1. At a Glance – Blink and You’ll Miss the Irony
A 118-year-old company, ₹293 Cr market cap, trading at ₹247 after falling off a cliff from ₹558, and still flexing a ROCE of 30.6%. That’s Josts Engineering Company Ltd for you—an engineering grandpa doing CrossFit while the market keeps asking, “Beta, tum abhi bhi relevant ho?”
Latest quarter (Q3 FY26) revenue clocked ₹78.2 Cr, up a massive 50.3% YoY, yet PAT said “nah” and slipped 39.7% YoY to ₹1.16 Cr. EPS came in at ₹0.98. Translation: top line partying, bottom line sulking.
Balance sheet looks disciplined: Debt ₹23.7 Cr, D/E 0.18, current ratio 2.14. Promoters hold 48.06% with zero pledge. Dividend yield? A polite 0.51%—basically chai-biscuit, not buffet.
So what’s happening here? Is Josts a misunderstood compounder stuck in a cyclical funk, or a valuation trap wearing a ROCE mask? Let’s open the toolbox. 🔧
2. Introduction – 1907 Se Nikle, 2026 Mein Confuse
Founded in 1907, Josts has survived British Raj, License Raj, LPG reforms, dot-com bubble, GFC, COVID—and now faces its toughest enemy: quarterly expectations.
The company plays in material handling, engineered products, rentals, and technical services—basically everything that moves, measures, tests, lifts, vibrates, or annoys factory managers. Clients include DRDO, NTPC, ONGC, BHEL, Tata Power, and other PSU uncles who don’t change vendors unless someone retires.
FY25 looked solid on paper: sales ₹239 Cr, PAT ₹18 Cr, EPS ₹14.86. Then came FY26 Q1–Q3, where volatility entered like an uninvited relative at a wedding.
Revenue momentum is strong, orders are flowing, but margins wobble thanks to higher interest, depreciation, and some “other income went missing” drama. Market reacted brutally—-47% return in 1 year—because Dalal Street has the patience of an Instagram reel.
But before declaring it dead, ask yourself: how many companies with ₹293 Cr market cap have survived 118 years
and still post 30%+ ROCE?
3. Business Model – WTF Do They Even Do?
Let’s decode Josts without using engineering jargon that scares investors.
a) Material Handling Division (58% FY23 revenue)
Forklifts, stackers, conveyors, intra-logistics solutions. If something needs to be lifted, stacked, or moved inside a factory, Josts wants a cut. New products include electric forklifts (above 5 tonnes) and vertical reciprocating conveyors—fancy names for “don’t break your back, let the machine do it.”
b) Engineered Products Division (34%)
This is the geek zone. Crash testing solutions, SF6 gas analyzers, dissolved gas analyzers, smart meter test benches, hydrogen gas sensors. Sounds boring until you realise these are sold to defence, power utilities, aerospace, and IT labs—high-entry-barrier stuff.
c) MHE Rentals (8%)
Rent forklifts + operator + AMC + manpower. Asset-heavy, lower margin, but sticky clients. Also the reason some debt exists.
d) Technical Services
Calibration, testing, commissioning, AMC. Not glamorous, but recurring. This is the “monthly subscription” part of an old-school engineering company.
So Josts isn’t a one-trick pony. It’s a Swiss Army knife, sometimes too cluttered for its own good. Would focus help margins? Food for comments. 👇
4. Financials Overview – Numbers Don’t Lie, But They Do Troll
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 78.22 | 52.05 | 53.75 | 50.3% | 45.5% |
| EBITDA | 6.64 | 7.72 | 4.16 | -14.0% | 59.6% |
| PAT | 1.16 | 4.16 | 0.81 | -39.7% | 43.2% |
| EPS (₹) | 0.98 | 3.53 | 0.68 | -72.2% | 44.1% |
