Sheets business continues to benefit from increasing demand for durable, lightweight and cost-effective building materials across the construction, infrastructure, interior decoration and industrial sectors. Owing to their excellent moisture resistance, corrosion resistance, ease of fabrication and long service life, PVC sheets are increasingly replacing conventional materials such as wood, plywood and metal in a wide range of applications including furniture, modular interiors, wall cladding, doors, partitions, signage, display systems and industrial panels.

The demand for Wood Polymer Composite (WPC) products is also witnessing steady growth due to their superior strength, moisture resistance, fire resistance and environmentally sustainable characteristics. The increasing preference for maintenance-free and recyclable materials, coupled with rapid urbanisation and infrastructure development, continues to support the long-term growth prospects of both PVC Sheets and WPC products.

The industry is also witnessing continuous product innovation and technological advancements, enabling manufacturers to offer high-quality, value-added products catering to evolving customer requirements across residential, commercial and industrial applications.

Operational Performance

The PV C Sheets business continued to register healthy growth during FY2026.

Th e business contributed approximately 2.6% to the Companys corporate turnover during the year. Revenue from the PVC Sheets business increased by 11.7% to 91.22 crore during FY2026 as compared to 81.64 crore in FY2025. Although this continues to be a relatively small business segment for the Company, it remains an important area for future growth and product diversification. The Company continues to strengthen its presence in this segment by expanding its product offerings and enhancing market reach.

Risks & Challenges

The PVC Sheets industry continues to face increasing competition from both organised and unorganised manufacturers, making product quality, innovation and customer service key differentiators. Fluctuations in raw material prices, increasing input costs and evolving customer preferences also continue to influence market dynamics.

Competition from alternative panel materials and increasing emphasis on sustainable manufacturing practices require continuous investment in product development and process improvements. Maintaining consistent product quality, enhancing operational efficiency and strengthening brand opportunities for recognition remain important priorities for sustaining long-term growth.

The Company continues to address these challenges through stringent quality standards, continuous product innovation, efficient manufacturing practices and expansion of its value-added product portfolio.

Opportunities & Outlook

The long-term outlook for the PVC Sheets business remains positive, supported by increasing demand from the construction, housing, infrastructure and interior furnishing sectors. Growing preference expansion of its private label for lightweight, durable, moisture-resistant and environmentally sustainable building materials is expected to continue driving demand for PVC Sheets and WPC products.

Rapid urbanisation, increasing investments in residential and commercial construction, infrastructure development and changing consumer preferences towards modern building materials provide significant opportunities for future growth. Continued product innovation, expanding applications and increasing awareness regarding the advantages of PVC and WPC products are expected to further strengthen market demand.

The Company remains well positioned to capitalise on these opportunities through its established manufacturing capabilities, focus on product quality, expanding distribution network and commitment to innovation. Going forward, the Company will continue to strengthen its presence in this segment by introducing value-added products, expanding market reach and enhancing customer engagement while supporting sustainable growth.

3) Agro-Food Processing

The A gro-Food Processing business, operated through Jain Farm Fresh Foods Limited (JFFFL), continues to be one of the Companys key growth drivers and a significant diversified business portfolio. Backed by an integrated farm-to-fork business model, strong sourcing capabilities, advanced food processing technologies and an expanding global footprint, JFFFL is well positioned to capitalise on the growing demand for high-quality food ingredients and value-added food products across domestic and international markets.

The long-term outlook for the food processing industry continues to remain favourable, supported by changing consumerpreferences,increasingdemandforprocessed and convenience foods, growing focus on food safety and traceability, and expansion of organised retail and food service sectors. Indias strategic position as one of the worlds largest producers of fruits, vegetables and spices, together with its cost-competitive manufacturing capabilities, provides significant growth in food processing and exports.

JFFFL continues to strengthen its international presence through its operations across India, Turkey, Belgium, the United Kingdom and the United States, enabling the

Company to cater to a diversified customer base across food manufacturers, food service companies, private label brands and retail customers. During FY2026, the Company further strengthened its manufacturing capabilities by successfully commissioning two high-speed bottling lines for juices and carbonated soft drinks for one of Indias leading beverage companies, resulting in a significant and contract manufacturing business.

Despite continuing macroeconomic challenges, inflationary pressures and changing consumer demand across certain overseas markets, the Companys diversified product portfolio, global customer relationships and operational flexibility enabled it to maintain stable business performance while continuing to strengthen its long-term market position.

