To, The Members of
JASH ENGINEERING LIMITED
Your directors have pleasure in presenting the 52nd Directors Report of your Company together with the Audited Statement of Accounts and the Auditors Report of your company for the financial year ended 31st March, 2026.
1. FINANCIAL HIGHLIGHTS :
The financial statements of the Company are in accordance with the Indian Accounting Standard IND AS and as per the provision of Section 133 of the Companies Act, 2013 (the Act) read with Companies (Accounts) Rules, 2014 and amendments thereof. The standalone and consolidated financial highlights of the Company for the financial year ended March 31st, 2026 are summarized below:
| Standalone | Consolidated | |||
| Particulars | 2025-26 | 2024-25 | 2025-26 | 2024-25 |
| Total Income | 50,904.37 | 52,308.84 | 75,668.00 | 74,556.04 |
| Expenditure other than financial charges and depreciation | 40,265.70 | 41,117.11 | 63,399.2 | 60,756.54 |
| Gross Pro t before Interest, Depreciation & Taxes | 10,638.67 | 11,191.73 | 12,258.21 | 13,773.80 |
| Less: Interest & Financial Charges | 1,009.80 | 1,044.76 | 1,278.62 | 1,307.32 |
| Less: Depreciation | 890.34 | 774.72 | 1,970.39 | 1,702.81 |
| Less: Earlier years adjustments | - | - | - | - |
| Net profit before tax for the year | 8,738.53 | 9,372.25 | 9009.20 | 10,763.67 |
| Provisions for tax | 1,929.80 | 1,843.56 | 1,457.61 | 2,086.73 |
| Net Pro t after Tax | 6,808.73 | 7,528.69 | 7,551.59 | 8,676.94 |
| Less: Other Comprehensive Income | 60.10 | 173.16 | (1,805.29) | (139.72) |
| Total Comprehensive Income | 6,748.63 | 7,355.53 | 9,356.88 | 8,816.66 |
| Equity Share Capital | 1258.10 | 1255.10 | 1258.10 | 1,255.10 |
| Equity Share Capital held In ESOP Trust | 5.77 | 5.77 | - | |
| Earnings Per Share* | 10.83 | 12.04 | 12.01 | 13.88 |
| Diluted EPS | 10.79 | 11.96 | 11.97 | 13.78 |
*EPS has been derived based on weighted average number of shares
2. STATE OF AFFAIRS OF THE COMPANY : A. BUSINESS ACTIVITIES OF THE
COMPANY :
Your company is involved in the business of design and manufacture of a wide range of equipment for Raw Water & Sea Water Intake Systems, Water and Waste Water Pumping Stations and Treatment Plants, Desalination Plants, Storm Water Pumping Stations, Flood Prevention & Mitigation schemes, Water Transmission Lines, Small Hydro Plants and also for Power, Steel, Cement, Paper & Pulp, Petrochemicals, Chemical, Fertilizers and other process plants.
These equipment are Water control gates, Mechanized screening systems, Screening conveying and washing systems, Knife gate valves, Bulk Solid handling valves, Water hammer control valves, Air Vessels, Bladder Vessels, Energy dissipating valves, Archimedes screw pumps, Archimedes Screw turbines and treatment process equipment like Clari ers, Clari- occulators, Flash Mixers, Detroiters, Aerators & Mixers , Thickeners, Gravity Decanters, Trickling Filters, Digester Mixers, DAF
Units ,Disc Filters etc.
Your company offers a single stop solution under one roof including Design, Casting, Machining, Fabrication, Assembly & Testing and provides the most varied range of these products in largest possible sizes. To ensure this, the company is continuously investing in its manufacturing capability as well as in development of new products & technologies either on its own or through collaboration with suitable technology partners and leaders in the trade.
Your company is a market leader in India for most of the products that it manufactures and is also among the in the world in the Water control gates business. Various brands belonging to the company such as Jash, Jash Schuette, Jash Mahr, Sureseal, Shivpad, Mahr Maschinenbau, Rodney Hunt, Waterfront, Penstock UK, E&M, Jash Invent etc., and its subsidiaries are approved and registered in most countries and this ensures availability of wide export market for the company. Your company has in Jan 2026 acquired WesTech Process Equipment India Pvt. Limited, Mumbai ( WPEIPL ) by acquiring 80% Shareholding of WesTech LLC, USA and 10% shareholding from the employees in India so as to acquire 90% shareholding in WPEIPL. The remaining 10% of shareholding held by employees will be acquired after 3 years. The acquisition of WesTech enable us to strengthen our process equipment business by entering into Industrial markets cateriang to Metals and Minerals as well as Paper & Pulp industry. Your company has in April 2026 also acquired 100% Shareholding of Penstock UK from its owner through our existing subsidiary Waterfront Fluid Controls Ltd., UK. Acquisition of Penstock UK gives your company a pan-UK presence with base in midlands in England as well as in Scotland. This brings us in proximity to most of the utilities companies in UK which are based around midlands.
Over 50% of your company revenue comes from sales outside India and the company aims to increase this to more than 65% in coming years with business from USA , UK , South East Asia, Far East Asia, Middle East contributing significantly to the company revenues.
