Jash Engineering Ltd. (JASH) AI Stock Analysis

• Market Cap: ₹23.42B
• Dividend Yield: 0.47%
• Average Volume (3M): 5.86K
• Price to Earnings (P/E): 51.6
• Beta (1Y): 1.07
• Revenue Growth: 25.52%
• EPS Growth: -4.18%
• Country: IN
• Employees: 565
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 2.10
• Shares Outstanding: 62,905,120
• 10 Day Avg. Volume: 5,290
• 30 Day Avg. Volume: 5,856
• PEG Ratio: 1.55
• Price to Book (P/B): 8.39
• Price to Sales (P/S): 4.94
• P/FCF Ratio: 1.04K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 16.9
• Revenue Forecast (FY): ₹8.31B

• Rating: 65 Neutral
• Price Target: ₹400.00 ▼(-2.03% Downside)
• Action: Downgraded Date: 10/23/25
• Date: Action: Downgraded 10/23/25

Jash Engineering Ltd. has a strong financial foundation with robust revenue growth and profitability. However, technical indicators suggest bearish momentum, and the stock appears overvalued with a high P/E ratio and low dividend yield. The company should focus on improving cash flow management to enhance its financial position.

Positive Factors

Strong Revenue Growth

A 42.6% year-on-year revenue increase reflects durable demand for water and wastewater equipment and successful order execution. Sustained top-line expansion supports scale benefits, backlog conversion and long-term market share gains in infrastructure-focused end markets.

Robust Operating Profitability

Improving EBIT to 15% and consistent net margins above 10% indicate structural operational efficiency and pricing power on engineered products. Higher margins support reinvestment, resilience to input cost swings, and long-term cash generation potential for growth initiatives.

Conservative Capital Structure

A low D/E of 0.23 and strong equity base provide financial flexibility to bid on project contracts and absorb project timing risks. Improved ROE (20.2%) signals efficient capital use, supporting durable ability to fund capex and sustain operations without excessive leverage.

Negative Factors

Declining Free Cash Flow

Negative free cash flow growth and an OCF/net income ratio of 0.54 show the company converts less than full accounting profit into cash. For a project-driven business, weaker cash conversion can constrain working capital, limit project scaling and raise financing needs over months.

Earnings Volatility (EPS Decline)

A nearly 40% decline in EPS signals earnings volatility that may stem from mix shifts, one-offs or margin pressure. Persistent EPS contraction undermines reinvestment capacity and signals operational or pricing risks that could affect sustainable earnings over the medium term.

Margin & Liability Pressure

A slipping gross margin suggests cost or pricing pressure on core products. Simultaneous growth in liabilities alongside assets raises the prospect of higher working capital needs or contingent obligations, increasing financial risk and sensitivity to tender/payment cycles.

Jash Engineering Ltd. Business Overview & Revenue Model

Company Description

Jash Engineering Limited manufactures, trades in, and sells various engineering products for general engineering, water and wastewater, power plant, and bulk solids handling industries in India. It offers water control gates, such as slide/penstock, open channel, weir, and flap gates, as well as stop logs; screens, including manual bars, trash rack, J-type trash rack, suspended trash rake, multi-rake, step, pre-scalators, travelling band, drum, and static screens; and screening conveying equipment comprising flat belt and screw conveyors. The company also provides knife gate valves; water hammer control valves; hydro power equipment; screw pumps; bulk solid handling valves; and treatment process equipment consisting of agitators, clarifiers, clarifloculators, detritors, clariflocculators, and thickeners filters. In addition, it offers fabfricated gates, such as bulkhead, rollers, crest, butterfly, radial/tainter, bonneted, tilting weir, swing, and mitre gates; disc filters; and bulk solids handling valves. Its equipment are used in water intake systems, water and waste water pumping stations and treatment plants, storm water pumping stations, and water transmission lines, as well as power, steel, cement, paper and pulp, petrochemical, chemical, fertilizer, and other process plants. It also exports its products. The company was founded in 1948 and is headquartered in Indore, India. Jash Engineering Limited is a subsidiary of Jash Group.

How the Company Makes Money

JASH primarily makes money by selling engineered equipment and systems used in water and wastewater treatment and intake applications, along with ancillary products and services tied to those installations. Key revenue streams typically include: (1) Sale of manufactured equipment (e.g., screening and separation equipment, gates/valves or other flow-control and water-management equipment where applicable), delivered as standard products or customized/engineered-to-order units for specific project requirements; (2) Project/order-based supply to municipal water/wastewater utilities and industrial customers (including EPC contractors and system integrators), where revenue is recognized as products are shipped/delivered and accepted under contract terms; (3) Spares and replacement parts for installed equipment, which can provide recurring revenue over the life of equipment; and (4) Service-related income such as installation/commissioning support and after-sales maintenance/repairs when contracted. Factors that influence earnings include the pace of public and industrial spending on water/wastewater infrastructure, the company’s ability to win tenders/orders (often via competitive bidding), mix of domestic vs. export sales, and manufacturing efficiencies. Specific details on material partnerships or named long-term contracts are null.

