JASH ENGINEERING LIMITED — Investor Presentation 2025

May 6, 2025

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JASH ENGINEERING LIMITED

INVESTOR PRESENTATION | FY2025 May 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.

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“

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“

MR. PRATIK PATEL Managing Director

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GROWTH JOURNEY

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Evolving into a Global Leader

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PHASE 1 PHASE 2 PHASE 3 PHASE 4 Building a Strengthening Scaling Expanding Globally Strong Foundation Core Capabilities Operations Globally for Future Growth Built a trusted engineering Entered public markets Scaled capacity, Closer to ₹1,000 cr brand in India with globalthrough SME listing, diversified through revenue target, built a quality manufacturing and strengthened governance, strategic acquisitions, and ₹838 Cr order book, and early international and build a robust expanded exports to over deepened global footprint expansion through foundation for sustainable 60% of total revenue. with capacity in India, strategic acquisitions growth. USA, and UK.

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COMPANY OVERVIEW

5

Growing Stronger, Year After Year (Consolidated)

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(₹ crores)
43% YoY
746
26% YoY
522
11% YoY
24% YoY 415
374
6% YoY
12% YoY
42% YoY 286 302
255
11% YoY
180
161
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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• Revenue grew ~5x from ₹161 Cr in FY17 to ₹746 Cr in FY25 , driven by capacity expansion, strategic acquisitions, diversified portfolio, and growing global presence

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6

Strengthening Profitability, Year After Year (Consolidated)

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(₹ crores)

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20%
18% 19% 18%
16%
15% 14%
12% 12% 13% 12%
10%
6% 8% 7% 9%
3%
0%
138 31% YoY
36% YoY
105
30% YoY
46% YoY 87
77 29% YoY
19% YoY 3% YoY 61% YoY 67
55% YoY
55 53 52
46
115% YoY 52% YoY 5% YoY
43% YoY 30 161% YoY 31 32
24
2190% YoY 20
14
10 97% YoY
8
0.3
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
EBITDA PAT EBITDA Margin PAT Margin
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• Consistent growth in profitability with EBITDA and PAT hitting all-time highs in FY25

Note: *Profitability was impacted in FY18 due to initial setup costs for USA operations, including higher salaries and airfreight expenses to meet delivery timelines

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7

Ratio Trends (Consolidated)

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ROE ROCE
20% 22% 19% 20% 26% 25% 26% 25% 26%
17% 21%
16% 19%
18%
12%
8%
6%
0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Debt/ Equity (x) Debt/ EBITDA (x)
3.8
0.6 0.6
0.5 0.5
0.4 0.4
0.3 2.0 1.9
1.6 1.6
0.2 0.2 1.2
1.1
0.8 0.7
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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8

Our Value Creation Journey So Far

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MARKET CAP (31 [st] March 2017) MARKET CAP (31 [st] March 2025)
CAGR: ~47%
₹ 170 Cr ₹ 3,641 Cr
13.7
10.9
8.5 3,641
5.1 5.3
2.9 3.4
2.1
0.1
2,097
1,009
609
357
170 172 117 181
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Market Cap (₹ cr) EPS (₹)
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• Jash Engineering’s market cap has surged over 21x in 8 years , reaching ₹3,641 Cr in FY25.

Note: Earnings Per Share (EPS) for FY17 to FY24 has been adjusted to reflect the 1:5 stock split for comparability across years.

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Dividend Trend

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14% 12% 13% 14% 13% 15%
10%
100%
72%
60%
36%
32%
24%
15%
FY19 FY20 FY21 FY22 FY23 FY24 FY25
Dividend % Dividend Payout
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• Consistent dividend payments with a 7x increase in Dividend declared over FY19–FY25 , supported by a stable payout ratio

• • 40% interim dividend already paid and 60% final dividend recommended in board meeting, subject to approval in AGM.