B. YEAR IN RETROSPECT : (i) CONSOLIDATED
PERFORMANCE
During the financial year 2025-26, the Company record only a minor growth in its consolidated revenue. The consolidated total income of the Company for the year under review stood at Rs. 75,668.00 lacs (Rs. 7,566.80 million), reflecting a growth of approximately 1.49% as compared to the previous years total income of Rs. 74,556.04 lacs (Rs. 7,455.60 million).
During the financial year 2025-26, the pro tability witnessed a decline when compared to the previous year. The consolidated net profit of the Company for the financial year 2025-26 was Rs. 7,551.59 lacs (Rs. 755.16 million) as against Rs. 8,676.94 lacs (Rs. 867.69 million) in the previous year, representing a decline of approximately 12.97%. The decrease in pro tability was primarily attributable to the impact of global geopolitical uncertainties including tariff-related measures, supply chain disruptions and fluctuations in input costs arising from ongoing international con icts, all of which affected overall business performance during the year.
(ii) STANDALONE PERFORMANCE
The standalone total income of the Company for the year under review stood at Rs. 50,904.37 lacs (Rs. 5,090.44 million), reflecting a decline of approximately 2.69% as compared to the previous years total income of Rs. 52,308.84 lacs (Rs. 5,230.88 million). The standalone net profit of the Company for the year was Rs. 6,808.73 lacs (Rs. 680.87 million) as against Rs. 7,528.69 lacs (Rs. 752.87 million) in the previous year, representing a decline of approximately 9.56%.
The standalone domestic revenue and other income of the Company for the year under review stood at Rs. 31,806.22 lacs (Rs. 3,180.62 million), registering a growth of approximately 17.93% as compared to Rs. 26,971.33 lacs (Rs. 2,697.13 million) in the previous year. However, the standalone export revenue and other income declined to Rs. 17,637.06 lacs (Rs. 1,763.71 million) during the year as against Rs. 24,474.51 lacs (Rs. 2,447.45 million) in the previous year, reflecting a decline of approximately 27.94%.
(iii) SUBSIDIARIES PERFORMANCE
a) RODNEY HUNT INC. USA (Formerly known as Jash USA Inc.)
Rodney Hunt Inc. is a wholly owned subsidiary of the Company, operating in Houston, Texas 77036, USA with its manufacturing facility in Orange, Massachusetts. It is engaged in manufacturing wide range of water control gates and equipment for Water Intake Systems, Water and Waste Water Pumping Stations and Treatment Plants, Storm Water Pumping Stations and for various industries. During the financial year 2025-26, the Company recorded a total income of USD 30.10 million (equivalent to 26,580.67 lacs / 2,658.07 million), as against the previous years total income of USD 34.27 million (equivalent to 29,331.75 lacs /2,933.17 million). The total income of the Company decreased by approximately 14.72% compared to the previous year.
The Company reported a net profit of USD 1.28 million (equivalent to 875.01 lacs / 87.50 million) during the year under review, as compared to the previous years net profit of USD 2.30 million (equivalent to 1,967.54 lacs / 196.75 million). The net profit decreased by approximately 55.54% compared to the previous year.
b) MAHR MASCHINENBAU Ges. M.B.H, AUSTRIA
Mahr Maschinenbau Ges. M.B.H, is a wholly owned subsidiary of the Company operating in Vienna, Austria. It is now engaged in development of new technology for Screening and Screenings handling equipment and all its manufacturing activities have been majorly closed down. During the financial year 2025-26, the Company recorded a total income of Euro 1.61 million (equivalent to 1,633.23 lacs / 163.32 million), as against the previous years total income ofEuro 0.13 million (equivalent to 116.01 lacs / 11.60 million). The total income of the Company increased by approximately 1,307.84% compared to the previous year.
The Company reported a marginal net loss of Euro 0.002 million (equivalent to 2.70 lacs/ 0.27 million) during the year under review, as compared to the previous years net loss of Euro 0.08 million (equivalent to 81.36 lacs / 8.14 million). The net loss has significantly reduced by approximately 96.68% compared to the previous year.
The company aims to consolidate most of the future export business for screens under Mahr Maschinenbau, Austria. However, the manufacturing of the screens and ordered products will be continued to be done at various manufacturing facilities belonging to the group in India, UK and USA.
c) ENGINEERING & MANUFACTURING JASH LIMITED, HONGKONG
Engineering & Manufacturing JASH Limited, is a wholly owned subsidiary of the Company operating in Tsim Sha Tsui, Kowloon, Hong Kong. It is engaged in marketing of Screening and Screening conveying equipment manufactured under E&M Jash Brand, a well-established and approved brand with DSD, Hongkong. The company has no employees and its products are made using Mahr Maschinenbau technology and designs and the manufacturing is done in Jash Engineering facility at SEZ Pithampur. During the financial year 2025-26, the Company recorded a total income of HKD 11,764 (equivalent to 1.35 lacs / 0.13 million), as against the previous years total income of HKD 10,231 (equivalent to 1.12 lacs /0.11 million). The total income of the Company increased by approximately 15.00% compared to the previous year.
