JASH ENGINEERING LIMITED — Investor Presentation 2025

Nov 14, 2025

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JASH ENGINEERING LIMITED

INVESTOR PRESENTATION | Q2 / H1 FY26 November 2025

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Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements", These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Message from Chairman & Managing Director (1/2)

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“We face a very challenging business environment on account of chaos created worldwide due to tariff imposed by USA on many countries. In-spite of this we have been able to post a growth in Revenue from Rs. 260 Cr in H1FY25 to Rs. 293 Cr in H1FY26 i.e. a growth of 12%.

However, this growth in revenue has not resulted into growth in Profit Margin / EBITDA / PBT / PAT. The major reason for this current drop in gross margin is mainly due to the reduction in export sales, particularly to the U.S., where margins are generally higher compared to domestic sales. Additionally, there has been a further decline in the gross margin due to the execution of negative margin related to screw generator projects executed during this period. Also there is an increase in Employee cost in India & US without corresponding growth in the revenue.

We are still confident of achieving consolidated yearly revenue in excess of Rs. 825 Cr which means that in H2FY26 we should achieve consolidated revenue of over Rs. 530 Cr. With employee cost and other fixed expenses being same as in H1FY26, this increase in revenue in H2FY26, should ensure that we would be able to show considerable improvement in H2FY26 figures pertaining to Profit Margin / EBITDA / PBT / PAT.

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PRATIK PATEL Managing Director

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H1Y26 FINANCIAL SNAPSHOT

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H1FY26 Snapshot (Consolidated)

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Gross Profit (₹Cr) &
Total Revenue (₹Cr) EBITDA (₹Cr) & Margin (%)
Margin (%)
59%
13%
293 55%
160
8%
12% 4% -30%
260 34
24
YoY YoY YoY
Growth Growth Growth
154
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
Profit Before Tax (₹Cr)
Profit After Tax (₹Cr)
22
16
-64%
-63%
8 YoY 6 YoY
Growth Growth
H1FY25 H1FY26
H1FY25 H1FY26
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FINANCIAL SNAPSHOT

STRATEGIC UPDATES

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Standalone Performance

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JASH ENGINEERING SHIVPAD ENGINEERS RODNEY HUNT Waterfront Fluid Controls
Revenue (₹Cr) Revenue (₹Cr) Revenue (₹Cr) Revenue (₹Cr)/ (£Mn)
10.9
201.0
10.5
197.9
94.3 20.5
92.6 14.8
Growth -2% YoY GrowthYoY 4% $10.6 Mn $10.4 Mn Growth -2% YoY £ 1.24 Mn £ 1.71 Mn 38% YoY
Growth
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
PAT (₹Cr) PAT (₹Cr) PAT (₹Cr) PAT (₹Cr) / (£Mn)
33.4 1.2
- $ 1.1 - $ 1.6 - £ 0.13 - £ 0.12
21.6 -35% 0.7 Mn Mn Mn - £Mn 0.13 Mn - £Mn 0.12
-42%
YoY -9.8
YoY
Growth
Growth
-14.3 -1.4
-1.6
H1FY25 H1FY26
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
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Note: *H1FY25 is not comparable as Waterfront began contributing meaningfully from May 2024.

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H1FY26 Revenue Composition (Consolidated)

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Hydropower & Pumping , Middle East
Process Equipment and
0.7%
others Europe & Africa
11% 11.7%
Far and
Southeast
Valves
14% Asia 10.5%
45.9
Product Geographical India
%
Contribution Contribution
60% Water
USA
Screening 15% Control
Equipment Gates
31.3%
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Consolidated Income Statement

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Particulars (₹ Cr) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25	Particulars (₹ Cr) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25
Revenue From Operations 157.54 127.61 139.58 285.15 254.13
Other Income 2.05 5.33 4.22 7.38 5.99
Total Income 159.59 132.94 143.81 292.53 260.13
COGS 67.40 65.44 50.48 132.84 106.07
Gross Profit 92.20 67.50 93.33 159.70 154.06
Gross Margin (%) 58% 51% 65% 55% 59%
Total Expenses 145.56 139.01 121.37 284.56 238.02
EBITDA 22.35 1.23 28.74 23.58 33.92
EBITDA Margin (%) 14% 1% 20% 8% 13%
Finance Cost (Net) 3.38 2.97 2.95 6.35 5.45
Depreciation 4.88 4.50 3.40 9.38 6.46
Share of profit/ (loss) of a joint venture 0.06 -0.17 -0.05 -0.11 -0.10
PBT 14.09 -6.24 22.39 7.85 22.01
Tax 3.12 -1.07 6.24 2.05 5.79
PAT 10.97 -5.17 16.15 5.80 16.22
PAT Margins(%) 7% -4% 11% 2% 6%
Basic EPS (in Rs) 1.75 -0.82 2.58 0.92 2.60
Diluted EPS (in Rs) 1.73 -0.82 2.56 0.92 2.58