Pr oducts

Under its Jain Farm Fresh brand, the Company offers a diversified portfolio of value-added food products, including dehydrated onion and vegetable products, aseptic fruit pulps and purees, fruit concentrates, clarified juices, individually quick frozen (IQF) fruits and vegetables, herbs, spices, seasonings and private label food products. Through its Valley Spice brand, the Company continues to offer premium spice products catering to both domestic and international markets.

Operational Performance

The Agro-Food Processing business continued to deliver a resilient performance during FY2026 despite a challenging global operating environment.

Revenue from the Agro Processing business increased by 9.3% during FY2026, while EBITDA registered a growth of 9.0% over the previous year. The business continued to benefit from improved demand across key export markets, expansion of value-added product offerings and operational efficiencies across its domestic and international operations. The successful commissioning of the new beverage bottling facilities further strengthened the Companys manufacturing capabilities and expanded its presence in the growing private label and contract manufacturing segment.

Markets

JFFFL operates manufacturing facilities and operations across India, Turkey, Belgium, the United

Kingdom and the United States, serving a diversified customer base comprising food manufacturers, food service companies, institutional buyers, retail chains, private label brands and co-manufacturing partners across domestic and international markets. Its integrated sourcing network, flexible manufacturing capabilities and strong customer relationships enable the Company to efficiently while maintaining high standards of quality, food safety and traceability.

Risks & Challenges

The Agro-Food Processing business face challenges arising from unpredictable weather conditions, changing crop patterns, inflationary pressures, fluctuations in agricultural commodity prices and increasing logistics and supply chain costs. Availability of quality agricultural produce, changing consumer demand and volatility in international markets also continue to influence business performance. The Company remains focused on mitigating these challenges through its integrated farm-to-fork business model, contract farming initiatives, diversified sourcing network, continuous product innovation and operational efficiencies. Continued emphasis on food safety and sustainable sourcing further strengthens the Companys competitive position across global markets.

Opportunities & Outlook

The long-term outlook for the Agro-Food Processing businessremainspositive,supportedbyincreasingglobal demand for processed foods, natural food ingredients, private label products and value-added food solutions. Growing consumer preference for convenience foods, clean-label products and sustainable sourcing practices is expected to create significant both domestic and international markets.

The Company remains committed to enhancing productivity across the value chain, improving processing efficiencies, expanding value-added product offerings and strengthening customer relationships across key global markets. Continued investments in innovation, manufacturing capabilities, private label solutions and operational excellence are expected to further strengthen the Companys competitive position.

With its diversified product portfolio, integrated farm-to-fork business model, global manufacturing footprint and strong customer relationships, JFFFL remains well positioned to capitalise on emerging opportunities while delivering sustainable long-term growth and creating value for all stakeholders.

4) Risks and Concerns at Corporate Level

The Company operates in a dynamic business environment across the agriculture, irrigation, plastics and food processing sectors, exposing it to a diverse range of strategic, operational, financial and market-related risks. These include fluctuations in raw material prices, climatic uncertainties, foreign exchange volatility, changes in Government policies, geopolitical developments, liquidity management and evolving customer demand. The Company continues to strengthen its enterprise risk management framework by proactively identifying, monitoring and mitigating risks through appropriate business strategies, operational controls and financial discipline. This has enabled the

Company to maintain business resilience and create long-term value despite an increasingly challenging to global environment.

The key risks and the Companys mitigation strategies are outlined below: Operating Risks

Liquidity Risk

The Company continues to maintain a disciplined approach towards liquidity management while focusing on improving operating cash flows and working capital efficiency. Continued emphasis on the retail-led business model, cash-and-carry quality, traceability, sales, improved collections, inventory optimisation and prudent capital allocation has strengthened liquidity management during the year. Focused initiatives resulted in an improvement in the working capital cycle during FY2026, while the Company continued to meet all its debt servicing obligations and maintained its borrowings as Standard with all lending institutions.

Raw Material Price Risk

The Companys businesses remain exposed to fluctuations in prices of key raw materials, particularly plastic resins and certain agricultural commodities. Since effective hedging mechanisms for plastic resins are not available, the Company continuously monitors market movements and adopts appropriate procurement, pricing and inventory management strategies to minimise the impact of price volatility on its operations.

Capac ity Utilisation Risk

Capacity utilisation across various businesses may be influenced by seasonal demand, Government programme implementation, customer demand patterns and overall market conditions. The Company continues to improve capacity utilisation through product diversification, expansion of the retail business, export growth, introduction of value-added products and optimisation of manufacturing operations.