The Company reported a net loss of HKD 115,368 (equivalent to 13.24 lacs / 1.32 million) during the year under review, as compared to the previous years net loss of HKD 61,462 (equivalent to 6.75 lacs / 0.68 million). The net loss increased by approximately 96.15% compared to the previous year. The company aims to consolidate most of the future export business for screens under Mahr Maschinenbau, Austria and the business under E&M Jash , Hongkong will be scaled down.
d) WATERFRONT FLUID CONTROLS LTD, UK
Waterfront Fluid Controls Ltd, operating in Glasgow, UK is a subsidiary of the Company w.e.f. 30/04/2024. The Company currently owns 80% of the shareholding in Waterfront with remaining being held by the key management of Waterfront. Waterfront specialize in the water and industrial uid control sector for both the UK and international markets. Company provides various services including pre-tender liaison, assistance with speci cations, supply of spares and installation / commissioning of equipment for all treatment plants.
During the financial year 2025-26, the Company recorded a total income of GBP 2.98 million (equivalent to 3,533.56 lacs /353.35 million), as against the previous years total income of GBP 2.87 million (equivalent to 3,184.40 lacs / 318.44 million). The total income of the Company increased by approximately 3.83% compared to the previous year.
The Company reported a net loss of GBP 0.31 million (equivalent to 370.27 lacs / 37.03 million) during the year under review, as compared to the previous years net loss of GBP 0.43 million (equivalent to 475.16 lacs / 47.52 million). The net loss reduced by approximately 22.07% compared to the previous year.
e) JASH INVENT INDIA PRIVATE LIMITED, INDIA
Jash Invent India Private Limited, operating in Indore, India is a subsidiary of the Company since 2023-24. The Company currently owns 50% of the shareholding in Jash Invent with remaining 50% being held by the German partners Invent Umwelt Und Verfahrenstechnik AG, Germany. Jash Invent specialize in the water and waste water treatment sector and markets products like Aerators, Mixtures, Aerator-Mixer, Decanter and other allied equipment. These products are made at Invent facility in Germany and supplied in the Indian market. During the financial year 2025-26, the Company recorded a total income of 32.73 lacs ( 3.27 million), as against the previous years total income of 205.73 lacs ( 20.57 million). The total income of the Company decreased by approximately 84.08% compared to the previous year.
The Company reported a net loss of 21.14 lacs ( 2.11 million) during the year under review, as compared to the previous years net loss of 36.56 lacs ( 3.66 million). The net loss reduced by approximately 42.17% compared to the previous year.
f) JASH PROCESS EQUIPMENT PVT.LTD., INDIA (Formerly known as WesTech Process Equipment India Private Limited)
Jash Engineering Limited acquired Jash Process Equipment Private Limited (formerly known as WesTech Process Equipment India Private Limited) from WesTech Engineering LLC, USA in Jan 2026.
During the financial year 2025-26, the Company recorded a total income of 4,700.87 lacs( 470.08 million), as against the previous years total income of 5,688.26 lacs ( 568.83 million). The total income of the Company decreased by approximately 17.36% compared to the previous year.
The Company reported a net profit of 441.88 lacs ( 44.19 million) during the year under review, as compared to the previous years net profit of 408.57 lacs ( 40.86 million). The net profit increased by approximately 8.15% compared to the previous year.
C. PROSPECTS FOR YEAR 2026-27 :
(i) DOMESTIC MARKET SITUATION
Driven by severe freshwater stress and a massive treatment capacity gap, India water & waste water sector is rapidly expanding as municipalities and industries shift from simple discharge to advanced water reuse. India generates over 112 billion liters of wastewater daily, yet only about 28% is treated and less than 8% is actively reused. This structural imbalance will drive significant government and private investment into sewage treatment plants.
Indias water and wastewater sector is expected to witness sustained growth during FY 2026-27, driven by acute structural water de cits, stricter regulatory enforcement, and a massive capital allocation cycle presenting extensive opportunities for companies involved in the manufacturing of equipment required in the pumping & treatment systems.
In addition to basic infrastructure expansion there is additional focus on circular water management driven by policy shifts requiring treated wastewater to meet 20% of municipal and 40% of industrial demand.Urban centers generate over 72,000 MLD (Million Liters per
Day) of sewage and the policy push is nally treating this as a resource rather than a disposal problem. The government is planning to scale up tertiary treatment facilities to reduce reliance on ground water. Strict compliance requirements are driving heavy industries to recycle and reuse ef uents. Sourcing industrial cooling water from treated municipal sewage is now economical than using desalinated water.
Robust investments continue to flow through national initiatives. Allocations under AMRUT 2.0 and the Jal Jeevan Mission continue to spur the development of new sewage treatment plants with focus on urban water supply and sewerage management systems in 500 cities speci cally targeting the recycling of treated wastewater to meet 20% of municipal and 40% of industrial demand.
(ii) INTERNATIONAL MARKET
SITUATION
The global water and wastewater treatment industry is expected to maintain strong growth momentum during FY 2026-27, driven by increasing water scarcity, climate change challenges, rapid urbanization, industrial development, and stricter environmental regulations worldwide.
Growing pressure on freshwater resources has increased the adoption of water recycling, desalination, advanced ltration, and wastewater reuse technologies. With freshwater availability becoming a strategic concern, governments and industries across the globe are investing in sustainable water management infrastructure.
Developed economies are focusing on modernization and replacement of ageing water infrastructure, automation, and adoption of energy-ef cient treatment technologies. Emerging economies are witnessing higher demand due to population growth, urban expansion, industrialization, and increasing environmental awareness.
