Jain Irrigation Systems Ltd (NSE: JISLJALEQS) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Anil Jain — Vice Chairman and Managing Director
Analysts:
Bhavya Sharma — Analyst
Praneet — Analyst
Ankit Bansal — Analyst
Ronak Ostwal — Analyst
Ravi Kumar — Analyst
Sumit Kumar — Analyst
Parag Khare — Analyst
Sidhaant Lodaya — Analyst
Digish Pandit — Analyst
Presentation:
operator
The conference is now being recorded. It. It. Sa. Sam. Sa. It. Foreign. Ladies and gentlemen, good day and welcome to Gen Irrigation Systems Q3FY26 earnings conference call hosted by Dr. Chokshi Finserve Private Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Bhavya Sharma from Dr. Choksee Finserve Private Limited. Thank you. And over to you Ms.
Sharma.
Bhavya Sharma — Analyst
Thank you. Good afternoon everyone and welcome to Jain Education Systems Limited earnings call to discuss the Q3FY26 results. Today we have on call Mr. Anil Jain, CEO and MD and Mr. Bipin Walaming, Chief Financial Officer. We must remind you that the discussion on today’s call may include certain forward looking statements that may involve known and unknown risks, uncertainties and other factors and must therefore be viewed in conjunction with the risk that the company faces. Future results, performance or achievements may differ significantly from what is expressed and implied by such forward looking statements. Please note the results and presentation are available on the Exchange NR company’s website.
Now I request Mr. Anil Jain to take us through the company’s business outlook and financial highlights subsequent to which we will open the floor for questions. Thank you. And over to you sir.
Anil Jain — Vice Chairman and Managing Director
Thank you. And I would like to welcome everybody. Today we are discussing the quarter three results for Jain Irrigation Company in terms of our business in India as well as business of our subsidiary which is food processing and overseas plastic business which we have globally speaking overall company has done quite well in terms of revenue growing almost at 17% 17.4% to close to 1600 crore. In terms of this quarter, when we look at where did the 17% growth came from. The high tech business which covers the drip irrigation and tissue culture that grew also close to 16% from 540 crores to 625.
The plastic business which includes the pipes business in India and the plastic shield business overseas it grew 18% from 391 to 490, 462 crores. And agro processing which is local in India as well as overseas business processing of the fruits and vegetables and spices grew also 18.5% from 430 crores to 509 crores. So this was the quarter where we had all round growth across all the three strong segments of the business. Of the company. And every business has registered growth in, you know, high teens. And this is in line with our expectation. But first half we had, you know, the plastic business was not doing that well, especially in India because of the, you know, lower prices of the resin which resulted into lower prices of the pipe being as a product and also extended rainy season which created seasonal challenges in terms of demand.
And that is now started to picking up. And that’s where you see this kind of revenue growth which we have achieved in this revenue growth which we achieved across different segments. What was more heartening to see that the retail sales, the sales where we sell through our dealers this quarter were up. Across the piping and irrigation segments and tissue culture, we’re almost up 24%. So overall growth might seem lower at 17, but retail sales grew very well at 24%. And that is what our focus is going forward as well. That as we bring down the project sales, as we complete the projects, etc.
Over next 12 months, it would almost be negligible. The retail sale is what is going to fuel the growth for the company. And that already automatically means better balance sheet because retail sales mean very efficient optimum working capital cycle with low receivables and fast moving inventory turns. So we will remain focused on that. And this quarter was good validation of that effort. Even though overall retail sales in the first nine months are up 14% only. And that is because, you know, I talked about the piping sales which were lower for a period of time. This particular quarter we were a little bit had some challenge on export business where our exports were reduced this particular quarter, quarter to quarter comparison from the last same year quarter exports were lower by 34%.
Otherwise this overall performance would have been even more robust. In terms of the retail product which we sell, the volume growth was also positive even though in single digit about 8 to 9%. And the value growth you have seen more has come also because of the product mix. So that has really helped us. While this growth has come from different, different businesses which we have, what has helped the growth in high tech division also is the growth in the solar pump business which we achieved during this quarter. So I would say that was quite helpful.
