1. At a Glance
Ladies and gentlemen, let’s talk about an engineering firm that doesn’t just open water gates — it’s opening global markets. Jash Engineering Ltd (NSE: JASH) is the Indore-born juggernaut that’s been quietly morphing into a multinational beast. With a market cap of ₹2,934 crore, a current price of ₹466, and a modest P/E of 38x, Jash has become the face of India’s “Make in Bharat, Export to the World” dream.
In Q2 FY26, the company reported sales of ₹158 crore (up 12.9% YoY) and PAT of ₹11.2 crore (down 30.3% YoY). That’s like saying, “Yes, revenue grew, but profit decided to take a vacation.” Yet, management insists that full-year guidance stands tall — ₹825 crore in revenue and ₹75–85 crore PAT. In simple desi, that’s code for “chill, it’s under control.”
Exports contribute 60%, domestic 40%, and the company’s order book is ₹933 crore, with 65% coming from overseas clients. While your neighbour’s son is still trying to get a US visa, Jash already runs plants in the USA and UK and plans to open more in Houston and Chennai.
The company’s ROE at 22.4% and ROCE at 25% scream efficiency, while the Debt-to-Equity ratio of 0.23 whispers discipline. But let’s be real — the only number investors care about is the dream: ₹1,000 crore revenue target by FY28.
So, buckle up. This isn’t just a boring pump manufacturer — it’s a desi engineering Netflix series with global spin-offs.
2. Introduction
Some companies make headlines, and others quietly make pipelines. Jash Engineering belongs to the latter tribe — those rare Indian engineering houses that don’t sell you dreams; they build them… in cast iron, stainless steel, and occasionally humourless boardrooms.
Started over 52 years ago, Jash has evolved from a mid-sized casting unit in Indore to a global multi-product water infrastructure company that exports to 45 countries. From sluice gates in Singapore to screens in Saudi, Jash’s hardware quietly ensures that your wastewater behaves itself.
But let’s not romanticize it too much — this is a tough, sweaty business. Manufacturing heavy-duty water control gates, screening systems, and valves isn’t glamorous. It’s the engineering equivalent of lifting dumbbells for a living. Yet, Jash does it so well that they’ve acquired companies in the UK (Waterfront Fluid Controls) and soon Penstocks (UK), while also expanding in the US (WesTech Process Equipment).
The company has found the perfect business model: be the one-stop shop for every large water or waste management project globally. Think of them as the “Decathlon of Industrial Water Equipment.”
And as if that wasn’t enough, they’re spreading like masala on paratha — Chennai, Pithampur, Houston, Orange (Massachusetts) — all lined up for expansion.
You have to hand it to them. Most smallcaps talk about “global aspirations.” Jash actually bought the damn passport.
3. Business Model – WTF Do They Even Do?
If you’ve ever wondered who builds those massive steel gates that stop entire rivers from flooding cities, it’s probably Jash.
At its heart, Jash Engineering designs, casts, fabricates, assembles, and
tests water control and process equipment used in everything from municipal sewage plants to power and cement factories. In short — if it involves fluids, they’ve got the hardware.
Here’s how they earn their keep (and your curiosity):
- Water Control Gates & Valves (60%) – Their bread and butter. These are heavy-duty sluice, flap, and weir gates used by water boards, irrigation departments, and industrial plants. Basically, Jash controls where the water goes when you can’t.
- Screening Solutions (15%) – Ever seen wastewater plants removing plastics and random floating debris? That’s Jash’s mechanical bar screens at work — India’s most underappreciated garbage filter.
- Valves and Flow Control (15%) – Butterfly valves, knife gate valves, and diverter valves. They sound boring until you realize one malfunction could flood a plant faster than an engineer’s inbox after appraisal season.
- Hydropower, Process, and Aeration Systems (10%) – From aeration mixers to Archimedes screw turbines, Jash dabbles in renewable power and process equipment through its Shivpad Engineers Division.
Globally, Jash ranks among the top 5 in the world for water control gates. Domestically, it’s the undisputed king. And unlike most kings, they don’t just sit on a throne — they actually ship stuff.
So, the next time you flush a toilet in Dubai, there’s a 1-in-3 chance Jash had something to do with the infrastructure.
4. Financials Overview
| Metric (₹ Cr) | Q2 FY26 | Q2 FY25 | Q1 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 158 | 140 | 128 | 12.9% | 23.4% |
| EBITDA | 20 | 25 | -4 | -20% | — |
| PAT | 11.2 | 16 | -5 | -30.3% | — |
| EPS (₹) | 1.77 | 2.56 | -0.81 | -30.3% | — |
Commentary:
Revenue is rising like an optimistic engineer’s expectations, but PAT is slipping faster than soap in a sewage plant. The company blames international order timing and high US steel tariffs. But hey — this is Jash — they’ll just build another factory in Houston and bill it in dollars next time.
5. Valuation Discussion – Fair Value Range Only
Let’s decode Jash’s valuation with our trademark calm chaos:
P/E Method:
EPS (TTM): ₹12.3
Industry P/E: ~35
→ Fair Value Range (P/E 30–40) = ₹369 – ₹492
EV/EBITDA Method:
EV = ₹2,930 Cr
EBITDA (FY25): ₹127 Cr
EV/EBITDA = 23x
