Jash Engineering Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jash Engineering Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jash Engineering reported consolidated revenue of Rs 757 crore in FY26 versus Rs 746 crore last year, with export business hurt by US tariff volatility and the Middle East war while domestic revenue grew 18%. Standalone PAT margin fell from 14.38% to 13.38%. Management guided to Rs 875 crore revenue and 12-13% PAT margin for FY27, backed by an order book of Rs 899 crore as of 1st May.
Numbers mentioned
Consolidated revenue: INR757 crore (FY26)
p. 3
“we have done consolidated income of INR757 crore over last year income of INR746 crore”
Pratik Patel, page 3 of the filed PDF · View the filing
Domestic business growth: 18% (FY26 year on year)
p. 3
“We had a growth of 18% in domestic”
Pratik Patel, page 3 of the filed PDF · View the filing
Standalone PAT margin: 13.38% (FY26)
p. 4
“our standalone profit after tax has fallen only by 1%, that is from 14.38% to 13.38%”
Pratik Patel, page 4 of the filed PDF · View the filing
Order book: INR899 crore (as on 1st May)
p. 4
“Our order book is at INR899 crore, as on 1st May.”
Pratik Patel, page 4 of the filed PDF · View the filing
Orders outside India: INR627 crores (as on order book date)
p. 5
“Our orders outside India from INR899 is INR627 crores.”
Pratik Patel, page 5 of the filed PDF · View the filing
Orders within India: INR272 crore (as on order book date)
p. 5
“Orders within India is INR272 crore”
Pratik Patel, page 5 of the filed PDF · View the filing
Market share outside India: 55%
p. 5
“We have 44.5% business in India and around 55% is out of India.”
Pratik Patel, page 5 of the filed PDF · View the filing
Already negotiated orders: INR28 crore
p. 5
“We have already negotiated orders were INR28 crore, and further orders worth INR80 crores are under negotiation”
Pratik Patel, page 5 of the filed PDF · View the filing
Capex incurred: INR67 crore (FY26)
p. 21
“the capex incurred during FY26 was more than INR37 crore in plant and machinery and INR30 crore for the acquisition, so total INR67 crore.”
Dharmendra Jain, page 21 of the filed PDF · View the filing
Standalone PAT margin trend: 14.52%, 14.21%, 14.39%, 13.38% (FY23-FY26)
p. 20
“FY23 was 14.52%, FY24 was 14.21%, FY25 was 14.39% and FY26 was 13.38%.”
Pratik Patel, page 20 of the filed PDF · View the filing
Consolidated PAT margin: around 12% (FY26)
p. 20
“Same way in consolidation we have around 12%.”
Dharmendra Jain, page 20 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue — INR875 crore · FY27
stated conditionally by Pratik Patel
p. 4
“looking to that out of INR940-950 crores to project INR875 crore for the current year revenue is not something which is highly optimistic”
Pratik Patel, page 4 of the filed PDF · View the filing
PAT margin — 12-13% · FY27
stated conditionally by Pratik Patel
p. 4
“If we are able to do INR875 crore, then our profit guidance would be the range of 12-13%.”
Pratik Patel, page 4 of the filed PDF · View the filing
Revenue — upwards of INR1500 crores · five-year plan
stated as an aspiration by Pratik Patel
p. 4
“about five-year plan is to double the revenue from INR757 crore to upwards of INR1500 crores.”
Pratik Patel, page 4 of the filed PDF · View the filing
Waterfront and Penstock combined revenue — close INR125-135 crore · 3-4 years
stated as an aspiration by Pratik Patel
p. 6
“we would merge the operation of Penstock UK with Waterfront Fluid Controls. We are putting in the right team in place at both the companies to ensure that this company's combined revenue grows to close INR125-135 crore in 3-4 years time.”
Pratik Patel, page 6 of the filed PDF · View the filing
Gross margin — 50-55% · FY27
stated conditionally by Pratik Patel
p. 8
“Gross margin would be between 50- 55%.”
Pratik Patel, page 8 of the filed PDF · View the filing
Rodney Hunt and Saudi Arabia plant commissioning — December 2027
stated firmly by Pratik Patel
p. 10
“Rodney hunt new plant in Houston as well as plant in Saudi Arabia, the target is now to have it commissioned before December 2027.”
Pratik Patel, page 10 of the filed PDF · View the filing
Rodney Hunt revenue — USD75 million · next five years
stated as an aspiration by Pratik Patel
p. 14
“we are targeting in next five years to reach USD75 million.”
Pratik Patel, page 14 of the filed PDF · View the filing
Rodney Hunt revenue — USD38 million · this year
stated conditionally by Pratik Patel
p. 14
“This year we are targeting USD38 million which I also agree is quite conservative, because my order book and execution put together is more than USD40 million as of today.”
Pratik Patel, page 14 of the filed PDF · View the filing
Waterfront revenue — double from GBP6 to 12 million · next two years
stated as an aspiration by Pratik Patel
p. 12
“in next two years we expect to double it from GBP6 to 12 million.”
Pratik Patel, page 12 of the filed PDF · View the filing
Manufacturing capacity — more than INR1500 crore · five years
stated as an aspiration by Pratik Patel
p. 11
“When the Rodney Hunt plant in Houston, as well as in Saudi Arabia, is online and working well, I think in five year’s time we will have capacity to produce more than INR1500 crore.”
Pratik Patel, page 11 of the filed PDF · View the filing
Capex — INR15-16 crore · FY27
stated conditionally by Pratik Patel
p. 21
“the five Indian plants, around INR15-16 crore is the capex planning.”