Climate Change and Weather Risk

Changing climatic conditions, erratic rainfall patterns, extreme weather events and increasing pressure on water resources continue to impact agricultural activity and demand across the Companys businesses. The Company continues to promote climate-smart agricultural technologies, precision irrigation systems, efficient water management solutions and sustainable farming practices to help farmers improve productivity while addressing climate-related challenges.

Geopolitical and Global Economic Risk

The Company continues to closely monitor geopolitical developments, changing international trade policies, reciprocal tariff measures, supply chain disruptions, inflationary pressures and global economic uncertainties that may impact its domestic and international operations. The Companys diversified business portfolio, global presence and continued focus on operational efficiency help mitigate the impact of such external risks.

Market Risks & Opportunities

• Dema nd Risk

Demand across the Companys businesses is influenced by agricultural activity, Government policies, infrastructure spending, rural income levels and overall economic conditions. The Company leverages its strong Management Information System (MIS), extensive dealer network and market intelligencetocloselymonitorcustomerrequirements and emerging market opportunities. Continued Government focus on micro irrigation, water conservation, rural drinking water infrastructure and sustainable agriculture is expected to support long-term demand across the Companys businesses.

Interest Rate and Foreign Exchange Risk

The Company remains exposed to fluctuations in interest rates and foreign exchange movements due to its domestic and international operations. The Company continuously monitors interest rate trends and foreign exchange exposures and adopts appropriate treasury management practices, including forward exchange contracts, wherever considered necessary. Continued focus on improving cash flows, optimising working capital and prudent financial management remains a key priority.

• Receivables and Collection Risk

Timely recovery of receivables, particularly under Government-supported programmes, continues to remain an important focus area. The Company continues to strengthen its retail-led business model and cash-and-carry sales while reducing dependence on project-based business. Strong dealer relationships, disciplined credit management and continuous monitoring of receivables have helped improve working capital efficiencyand reduce collection risks.

The Company believes that effective risk management is an integral part of sustainable business growth. Its structured risk management framework, supported by continuous monitoring, periodic reviews and timely mitigation measures, enables it to respond effectively to changing business conditions while capitalising on emerging opportunities. The Company remains committed to maintaining financial discipline, operational excellence and sustainable growth, thereby creating long-term value for all its stakeholders.

5) Analysis of the Standalone financial performance

a) Revenue ( in Crore)

Business	2025-26	2024-25	Change absolute	Change %
Hi-tech Agri Input Products	2,344.35	1,942.32	402.02	20.70%
Plastic Division	1,188.94	1,316.70	(127.76)	(9.70%)
Total Revenue	3,533.29	3,259.02	274.26	8.42%
Domestic	3,082.67	2,752.83	329.84	11.98%
Export	450.65	506.19	(55.57)	(10.98%)

T otal revenue of the Company increased by 8.42% to 3,533.28 crore in FY 2026 vis-a-vis 3,259.02 crore in FY 2025.

The Companys total domestic revenue has increased by 11.98% for FY 2026 to 3,082.67 crore from 2,752.83 crore in FY 2025. The revenue from exports - has decreased by 10.98% in FY 2026 to 450.61 crore from 506.19 crore in FY 2025. i) Hi-T ech Agri Input Products Division:

Re venue from sales of the Companys Hi-Tech Agri in Input Products has increased by 20.70% in FY 2026 to 2,344.35 crore from 1,942.32 crore in FY 2025.

. ii) Plastic Products:

Re venue from the Plastic Products division has decreased by 9.70% in FY 2026 to 1,188.94 crore from 1,316.70 crore in FY 2025 mainly due to subdued retail demand, unseasonal rainfall in key agricultural markets, PVC resin price volatility and inventory rationalisation across the distribution channel, and slower execution of certain water infrastructure projects. b) Raw material consumption ( in Crore)

b) Raw material consumption	( in Crore)
Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Polymers, Chemicals & additives, packing material etc.	1,881.08	1,830.67	50.41	2.75%

Raw material consumption increased by 2.75% during FY2026, primarily in line with higher production levels and increased sales in the Hi-Tech Agri business. c) Other Expenses ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Other Expenses	692.52	636.10	56.42	8.87%

Other Expenses increased by 8.87% in line with increased operations. d) Employee Benefit Expenses ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Employees benefit expenses	372.49	352.51	19.98	5.67%

Emplo yee cost has increased by 5.67% due increase in the basic salary of associates. e) Finance Costs (in Crore)

Particulars	31st Mar 31st Mar
	2026	2025	Change absolute	Change %
Interest Exp	260.64	262.66	(2.02)	(0.77)%
Bank Charges	35.62	29.03	6.60	22.74%
Total	296.27	291.69	4.58	1.57%