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FY25 FINANCIAL SNAPSHOT

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FY25 Snapshot (Consolidated)

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REVENUE GROSS PROFIT EBITDA
₹ 746 Cr 43% YoY Growth ₹ 415 Cr 34% YoY Growth ₹ 138 Cr 31% YoY Growth
PBT PAT EPS
₹ 108 Cr 29% YoY Growth ₹ 87 Cr 30% YoY Growth ₹ 13.8 26% YoY Growth
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GROWTH JOURNEY STRATEGIC UPDATES COMPANY OVERVIEW
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FY25 Revenue Composition (Consolidated)

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Hydropower & Pumping ,
Process Equipment and 38% YoY growth
others 1.0% Middle East
Europe & Africa
22% YoY growth
340% YoY growth
10% 6%
Valves
Far east and
6% YoY growth
South east 16%
11%
Asia 37%
78% YoY growth
Product Water India
Geographical
Screening Control
Contribution Contribution 31% YoY growth
Equipment Gates
16%
54% YoY growth 63% 50% YoY growth
40%
USA
31% YoY growth
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13

Standalone Performance

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JASH ENGINEERING SHIVPAD ENGINEERING

RODNEY HUNT Waterfront Fluid Controls

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Revenue (₹Cr) Revenue (₹Cr) Revenue (₹Cr) Revenue (₹Cr)
484 32
293
40
353 228 £3 Mn
37% 118% $34 Mn 29%
18
YoY Growth YoY Growth $27 Mn YoY Growth
FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25
PAT (₹Cr) PAT (₹Cr) PAT (₹Cr) PAT (₹Cr)
69 7 20
50 $2.3 Mn
14% 17%
14% 38% 251% 18 7% 9%
2
YoY Growth YoY Growth $2.1 Mn YoY Growth
11% 9% FY25
£0.4 Mn
FY24 FY25 FY24 FY25 FY24 FY25 FY24 -13%
-5
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GROWTH JOURNEY STRATEGIC UPDATES COMPANY OVERVIEW
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Consolidated Order Book as on 1[st ] May 2025

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Jash Engineering Ltd Within India
₹ 499 Cr * ₹ 292 Cr
Jash USA / Rodney Hunt
Outside India
₹ 328 Cr
₹ 546 Cr
Combined order book stood at
Waterfront Fluid Controls Ltd
₹ 11 Cr ₹ 838 Cr
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• *Jash includes Shivpad order Booking of Rs. 22 Cr. and Mahr order Booking of Rs. 22 Cr Combined order booking after deducting inter-company orders

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Consolidated Order Pipeline as on 1[st] May 2025

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ALREADY NEGOTIATED UNDER NEGOTIATION
Within India Within India
₹ 15 Cr ₹ 62 Cr
Outside India
Outside India
₹ 44 Cr
₹ 16 Cr
Combined
Combined
₹ 78 Cr
₹ 59 Cr
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Consolidated Sales Outlook for FY26

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Jash Engineering Ltd Within India
₹ 571 Cr ₹ 320 Cr
Jash USA / Rodney Hunt Outside India
₹ 340 Cr
₹ 540 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 and Mahr revenue. Combined sales after deducting inter-company sales

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Market Landscape & Growth Opportunities

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Jash is well-positioned to tap into India’s growing water infrastructure opportunity

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||||||
|---|---|---|---|---|
|OPPORTUNITY DRIVER|JASH SUPPLIES|JASH - BUSINESS POTENTIAL|
|Govt. push for 24x7 piped supply (Jal Jeevan|
|Drinking Water|Gates, valves, process equipment, screens|₹315 Cr/year|
|Mission) in urban & rural areas|
|Large-scale demand for minor irrigation & lift|Gates, trash rakes, screens, water hammer control|
|Irrigation Water|₹75 Cr/year|
|irrigation projects across India|valves and pressure vessels|
|Major capacity gap – only ~38% of sewage|Screw pumps, gates, screens, knife gate valves and|
|Wastewater|₹520 Cr/year|
|generated is treated|treatment process equipment f|
|Policy mandates & funding for treated water reuse in|Gates, screens, knife gate valves, and tertiary|
|Reuse Water|cities and industries|treatment equipment f|₹416 Cr/year|
|Coastal cities shifting to desal plants to tackle water|Gates, screens, knife gate valves, and treatment|
|Desalinated Water|₹80 Cr/year|
|scarcity|equipment|
|Smart city investments + climate-driven drainage|Screw pumps, gates, screens and|
|Storm Water|₹50 Cr/year|
|infra upgrades|knife gate valves|
|Coastal protection infra to counter sea level rise and|Screw pumps, water control gates, screens, and|
|Rising Sea Water|₹100 Cr/year|
|salinity ingress|knife gate Valves|
|Industrial Water|India’s water crisis drives demand for industrial|Manufacture a range of products for reuse water as|-|
|water reuse|well as for desalination.|
|GROWTH JOURNEY|DINANCIAL SNAPSHOT|STRATEGIC UPDATES|COMPANY OVERVIEW|19|