PVC pipe kind of became equal to the same period. Despite the lower revenue prices. PE pipe, we had significant growth. So that’s the product line wise. So all in all, I think as we look forward to, apart from what has happened in last quarter, but what’s happening in the current quarter next quarter we expect continued strong revenue growth going forward. And we should be able to you know meet the number. We had about more than I think we talked about more than 15% overall revenue growth for the company for first nine months including December quarter.
Revenue growth for company is about 13 and half. And in the current quarter we will definitely grow more than 15. So we think we should then average it out around 15% growth for the whole year as was projected and discussed by us earlier. In terms of what our goals in terms of when we look at beyond the business in terms of the profitability and earnings. I think EBITDA this year is slightly lower than the last year same period and it is Approximately I think 10.5% as against 12.9% same period last year. But in absolute amount, you know it is lower by 4% from 175 crores to about 168 crores.
A small amount within that I think in high tech division EBITDA was know higher than the same period last year. Reduction was in plastic business which I talked about. You know the resin prices were low and you know the prices kept going. So it impacted the inventory as prices came down during the quarter. And then in agro processing there was a seasonality issue that usually we have certain amount of production of the for example dried onions and bananas etc. But availability due to the erratic weather was very limited. So we couldn’t produce much of either onions or bananas in terms of processing.
So fixed cost absorption didn’t happen. And that is one of the reasons the earnings were lower in agroprocessing division. But when I look at for the overall nine month basis I think we are quite good on earnings. While revenues have grown 13.5%. The EBITDA for the nine months has grown by 15% from 493 crore to 569 crores. So I think we are staying good on a nine month basis to our overall revenue growth of 15% plus for the target for the whole year and EBITDA to be higher than 15% growth. EBITDA is already at 15 for the first nine months.
And fourth quarter being a stronger quarter we should be able to do better overall in revenue and earnings with better absorption of fixed costs, better product mix, more profitable products being sold in the quarter. Already one month is over in the current quarter. The signs are as we see overall quarter looks good. It may not be as robust as we anticipated because continued seasonality issues but definitely in line with our estimates in terms of budget because you know we have been working on that. If this doesn’t happen, what else could happen? So with those plan A plan B in place, we think we’ll meet our original numbers as we move along.
Now when we talk about this during this quarter in terms of overall business, during this particular quarter our inventory has come down at standalone India level almost by 100 crores. So that has helped in terms of the cash flow level by improving working capital overall. In terms of the debt, debt is almost I think similar level than last quarter. It has not changed much in totality. Even though if you look at working capital cycle in terms of days sales outstanding, it has improved. So let’s say last year our networking cycle was 196 days and it has come down to 181 days.
So you know there’s improvement of 15 days which is quite good even compared to September which was about 200 days networking up cycle it is down to 181 days. Primarily driven by I think better level of inventory and even in terms of receivables compared to September we are in a better level scenario. So good revenue growth in line earnings while this particular quarter were somewhat compromised due to lack of production in certain businesses. But I think for the whole year we should be on our target companies having positive cash flow from the operations post working capital changes as has been over last I think eight quarters or so.
And that is allowing us to, you know, make necessary investment where required as well as the service, the debt. Apart from our traditional business, normal business during this quarter we have also invested in our food processing subsidy for the beverage lines which we talked about, which we have been working on last two quarters that will go into commercial production as we speak already in the current month. And phase two should come up in the later part of the year by the end of this calendar year. So that is moving on in line with the overall project implementation plan.
And that should add substantial revenue in food division, food processing subsidy next year and thereafter. And that looks quite good the way it is moving forward. Our business because it is domestic and export business both does get impacted by what happens around the world. And it is heartening to note that recent signing of the FTAs by government of India with you know, with counterparty EU and as well as the US should be helpful to us, especially to Europe as and when that gets done. It is still, you know, down the line, down the road maybe few quarters.
