NSE: JASH · BSE: 544402
JASH ENGINEERING LIMITED
Designs and manufactures water-control and process equipment such as gates, penstocks, valves and related engineered products used in water and wastewater infrastructure. Revenue in FY26 was Rs 736.19 cr, split between sales outside India at Rs 408.89 cr (55.5% of segment revenue) and within India at Rs 327.30 cr (44.5%). The business runs a US subsidiary, Rodney Hunt Inc, and has expanded through acquisitions including WesTech Process Equipment India (renamed Jash Process Equipment, January 2026) and Penstocks (UK) Limited (April 2026). Key clients cited include Laxmi Civil, VA Tech Wabag and Al Raida Qatar. The cost base is dominated by materials at 44.7% of revenue, followed by employees at 20.1% and other operating expenses at 21.9%. The consolidated order book stood at Rs 912 cr as of 1 July 2026, of which Rs 628 cr came from international markets including Rs 377 cr from the USA, Rs 36 cr from the UK and Rs 18 cr from Austria. Capacity expansion is underway at the Chennai plant and SEZ Pithampur, with new plants planned in Saudi Arabia and Houston by FY28. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Outside India (56%), Within India (45%). Order-driven industrial engineering with material-heavy costs and significant export exposure through overseas subsidiaries.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 402 | 516 | 735 | 736 |
| EBITDA (ex other income) | 64 | 99 | 127 | 102 |
| margin % | 15.9 | 19.1 | 17.3 | 13.9 |
| Owners' profit | 0 | 67 | 87 | 76 |
| EPS, as reported (₹) | 43.27 | 55.36 | 13.88 | 12.01 |
| ROE % · ROCE % | 21.7 · 25.9 | 19.0 · 25.3 | 19.9 · 26.0 | 14.4 · 17.8 |
| Debt / equity (x) | 0.32 | 0.20 | 0.19 | 0.16 |
| Cash from operations | 34 | 58 | 55 | 56 |
| Capex | (16) | (24) | (44) | (37) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 140 | 181 | 300 | 128 | 158 | 160 | 291 | 150 |
| Profit before tax | 22 | 35 | 51 | (6) | 14 | 13 | 69 | 7 |
| Net profit | 16 | 35 | 36 | (5) | 11 | 13 | 57 | 5 |
| EPS (₹) | 2.58 | 5.54 | 5.72 | (0.82) | 1.75 | 2.08 | 9.01 | 0.81 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Within India | 327 | 44.5 |
| Outside India | 409 | 55.5 |
| Total, before eliminations | 736 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.9 | 26.7 | 84 of 130 | 36% |
| P/B | 6.1 | 3.1 | 83 of 112 | 26% |
| ROCE | 15.6 | 11.3 | 47 of 142 | 67% |
| ROE | 14.4 | 9.8 | 30 of 113 | 74% |
| Debt / Equity | 0.2 | 0.2 | 57 of 113 | 50% |
| EBITDA margin | 9.5 | 12.4 | 73 of 110 | 34% |
| Revenue growth | 17.4 | 20.6 | 62 of 114 | 46% |
| Profit growth | 198.4 | 17.1 | 12 of 109 | 90% |
| Market cap | 3185 | 273 | 22 of 141 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Jash Engineering schedules Q2 FY27 earnings call for November 5, 2026 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · RTA confirms share dematerialisation records for September 2026 quarter | compliance | minimal | — | — |
| 20 Oct 2026 · Board meeting on Nov 4 to approve Q2/H1 FY27 results | results | low | — | — |
| 9 Oct 2026 · Jash Engineering bags Rs 102 Cr Sept orders, order book at Rs 944 Cr | business updates | medium | — | — |
| 9 Oct 2026 · Jash Engineering Sept 2026 orders at Rs 102 Cr; order book Rs 944 Cr | business updates | medium | — | — |
| 6 Oct 2026 · Jash Engineering Q2 newsletter: order book at 932 Crore, entry into data centres | investor communications | low | — | — |
| 30 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Jash Engineering AGM voting results: All 6 resolutions approved | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Jash Engineering AGM: FY26 muted, ₹937 Cr order book, ₹875 Cr FY27 outlook | investor communications | medium | — | — |
| 23 Sept 2026 · Jash Engineering 52nd AGM held; final dividend of Rs 1 per share declared | board shareholder meetings | medium | — | — |
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.