## 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
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Sucrit.D.Patil
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.