But some of our exports of e.g. dried onion, et cetera would get now, you know, preferential access with almost no duties while currently we were, you know, being Significant amount duties. And that was a disadvantage compared to our competition from places like Egypt in that particular business. And even the currently announced US deal would mean lower duties on the plastic sheets which we export to usa. So all in all, some of the developments over the last couple of weeks should be positive for our business. And also the resilience which we buy are usually priced based on international raw materials.
And while up to December resin prices were going down, in January they have gone up right or two or three times. But rupee appreciating from 90 to 92, closer to 92 to 90 might help reduce arrest that those increases which in general would mean good demand in totality. So that’s. I think so general situation is positive in terms of geopolitical scenarios. And you know, company now I think March quarter as well as June quarter should show, you know, much better results than what we already have, even though current results have been quite okay. So we continue to remain focused on three or four things.
One is of course maintaining revenue growth and within that revenue growth, trying to capture more and more of the retail market, improving our market share into existing areas like western and southern India, but at the same time opening up newer markets or doing additional business into north and northeast zones where we have been traditionally north present. We think next year exports also should come back quite strongly. And exports were doing very well for last two years. They were, you know, one of the 30, 40% growth they were providing us in terms of underlying trends. We expect that with good rains, even though they were extended and created a demand problem in Q3, this should be good for the drip irrigation business in this and next quarter and as farmers make more money, that should generally help going forward.
In terms of the resin prices which were going down now have stabilized or started inching up. That should help the revenue growth into the piping segment which we talked about. And that should also do well. In terms of food processing business. I think demand for underlying products like dried onions or the fruit pulp remains good for us. And startup starting commercial production of the beverage unit will start, you know, filling revenues across already some revenues will come in February and March, but real big impact one will start filling only in the next fiscal year. Overall, company has done reasonably well considering all the circumstances.
And I think we would always urge everybody to look at our annual results rather than individual quarterly results which does get impacted quite a lot by so many seasonality factors being agriculture oriented businesses. But I think for the whole year we should maintain, you know, 15% plus revenue growth, 15% plus EBITDA growth compared to the same period last year and 27 I think and we’ll talk more about 27 when we talk about the March results. But you know, internally we are working to be more ambitious and while current year our targets have been around 15% plus next year the idea would be be closer to 18 to 20% rather than 15 to 17% in terms of revenue and earning growth.
That’s what we are committed to, that’s what we are working to and we are looking forward to continued momentum. I think overall India is in good position and across our ecosystems we find things. So that’s what we are looking for. And I would like to thank you for listening patiently to this update on overall companies, businesses and different different segments. And we would now happy to take questions if any. Thank you.
Questions and Answers:
operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touch tone telephone. If you wish to remove yourself from the question queue you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question comes from the line of Praneet, an individual investor. Please go ahead.
Praneet
Hi. Thank you for the opportunity. So my first question is regarding the taking the food division public. Could you give us some update on what’s happening with firing the RHP and what’s the process? And could you also give some insight into structures of the JVs for the bottling division and the tomato puree division? Because we have not received any update regarding that.
Anil Jain
So second question first on the food processing side, the bottling beverage unit which we have is a part of the main company, Jain Farm Fresh which is there so it is enshrined inside the main company. There is no particular JV there. It is more open collaborative approach with the contract. With our partner.
operator
Sorry to interrupt you sir, your voice is breaking.
Anil Jain
Hello.
operator
Hello. Yes sir, go ahead.
Anil Jain
Sorry, sorry for that. The tomato processing JV we have recently signed it would be a 51, 49% and JV with a Japanese company and you know we are in process of setting up what needs to be done and but the actual revenue will start coming only from next January, January 27th there together we are acquiring in that JV one of the existing units and going to expand it and all of that and that would give us as one single crop, mostly tomato and idea eventually in phase two is to do also value added products in the JV in terms of your first question related to the public IPO of the food business, we are still in, I think we are working with the investment bankers about the likely approach to the market.