Pratik Patel, page 21 of the filed PDF · View the filing
Revenue growth range — 13% to 17%
stated as an aspiration by Pratik Patel
p. 20
“any growth between 13% to 17% is welcome, and margin minimum 12% going up to 14-15% is what we desire at that growth.”
Pratik Patel, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the projection balances export and domestic, and will shift toward domestic if export softens.
Answered by Pratik Patel
Asked by Ankur Agarwal: Whether domestic business is expected to remain flat next year given the projected split.
p. 6
“we are balancing out export business and domestic business.”
Pratik Patel, page 6 of the filed PDF · View the filing
Management attributed the gain to forex realization and said it depends on the dollar staying elevated.
Answered by Pratik Patel
Asked by Ankur Agarwal: Whether Q4 gross margin improvement is sustainable.
p. 7
“Sustained because if the dollar is not coming down, then it is sustainable.”
Pratik Patel, page 7 of the filed PDF · View the filing
Management said plant costs have risen sharply and they are awaiting revised offers before proceeding.
Answered by Pratik Patel
Asked by Kunal Mehta: On Rodney Hunt new plant status in Houston.
p. 10
“The problem with Rodney Hunt new plant is the cost has gone up tremendously.”
Pratik Patel, page 10 of the filed PDF · View the filing
Management said the timeline has extended by roughly a year due to UK's AMP cycle dynamics.
Answered by Pratik Patel
Asked by Sahil Doshi: Whether the Waterfront revenue target of Rs 200 crore in four years is being scaled back.
p. 12
“so, yes, what we projected was to do in four years, that may happen in five years now.”
Pratik Patel, page 12 of the filed PDF · View the filing
Management said the guidance is deliberately conservative given past unpredictability like US tariffs.
Answered by Pratik Patel
Asked by Naveen: Whether FY27 guidance net of WesTech and spillover implies conservative underlying growth.
p. 13
“I would rather remain conservative and try to achieve whatever I say rather than being too optimistic and then failing again and again.”
Pratik Patel, page 13 of the filed PDF · View the filing
Management said they are targeting USD75 million in five years but remain more conservative than the prior growth phase due to US uncertainty.
Answered by Pratik Patel
Asked by Dilip Sahu: Whether Rodney Hunt can sustain 20%+ CAGR growth given capacity and hiring levels.
p. 15
“presently we are on track to reach from USD30 to USD75 million in five years time and are planning execution accordingly, but we are not going that aggressive like you were doing before.”
Pratik Patel, page 15 of the filed PDF · View the filing
Management clarified it is an offer submitted, not an order, with awards not expected before 2028.
Answered by Pratik Patel
Asked by Ruben M: On the large Singapore tender opportunity and timing.
p. 16
“Let me clarify, first it was not an order. We have submitted offers worth USD800-900 million in Singapore for rising sea level.”
Pratik Patel, page 16 of the filed PDF · View the filing
Management attributed it to a one-off US bank charge.
Answered by Dharmendra Jain
Asked by Sahil Doshi: On the sharp rise in other expenses this quarter.
p. 18
“It is a bank charge from the US.”
Dharmendra Jain, page 18 of the filed PDF · View the filing
Management pushed the Saudi commissioning target from December 2026 to December 2027 due to travel disruption from the war.
Answered by Pratik Patel
Asked by Sahil Doshi: Update on Saudi Arabia plant timeline given the regional war.
p. 19
“It is December 27. Earlier was December 26 now, after the war, everything is gone a haywire, so we have not been able to make the visit to Saudi Arabia.”
Pratik Patel, page 19 of the filed PDF · View the filing
Management said existing plants can produce Rs 1200 crore, rising to Rs 1500 crore plus once Houston and Saudi come online.
Answered by Pratik Patel
Asked by Kunal Mehta: On current manufacturing capacity across plants.
p. 19
“today INR1200 crore is the potential revenue from all the five plants put together, plus Rodney and UK existing facilities.”
Pratik Patel, page 19 of the filed PDF · View the filing
Risks flagged
Volatility in US tariff rates affecting order profitability
p. 3
“we were not sure as to where this tariff increases will go and stop, and as a result of that, we had slowed down on production for US orders until some clarity had come.”
Pratik Patel, page 3 of the filed PDF · View the filing
Middle East war disrupting project delivery and shipping availability
p. 3
“there was this war in Middle East, which ensured that no delivery of projects done in Middle East could be done.”
Pratik Patel, page 3 of the filed PDF · View the filing
Rising raw material and steel costs
p. 4
“the raw material prices are increasing”
Pratik Patel, page 4 of the filed PDF · View the filing
US tariff reclassification under national security provisions beyond company's control
p. 14
“many products which we make for which the percentage of tariff had reduced has now been shifted to section 232 which is under national security.”
Pratik Patel, page 14 of the filed PDF · View the filing
Rising construction costs for the Houston plant
p. 15
“I placed an order for the new plant at around USD4.2 million. The quotes which are coming now is USD7-8.5 million, nearly double.”
Pratik Patel, page 15 of the filed PDF · View the filing
Difficulty finding production labor in Orange, Massachusetts
p. 16
“we are not getting production people in Massachusetts.”
Pratik Patel, page 16 of the filed PDF · View the filing
Delays in dispatches to the Middle East continuing
p. 11
“dispatches to Middle East is still a problem.”
Pratik Patel, page 11 of the filed PDF · View the filing
Domestic raw material price inflation
p. 21
“in India itself there is a 20% rise in the raw material price.”
Dharmendra Jain, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.