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Strong Growth Visibility

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DOMESTIC BUSINESS

Export BUSINESS

• Subsidiaries (USA, UK, Austria)

• Water Infrastructure • ₹1,500 Cr+ market potential

• • FY25 Jash revenue: ₹275 Cr

• FY25 revenue: ₹325 Cr

• Growth led by strong local demand

• • Expected growth: >18% CAGR

• Expected growth: >18% CAGR

Doubling growth in five years, driven by India’s infrastructure boom and global momentum

• Renewable Energy

• Direct Exports from India

• Driven by national focus on clean energy

  • FY25 revenue: ₹100 Cr

• energy • Strong in Far East, Southeast Asia, global momentum

• • Expected growth: >15% CAGR Middle East • New country additions annually

• •

• Bulk Solids Handling Expected growth: >15% CAGR • Supported by investments in cement, power, coal

• • Expected growth: >12% CAGR

• Total Domestic CAGR: >15% Total Export CAGR: >15%

• Bulk Solids Handling

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USA Tariffs – Low Impact on Jash

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Limited tariff exposure, strong US capacity ramp-up, and potential tariff relief from India-US trade talks ensure long-term resilience

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Estimated Tariff Impact

Compliant with US BABA Act

Rodney Hunt

• FY25 Revenue: USD 34 Mn (~₹293 Cr)

• Purchases from Jash India: 31% of RH revenue

• Tariff Rate (proposed): 25%

• Cost Impact Range: ₹8–10 Cr

US Base Mitigates Risk

• Existing facility in Orange, MA: 400,000 sq. ft. (90,000 sq. ft. used)

• Expansion in 2025: +60,000 sq. ft. renovation

• US Federal projects require 55%+ local content (rising to 75% by 2029)

• Our expansion ensures compliance and future eligibility

• Of this, only ₹30–40 Cr subject to new US tariffs

• New plant in Houston planned for 2027

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COMPANY OVERVIEW

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Who We Are

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Trusted Manufacturer Global Reach, Local Strength Comprehensive Portfolio
Specialized in equipment for water Serving 45+ countries with 6 world- India’s largest maker of water control
& wastewater treatment, pumping class manufacturing units in India, gates with 60+ products across
stations, and conveyance systems USA & UK screens, valves, pumps & filters
Export-Driven Growth Certified & Approved Powered by Strategic Acquisitions
~60% of revenue from international ISO-certified and approved by major Global brands like Rodney Hunt
markets municipal bodies worldwide (USA), Mahr (Austria), and
Waterfront (UK) integrated into the
Jash ecosystem
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Powering Growth through Acquisitions

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2009 2011 2014 2016 2023 Sureseal, Shivpad Engineers Pvt. Ltd, Mahr Maschinenbau GmbH, Rodney Hunt Inc., Waterfront Fluid Controls Ltd, INDIA INDIA AUSTRIA USA UK (FY-25 revenue: ~₹21 Cr.) (FY-25 revenue: ~₹40 Cr.) (FY-25 revenue: ~₹27 Cr.) (FY-25 revenue: ~₹293 Cr.) (FY-25 revenue: ~₹32 Cr ) (Acquired at ₹1 Cr.) (Acquired at ₹8 Cr.) (Acquired at Euro 2 Mn.) (Acquired at US$ 4 Mn.) (Acquired at GBP 2 Mn.) To add niche products of water To add treatment process To add world renowned To add world renowned brand To seize the opportunity hammer control in the water equipment and increase the Screening technology and and get access into North presented by closure of conveyance cycle where package size of products brand so that these could be American market of water Hambaker and become the company had no presence in offered in a particular project. leveraged in export market control gates. To get access to largest Water Control Gates India. and help push gates and top representatives in states company in UK using screens as a package so that they can help in selling Waterfront local presence. screens & knife gate valves.