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Consolidated Balance Sheet

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Particulars(₹ Cr) H1FY26 FY25 Equity & Liabilities Shareholder's Funds Share Capital 12.58 12.55 Other Equity 429.92 420.46 Non ControllingInterest 3.06 3.31 Total Shareholder's Fund 445.57 436.32 Non-Current Liabilities Long-Term Borrowings 14.57 6.79 Lease Liabilities 15.67 14.50 Provisions 7.37 4.52 Deferred Tax Liabilities(Net) 0.21 0.38 Other Non-Current Liabilities 1.74 1.85 Total Non Current Liabilities 39.56 28.03 Current Liabilities Short-Term Borrowings 78.69 74.62 lease Liabilities 3.36 3.13 Trade Payables Due to micro enterprise and small enterprise 13.36 10.04 Due to creditors other than micro enterprise and small enterprise 70.56 72.81 Other Financial Liabilities 18.47 13.37 Other Current Liabilities 92.07 96.11 Provisions 10.21 11.28 Current Tax Liabilities(Net) 0.27 2.12 Total Current Liabilities 287.00 283.49 Total Liabilities 326.57 311.52 TOTAL - EQUITY AND LIABILITIES 772.13 747.85	Particulars(₹ Cr) H1FY26 FY25
	ASSETS
	Non-Current Assets
	Property,Plant & Equipment 123.75 98.39
	Right-of-use asset 23.11 22.17
	Investment Property 1.40 1.43
	Capital Work in Progress 11.42 20.47
	Intangible Assets 15.88 16.30
	Intangible Assets Under Development 1.05 0.68
	Goodwill on Consolidation 35.01 31.96
	Investments 0.01 0.12
	Loans 0.14
	Non-Current Assets 2.98 1.48
	Deferred Tax Assets(Net) 12.75 9.16
	Other Non Current Assets 4.26 4.98
	Total Non Current Assets 231.76 207.14
	Current Assets
	Inventories 229.52 188.83
	Investments 14.01 10.54
	Trade Receivables 174.62 225.35
	Cash and Cash Equivalents 20.06 12.71
	Other Bank Balances 87.56 90.61
	Other Financial Assets 2.39 0.69
	Other Current Assets 12.21 11.99
	Total Current Assets 540.37 540.71
	TOTAL - ASSETS 772.13 747.85

FINANCIAL SNAPSHOT

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Order Book Trend

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₹ in Crores

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₹ 890
₹ 808
₹ 784
₹ 603
₹ 435
₹ 390
₹ 339
FY20 FY21 FY22 FY23 FY24 FY25 YTD 1st Nov,25
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Order book remains healthy, driven by sustained demand for our products across domestic and international markets. Strong order inflows and a robust project pipeline position the company well to maintain its growth momentum

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Consolidated Order Book as on 1[st] November 2025

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Within India
Jash Engineering Ltd
₹ 501 Cr ₹ 282 Cr
Jash USA / Rodney Hunt
₹ 357 Cr
Outside India
₹ 608 Cr
Mahr Maschinenbau GmbH
₹ 14 Cr
Combined
Waterfront Fluid Controls Ltd.
₹ 18 Cr ₹ 890 Cr
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*Jash includes Shivpad order Booking of Rs. 27 Cr. Combined order booking after deducting inter-company orders

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Consolidated Order Pipeline as on 1[st] November 2025

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ALREADY NEGOTIATED UNDER NEGOTIATION
Within India Within India
₹ 12 Cr ₹ 40 Cr
Outside India
Outside India
₹ 16 Cr
₹ 6 Cr
Combined
Combined
₹ 46 Cr
₹ 28 Cr
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Consolidated Sales Outlook for FY26

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Within India
Jash Engineering Ltd
₹ 548 Cr ₹ 320 Cr
Jash USA / Rodney Hunt
₹ 340 Cr
Outside India
₹ 540 Cr
Mahr Maschinenbau GmbH
₹ 23 Cr
Combined
Waterfront Fluid Controls Ltd.
₹ 40 Cr ₹ 860 Cr
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• *Includes revenue of Shivpad which is under merging process with JASH. Combined sales after deducting inter-company sales

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STRATEGIC UPDATES

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Strategic Updates

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• Shivpad Division (Chennai)

• Commercial production started and production team being set up. Entire team will be set up by March 25 and desired production output will start coming from April 26 onwards.

