• The document is a transcript of the Q2 FY27 earnings conference call held on Wednesday, 04th November 2026. The call was hosted by Ernst & Young and featured management commentary followed by a Q&A session with investors.
  • Management participants included Mr. Dharmendra Jain (Chief Financial Officer) and Mr. Sanjay Sharma (Vice President of Sales and Marketing). Chairman and Managing Director Mr. Pratik Patel was absent due to unavoidable commitments.
  • The stated purpose of the call was to discuss the company's Q2 and H1 FY27 financial results, provide a business update, and address investor queries. The call was recorded, and the recording was made available on the company's website.
  • Financial Performance:
  • Q2 FY27 Standalone: Revenue stood at INR 195 Cr (up 22% YoY), EBITDA at INR 27.3 Cr (up 23% YoY), and PAT at INR 14.3 Cr (up 30% YoY).
  • H1 FY27 Consolidated: Revenue was INR 351 Cr (up 20% YoY), EBITDA at INR 42 Cr (up 75% YoY), and PAT growth of 239%.
  • Subsidiary Performance (H1):
  • Jash Engineering (Standalone): Revenue INR 227 Cr (up 9% YoY), PAT up 18%.
  • Rodney Hunt: Revenue growth of 17%, PAT slightly negative.
  • Waterfront: Revenue INR 23 Cr (up 8% YoY), PAT positive.
  • Jash Process Equipment: Revenue INR 21 Cr (down from INR 25 Cr YoY), PAT slightly negative.
  • Order Book & Pipeline:
  • Consolidated order book stands at INR 955 Cr after deducting inter-company orders.
  • Breakup: Jash Engineering (INR 561 Cr), Rodney Hunt (INR 391 Cr), Mahr (INR 27 Cr), Waterfront (INR 31 Cr), Jash Process Equipment (INR 32 Cr).
  • Geographic Split: INR 330 Cr (Domestic), INR 625 Cr (International).
  • Near-term pipeline: Orders worth INR 46 Cr are negotiated and expected this month; orders worth INR 129 Cr are under negotiation and expected this quarter.
  • Guidance & Outlook:
  • The company reaffirmed its full-year revenue guidance of INR 875 Cr, with breakup: Jash Engineering (INR 530 Cr), Rodney Hunt (INR 330 Cr), Mahr (INR 15 Cr), Waterfront (INR 60 Cr), Jash Process Equipment (INR 40 Cr).
  • Key headwind: Delivery timelines and transit time for exports, which if improved, would support achieving the guidance.
  • Medium-term target: EBITDA margin of 21-23% as international businesses scale.
  • Business Updates:
  • US Expansion: A new manufacturing plant is planned, with contractor finalization expected in November 2026 and commissioning targeted for December 2027 (12-month construction).
  • Saudi Plans: Manufacturing base plans are currently parked due to geopolitical situation; decision to be revisited next month.
  • Tariff Refunds: USD 0.54 million refunded in Q2; USD 0.7 million pending, of which USD 0.2 million expected this year.
  • Capacity: Existing facilities can support revenue up to INR 1200 Cr; new US plant to support growth beyond that.
  • Acquisitions: Preliminary discussions ongoing for a potential acquisition, but too premature to share details.

Additional Notes Section

  • The transcript was attached to the regulatory filing submitted to the NSE and BSE on 12.11.2026.
  • The document includes detailed financial data from the earnings presentation and extensive management commentary during the Q&A session.
  • No explicit compliance language regarding UPSI (Unpublished Price Sensitive Information) was included in the transcript.