And I think when we talk sometimes in March, post March results, we should be able to give you ample clarity in terms of precise how exactly it is moving forward. But we are moving in that direction that you know, the business needs to, you know, get that process done for one value monetization, but also to get the growth capital. And we are in touch, as I said, with investment bankers to what is the best way to go about it. And we are in consultation with our, you know, private equity shareholder. We would be able to take a final call during this, this month and next month and we can talk a little bit more early next year.
Praneet
Understood. And coming to the plastic division, I understand we had a substantial degrowth in ebitda. So could you tell me how much was a result of an inventory loss versus lack of capital utilization? Cap. Cap capacity utilization. Could you give some more idea why exactly? Because happened in EBITDA terms.
Anil Jain
I think when you look at EBITDA terms, an absolute amount, right. The EBITDA last year in third quarter was 42 crores. This year it came down to a 33 crore. So about loss of about 20% in absolute amounts and percentage wise it came down from 10.8 to 7.2. For in this particular quarter about half of that I will attribute towards loss of inventory and half of that with less volume growth which should have taken place because season usually starts. But up to November it was raining. So season did not really start. But at the same time I want to bring to your attention that if you look at the overall nine months, I think EBITDA plastic division has come down by only about 15 crores from as against 148 to 133 and margin as against 10.9 to 9.4.
So I think in the current quarter with the higher level of growth where we already started seeing demand and better margins as prices have started going up, we think what you have seen this negativity in the current quarter will be more than made up. And for the whole year I think we should have, you know, more earnings than the year before and more revenue growth than year before.
Praneet
Understood. And regarding the working capital days, I understand you had a great improvement because of growing retail business and everything. Could you, could you also give a perspective on what’s happening with the receivable side of it in terms of the projects each state wise and you also mentioned that solar also has driven a lot of the growth. And despite that we have grown, we have reduced the working capital. Could you explain what’s happening in terms of the receivable cycle of solar business separately and the government receivables? Both.
Anil Jain
Yeah. So I think when you look at overall government receivables and solar. Solar as you know that we have recently started doing again, right. In between for two or three years we have not done the solar agriculture pump business, but we have started doing that now. And in terms of the project, you know, overall net receivables, you know, it’s the amount of the revenue which we have and versus collection which we have. So overall receivables, if you look at console level have almost remained at the same level compared to earlier. While in individual divisions things have changed.
Structurally speaking, I think this is better. Right? You saw that, you know, on DSO basis we improved 15, 20 days compared to the earlier period, which is quite positive. And that is partially coming from one higher sales of retail because you know that they have a much lower footprint of working capital. So that helps in the overall and in projects in government. It’s a study state, right? I think we still need to recover large amounts from Karnataka, Maharashtra, Madhya Pradesh and Rajasthan. Four states in terms of the projects. And everywhere funds are coming, right? It’s not that everything is blocked, but the pace is not what we would like it to be.
But you know, internally as we are completing all the last milestone of these projects, I think over next one year or so, current outstanding which are on the books significantly should come down. I mean in current quarter, fourth quarter, I think we are expecting a reduction to the tune of about 125 crores or so from government projects alone on net basis. So we will have some billing. But on net basis we should reduce this 125 crore. But next fiscal year I think the reduction should be close to 350 to 400 crores due to the government budgets.
Praneet
Got it. So I understand detail.
operator
Sorry to interrupt you. Please rejoin the queue for more questions as their participants waiting in the queue.
Praneet
Yeah, sure.
operator
Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants, please limit your questions to two per participant. Our next question comes from the line of Ankit Bansal from AB Investments. Please go ahead.
Ankit Bansal
Hello.
Anil Jain
Hello. Good afternoon sir.
Ankit Bansal
I want to say. Net profit loss any. What is the reason? Sir,
Anil Jain
two issues primary. You know this new labor code which has come. So we had to take one book entry for almost 23 crores. That is one reason. And one of our earlier closed subsidiary, you know in Europe got liquidated so there was a goodwill write off. So both are non cash items together between both of them there was about reduction of 38 crores. So that is where actually on a pat basis you see negative. But if I really see adjusted pat, I think, you know, if you remove these two events which are non cash and not linked to this quarter, these would be, you know overall adjusted pat is profitable this quarter to the tune of about 16 crore and for the 9 months 81 crores.
