Jain Irrigation (JISL) has grown its Earnings at a CAGR of 62% over the last three years on the back of strong growth being clocked by its Micro Irrigation, PVC Piping and Food Processing businesses. We believe JISL will maintain this momentum going ahead as well given the governments thrust on Irrigation and Infrastructure Development. We expect JISLs Consolidated Revenues to grow at a healthy CAGR of 43.7% over FY2007-10E, while expansion in OPMs is expected to aid Consolidated PAT to clock CAGR growth of 58.2% over FY2007-10E. We estimate Consolidated OPMs to expand by over 310bp to 17.6% in FY2010E from 14.5% in FY2007. We Initiate Coverage on the stock, with a Buy recommendation. Read More.

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