Hitesh Agarwal of Angel Broking is of the view that Jain Irrigation has target of Rs 811.

Agarwal told CNBC-TV18, "Jain Irrigation is primarily into 3 segments like micro irrigation, water projects and the third one which contributes to 15% of the turn over that is the food processing business. If you look at, the Indian economy has growing at 8-9%, the CAGR is moving since 4-5 years and this has been moving at the back of the government’s thrust on infrastructure, agriculture as well as services. If you look at the 11th 5 year plan, the government has an estimated outlay of over Rs 2 lakh crore for irrigation, which is a very big positive for companies like Jain Irrigation, which has presence in micro irrigation."

He further added, "We expect in this back draw of the estimated outlay, we expect the company to notch a top line in this segment of 45% to 50%, growth over the next 3-4 years. Apart from that, considering the infrastructure boom that we are witnessing in the country that has been in great demand for pipes in the country whether its for waste disposal, sewage and all other applications. So Jain Irrigation has a presence in this lucrative business also, apart from that, the food processing business which is still at an essential stage in India, as of now, Jain irrigation derives 75% of its food processing revenues, from the international market, but we expect even the domestic markets to contribute at a greater level. We have a price target of Rs 811 that constitutes about 25% to 30% of upside from the current level."