Regions such as North America and Europe continue to invest in upgrading existing treatment facilities and implementing advanced technologies to improve ef ciency and compliance. Asia-Paci c is expected to remain one of the fastest-growing markets due to rapid industrialization, infrastructure development, and increasing government initiatives in countries including India, China, and Southeast Asian nations. Middle East and African regions continue to witness demand for desalination, water reuse, and efficient water management solutions due to limited freshwater availability.
The growing global focus on sustainability, ESG commitments, and stricter discharge regulations is expected to create significant opportunities for equipment manufacturers. Demand is expected to increase for critical components such as knife gate valves, slide gates, control valves, pumps, ltration systems, screening equipment, and disinfection solutions.
The sector also provides increasing opportunities through Public Private Partnership (PPP), Engineering Procurement Construction (EPC), and Build-Operate-Transfer (BOT) models, particularly in developing markets. Companies with strong technological capabilities, innovative product offerings, and efficient execution capabilities are expected to benefit from these long-term growth opportunities.
(iii) SALES GROWTH a) CONSOLIDATED
The consolidated order book position of the Company as on 1st
July 2026 (Orders in hand as on 1st April 2026 plus orders received till 30th June 2026 less sales effected till 30th June 2026) is Rs. 91,175lacs (Rs. 9,117.5million). Further orders worth Rs. 5,533 lacs (Rs.553.3 million) are already negotiated and expected to be received within next two months. On the basis of the consolidated sales achieved (after adjustment of inter-company sales) till 30th June 2026 of approx. Rs. 15,260lacs (Rs. 1,526.0 million), the current order book position and expected order in ow, we are looking at overall year on year growth of about 15.6% in the year 2026-27 on consolidated basis and achieve total income of approx. Rs. 87,500 lacs (Rs. 8,750 million) with Rs. 55,500 lacs (Rs. 5,550 million) from international markets and Rs.32,000 lacs (Rs. 3,200 million) from India.
b) STANDALONE
The total order book position of the Company as on 1st July 2026 (Orders in hand as on 1st April 2026 plus orders received till 30th June 2026 less sales effected till 30th June end 2026) is Rs. 52701 lacs (Rs. 5270.1 million). This includes orders received from Rodney Hunt - USA, E&M Jash - Hongkong , Mahr Maschinenbau Austria & Waterfront - UK for manufacturing of their products in India. On the basis of the sales achieved till 30th June 2026 of approx. Rs. 9866 lacs (Rs. 986.6 million), the current order book position and expected order in ow, we are looking at overall year on year growth of about 4.1% in the year 2026-27 on standalone basis and achieve total revenue / income of approx. Rs.53000 lacs (Rs. 5300 million).
(iv) SUBSIDIARIES
a) RODNEY HUNT INC., USA
The total order book position of the Company as on 1st July 2026 (Orders in hand as on 1st April 2026 plus orders received till 30th June 2026 less sales effected till 30th June 2026) is US$ 39.75 million (Rs. 37653 lacs / Rs. 3765.3 million On the basis of the sales achieved till 30th June 2026 of approx. US$ 4.85 million (Rs.4590 lacs / Rs.459.0 million),the current order book position and expected order in ow, we are conservatively looking at overall year on year growth of about 9.6 % in the year 2026-27 on a standalone basis and achieve total revenue / income of approx. US$34.84 million (Rs.33000 lacs / Rs.3300 million).
b) WATERFRONT FLUID
CONTROL, UK
The total order book position of the Company as on 1st July 2026 (Orders in hand as on 1st April 2026 plus orders received till 30th June 2026 less sales effected till 30th June 2026) is US$ 3.83 million (Rs. 3623 lacs / Rs. 362.3 million). On the basis of the sales achieved till 30th June 2026 of approx. US$ 1.27 million (Rs. 1206 lacs / Rs.120.6 million), the current order book position and expected order in ow, we are conservatively looking at overall year on year growth of about 71.5% in the year 2026-27 on a standalone basis and achieve total revenue / income of approx. US$ 5.28 million (Rs. 5000 lacs / Rs. 500 million).
c) MAHR MASCHINENBAU Ges.m.b.H, AUSTRIA
The total order book position of the Company as on 1st July 2026 (Orders in hand as on 1st April 2026 plus orders received till 30th June 2026 less sales effected till 30th June 2026) is US$ 1.89 million (Rs.1788 lacs / Rs. 178.8 million). On the basis of the sales achieved till 30th June 2026 of approx. US$ 0.12 million (Rs.116 lacs / Rs. 11.6 million), the current order book position and expected order in ow, we are conservatively looking at overall year on year growth of about 11.1% in the year 2026-27 on a standalone basis and achieve total revenue / income of approx. US$ 1.58 million (Rs. 1500 lacs / Rs.150 million).
d) ENGINEERING & MANUFACTURING JASH LIMITED, HONGKONG
No major business activities are carried out at this company and we aim to operate it in same manner as being done currently. In fact with restarting of business activities from Mahr Maschinenbau, Austria the need to continue with this company separately in Hongkong is no more critical. Inspite of this, looking at the current geopolitical situation, we may not merge this company with Mahr Maschinenbau, Austria as contemplated before. Any nal decision on this will be taken after reviewing the evolving geopolitical situation and its implication on company business.