Okay, the next question will be. Sir, how is the low inflation affecting your business? Like with high inflation, what is the difference? Can you please help us understand? So I think overall in pricing in our irrigation business has been very stable. Tissue culture business pricing has been stable and those businesses have done well. They are earning 17, 18% EBITDA. So that’s all going good. Revenue is also growing very nicely. The plastic business which is mostly piping in India that suffered due to you know, significant reduction in the raw metal prices between let’s say July, August through December.
So you know, whatever inventory we had also got impacted. It’s same for the entire industry. And now those price erosion has stopped and prices have started going up in the current quarter. So that should help going forward. And due to I discussed, you know that the whole piping overall I think again there was a slowdown because of continued rains in agriculture markets and now that rains have stopped and so on demand has started growing. So better actual volume demand, better capacity utilization and improving raw material prices together should improve the results of the plastic piping division which was shocked in first nine months.
Ankit Bansal
Okay, micro irrigation.
operator
Mr. Bantal, can you please rejoin the queue for more questions? Okay, thank you. Our next question comes from the line of Ronak Ostwal from Arihant Capital Markets limited Please go ahead.
Ronak Ostwal
Hello.
Anil Jain
Yeah, yeah, yeah, please go ahead.
Ronak Ostwal
Thanks. For the what could be your EBITDA margin going ahead?
Anil Jain
Hello.
Ronak Ostwal
Yes sir. What would be our EBITDA margin range?
Anil Jain
I think our EBITDA margin for first nine months, you know average console across all product lines is at 12.4. Current quarter typically fourth quarter has much higher level of EBITDA margin because again better, better product mix and better cost absorption. So overall I think we are targeting, you know, for the current year EBITDA margin should be 30% plus for the whole year.
Ronak Ostwal
Hello.
Anil Jain
I did not get your question. There’s some background noise.
Ronak Ostwal
Sir, for current, for next financial year, what will Be the money.
Anil Jain
I think the idea would be to improve the margin next year from 13. The idea was that as I talked about that this year revenue is growing 15% and next year we would like to grow 18% plus. So as we move that to 18% growth in revenue, I think the earnings from 13 should move at least to 14 of 14 and a half.
Ronak Ostwal
Okay. And sir, what is the current status of Delg and mission? Like? Are we waiting to see any disbursement from government side?
Anil Jain
Yeah, so I, I think current quarter, I think we should get overall about 150 crore plus for the government projects from the government on net basis about 100. But next year especially right. We expect significant chunk about 350 to 400 crores to come through.
Ronak Ostwal
And sir, what would be our percentage of revenue from government business.
Anil Jain
That is keep going down? I think you know, let’s say current year out of overall. When we think of overall business of the company, you know, six and half, 7,000 crore already the government project business this year itself would be only about 3.3.5%. So next year maybe it is, you know, when I look at the whole company, the government would be maybe less than 1 1% or so. So it’s not much. It is coming out of the legacy. Earlier this used to be, you know, 15, 20%. Right. But we have consciously brought it down and increased the retail business.
So now it is not significant.
Ronak Ostwal
Okay. Sir. What?
operator
Thank you. Ladies and gentlemen, A reminder to all of you, please restrict your questions to two per participant. Our next question is from the line of Ravi Kumar from Varga Investments. Please go ahead.
Ravi Kumar
Yeah, hi, can you guys hear me?
Anil Jain
Yeah, yeah, yeah.
Ravi Kumar
Mr. Jain, the question is relating to Jain Farm Fresh. I know you answered but there was a disturbance. I could not, I mean most of us could not get it. The nature of the bottling, what we are doing, right? I think if you can give a little color to it. Are we doing our own products bottling and you know how many lines will be there by say March 31st? And I mean little bit more color. Will this be just doing for our fruit juices or if you can give a little bit more color to that, it would be great.
