Jost’s Engineering Company Ltd Q2 FY26 – From Forklifts to Google Orders: When a 118-Year-Old Engineer Still Has Some Jugaad Left
1. At a Glance
If you thought centenarians only existed in old-age homes, meet Jost’s Engineering Company Ltd, a 118-year-old engineering dinosaur that still manages to hustle in India’s capital goods bazaar. Trading at ₹290 (as of Dec 3, 2025), this Mumbai-based industrial veteran carries a market cap of ₹343 crore — and a face value of ₹1, proving that sometimes size does lie.
The company recently reported a not-so-cute Q2 FY26 PAT of ₹0.81 crore, a staggering 84% drop from the previous quarter’s ₹4.58 crore, and a 13% fall in revenue to ₹53.75 crore. Yes, that’s not a typo — a freefall worthy of an engineering soap opera. Yet, Jost’s remains oddly profitable, flaunting a ROE of 26.4% and ROCE of 30.6%, the kind of ratios that make even younger industrial firms blush.
Its P/E sits at 33.2x, roughly aligned with the industry, while debt remains minimal at ₹23.7 crore, keeping the Debt-to-Equity at 0.18. The dividend yield of 0.43% is a polite “hi” to shareholders, though not enough to buy a Vadapav in Mumbai. Over the last six months, the stock has tanked 42%, showing that the market doesn’t care about age or experience — only consistent profits.
Still, this isn’t your typical washed-up industrial relic. Between orders from HAL, DRDO, Tata Power, Google IT Services, and the newly commissioned Murbad factory, Jost’s is quietly flexing its engineering muscles while wearing a Nehru jacket of nostalgia.
2. Introduction
When your company was born before India’s independence and still files quarterly results on time — you deserve a standing ovation and maybe a mild dose of caffeine. Jost’s Engineering, established in 1907, is that timeless engineering uncle who refuses to retire. It doesn’t just sell forklifts; it manufactures trust, metal, and the occasional confusion in its quarterly numbers.
The stock’s journey in FY25–FY26 could give rollercoasters an inferiority complex — soaring above ₹600 once and now snoozing at ₹290. The fall isn’t entirely random though. The latest quarter’s profits shrank faster than an engineering intern’s confidence at a client meeting. Revenue slumped 13% QoQ, and profit collapsed 84%, largely due to slower orders and higher expenses.
But if you look past the temporary slump, the fundamentals are surprisingly healthy. The Operating Profit Margin for the latest quarter still hovered around 7.74%, not disastrous for a capital goods company facing order delays. Over the years, Jost’s has evolved from being a colonial-era equipment maker into a modern solutions provider in material handling, environmental simulation, and high-tech testing systems — a business model that screams “old bones, new brains.”
The company’s story is a delicious mix of vintage engineering and modern hustle — where forklifts meet hydrogen sensors, and old family management still signs off multi-crore Google orders.
3. Business Model – WTF Do They Even Do?
Let’s decode this industrial spaghetti.
Jost’s operates through three main divisions and one side hustle that occasionally steals the limelight:
Material Handling Division (MHD) – The bread, butter, and occasionally burnt toast of Jost’s. This vertical manufactures forklifts, pallet trucks, stackers, and customized handling solutions for warehouses, factories, and manufacturing plants. Think of it as the “gym trainer” of Indian industries — always lifting something heavy.
Engineered Products Division (EPD) – This is where the geeky side comes out. Jost’s supplies high-tech products like sound & vibration analyzers, nano-technology gear, test benches, and simulation tools. Basically, this is the division that sells to DRDO and ISRO while making accountants scratch their heads trying to price it.
MHE Rentals – Because not every factory wants to own a forklift. Jost’s rents out its machines with trained operators and technical support. The recurring AMC income from this vertical gives Jost’s that sweet, predictable cash flow — like EMI from your ex’s Netflix subscription.
Technical Services – Jost’s offers installation, calibration, maintenance, and training services. It’s the after-sales babysitter for industrial machines — underpaid but indispensable.
Together, these divisions serve sectors from automotive to aerospace, defence to data centers, and now — Google’s IT labs. The company’s 7 service centers and 17 dealers across India keep operations smooth, while two subsidiaries — JECL Engineering Ltd (India) and Jost’s Engineering Inc. (USA) — expand its manufacturing and overseas footprint.
In short, Jost’s sells heavy-duty toys to serious adults.