To add niche products of water To add treatment process hammer control in the water equipment and increase the conveyance cycle where package size of products company had no presence in offered in a particular project. India.

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Global Footprint

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Presence in over 45 countries, serving diverse markets across North America, Europe, Asia , and the Middle East

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Acquisitions Manufacturing & MarketingOffices Subsidiary Regional Business Associates

Six manufacturing facilities across India, USA, and UK , enabling local delivery and faster execution for global projects

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State of Art Facilities & Turnover Capability

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Total Turnover Potential from existing facility

₹ 800+ Cr

UNIT-1 CAST PRODUCTS PLANT

Built Up Area: 125,000 Sq. ft. Turnover Capability: ₹75 Cr

UNIT-4 Rodney Hunt Plant

Built Up Area: 50,000 Sq. ft.. Turnover Capability: ₹100 Cr

UNIT-2 FABRICATED PRODUCTS PLANT

Built Up Area: 185,000 Sq. ft. Turnover Capability: ₹350 Cr

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UNIT-1 CAST PRODUCTS PLANTRodney Hunt lant, Orange, MA USA
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Built Up Area: 60,000 Sq. ft. Turnover Capability: USD 15M (₹125 Cr)

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UNIT-3 SEZ PLANT
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Built Up Area: 75,000 Sq. ft. Turnover Capability: ₹100 Cr

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Waterfront Fluid Controls Ltd, UK
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Built Up Area: 25,000 Sq. ft. Turnover Capability: GBP 5M (₹50 Cr)

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Diverse Product Portfolio (1/4)

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Coarse Screening Fine Screening
Water intake Systems Heavy Fabricated Gates
Equipment Equipment
Penstocks / Open Channel Bulk Head Slide Roller Gates Trash Rack Jash MMR Screenmat Step Rotoclean Rotary
Sluice Gates Gates Gates Screen Screen Drum Screen
Downward Opening Flap Gates Butterfly Gates Crest Gates “JMR” Multi-rake Jash Back Rake Rotobrush Rotary Mahr Perscalator
Weir Gates Screen Screen Screen Screen
Stop Logs Radial / Tainter Bonneted Gates Suspended Trash Travelling Band
Gates Rack Screen
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Diverse Product Portfolio (2/4)

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Water intake SystemsScreening Conveying Heavy Fabricated Gates Knife Gate Valves Bulk Solid Handling
Equipment Valve
Belt Conveyor Screw Conveyor Trash Rack “MONO” Series Slide Gate Valve Swing Gate Valve
Knife Gate Valve – Version ZFB – Version KU
Special Purpose Valves
Screw Conveyor Jet Breaker Double Flap Valve Fabricated Slide
with wash Washer – Version DFG Gate Valve-VEG
compactor Compactor
Zero Velocity Valve Air Vessel
Slide Gate Valve-
Air Cushion Valve Energy Dissipating ZFS
Valve
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Diverse Product Portfolio (3/4)

Heavy Fabricated Gates

Process EquipmentWater intake Systems

Slow speed floating aerator

Clarifier

Detritor

Screw Pumps

Hydro Power Equipment

Heavy Fabricated Gates

Hydropower Screw Generator

Archimedean Screw Pump

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Clarifloculator

Slow speed fixed aerator

Filtering Equipment

iFILT® Diamond Disc Filter

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Diverse Product Portfolio (4/4)

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Secondary Treatment
Equipment
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Diffuser Aeration

Mixing & Aeration Equipment

Decanting Equipment

Turbo Blower

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Applications, Products & End-User Landscape