Anil Jain
Sure. Thank you. I think that’s a good question. So we will by this March I think we will have full two lines operating. And these are large lines, right? They are in size of about 600 plus bottles per minute type of capacity lines. So. But full benefit will get only next fiscal year because the first line is starting as we speak. Now and second line should start in next few weeks. These lines are capable of filling various types of beverages. And that means it could be cola, it could be energy drink, it could be juices or a combination of such.
That’s the second part in terms of.
Ravi Kumar
Sorry, we can’t hear you. We could not hear.
operator
Hello sir.
Anil Jain
Yes ma’, am, can you hear me?
Ravi Kumar
Yeah, now we can hear you. So we lost you for last half minute.
Anil Jain
Okay. So I was saying that we would be. This is in a model where we would be giving the full revenue in terms of. We’ll be charging full revenue to the customers, buying materials from them. And we expect as a manufacturing, we expect this to be profitable from day one kind of business. In addition, we should get some kind of government benefits because it. This is a kind of a large scale project in terms of overall investment which we are still working on with the government. So I think sometimes in next time we speak. Right.
By then the government benefits would also be in place. We should be able to talk a little bit more in terms of detail. But business is starting and this is phase one. We have understanding that sometimes over next one year there will be additional time, three more lines which will be there. So that will further increase the business. So in between and in those three lines there would be ability also to do dairy if required. So you know, it would be all beverages, all non alcoholic beverages. You know, we would be able to fill in across these lines.
Ravi Kumar
So these are not our brands. We are bottling from someone else.
Anil Jain
Yes, yes, yes.
Ravi Kumar
Okay. My second question is relating to the. I mean we saw. I saw a news article regarding the biocar project, right? I mean how, how much Gungo is gen irrigation or it is just one of the things like solar and other. Is it a revenue line which we can expect or materially doesn’t impact?
Anil Jain
It doesn’t materially impact. It is at a conceptual stage now. I think by the time it gets done, it would be somewhere down the line. After a period of time it won’t have any revenue impact for FY27.
Ravi Kumar
Okay, thank you.
operator
Thank you. Our next question comes from the line of Sumit Kumar from Magad Securities. Please go ahead.
Sumit Kumar
Hello. Am I audible?
Anil Jain
Yeah, please, please go ahead.
Sumit Kumar
As for investor presentation, it is mentioned that long term debt repaid during the period is offset by financing for the business project in Food subsidiary. Right. So how, how long debt has been taken for the new project and how long, how much debt has been repaid in this quarter?
Anil Jain
So in fact in the next presentation, investor presentation, you See that out of the term loan at the gen irrigation level, you know, which were, you know right now outstanding only 60 crores. So that should get paid in the current year 85 crore, approximately 60 crores or so. Some of the additional debt which we have taken in long term in food subsidy for the benefit project was approximately 110 crores. And that’s a kind of a 10 year term loan, 10 or 12 years. So you know it gets repaid over a very long period of time.
And there was some change in the our overseas plastic business in terms of different location due to the local regulatory law and zoning laws. And that is why we had to take some additional debt there. But overall if you see the debt outstanding at 1662 which we have in long term that has not changed much from the earlier period and in fact in current quarter there will be further reduction of the term debt. And all in all if I look at the balance sheet and the debt story, company would continue to maintain working capital but expect the part which is linked to substantial growth in for example in food business into this beverage unit and so on into our traditional businesses, irrigation, the plastic pipes or tissue culture.
The business is generating enough cash flow to provide for you know, maintenance capex growth, capex plus servicing of the debt.
Sumit Kumar
But the debt is not getting reduced quarter on quarter and in the transit 27 there is outstanding which has, which has to be paid. It is 993 crores. So how do you project, how do you see that such huge amount of debt would be paid? Because the old legacy receivables are also not coming. And is it that the company is planning for some additional loan or some liquidation of assets?
