Overview

Detailed Summary

Jash Engineering Limited manufactures engineered water-control equipment and process solutions including water control gates, screens, valves, and hydro/ process equipment for water, wastewater, desalination and industrial facilities, providing end-to-end design, casting, fabrication, assembly and testing from multiple global plants and subsidiaries across India, UK, USA and Europe.
Despite only 3% consolidated revenue growth in 9MFY26 to ₹457.1 crore, Jash Engineering recorded a sharp margin contraction—gross margin fell from 60% to 55% and consolidated EBITDA declined 41% YoY—driven principally by tariff uncertainty hitting US shipments and one-off cost absorption, with management expecting PAT margin to recover to 9–10% by year-end.
Order book momentum is a standout: a consolidated ₹923 crore order book (₹653 crore outside India) provides strong near-term visibility, and management cites robust negotiated/under-negotiation pipeline; this backlog supports the company’s FY27 revenue ambitions once trade uncertainty eases and new facilities begin commercial production.
The company is executing a clear geographic diversification strategy — acquisitions (Westech, Penstock UK, Waterfront), SEZ capacity expansion at Pithampur, US plant restart plans, and a Saudi Arabia manufacturing subsidiary targeting ₹100+ crore revenue from GCC by 2030 — reflecting a risk-mitigation pivot away from concentrated US exposure.

Sector: Capital Goods-Non Electrical Equipment
Industry: Engineering - Light - General - Medium / Small
Market Cap: 2,424 Cr
Volatility: Moderate Risk
P/E Ratio: 44.9
Industry P/E: 30.7
PEG Ratio: 0.7
P/B Ratio: 5.5
52W High: 647.45
52W Low: 352.45

Sales CAGR

1Y: 42.57%
3Y: 22.75%
5Y: 18.15%
10Y: —

Profit CAGR

1Y: 29.95%
3Y: 40.77%
5Y: 25.92%
10Y: —

ROE

TTM: 17.46%
3Y: 16.67%
5Y: 15.91%
10Y: 15.25%

ROCE

TTM: 19.31%
3Y: 21.87%
5Y: 20.75%
10Y: 20.03%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JASH	388.55	2,424 Cr	44.93	5.48	0.52	17.46	19.31	7.07
JAYKAY	142.10	1,851 Cr	60.74	3.88	0.00	6.31	7.40	4.78
KPGEL	343.75	1,719 Cr	23.38	5.30	0.12	27.28	27.51	9.04
NIBE	989.60	1,434 Cr	-83.97	6.15	0.12	1.36	3.79	-4.46
MAMATA	412.60	1,015 Cr	24.07	5.75	0.12	24.38	32.80	15.48
MACPOWER	949.95	950 Cr	29.41	6.12	0.16	17.39	23.68	12.77
AXTEL	404.60	654 Cr	26.41	5.24	2.72	16.06	20.58	11.71

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	95	139	217	115	140	181	300	128	158	161
Expenses	81	107	164	111	115	140	242	132	137	144
Operating Profit	14	32	53	3.46	25	41	59	-3.92	20	17
OPM %	14.99	22.81	24.49	3.02	17.60	22.54	19.60	-3.07	12.85	10.57
Other Income	1.37	2.13	1.44	1.72	4.17	1.29	2.93	5.16	2.11	4.08
Interest	2.99	3.06	3.00	2.50	2.95	3.68	3.95	2.97	3.38	3.05
Depreciation	2.66	2.60	2.78	3.06	3.40	3.61	6.95	4.50	4.88	5.08
Profit Before Tax	9.98	28	49	-0.38	22	35	51	-6.24	14	13
Tax %	14.43	19.74	20.25	118.42	27.87	-0.23	29.78	17.15	22.14	-1.24
Net Profit	8.54	23	39	0.08	16	35	36	-5.17	11	13
EPS in Rs	1.34	3.54	6.26	0.08	0.51	5.47	5.67	-0.82	1.73	2.07

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	166	176	248	278	299	368	402	516	735	748
Expenses	137	166	225	240	248	321	338	417	608	628
Operating Profit	29	10	23	38	52	47	64	99	128	120
OPM %	17.32	5.79	9.12	13.68	17.26	12.74	15.88	19.17	17.36	16.07
Other Income	3.17	5.04	6.95	7.90	2.86	6.06	13	6.17	10	14
Interest	5.52	6.81	8.50	10	9.82	8.61	9.93	11	13	14
Depreciation	3.87	5.74	7.25	7.82	8.55	9.69	11	11	17	18
Profit Before Tax	15	1.22	14	28	36	35	56	83	108	102
Tax %	31.89	72.48	44.27	27.56	15.62	6.94	8.48	19.77	19.39	19.91
Net Profit	10	0.34	7.70	20	31	32	52	67	87	82
EPS in Rs	—	—	1.98	3.16	4.85	5.05	8.13	10.61	11.73	8.65
Dividend Payout %	0.00	312.50	23.08	14.13	12.44	13.48	14.09	13.20	14.51	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.58	9.58	12	12	12	12	12	12	12	13
Reserves	59	74	94	98	114	145	175	227	339	420
Borrowings	34	49	52	60	73	72	82	82	80	99
Other Liabilities	53	57	74	98	86	88	101	128	173	216
Total Liabilities	156	190	232	269	285	316	369	449	604	748
Fixed Assets	69	86	88	90	101	98	112	116	127	169
CWIP	0.35	0.61	1.25	12	6.14	12	0.88	3.54	5.54	21
Investments	0.00	0.01	0.01	0.01	0.00	0.00	0.01	0.01	6.40	12
Other Assets	87	103	143	166	177	207	257	329	465	546
Total Assets	156	190	232	269	285	316	369	449	604	748

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	9.82	21	-8.20	18	18	35	14	34	58	55
Cash from Investing Activity	-21	-19	-18	-15	-8.19	-12	-16	-16	-68	-72
Cash from Financing Activity	11	0.20	25	-4.24	-9.19	-22	1.71	-13	32	-1.55
Net Cash Flow	0.26	1.78	-0.80	-1.21	1.09	0.83	-0.19	4.83	22	-19

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	51.08%	51.01%	50.98%	50.98%	49.44%	43.65%	43.61%	43.52%	43.39%	43.39%	43.40%	43.44%
FIIs	1.20%	1.21%	1.21%	1.21%	1.18%	1.67%	1.58%	2.27%	1.96%	1.96%	2.06%	2.00%
DIIs	3.99%	4.29%	4.03%	3.95%	3.59%	3.53%	0.59%	0.78%	0.90%	1.04%	0.53%	0.49%
Public	43.73%	43.49%	43.78%	43.86%	45.79%	51.16%	54.22%	53.42%	53.75%	53.62%	54.01%	54.07%
Total Shareholders	5,344	5,641	6,226	6,559	9,692	13,804	20,230	29,613	52,640	53,685	51,487	48,039

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Documents

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Concalls

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Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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