Target: ₹565CMP: ₹447.70We met the management of Jash Engineering and below are the key takeaways:India business: Revenue (domestic) grew 18 per cent y-o-y in FY26, with management guiding for 18–20 per cent y-o-y growth in FY27. Core categories market share exceeded 70 per cent, with company seeing a good traction from major cities in India including Mumbai where in recent quarters they supplied in over 28 projects out of total 30.Management expects road infrastructure capex to moderate post-FY28 following completion of major Vande Bharat investments, with water infrastructure emerging as the next key growth driver. A long term opportunity exists in wastewater-to-potable-water reuse, where the company has already executed pilot projects in Singapore. While JJM largely addresses mass-market demand, Jash remains focused on high-engineering, customised solutions.Capacity remains adequate, supported by 2 new plants commissioned during the year and Unit 1 expansion scheduled for completion by Jun’26, taking revenue potential to ₹1,200 crore. The Singapore order book stands at about ₹100 crore.Near-term tariff-related uncertainty may create volatility; however, management’s claim of competitiveness at a 50 per cent tariff level appears supported by India’s structural cost advantage. Over the medium term, the Houston and Saudi facilities, involving combined capex of $3 million, could materially expand revenue potential toward ₹1,500 crore by FY29-30, while the UK business continues to gain traction.Published on June 5, 2026