Anil Jain
I think you know overall as per our underlying business plan and the budget for the next year we should generate enough internal accrual to pay for the repayment of the debt. Especially in the January the debt which is about 688 crores which is falling due in second half of the next year. It is not immediately it is due in second half. You know, over last three three and a half years since our restructuring company has repaid more than 1300 crore rupees debt. So while this particular year you don’t see reduction in the debt but we have repaid about 1300 crores to the banks and most of that money came through internal accruals in terms of positive cash flow generation.
So we think for the coming year as well as for our FY27 internal budget we should have adequate cash flow to repay most of it. Now some of the, you know, which is not linked to restructuring, some other debt may get refinanced because we are also investing into the new equipment or new capacities for the beverage project. But all in all I think companies should have generate enough cash flows, internal accruals to honor the debt and which we have done over last again three and a half years, years, four years almost.
Sumit Kumar
By which time we would see pos.
operator
Can you please rejoin.
Sumit Kumar
Follow question?
Anil Jain
I’m sorry I couldn’t hear sir.
Sumit Kumar
By which time we.
operator
The line for the current participant seems to be disconnected. Shall we move on to the next participant, sir?
Anil Jain
Yes please.
operator
The next question is from the line of Parag Khare from ELX Consultants. Please go ahead.
Parag Khare
Yeah. Good afternoon sir. Thank you for the opportunity. Congrats for the good set of top line sir. As you mentioned, 688 crores due unsustainable date next year. So I think out of the 200 crores or maybe somewhere close to that is due in September and I think remaining in March 27th. So as we start unwinding these unsustainable dates, so whatever this 17 crores or 19 crores every quarter which we are paying, which is notional not, not as an outgo. How would that affect the pnl? Would it be coming back? Would that the reversal will happen on that?
Anil Jain
No, on this. You know if you refer to this investor presentation there is this impact of a fee. Right. So what happens is when you pay the debt, you know there is a certain impact which is coming onto the P and L which is there which at, you know Last time was 169 crores as of March 25th. But by December what is left is only 105 crores. So as we pay off this debt it goes down substantially. You know what is left by March 22nd will be a very nominal amount for the 150crores which remains to be paid in FY28.
Parag Khare
Okay. And as per the credit rating agency document I think we have realized almost 450 crores in our escrow account. So the shortfall is still around 250 crores. So do we have any fallback plan or a plan B ready in case if we don’t get the receivables from government maybe some volume monetization of some land parcels which we have anything of that on the table?
Anil Jain
Yes. So two things. One, we have already prepaid, you know, whatever we had recovered that has been prepaid to the banks because originally this you know unsustainable amount was 1300 cross.
Anil Jain
So. So about 500 odd crores have been fully paid to the banks. And this is remaining second in terms of, you know, plan B, as you said, I think you know, our budget is showing us that there should be, you know, surplus next year after payment of these about 2 to 300 crores. That is one second about the land parcel, you know, so we have some land in South Africa, India, which we are already working along with the banks to get additional funds in place. So all in all we feel fairly comfortable because as I said, in last three years, right? Three, three and a half years, we have repaid 1300 crores.
So this year is little bit more, but should be okay because lot of projects we have now, we have now completed what you call the project site. The last milestone has been completed. And in the last three years, every quarter we had repayments of these term loans and FITL, etc. And they are all getting extinguished by March. So that should also be cash flow available going forward. So next year cash flows. Right. To honor the debt.
operator
Sorry to interrupt, sir, your voice is breaking.
Anil Jain
As we have now completed the last milestones on various projects or we are in literally, we have some projects are 95%, 96% done. We should start getting those funds the next year plus whatever surplus will generate from the rest of the business. So we feel fairly comfortable that this would get done.
operator
Thank you. You can rejoin the queue if you have more questions. Our next question is from the line of Siddhant from Sanshee Fund. Please go ahead.
Sidhaant Lodaya
Yeah, so just wanted to understand this. You mentioned 15 growth for the entire year and we’ve grown 13 in nine months.
