1.At a Glance
When Indore’s pride Jash Engineering Limited drops quarterly numbers, even Ganga might pause her flow to listen. The water-control monarch reportedQ2 FY26 (Sep 2025)revenue of ₹158 crore — a recovery splash after a leaky Q1. Profit after tax came in at ₹11 crore, proving the engineers still know how to close their sluice gates properly. The company’smarket cap stands at ₹2,946 crore, trading around ₹469 per share, with aP/E ratio of 38.1x,ROE of 22.4%, andROCE of 25%.
Exports now contribute60% of revenue, with anorder book worth ₹933 crore, 65% of which gushes in from overseas. Jash’s empire now stretches across 45 countries, with factories in India, the US, and the UK — because who doesn’t like global control valves in sterling and dollars?
As theBhagavad Gitasays,“You have the right to work, but never to the fruit of work.”But clearly, Jash Engineering disagrees — because the fruits are flowing in, and the dividend yield (0.42%) is the sweet nectar.
2.Introduction – The Indore Industrial Flood Story
Welcome to the tale of Jash Engineering — where water gates open, profits rise, and occasionally tariffs crash the party. Founded in the pre-Independence era of analog tools, Jash has morphed into a full-fledged multinational designing, casting, fabricating, and assembling the machinery that literally moves water — and money — around the world.
The company’s biggest flex? It’s India’s largest producer ofwater control gates, valves, and screening systems, serving power plants, desalination projects, and wastewater facilities. Basically, if there’s a pipe, tank, dam, or canal in the story — Jash probably has a valve attached to it.
While most midcaps dream of exports, Jash is out there shippinghydropower turbinesto the US,penstocksto the UK, and“fine bubble diffusers”that sound like the champagne version of wastewater treatment.
FY25 wasn’t all smooth sailing though. A 50% US steel tariff and global shipping disruptions squeezed margins like a badly installed gasket. Yet, the company shrugged, acquiredWaterfront Fluid Controls (UK), and then started due diligence forPenstocks (UK)— because clearly, the English needed Indore’s help in handling rainwater.
The board even approved an 80% stake acquisition inWesTech Process Equipment India— completing Jash’s transformation from an Indian manufacturer to a global water-tech conglomerate that’s quietly swallowing competition one gate at a time.
3.Business Model – WTF Do They Even Do?
Let’s decode Jash Engineering’s business model — or as investors call it, “the world’s most glamorous plumbing empire.”
At its core, Jash makes mechanical equipment forwater intake, treatment, and control systems.Think of massive sluice gates that regulate water flow, screening machines that filter out trash, and giant valves that behave better than most government taps.
The portfolio splits into a few clever buckets:
- Water Control Gates & Valves (60% of FY24 revenue):The bread-and-butter segment. They make Sluice, Flap, Weir, and Knife Gate valves — names that sound like weapons but save cities from flooding.
- Screening Solutions (15%):Mechanical rake and drum screens that separate garbage from glory in wastewater.
- Process Equipment & Hydropower (10%):Clarifiers, thickeners, and Archimedes screw pumps that keep water treatment plants (and investors) turning.
- Valves (15%):Rotary, diverter, and slide gate valves for heavy industries like steel, cement, and petrochemicals.
With six mega-factories in India and global outposts in theUSA and UK, Jash offers full-stack manufacturing — design, casting, fabrication, assembly, and testing. Their newChennai and Pithampur
SEZexpansions aim to double production by FY28, chasing that magical ₹1,000 crore revenue mark.
So yes — they don’t sell water. They sellcontrol. Which, let’s be honest, is a more lucrative addiction.
4.Financials Overview
| Metric (₹ Cr) | Q2 FY26 (Sep 2025) | Q2 FY25 (Sep 2024) | Q1 FY26 (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 158 | 140 | 128 | +12.8% | +23.4% |
| EBITDA | 20 | 25 | -4 | -20.0% | Turnaround |
| PAT | 11 | 16 | -5 | -31.3% | Turnaround |
| EPS (₹) | 1.78 | 2.56 | -0.81 | -30.5% | Back to Profit |
Annualized EPS = ₹1.78 × 4 = ₹7.12 ⇒ P/E ~ 66x (based on ₹469 price).
P/E not meaningful if you’re still crying about Q1 losses — this is a turnaround story, not a bedtime lullaby.
The quarter saw a recovery from negative EBITDA in Q1. Margins still have rust, but order execution in FY26 should tighten the nuts.
5.Valuation Discussion – Fair Value Range Only
Let’s apply some textbook valuation — not bhavishya-vani.
a) P/E Method:Industry average P/E ~ 35x.If Jash’s FY26E EPS = ₹13.97 (FY25 actual) grows 20% → ₹16.76.→Fair Value Range = ₹587 – ₹670/share.
b) EV/EBITDA:FY25 EBITDA = ₹127 Cr.Assume 25% growth → FY26E = ₹159 Cr.Industry EV/EBITDA range = 15–18x.→ EV = ₹2,385–₹2,862 Cr.→ Fair Value = ₹475–₹570/share.
c) DCF (Waterfall Method):Assume 20% FCF growth for 5 years, terminal at 6%, discount at 12%.→ Fair Value Range ≈ ₹500–₹580/share.
Overall Educational Fair Value Range:📘₹475 – ₹670/share
(This fair value range is for educational purposes only and is not investment advice.)
6.What’s Cooking – News, Triggers, Drama
Ah yes, Jash Engineering’s recent announcements read like a Bollywood production.
- November 2025:Board approvedWesTech Process Equipment India acquisition, expanding industrial water segment.
- October 2025:Its UK arm, Waterfront, signed an LOI to acquirePenstocks (UK)— currently in due diligence. Expect Queen Elizabeth’s ghost to bless this Indo-British merger.
- July 2025:Commissioned theShivpad Manufacturing Plant, with a 75,000 sq. ft setup to boost process equipment output.
- August 2025:DespiteUS 50% steel tariffs, Jash reaffirmed FY26 guidance >₹860 Cr and FY30 revenue target
