BSE: 500220
JASCH INDUSTRIES LTD.
Makes PVC and polyurethane (PU) coated synthetic leather fabrics in India under the 'Synthetic Leather & Allied Products' umbrella. The business reports two named product lines: PVC synthetic leather and PU synthetic leather. In FY26, the PU segment was the larger line at Rs 12,643 lakh of revenue, ahead of the PVC segment at Rs 10,266 lakh; total revenue from operations was Rs 22,884 lakh. The board has approved raising PU coated fabric capacity by 10 lakh metres per annum to 40 lakh metres per annum, funded from internal accruals at a cost of Rs 141 lakh, citing near-full utilisation of existing capacity at around 80%; a new Bhigan plant is planned to expand PVC fabric capacity. Materials are the dominant cost at 71.0% of revenue, followed by other operating expenses at 13.2%, employee costs at 6.6% and depreciation at 1.4%. EBITDA margin for FY26 was 9.92% on total revenue of Rs 228.68 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Synthetic Leather & Allied Products - PVC, Synthetic Leather & Allied Products - PU. Materials-intensive manufacturer of PVC and PU coated synthetic leather fabrics, two product lines
Exhibit 1: Financial summary, FY19–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY22 | FY23 |
|---|---|---|---|---|
| Revenue | 178 | 133 | 214 | 234 |
| EBITDA (ex other income) | 15 | 10 | 29 | 28 |
| margin % | 8.5 | 7.3 | 13.5 | 11.8 |
| Owners' profit | 8 | 4 | 20 | 20 |
| EPS, as reported (₹) | 7.04 | 3.14 | 17.87 | 17.60 |
| ROE % · ROCE % | 14.5 · 19.1 | 6.1 · 11.7 | 22.6 · 29.6 | 18.1 · 24.1 |
| Debt / equity (x) | 0.49 | 0.04 | 0.05 | 0.08 |
| Cash from operations | — | — | 3 | 6 |
| Capex | — | — | (2) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63 | 62 | 62 | 60 | 57 | 55 | 56 | 59 |
| Profit before tax | 9 | 9 | 7 | 5 | 5 | 9 | 9 | 7 |
| Net profit | 7 | 6 | 5 | 4 | 4 | 7 | 7 | 5 |
| EPS (₹) | 5.86 | 5.67 | 4.71 | 3.61 | 3.49 | 5.80 | 6.11 | 4.47 |
Exhibit 3: Segment revenue, FY23
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electronic Thickness Gauge | 16 | 6.8 |
| Synthetic Leather & Allied Products | 125 | 52.6 |
| Electronic Thickness Gauge (BTG) | 35 | 14.8 |
| ELECTRONIC THICKNESS GAUGE (BTG) | 18 | 7.8 |
| SYNTHETIC LEATHER & ALLIED PRODUCTS | 43 | 18.0 |
| Total, before eliminations | 237 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 16.8 | 82 of 179 | 55% |
| P/B | 1.6 | 1.1 | 121 of 185 | 35% |
| ROCE | 12.4 | 4.3 | 36 of 215 | 84% |
| ROE | 9.8 | 4.7 | 51 of 188 | 73% |
| Debt / Equity | 0.1 | 0.4 | 47 of 188 | 75% |
| EBITDA margin | 13.5 | 9.8 | 63 of 198 | 69% |
| Revenue growth | (1.4) | 6.9 | 123 of 192 | 36% |
| Profit growth | 23.9 | 20.0 | 97 of 203 | 53% |
| Market cap | 197 | 61 | 65 of 223 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on 29 Oct 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 8 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 21 Aug 2026 · Three new directors appointed at 40th AGM | management changes | medium | — | — |
| 21 Aug 2026 · Jasch Industries 40th AGM: All 9 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 21 Aug 2026 · 40th AGM outcome: all 9 resolutions passed | board shareholder meetings | low | — | — |
| 30 Jul 2026 · Jasch Industries Q1 FY27 profit up 73% on 80% revenue jump | results | high | — | — |
| 30 Jul 2026 · Jasch Industries Q1 FY27: revenue up 80%, PAT jumps 73% YoY | results | high | — | — |
| 22 Jul 2026 · Jasch Industries completes despatch of 40th AGM notice and Annual Report | compliance | minimal | — | — |
| 21 Jul 2026 · 40th AGM Notice and Annual Report for FY 2025-26 submitted | board shareholder meetings | low | — | — |
| 20 Jul 2026 · Board meeting on 30 July 2026 to approve Q1 FY27 standalone results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.