e) JASH INVENT INDIA
PRIVATE LIMITED, INDIA
No major business activity is carried out in this company because of the stand taken by the JV partner to manufacture everything in Germany.
f) JASH PROCESS EQUIPMENT PVT LTD. ( Formally known as - WesTech Process Equipment India Pvt Ltd.), INDIA
The total order book position of the Company as on 1st July 2026 (Orders in hand as on 1st April 2026 plus orders received till 30th June 2026 less sales effected till 30th June 2026) is Rs. 2731 lacs (Rs. 273.1 million). On the basis of the sales achieved till 30th June 2026 of approx. Rs. 734 lacs (Rs. 73.4 million), the current order book position and expected order in ow, we are conservatively looking at overall year on year growth of about 6.2% in the year 2026-27 on standalone basis and achieve total revenue / income of approx. Rs. 5000 lacs (Rs. 500 million).
D. FUTURE OUTLOOK & PLANS :
The company plans to achieve Consolidated income / revenue in excess of Rs. 150,000 lacs (Rs. 15,000 million) by 2030-31. To achieve this the company will have to invest over approx. Rs. 20,000 lacs (Rs. 2,000 million) between 2026-27 & 2030-31 in the various companies as detailed hereunder :
(i) JASH ENGINEERING LTD., INDIA
The demand for products made by the company is steadily increasing in domestic as well as international markets. The company is aiming to achieve income of approx. Rs. 55,000 lacs (Rs. 5,500 million) in 2026-27 and by 2030-31 this is expected to reach approx. Rs. 85,000 lacs (Rs. 8,500 million). To achieve this income target, the company plans to increase its manufacturing capability in stages over the next 5 years. In the year 2025-26, the company has undertaken significant expansion in its manufacturing capabilities at its various production units. One new plant ( Unit 5 ) was commissioned in Chennai in August 2025 and another new plant extension of Unit 4 - for large fabricated products was commissioned in Feb 2026. Extension of foundry plant with investment in 2 nos new induction furnaces each of 5 tonnes capacity , addition of large CNC machine , drilling machine and lathe to increase gate and valve machining capability and extension of gate assembly , testing and painting facility was also carried out. Some of these facilities are already commissioned and some are under the process of commissioning and expected to be commissioned by end July 2026. These expansions will ensure that the company can achieve an income / revenue capability in excess of Rs. 110,000 lacs (Rs. 11,000 million) by 2030-31. By that time all the new facilities are expected to be operative on 3 shift basis. In the current year, the company plans to invest on renewable energy generation facility to generate between 1-2 MW power so as to offset the rising cost of electricity that will be consumed after commissioning of new induction furnaces in foundry at Unit 1. At Unit 1 construction of multi level parking and new storage and office facility is also planned. Similarly at Unit 2 and Unit 4 some minor civil works are planned in this year. Hence in this year we may have to totally invest approx. Rs. 1,000 lacs (Rs. 100 million) towards capital expenditure. After this investment is done in current year, the company does not expect any major investment to be done in next 3 years within the existing 5 manufacturing units. Capital investment, if any, will be done only in upgradation or replacement of old machines and equipment or for adding new machinery to balance production bottlenecks.
(ii) RODNEY HUNT INC., USA
The Company suffered heavily in year 2025-26 due to tariff uncertainty prevailing in US market. The tariff issue appears to be stabilised now but there is no certainty that the Trump administration will not ddle with it in time to come. The company is aiming to achieve income of approx. Rs. 37,000 lacs (Rs. 3,700 million ) in 2026-27 and by 2030-31 this is expected to reach approx. Rs. 60,000 lacs (Rs. 6,000 million). To achieve this target, the company plans to increase its manufacturing capability in stages over the next 5 years. In the year 2026-27, the company plans to invest in expanding manufacturing area in Orange by approx. 75,000 sq feet at an approximate cost of Rs. 1,500 lacs (Rs. 150 million). Thereafter in year 2027-28 / 2028-29 the company plans to set up a new manufacturing plant in Houston at a cost of approx. Rs. 11,500 lacs (Rs. 1,150 million). These expansions will ensure that the company can achieve an income / revenue capability in excess of Rs. 60,000 lacs (Rs. 6,000 million) by 2030-31.
The amount required for these investments will be met partly by existing deposits held by the company , partly by internal accruals and partly by raising debt from bankers.
(iii) WATERFRONT FLUID CONTROLS LTD., UK
The acquisition of Penstock UK by Waterfront was done in April 2026 and the process of merging the two companies to form Jash Waterfront Penstock UK Ltd., will be started in Aug 2026 and completed by Dec 2026.The merged company will have a pan-UK presence with easy access to clientele and utilities in England as well as in Scotland. The merged company is aiming to achieve income of approx. Rs. 5,500 lacs (Rs. 550 million) in 2026-27 and by 2030-31 this is expected to reach approx. Rs. 15,000 lacs (Rs. 1,500 million). To achieve this target, the company may have to increase its manufacturing capability in stages over the next 5 years. However plans for same will be made only when the revenue reaches in excess of Rs. 8,500 lacs (Rs. 850 million).
