Shares of Jain Irrigation Systems rose as much as 5% in Thursday's trading session following the announcement of a significant contract win. According to reports from CNBC TV18 and Business Standard, the company secured a ₹117.96 crore empanelment from Maharashtra State Electricity Distribution Company (MSEDCL) for supplying and installing 5,000 solar-powered water pumping systems across Maharashtra. The project, valued at ₹117.96 crore inclusive of GST, covers solar pumping systems with capacities of 3 HP, 5 HP and 7.5 HP, with Jain Irrigation's scope including design, manufacture, supply, transportation, installation, testing and commissioning of the systems. As per Business Standard, the empanelment has been awarded under the Magel Tyala Saur Krushi Pump Yojana, a Maharashtra Government initiative aimed at promoting solar powered irrigation solutions for farmers.
As reported by CNBC TV18 and Business Standard, the Maharashtra-based company is required to complete the project within 60 days, according to its regulatory filing. MSEDCL serves as the awarding entity, and the project is classified as a domestic contract in Maharashtra. The contract was announced after Jain Irrigation commissioned an industrial-scale biochar facility at Jalgaon, Maharashtra, in June, which has an annual processing capacity of around 20,000 tonnes of agricultural and fruit-processing residue.
According to CNBC TV18 reports, Jain Irrigation Systems reported revenue of ₹1,508 crore in Q1 FY27, declining 17.3% quarter-on-quarter and 2.41% year-on-year. The company's gross profit stood at ₹90 crore, declining 45.39% sequentially and 32.39% from a year earlier. The company reported a net loss of ₹18 crore for the quarter, reflecting the challenging financial performance despite the recent contract win.
As reported by CNBC TV18, shares of Jain Irrigation Systems were trading at ₹30.31, up 4.27%, at around 2:14 pm on Thursday. However, the stock has remained under pressure over the longer term, declining 28% so far this year and 47% over the past year. The stock has declined more than 56% over two years and 51% over three years. Over shorter periods, the stock has gained 0.90% in the past week and 9.23% over one month, though it is down 7.23% over three months.