Anil Jain
So what are you, what growth are you investing for quarter four? I think the fourth quarter will have to be about 18 to 20% overall revenue growth for us to average out around 15 for the whole year. Sorry, you’re saying our internal Target for the fourth quarter is about 20% growth which should mean for the whole year will be about 15%.
Sidhaant Lodaya
Okay, understood.
Anil Jain
And considering Jan is done, are we.
Sidhaant Lodaya
On path to achieve that?
Anil Jain
Yeah. Yeah. So Even in the third quarter, right. We grew 17.5. Right. Even though average for nine months came down to 13.5. So it is doing. Yeah, basically second half is stronger for us. Yeah, yeah, always it has been historical.
Sidhaant Lodaya
And in terms of the tariff change. And all of that, do we have. Any clarity from your U.S. customers?
Anil Jain
I think some of these events are just last 48 hours, right? I think we have one will have to wait. And to be honest, we have still not seen any document from the US government. So when they applied duties, et cetera, there were custom notifications which clearly notified, you know, how much duty is being laid and so on. So nothing has come out in yesterday. So I think we have to wait, maybe give a couple of more days for that to happen. All right, sure. Thank you. Thank you.
operator
Thank you. Our next question comes from the line of Girish Pandit from Latin Motherland Securities. Please go ahead.
Digish Pandit
Good afternoon sir. Thank you for the opportunity. Can you please give me some idea. On the fundraising plan? What are the latest Updates of the September 2025 the QIP of 500 crores?
Anil Jain
I think while we took the approval from the shareholders to, you know, that particular resolution stays valid for one year. So we have not acted upon that resolution as of now because I think you know where we are in overall cycle of business. You know, business is doing well, right. Without that additional infusion we could raise, you know, we could do this quarter 17% growth in revenue and current quarter we are planning 20% so and we feel positive momentum in the underlying business. So I think we might wait for some more time to go and go ahead and implement our that resolution.
Great, sir, great.
Digish Pandit
Thank you so much.
Anil Jain
Thank you.
operator
Thank you. Ladies and gentlemen. We take that as the last question for today. I would now like to hand the conference over to management for closing comments.
Anil Jain
Thank you and thank you for a good set of questions from all investors participants in the market. Overall, as I said, the momentum is good. We had a really very good quarter in terms of revenue growth despite various challenges which have continued this quarter. Next quarter they look quite good. I think with the new FTA signed globally speaking, because we are a global business that should help us in Europe as well as us going forward because there was a lot of rain farmers have good amount of water levels. So that should be good for drip irrigation business.
In PVC piping business, the resin prices which kept going down, which impacted inventory and the volume, both have started coming up over last three weeks. So that should help going forward. So all in all I think we are looking forward to a good current quarter. We should meet our annual forecasted numbers in terms of revenue and ebitda. But next year looks quite good. And beyond the operating current operating businesses, next year would be would add good revenue from new projects like this beverage unit which we have established for contract manufacturing. And overall underlying, we feel very positive that structurally companies moving in a quite good way.
And in terms of the government project receivable, etc. We are also expecting a very strong outcomes over next few quarters to take care of the debt, the repayments which are falling due next year. But I think we feel very comfortable. There are lots of options out there for us to work upon to ensure that happens. But the underlying business itself, because most of this is falling due in the second half of the year, we would have by then generated enough internal accruals to take care of that debt. And at the same time we are also financing growth in each business.
For example our tissue culture business, we are seeing opportunity to double our capacity. We talked about food processing already two new projects which we have done piping the demand is coming back. So all in all you know this looks good. The revenue, the EBITDA and ultimately by next year once we pay off this debt, even net earning level, things will start becoming better. And even now when we talk of the pat right there is this adjusted path because some of these non cash interest which is linked to these NCDs keep adding. For example for first nine months it’s already about 50, 60 crores.
Otherwise that should get added to our normalized PAT level. The overall company will remain profitable for the year, growing nicely and setting a platform for explosive growth from 2728 onwards. Thank you again.
operator
Thank you sir. On behalf of Gen Irrigation Systems. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. It.