• Merging with Jash will be over by Jan 26.

• Acquiring 90% stake in WesTech Process Equipment India (Mumbai)

• The due diligence activity is over and all points are resolved.

• Discussions on finalisation of SHA is ongoing and we shall finalise and sign the same by end of Nov 25.

• We expect to complete the acquisition of company by mid Dec 25.

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• Acquiring Penstock UK by Waterfront UK – a Jash subsidiary.

• Initial agreement signed.

• Due diligence process will commence by 3[rd] week of Nov 25 and will be completed by Dec 25.

• We expect to complete the acquisition of company by Jan 26.

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Strategic Updates

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• Capital Expansion at various plants in Indore

• Unit 1 : Expansion in Foundry, Machine shop & Gate assembly plant is under execution and is expected to be commissioned by April 26.

• Unit 2 : Guesthouse construction will be completed by mid Dec 25 and furnishing process will be started thereafter. This is expected to be commissioned in March 26.

• Unit 4 : New Plant construction will be completed by Jan 26 and equipment installation will be started thereafter. This plant is expected to be commissioned in April 26.

• Capital Expansion at Rodney Hunt in USA

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• Houston plant : All the plant drawings are ready and work on plumbing drawings is under preparation. We plan to submit drawings to city for approval in Jan 26 and expect approval by March-April 26. Construction activities will be started by April-May 26 and plant shall be commissioned by March 27.

• Orange Plant : New layout for plant expansion under review and will be frozen by Dec 25. Budget will be decided thereafter and investment will be done for plant expansion after March 26.

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New Product Development

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DN 150 HDPE Knife Gate Valve

DN 150 High Pressure Knife Gate Valve

High-pressure Knife Gate Valve suitable for oil sands application : This valve is developed for Canadian oil sands market and can withstand pressure up to 52 bars and has hard faced gate and flow area to withstand high abrasion from oil sands. These valves shall be offered from DN100 to DN800 size.

HDPE Knife Gate Valve for acidic application: To enable withstand highly acidic and corrosive application of a client, we developed a HDPE Knife Gate Valve. This would open new markets and opportunities for us in the paper and pulp industry as well as in the chemical process industry requiring low pressure, corrosion resistant, economical flow control solution.

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KU-HT Motorized Swing Gate Valve

KU-HT valve for charging powders into furnaces: We are constantly evolving our KU series Swing Gate Valve to meet the specific requirement of the industry. For meeting the requirement of charging powders into furnaces we developed a motorized version of KU HT Swing Valve capable of with- standing high temperatures up to 800°C with quick opening and closing with high sealing efficiency.

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Executed Prestigious Projects

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Tuas Water Reclamation Plant, Singapore

IOCL Panipat, India

We supplied large-sized DN2100 and DN1400 Knife Gate Valves to withstand the demanding conditions of flue gas isolation, ensuring reliable shut-off, minimal leakage, and long operational life. This order underscores Jash's proven capability in handling specialized, large bore critical applications for India's leading process industries.

We supplied PN16-rated DN2100 size electrically actuated Knife Gate Valve for this project. This order, worth approximately Rs. 77 crores, comprise supply of 96 large-bore Knife Gate Valves (26 PN10 rated and 70 PN16-rated) ranging in size from DN900 to DN2100.

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Narmada- Jhabua–Petalwad–Sardarpur MLIS Project

We supplied large-sized DN2100 and DN1400 Knife Gate Valves to withstand the demanding conditions of flue gas isolation, ensuring reliable shut-off, minimal leakage, and long operational life. This order underscores Jash's proven capability in handling specialized, large bore critical applications for India's leading process industries.

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FINANCIAL SNAPSHOT

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Thank You

CA Dharmendra Jain Jash Engineering Limited E-mail: dharmendrajain@jashindia.com Ph.:0731-6732700, 0731-2720143

Siddesh Chawan Ernst & Young LLP/ Investor Relations E-mail: Siddesh.Chawan@in.ey.com Ph.: +91 99302 35001

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