To strengthen the balance sheet of the merged company, an amount of approx. Rs. 2,000 lacs (Rs. 200 million) will be required. This will be sent from Jash Engineering in the form of loan or capital within 2026-27. This amount will be met partly by internal accruals of Jash Engineering and partly by raising debt from bankers.
(iv) JASH PROCESS EQUIPMENT PVT LTD., INDIA
The acquisition of WesTech Process Equipment India Pvt Ltd.was completed in Feb 2026 and a complete review of its operation is under progress. By Dec 2026 complete strategy for growth of this company will be decided and execution of that strategy will be done in 2027-28. The company is aiming to achieve income of approx. Rs. 4,000 lacs (Rs. 400 million) in 2026-27 and by 2030-31 this is expected to reach approx. Rs. 8,000 lacs (Rs. 800 million). To achieve this target, the company may have to invest in new manufacturing facility at Indore or Chennai but plans for same will be made only when the revenue reaches in excess of Rs. 6,500 lacs (Rs. 650 million).
(v) MAHR MASCHINENBAU
Ges.m.b.H, AUSTRIA
Mahr Maschinen bau, Austria is not a manufacturing company and hence will not require any investment in plant or equipment. Its main activity is to design and develop new products related to Fine and Coarse screening and market products under Mahr Maschinenbau Brand using skeletal team. The company is aiming to achieve income of approx. Rs. 2,000 lacs (Rs. 200 million) in 2026-27 and by 2030-31 this is expected to reach approx. Rs. 3,000 lacs (Rs. 300 million). To achieve this target, the company may have to invest in additional marketing and design persons as and when needed. However any decision regarding this will be taken after review of its operation in 2028-29.
(vi) RODNEY HUNT MAHR LLC, SAUDI ARABIA
To address the growing Saudi and middle east market, this company has been established in Saudi Arabia. The company aims to set up a Fabricated products plant in Saudi Arabia in 2027-28 at a tentative cost of Rs. 4,000 lacs (Rs. 400 million). The company aims to achieve a revenue of Rs. 10,000 lacs (Rs. 1,000 million) by 20230-31 on the basis of this investment.
E) NEW PRODUCT ADDITION / DEVELOPMENT :
The company has a policy of adding new products every year with a view to improve its product portfolio and maintain its leadership position in India.
(i) DISC FILTERS NEW DESIGN:
Disc Filter manufactured as per new design was installed at a site for trial testing and positive feedback has been received from the client confirming increase in the design flow and reduction in differential head requirement. New design has now been established and we expect to get regular orders for these machines.
(ii) BLADDER TYPE AIR VESSELS: The company had decided to develop Bladder type air vessel to enhance its portfolio of water hammer control products. Bladder Vessels of sizes 1 m3, 9 m3, 10 m3, 15 m3, 40 m3, 60 m3, 80 m3 have been developed and supplied at various sites with many of these installed and commissioned also. With this we are able to cater to entire size range of bladder vessels.
(iii) PRESSURE VESSELS FOR DATA CENTERS
Many Data Centers are being set up in India and in each such Data Center there is a requirement of Pressure Vessels for Thermal Energy Storage Tanks and Buffer Tanks application. This is an emerging market for our pressure vessels business. In FY 25-26 we had quoted for many such requirements and have received the first order for 4 nos. 78 m3 Vessels. Further offers for more than 100 vessels have been submitted and we expect to get substantial business from this sector.
(iv) HIGH PRESSURE KNIFE GATE VALVES FOR CANADIAN OIL SANDS
We have supplied 2 Nos. DN 150 size Valves to the client in Canada and they are happy with the product. The client is now discussing with us for DN 700 size valve which they plan to put in pipeline for actual testing with oil & sand slurry media. In the meanwhile as an advance action, we have initiated the manufacturing for DN 700 valve which is expected to be ready by end September for internal testing. We expect that from 2027-28 this product will start generating sustained revenue for us.
(v) AGITATORS AND MIXERS, AERATOR MIXER, TURBO BLOWERS, DECANTERS
Due to lack of interest from Invent Germany for indigenization, it is not viable to sell Invent products manufactured and sourced from Germany. We have once again suggested Invent to revisit their decision. Till then the JV company remains non functional.
3) OCCUPATION HEALTH & SAFETY (OH&S):
Your Company has undertaken various initiatives to strengthen the safety culture and ensure active engagement of employees and workmen at all levels across the manufacturing facility. The initiatives are focused on creating a safe, healthy, and productive workplace environment in line with the Companys commitment towards achieving a “Zero Harm” workplace.
As part of this initiative, two major areas of focus were identified, namely Employee Facility Management and Equipment, Tools & Material Management.
The Employee Facility Management initiative has been implemented to ensure the availability of adequate welfare facilities at the manufacturing premises, including hygienic washrooms, bathing facilities, rest areas, safe drinking water, and other essential employee amenities. These measures are aimed at improving workplace conditions and enhancing employee well-being.
The Equipment, Tools & Material Management Program focuses on ensuring that all machinery, tools, equipment, and materials used during manufacturing operations are properly inspected, maintained, and safe for use. Regular screening and safety checks are carried out to minimize operational risks and promote safe working practices.
The Company continues to strengthen its occupational health and safety practices through awareness programs, preventive measures, and continuous improvement initiatives. The Company has complied with all applicable environmental, health, safety, and labour laws and regulations.
