Jash Engineering Ltd — Q3 FY26

Jash Engineering reported marginal revenue growth of 3% in Q3 FY26, impacted by US tariff uncertainty that caused a 25-30 crore drop in exports to Rodney Hunt. Domestic revenue partially offset the shortfall. EBITDA and PAT margins declined due to lower US sales and tariff-related costs, but management expects full-year PAT margin of 9-10% on consolidated revenue of 775-800 crore. The US-India trade deal has restored tariff clarity, with two consignments cleared at 25% and potential reduction to 18%. Order book stands at 923 crore, with $42 million in US orders. New plant at Pithampur will commence commercial production in April. Acquisitions of Westech and Pento UK are expected to strengthen UK operations and product portfolio. Key risk: integration of acquisitions may take longer than expected, delaying revenue and margin benefits.