The interest expense has decreased by 0.77% in FY26 as compared to FY25 mainly due to repayments of term borrowings. f) Fixed Assets ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Gross Block (net of disposal)	4,883.73	4,830.90	52.83	1.09%
Less:
Depreciation	2,219.11	2,112.06	107.05	5.07%
Net Block	2,664.62	2,718.84	(54.22)	(1.99%)

Gr oss block of Fixed Assets has increased 52.83by crore during FY 26 mainly due to additions to Plant and Equipment.

h) Inventories			( in Crore)
Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Inventories (incl.Biological assets)	1,036.20	1,049.58	(13.38)	(1.27%)

assets)

The overall inventory is held in line with the upcoming season. i) T rade Receivables ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Gross Receivables	2,426.64	2,304.42	122.22	5.30%
Less:
Impairment allowances	(426.02)	(419.24)	(6.78)	1.62%
Net Receivables	2,000.62	1,885.18	115.44	6.12%

The increase in overall receivables is due to delayed collection from the government-backed subsidy business. j) Short T erm Loans and Other Current Assets to an ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Short Term
Loans & other current assets	545.08	514.95	30.13	5.85%

Shor t Term Loans & Other Current Assets have increased mainly due to increase in advances paid to suppliers against materials and services. k) Curr ent Liabilities ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Current	3,167.80	2,689.47	478.33	17.79%
Liabilities

Curr ent Liabilities have increased 478.33by crore mainly due to an increase in the current maturities of long-term loans and additional working capital facilities sanctioned and availed during the year. l) Long T erm Borrowing ( in Crore)

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Long Term
Borrowing (incl. the current maturities	779.26	881.89	(102.63)	11.64%

The Long Term Borrowing has decreased by 11.64% to 779.26 crore in FY 2026 from 881.89 crore in FY 2025 due to repayment of the term loans.

g) Investments ( in Crore)

g) Investments				( in Crore)
Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Investment in Wholly owned subsidiary (WoS)/ Subsidiary/Step Down Subsidiary Company	1,325.73	1,322.25	3.48	0.26%
Other Investment	61.25	61.25	-	-
Total	1,386.98	1,383.50	3.48	0.25%

The incr ease in Investments is attributable to Ind-AS adjustments and an investment 3.48 crore in the equity sharesof of JPFTIPL (investment subsidiary of JISL).

m) Shareholders Fund

Particulars	Equity Capital	Premium Share	Other Reserves	Retained	Money recd agst share warrants	Total
Balance as on 1st April 2025	138.22	2,018.03	394.86	2,379.77	49.89	4,980.77
a) Allotted during the year	8.56	191.00	-	-	(199.56)	-
b) Share option outstanding	-	-	-	-		-
c) Profits for the year	-	-	-	24.03	-	24.03
d) Dividend paid (incl. dividend tax)	-	-	-	-	-	-
e) Adjustments	-	-	-	3.82	149.67	153.49
Sub Total (a to e)	8.56	191.00	-	27.85	(49.89)	177.52
Balance as on 31st March 2026	146.78	2,209.03	394.86	2,407.62	-	5,158.29

Incr ease in Equity share capital and share by 8.56 crore and 191.00 crore is due to the issue

16,321,607 Equity shares to the Promoter group and 26,464,823 Equity shares to investors. n) Dividend ( in Crore)

The Board has not proposed to pay a dividend on Ordinary Equity Shares and DVR Equity Shares for FY 2025-26.

Particulars	31st Mar 2026	31st Mar 2025	Change absolute	Change %
Equity	-	-	-	-
Dividend

6) Internal Control Systems and Their Adequacy

Intern al Control Systems structure at Jain Systems Ltd. (JISL) is treated as a non-negotiable operational priority and not as a mere procedural formality. The Company maintains a disciplined framework where the rigidity of established processes is upheld over departmental convenience, ensuring that every transaction is subject to verified checks and balances. This system is designed to safeguard the Companys diverse global asset-pool, provide reliable financial reporting and embed the Companys mission to "Leave this world better than you found it" into its daily governance.

Operational Discipline and Financial Oversight

The Companys Internal Financial Control (IFC) environment is integrated into its Enterprise Resource

Planning (ERP) architecture. This ensures that financial data is captured with precision and transparency. The framework is defined by:

Standar d Operating Procedures There(SOP): are detailed manuals governing all functional activities. These are not mere static documents; they are updated to match the increasing complexity of global evaluates and operations.

Authorisation Matrix: A strictly enforced delegation of authority that guarantees every financial and operational commitment is vetted at the appropriate level of management.