4) SUBSIDIARY, ASSOCIATE AND JOINT VENTURE OF THE COMPANY:
As on 31st March, 2026 your Company having following companies as wholly owned subsidiaries and Joint Venture. Further, your company is not a subsidiary, associate or joint venture of any other company during the period under review: -
| Name of the Company | Status as on 1st April, 2025 | Any change in status | Status as on 31st March, 2026 |
| 1 Shivpad Engineers Pvt. Ltd., INDIA. | Wholly Owned Subsidiary | - | Merged with Jash Engineering Limited as per the Order passed by the Honble NCLT. Indore Bench on dated 30.01.2026 |
| 2 Rodney Hunt INC., USA. (Formerly known as Jash USA Inc.) | Wholly Owned Subsidiary | - | Wholly Owned Subsidiary |
| 3 Mahr Maschinenbau Ges. mbH, AUSTRIA. | Wholly Owned Subsidiary | - | Wholly Owned Subsidiary |
| 4 Engineering and Manufacturing Jash Limited, HONGKONG. | Wholly Owned Subsidiary | - | Wholly Owned Subsidiary |
| 5 Jash Invent India Private Limited, INDIA | Joint Venture | - - | Joint Venture |
| 6 Waterfront Fluid Controls Ltd., UK. | Subsidiary | Subsidiary | |
| 7 JASH Process Equipment Pvt Limited, India*. ( Formerly known as WesTech Process Equipment India Pvt. Ltd.) | - | Investment in 90% shares of JASH Process Equipment Pvt Limited | Subsidiary |
*During the year under review JASH Engineering Limited acquired 90% shares of JASH Process Equipment Pvt Limited ( Formerly known as Westech Process Equipment India Pvt. Ltd.) w.e.f. 23.01.2026.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, your Company has prepared Consolidated Financial Statements of your Company which is forming part of this Annual Report. Further, a Statement containing salient features of financial information of the wholly owned subsidiaries and Joint Venture is disclosed in the prescribed format AOC-1, pursuant to Section 129(3) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is annexed to this Report as Annexure-A. In accordance with Section 129(3) of the Act and Indian Accounting Standard (IND As)-110 on Consolidated Financial Reporting, the Company has prepared its Consolidated Financial Statement along with all its subsidiaries and JV in the same form and manner, as that of the Company, which shall be laid before its ensuing AGM along with its Standalone Financial Statement. The Consolidated Financial Statements of the Company along with its subsidiaries, for the year ended 31st March, 2026, forms part of this Annual Report.
In accordance with the provisions of Section 136 of the Companies Act, 2013, the Audited Financial Statements, the Consolidated Financial Statements and the related information of the Company and the Audited Accounts of the Subsidiary Company, are available on our website i.e. www.jashindia.com
5) MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis forms an integral part of this report and is annexed as Annexure- B which gives details of the overall industry structure, economic developments, performance and state of affairs of the Companys various businesses.
6) DIVIDEND:
Keeping in view of the long-term growth strategy and to ensure that shareholders get sustained return on their investments, your Board of Directors of the Company, on its meeting held on 30.03.2026 declared Interim dividend of 30% on Face Value of fully paid-up Shares i.e. Rs. 0.60 per fully paid-up equity share of Rs. 2/- each, aggregating to Rs. 3,79,16,232/- (Three Crore Seventy-Nine Lakhs Sixteen Thousand Two Hundred and Thirty Two Rupees only) as Interim dividend for the financial year 2025-26. The Board of Directors of the Company, at its meeting held on 26.05.2026 recommended a nal dividend of 50% on face value of fully paid-up Shares i.e. Rs. 1.00 per fully paid-up equity share of Rs. 2/- each, aggregating to Rs. 6,31,93,720/- (Rs. Six Crore Thirty-One Lakhs Ninety-Three Thousand Seven Hundred and Twenty Only) as nal dividend for the financial year 2025-26. The payment is subject to the approval of the Members at the ensuing Annual General Meeting(“AGM”)of the Company. Pursuant to the provisions of the Income-tax Act, 1961, dividend paid or distributed by the companies shall be taxable in the hands of the Members. The Company shall, accordingly, make the payment of dividend after deduction of tax at source, at the rates prescribed therein.
7) DIVIDEND DISTRIBUTION POLICY :
The Dividend Distribution Policy of the Company, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015(“the SEBI (LODR) Regulations, 2015”),is available on the Companys website at https://www.jashindia.com/investors/po licies-reports- lings
8) CAPITAL STRUCTURE: SHARE CAPITAL :
During the year, increase in the authorized authorised share capital of the Company in line with and upon the coming into effect of the Scheme of Amalgamation of Shivpad Engineers Pvt Ltd., a wholly owned subsidiary of Company, with the Company, with effect from 23rd February 2026. During the financial year, 149,995 (One Lakh Forty-Nine Thousand Nine Hundred Ninety-Five) preferential warrants were converted into an equivalent number of 149,995 equity shares of face value Rs. 2/- each of the Company upon receipt of the balance warrant subscription money from the respective warrant holders. The equity shares were allotted by the Board of Directors in accordance with the terms of issue of the warrants and pursuant to the applicable provisions of the Companies Act, 2013, the rules made thereunder, the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable laws. Consequently, the issued, subscribed and paid-up equity share capital of the Company increased to the extent of such allotment.