Jash Engineering Ltd. Financial Statement Overview

Summary

Jash Engineering Ltd. demonstrates strong financial health with significant revenue growth and profitability. The balance sheet is solid with low debt levels and good equity utilization. However, the declining trend in free cash flow indicates a need for improved cash management strategies.

Income Statement

Jash Engineering Ltd. shows a robust financial performance with significant revenue growth of 42.6% from 2024 to 2025 and consistent net profit margins over 10%. The EBIT margin improved to 15%, indicating strong operational efficiency. However, the gross profit margin has decreased slightly, pointing to potential cost management issues. Overall, the income statement reflects strong growth and profitability.

Balance Sheet

The company's balance sheet indicates a healthy financial position with a low debt-to-equity ratio of 0.23 and a solid equity ratio of 57.9%. Return on equity (ROE) has improved to 20.2%, demonstrating effective use of equity to generate profits. Despite these strengths, the company should monitor liabilities as they have grown alongside assets.

Cash Flow

Cash flow analysis reveals that Jash Engineering Ltd. has faced declining free cash flow, though it remains positive. The operating cash flow to net income ratio stands at 0.54, suggesting room for improvement in cash generation relative to profit. Free cash flow growth has been negative, indicating potential challenges in capital management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.66B	7.35B	5.16B	4.02B	3.65B	2.99B
Gross Profit	3.68B	2.63B	1.53B	1.96B	808.07M	1.41B
EBITDA	1.28B	1.38B	1.02B	768.45M	528.36M	544.59M
Net Income	772.66M	876.95M	667.69M	517.01M	321.78M	305.19M
Balance Sheet
Total Assets	7.72B	7.48B	6.04B	4.49B	3.69B	3.16B
Cash, Cash Equivalents and Short-Term Investments	1.24B	1.14B	1.01B	312.85M	118.28M	38.63M
Total Debt	1.12B	990.46M	800.75M	818.84M	819.80M	719.88M
Total Liabilities	3.27B	3.12B	2.53B	2.10B	1.82B	1.60B
Stockholders Equity	4.43B	4.33B	3.51B	2.39B	1.87B	1.56B
Cash Flow
Free Cash Flow	406.00K	34.96M	339.69M	178.39M	15.27M	259.54M
Operating Cash Flow	243.23M	473.48M	583.29M	339.57M	144.78M	354.21M
Investing Cash Flow	-190.12M	-762.79M	-682.79M	-158.46M	-163.73M	-121.07M
Financing Cash Flow	20.02M	102.03M	319.12M	-132.81M	17.06M	-224.81M

Jash Engineering Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 408.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JASH, the sentiment is Negative. The current price of 408.3 is above the 20-day moving average (MA) of 388.63, above the 50-day MA of 393.08, and below the 200-day MA of 482.07, indicating a bearish trend. The MACD of -8.28 indicates Positive momentum. The RSI at 41.60 is Neutral, neither overbought nor oversold. The STOCH value of 24.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JASH.

Jash Engineering Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRECWIRE	73 Outperform	₹53.07B	28.77	―	0.48%	19.03%	36.25%
BBL	70 Outperform	₹26.05B	30.72	―	1.27%	16.36%	21.58%
JASH	65 Neutral	₹23.42B	51.58	―	0.47%	25.52%	-4.18%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HPL	60 Neutral	₹17.72B	33.68	―	0.24%	6.08%	49.44%
SALZERELEC	58 Neutral	₹9.63B	24.44	―	0.36%	21.51%	-17.75%
SPECTRUM	54 Neutral	₹22.79B	47.55	―	―	21.51%	28.36%

Jash Engineering Ltd. Corporate Events

Jash Engineering Inaugurates Final SEZ Plant at Pithampur to Boost Export Capacity

Jash Engineering Limited has announced the inauguration of a new 70,000-square-foot manufacturing plant in the SEZ at Pithampur, Madhya Pradesh, scheduled for 14 February 2026. The facility completes the company’s trilogy of SEZ plants at Pithampur and is expected to sharply reduce reliance on its domestic plants for fulfilling demand for large stainless steel fabricated products in export markets, while underscoring its shift toward a more global manufacturing footprint ahead of planned expansions in the USA and Saudi Arabia.