Jash Engineering Ltd (NSE:JASH) Q3 2026 Earnings Call Highlights: Navigating Tariff Challenges …

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Wed, February 18, 2026 at 10:04 AM GMT+9 3 min read

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**Revenue Growth:** 3% increase in revenue.

**Projected Revenue:** Expected consolidated revenue between INR 775 crore and INR 800 crore for the year.

**Profit After Tax (PAT) Margin:** Expected to be in the range of 9% to 10% by year-end.

**Order Book:** INR 923 crore as of February 1, with INR 653 crore outside India and INR 270 crore in India.

**Revenue Impact:** Significant drop in Rodney Hunt revenue by INR 70 crore to INR 80 crore due to export issues.

**New Plant:** SEZ Pithampur plant ready, commercial production to start in April.

**Geographical Revenue Distribution:** USA accounts for approximately 35% of revenue.

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Release Date: February 16, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Jash Engineering Ltd (NSE:JASH) managed to offset a significant drop in US revenue with increased domestic revenue, showcasing resilience in the face of international trade challenges.

The company is actively diversifying its geographical presence to reduce dependency on any single market, with plans to strengthen operations in the US and UK through acquisitions.

Jash Engineering Ltd (NSE:JASH) is setting up a new plant in Saudi Arabia to capitalize on the booming Middle Eastern market, which is expected to provide localization benefits and price preferences.

The company has a strong order book of INR923 crore, indicating a healthy demand for its products and services across various regions.

Jash Engineering Ltd (NSE:JASH) is developing new products and expanding its capabilities, such as special gates for desalination plants and surge vessel bladder types, which are expected to drive future revenue growth.

Negative Points

The company experienced a marginal growth in revenue due to the impact of US tariffs, which led to a slowdown in exports to the US.

There was a significant drop in PAT, EBITDA, and gross profit margins, attributed to the tariff issues and increased costs.

The uncertainty surrounding US tariffs affected the company's ability to take major orders, impacting revenue and order book growth.

Jash Engineering Ltd (NSE:JASH) faced challenges in its Rodney Hunt business, with a significant reduction in exports affecting overall revenue.

The company anticipates a revenue shortfall due to the tariff impact, with projected consolidated revenue for the year being lower than initially forecasted.

Q & A Highlights

Q: Can you provide projections for the next year given the current challenges? A: Pratik Patel, Executive Chairman and Managing Director, stated that despite this year’s challenges due to US tariffs, the company plans to maintain its previous 5-year projections. With a strong order book in the US, they expect to return to normal growth if no further disruptions occur.

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Q: How will the acquisition of Penstocks UK benefit Jash Engineering? A: Pratik Patel explained that the acquisition strengthens Waterfront’s market presence in the UK and introduces a unique product design that can be rolled out globally, enhancing competitiveness.

Q: What is the impact of the US tariff situation on your operations? A: Pratik Patel mentioned that the uncertainty of tariffs affected revenue, but with the new trade deal, they expect stability. The tariff rate is expected to be 25%, potentially reducing to 18%, which will help normalize operations and improve future revenue.

Q: How is the company addressing the volatility in raw material prices? A: Pratik Patel noted that while they forecast raw material prices during project bidding, unexpected events like COVID-19 can impact costs. However, currency depreciation often offsets some of these costs, as seen with the US tariff situation.

Q: What are the plans for expanding operations in Saudi Arabia? A: Pratik Patel highlighted plans to set up a manufacturing plant in Saudi Arabia to benefit from localization incentives and price preferences, aiming to capture more business in the Middle East.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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