Jash Engineering: consolidated PAT +33% YoY to ₹14.5 Cr, margins steady at ~12.9% OPM
PAT +32.57% YoY · revenue +22.21% · margins expanding
₹192.51 Cr
+22.21% YoY
₹14.54 Cr
+32.57% YoY
7.46%
+0.6pp YoY
₹2.3
Jash Engineering's consolidated PAT rose 32.6% YoY to ₹14.54 Cr on revenue of ₹192.51 Cr, up 22.2% YoY, with net margin improving to 7.46% from 6.87% a year ago and operating margin roughly flat at 12.94% versus 12.88%. Standalone PAT was ₹12.54 Cr on revenue of ₹120.48 Cr, with basic EPS of ₹1.98; consolidated basic EPS was ₹2.30. Sequentially the swing looks sharper — PAT is up 185.7% QoQ and OPM recovered from an unusually weak 5.40% in Q1FY27 — but that QoQ jump mainly reflects Q1 being a soft base rather than a new step-change, since YoY margin is only marginally ahead of a year ago. The company's own notes flag that this quarter's consolidated numbers include two recent additions, Penstocks (UK) Limited and Jash Process Equipment Private Limited, that weren't in the year-ago base, so the reported 22% YoY revenue growth and 33% YoY PAT growth aren't fully like-for-like; no exceptional or one-off items appear in the P&L itself.
Q2 FY-2027 vs prior quarters
Against management's own FY27 targets — ₹875 Cr revenue and an upgraded 13-14% PAT margin, flagged cautiously optimistic in the August 2026 concall — the quarter is a mixed read: H1FY27 consolidated revenue of ₹342.39 Cr is about 39% of the full-year goal, implying a back-half-loaded year was already built into guidance, while H1 consolidated PAT margin of roughly 5.6% trails the 13-14% target by a wide margin, leaving a steep climb for H2 to average out. No quarter-specific Street estimate turned up in a search, though analyst consensus for FY27 revenue (~₹868.7 Cr per Marketscreener) sits close to management's own ₹875 Cr number, suggesting the Street broadly accepts the company's guidance rather than second-guessing it. Order intake stayed healthy through the quarter — ₹66 Cr booked in August and ₹102 Cr in September per the company's monthly updates — consistent with the revenue growth posted. No management press release accompanied this filing, so the quarter's framing rests on the numbers and notes in the results themselves; the ₹7.5 Cr pending tariff refund flagged for FY27 in the last concall is not referenced in this filing and remains outstanding.
The stock went into the print at ₹505, down 15.6% over the past month of trading.
FY27 revenue ₹875 Cr (India ₹320 Cr, export ₹555 Cr); PAT margin upgraded to 13-14% vs prior 12-13%; FY28 revenue ₹1,025 Cr target. ₹7.5 Cr pending tariff refund expected in FY27.
W1
Whether H2FY27 can deliver the ~₹533 Cr (61% of the ₹875 Cr target) needed to hit management's FY27 revenue guidance, against a ₹342 Cr H1 run-rate
W2
Whether consolidated PAT margin climbs toward the 13-14% full-year guidance from the ~5.6% H1 run-rate
W3
Status of the ₹7.5 Cr pending tariff refund management flagged for FY27 in the last concall — not mentioned in this filing
Consolidated PAT uses 'Profit for the period' (pre-NCI split, ₹14.5396 Cr) to match DB convention; owners' share alone is ₹14.4858 Cr, NCI ₹0.0538 Cr. Company notes (5/6) state current-quarter consolidated figures include newly added Penstocks (UK) Ltd and Jash Process Equipment Pvt Ltd, making YoY comparison not like-for-like. No exceptional items in the P&L; no management press release accompanied this filing.