Agile Budgetary Controls: A responsive monitoring system where actual performance is scrutinised against quarterly budgets. This enables the management to execute data-driven course corrections as well as optimise resource deployment in real time.

Risk-driven Audit and Independent Assurance

The internal audit function is structured around a systematic risk assessment and management framework. Being more than a generic review, the audit programme is tailored to monitor specific high-impact risks across the Companys manufacturing and administrative units. This function is performed by an independent external agency appointed by the Audit Committee.

The internal auditors report directly to the Audit Committee, securing an objective evaluation of the control environment. Quarterly reports detail specific findings and the status of remediation actions, fostering a culture of transparency and accountability.

T echnological Integration and ESG Calibration

With continued dedication to procedural enhancements, the Company regularly assesses the Internal Controls Framework. It leverages automated monitoring tools to reduce manual intervention, thereby minimising the scope for human error in financial closing procedures.

Recognising that modern business risks extend beyond the balance sheet, the Company has honoured its high-level ESG commitments. This is achieved through integrating specific Environmental, Social and

Governance parameters into its formal risk assessment protocols. Via this process, it is ensured that the control framework actively identifies, analyses modern challenges such as climate resilience, supply chain roadblocks and sustainable resource management.

Vigil Mechanism and Statutory Compliance

T o supplement the Internal Control System,

Company operates a comprehensive Whistle Blower Policy and Vigil Mechanism, allowing stakeholders to report ethical concerns in a protected environment.

The Board of Directors and the Audit Committee are in active engagement in the evaluation of the Internal Control Systems in maintaining their adequacy and effectiveness. The Company remains committed to the continuous calibration of these systems to maintain resilience in an ever-evolving global market.

7) Human Resources: Synergy of Tradition, Talent, and Technology

A t Jain Irrigation Systems Ltd. (JISL), human is viewed through the lens of a shared destiny. At its foundation, the Company operates on the absolute conviction that people are the core of its purpose. The Companys approach to Human Resources transcends conventional talent management by focusing on a disciplined, purpose-driven workforce that encapsulates the founding philosophy – Work is Life, Life is Work. The HR philosophy is rooted in the belief that true empowerment stems from a combination of rigorous professional standards and a deeply ingrained sense of institutional belonging.

A Cultur e of Focus and Professional

The operational environment at JISL is by a high degree of focus and a lean, accountable work culture. This model ensures that all employees are aligned with the Companys strategic objectives through structuredandverified

Internal Ownership and Initiative: While the Company maintains strict adherence to operational protocols, it actively identifies and rewards individuals who demonstrate leadership qualities. Associates eager for opportunities to add value are encouraged to handle critical projects, fostering an environment of proactivity and critical thinking.

Stability and Organisational Longevity: A defining characteristic of the Company is the high retention rate at the executive and managerial levels, reflecting a deep-seated institutional stability. This continuity is a product of the JISL Family ethos, where the rigour of the operational workday is balanced by a strong sense of community and mutual respect. By fostering an environment where long-term career growth is aligned with the Companys core values, it maintains a seasoned leadership pipeline that provides steady stewardship through various market cycles.

Strategic Talent Management and DEI

T o remain agile in a dynamic global environment, the

Company integrates forward-thinking practices that blend people-first values with operational efficiency:

Personalized Feedback and Development: Moving beyond generic engagement, the Company emphasises a feedback-rich environment. Personalised guidance from reporting managers ensures that development journeys are tailored to individual strengths, enhancing both productivity and emotional well-being..

Diversity, Equity and Inclusion (DEI): The DEI agenda is a cornerstone of the JISL culture, ensuring diverse representation across all levels. Through inclusive hiring and ongoing sensitisation, the Company fosters a sense of belonging that serves as a catalyst for innovation.

Technological Integration and Digital Transformation

The in Company has achieved a significant its digital journey by transitioning from legacy systems to the fully automated HR ONE platform. This unified software suite serves as the backbone for all HR-related processes, ensuring seamless integration from recruitment to retirement.

Process optimisation through automation of routine compliance and administrative tasks has liberated HR leadership to focus on high-impact strategic priorities and employee-centric transformation. This shift not only ensures absolute data integrity but also enhances the Discipline speed and accuracy of organisational decision-making.

By fostering an ecosystem of mutual respect and uncompromising discipline, JISL ensures its people are custodians of a long-standing legacy. The Company remains committed to the continuous calibration of its HR frameworks, nurturing a workforce that is technically proficient, operationally disciplined, and deeply connected to the philosophy of the organisation—because the Company empowers its people to be architects of the future, not just participants in it.

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.