## Jash Engineering Ltd. (CMP ₹585.00, NSE: JASHENG)
**The SmartWay Research Desk | 23 September 2026**
An Indore‑based engineering company, incorporated in 1947. Jash Engineering Ltd. is engaged in manufacturing **water control gates, valves, screens, and hydraulic hoists**, catering to industries such as water resources, power, irrigation, and municipal infrastructure. The company has a strong domestic presence and exports to over 30 countries.
**Promoter Holding (Jun 2026):** **Jash Group (Agrawal Family) — ~66.2% stake (no pledges)**
---
### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹1,142 Cr vs ₹982 Cr in FY25 (+16.3% YoY). → **Good**
- **Net Profit:** FY26 PAT ₹142 Cr vs ₹118 Cr in FY25 (+20.3% YoY). → **Good**
- **Operating Margin:** FY26 EBITDA ₹242 Cr, margin 21.2% vs 20.4% last year (+80 bps). → **Good**
- **Equity Capital:** Stable, face value ₹5. → **Good**
- **Dividend Policy:** Dividend ₹4.00/share declared for FY26. → **Good**
- **Asset Building:** Investments in **hydraulic hoists, water gates, and export expansion**. → **Good**
- **Sales:** Strong demand from **municipal water projects and irrigation infrastructure**. → **Good**
- **Expense:** Raw material cost pressures (steel, alloys) remain. → **Neutral/Good**
- **EPS:** FY26 EPS ₹28.25 vs ₹23.50 last year (+20.2%). → **Good**
---
### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~66.2% (no pledges)
- **FII Holding:** ~2.8%
- **DII Holding:** ~4.6%
- **Retail & Others:** ~26.4%
---
### Strategic Moves & Innovations
- Expansion in **water control gates and hydraulic hoists**.
- Focus on **municipal water supply and irrigation projects**.
- Partnerships with **global infra players for technology transfer**.
- Diversification into **screens, valves, and hydro‑power equipment**.
---
### Cash Flow & Balance Sheet Strength
- Market cap ~₹3,200 Cr.
- Debt‑to‑equity ratio ~0.32 (low leverage).
- Book value per share ₹182.00; P/B ~3.2.
- EPS (TTM) ₹28.25; P/E ~20.7.
---
### Risk Factors
- Moderate **P/E ratio ~20.7**, valuations fair.
- Dependence on **government infra spending and water projects**.
- Exposure to **commodity price volatility (steel, alloys)**.
- Competition from VA Tech Wabag, Kirloskar Brothers, and ISGEC Heavy Engineering.
---
### Investor Takeaway
Jash Engineering has delivered **robust FY26 performance**, supported by demand in municipal water projects, irrigation, and hydro‑power equipment. With strong promoter backing (Agrawal Family, 66.2% stake), dividend payouts, and leadership in water control systems, Jash Engineering remains a **mid‑cap infra engineering play**. At CMP ₹585.00, valuations are **reasonable (P/E ~20.7, P/B ~3.2)**, reflecting growth potential with manageable risks.
**The SmartWay Research Desk | 23 September 2026**
An Indore‑based engineering company, incorporated in 1947. Jash Engineering Ltd. is engaged in manufacturing **water control gates, valves, screens, and hydraulic hoists**, catering to industries such as water resources, power, irrigation, and municipal infrastructure. The company has a strong domestic presence and exports to over 30 countries.
**Promoter Holding (Jun 2026):** **Jash Group (Agrawal Family) — ~66.2% stake (no pledges)**
---
### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹1,142 Cr vs ₹982 Cr in FY25 (+16.3% YoY). → **Good**
- **Net Profit:** FY26 PAT ₹142 Cr vs ₹118 Cr in FY25 (+20.3% YoY). → **Good**
- **Operating Margin:** FY26 EBITDA ₹242 Cr, margin 21.2% vs 20.4% last year (+80 bps). → **Good**
- **Equity Capital:** Stable, face value ₹5. → **Good**
- **Dividend Policy:** Dividend ₹4.00/share declared for FY26. → **Good**
- **Asset Building:** Investments in **hydraulic hoists, water gates, and export expansion**. → **Good**
- **Sales:** Strong demand from **municipal water projects and irrigation infrastructure**. → **Good**
- **Expense:** Raw material cost pressures (steel, alloys) remain. → **Neutral/Good**
- **EPS:** FY26 EPS ₹28.25 vs ₹23.50 last year (+20.2%). → **Good**
---
### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~66.2% (no pledges)
- **FII Holding:** ~2.8%
- **DII Holding:** ~4.6%
- **Retail & Others:** ~26.4%
---
### Strategic Moves & Innovations
- Expansion in **water control gates and hydraulic hoists**.
- Focus on **municipal water supply and irrigation projects**.
- Partnerships with **global infra players for technology transfer**.
- Diversification into **screens, valves, and hydro‑power equipment**.
---
### Cash Flow & Balance Sheet Strength
- Market cap ~₹3,200 Cr.
- Debt‑to‑equity ratio ~0.32 (low leverage).
- Book value per share ₹182.00; P/B ~3.2.
- EPS (TTM) ₹28.25; P/E ~20.7.
---
### Risk Factors
- Moderate **P/E ratio ~20.7**, valuations fair.
- Dependence on **government infra spending and water projects**.
- Exposure to **commodity price volatility (steel, alloys)**.
- Competition from VA Tech Wabag, Kirloskar Brothers, and ISGEC Heavy Engineering.
---
### Investor Takeaway
Jash Engineering has delivered **robust FY26 performance**, supported by demand in municipal water projects, irrigation, and hydro‑power equipment. With strong promoter backing (Agrawal Family, 66.2% stake), dividend payouts, and leadership in water control systems, Jash Engineering remains a **mid‑cap infra engineering play**. At CMP ₹585.00, valuations are **reasonable (P/E ~20.7, P/B ~3.2)**, reflecting growth potential with manageable risks.
Sucrit.D.Patil
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Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.
Sucrit.D.Patil
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.