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Applications, Products& End-User Landscape	Applications, Products& End-User Landscape	Applications, Products& End-User Landscape	Applications, Products& End-User Landscape	Applications, Products& End-User Landscape	Applications, Products& End-User Landscape
	Waste Water (Human + Industrial)	Industrial Use	Drinking Water	Storm Water	Renewable Energy
Applications	Collection, Transmission, Sewage/Effluent Treatment Plants	Water intake, Effluent Treatment	Dams, Intake, Pumping Stations, Treatment, Distribution	Pumping Stations, Treatment Plants	Canal, River. Sewage/Power Plant Outfalls
Products Used	Gates, Screens, Knife Valves, Aeration, Turbo Blowers, Decanters	Gates, Screens, Valves, Process Equip.	Gates, Screens, Valves, Process Equip	Gates, Screens, Knife Valves	Hydropower Screws, Gates
% Of Sales	60–70%	10–20%	10–15%	5–10%	5–10%
Buyers	Direct: EPC Contractor End: Govt. bodies	Direct: EPC Contractor End: Public/Private Cos	Direct: EPC Contractor End: Govt. bodies	Direct: EPC Contractor End: Govt. bodies	Direct: EPC Contractor End: Public/Private Cos

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Annexure

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Consolidated Income Statement

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|||||||
|---|---|---|---|---|---|
|Particulars (₹ Cr)|Q4FY25|Q3FY25|Q4FY24|FY25|FY24|
|Total Income|303|182|219|746|522|
|Total Expenses|252|147|170|638|439|
|EBITDA|62|42|55|138|105|
|EBITDA Margin (%)|20.4%|23.1%|25.0%|18.5%|20.1%|
|Finance Cost (Net)|4|4|3|13|11|
|Depreciation|7|4|3|17|11|
|Share of profit/ (loss) of a joint venture|0|0|0|0|0|
|PBT|51|35|49|108|83|
|Tax|15|0|10|21|16|
|PAT|36|35|39|87|67|
|PAT Margins (%)|11.8%|19.1%|17.8%|11.6%|12.8%|
|EPS (₹)|5.7|5.5|6.4|13.8|10.9|

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Consolidated Balance Sheet

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||||
|---|---|---|
|Particulars (₹ Cr)|FY25|FY24|
|Equity & Liabilities|
|Shareholder's Funds|
|Share Capital|13|12|
|Other Equity|422|339|
|Non-Controlling Interest|2|351|
|Total Shareholder's Fund|436|351|
|Non-Current Liabilities|
|Long-Term Borrowings|21|18|
|Provisions|5|2|
|-|
|Deferred Tax Liabilities (Net)|0|
|Other Non-Current Liabilities|2|1|
|Total Non Current Liabilities|28|22|
|Current Liabilities|
|Short-Term Borrowings|78|62|
|Trade Payables|83|70|
|Other Financial Liabilities|13|15|
|Other Current Liabilities|96|78|
|Provisions|11|6|
|Current Tax Liabilities (Net)|2|1|
|Total Current Liabilities|283|232|
|TOTAL - EQUITY AND LIABILITIES|748|604|

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||||
|---|---|---|
|Particulars (₹ Cr)|FY25|FY24|
|ASSETS|
|Non-Current Assets|
|Property, Plant & Equipment|121|99|
|Capital Work in Progress|20|5|
|Investment Property|1|-|
|Intangible Assets|16|7|
|Intangible Assets Under Development|1|-|
|Goodwill on Consolidation|32|22|
|Investments|0|0|
|Non-Current Assets|1|2|
|Deferred Tax Assets (Net)|9|6|
|Other Non Current Assets|5|22|
|Total Non Current Assets|207|164|
|Current Assets|
|Inventories|189|161|
|Investments|11|6|
|Trade Receivables|225|157|
|Cash and Cash Equivalents|13|31|
|Other Bank Balances|91|65|
|Loans|0|
|Other Financial Assets|1|1|
|Other Current Assets|12|11|
|Total Current Assets|541|431|
|-|
|Asset Classified as held for sale|9|
|TOTAL - ASSETS|748|604|

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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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