During the year under review, there were changes in the Paid-up share capital of the Company due to allotment of 2,88,600 Equity shares having face value of 2/- each which were allotted under Jash Engineering Employee Stock Option Scheme 2019” (JASH ESOP Scheme 2019 - II).
The brief details of paid-up Equity Share Capital of the Company at year end is as follows:
| Particulars | As at 31st March 2025 | Increase in Paid up Share Capital | As at 31st March 2026 | ||||
| Number of Shares | (Rs.) | Number of Shares | (Rs.) | Number of Shares | (Rs.) | ||
| Authorized Share Capital | Equity @ Rs. 2/- | 6,74,50,000 | 13 ,49,00,000 | 10,00,000 | 20,00,000 | 6,84,50,000 | 13 ,69,00,000 |
| Pref. shares @ Rs. 10/- | 5,10,000 | 51 ,00,000 | - | - | 5,10,000 | 51 ,00,000 | |
| Total | 14,00,00,000 | 14,20,00,000 | |||||
| Paid up Equity Share | 6 , 27 , 55 , 125 | 12 ,55,10,250 | 4,38,595 | 8,77,190 | 6,31 ,93,720 | 12 ,63,87,440 | |
| Capital | |||||||
| Total | 6,27,55,125 | 12,55,10,250 | 4,38,595 | 8,77,190 | 6,31,93,720 | 12,63,87,440 |
8) TRANSFER TO RESERVES:
For the Financial year ended 31st March 2026, Your Company has not transferred any amount to General Reserve out of profit available for appropriation.
9) CREDIT RATING :
The Company has been rated by India Ratings Limited(“Credit Rating Agency”), as below
| Facilities | Rating/Outlook |
| Non-Fund-Based Working Capital Limits | IND A1 |
| Fund-Based Working Capital Limits | IND A-/Stable/IND A1 |
| Term Loan | IND A-/Stable |
10) BOARD OF DIRECTORS :
A. COMPOSITION OF BOARD OF
DIRECTOR AND KEY MANAGERIAL PERSONNEL
In compliance with the provisions of Sections 149, 152 read with Schedule IV and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and
Quali cation of Directors) Rules, 2014 (including any statutory modi cation(s) or reenactment thereof for the time being in force) and SEBI (LODR) Regulation 2015, the composition of Board of Directors and Key Managerial Personnel are as follows: -
| Name of the Director | DIN | Designation |
| 1. Mr. Pratik Patel | 00780920 | Chairman & Managing Director |
| 2. Mr. Suresh Patel *** | 00012072 | Executive Director |
| 3. Mr. Axel Schutte | 02591276 | Non-Executive Director |
| 4. Mr. Brij Mohan Maheshwari | 00022080 | Independent Director |
| 5. Mr. Rahul Patel | 09201061 | Non-Executive Director |
| 6. Ms. Sunita Kishnani | 06924681 | Independent Director |
| 7. Mr. Durgalal Tuljaram Manwani | 07114081 | Independent Director |
| 8. Mr. Vishwapati Trivedi * | 00158435 | Independent Director |
| 9. Mr. Rakesh Bhawsar ** | 11102892 | Independent Director |
During the year *Mr. Vishwapati Trivedi ceased to be an Independent Director of the Company upon completion of his tenure and retired from the Board with effect from 12.08.2025.
** Mr. Rakesh Bhawsar was appointed as an Independent Director of the Company with effect from 07.08.2025 for a term of ve years.
***Mr. Suresh Patel was re-appointed as an Executive Director of the Company with effect from 12.02.2026 for a further term of two years.
B. BOARD INDEPENDENCE
The Board comprises optimal number of Independent Directors Our de nition of Independence of Directors or Regulation is derived from Regulation 16 of SEBI (LODR) Regulations, 2015 and Section 149(6) of the Companies Act, 2013. The Company comprised total 8 directors as on 31st March 2026 in the Board out of them the following directors are independent directors; 1.Mr. Durgalal Tuljaram Manwani 2.Mr. Brij Mohan Maheshwari 3.Ms. Sunita Kishnani 4.Mr. Rakesh Bhawsar All the abovenamed Directors have registered themselves with the Independent Directors Databank maintained by Indian Institute of Corporate Affairs (“IICA”) and are either exempted from or have complied with the requirements of online pro ciency self-assessment test conducted by IICA.The Board is of the opinion that the Independent Directors of the Company possess the requisite quali cations, experience, pro ciency, expertise and hold high standards of integrity.
C. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company conducts familiarisation sessions for all the members of the Board including the Independent Directors at the time of appointment and on an ongoing basis to provide them an update on business, strategy, operations, and governance.
D. DECLARATION AND REAPPOINTMENT OF INDEPENDENT DIRECTORS
All the Independent Directors have given their declaration of Independence stating that they meet the criteria of independence as prescribed under section 149(6) of the Companies Act, 2013. None of the Directors of the Company are disqualified from being appointed as Directors as specified under Section 164(1) and 164(2) of the Act read with Rule 14(1) of the Companies (Appointment and Qualifications of Directors) Rules, 2014 or are debarred or disqualified by the Securities and Exchange Board of India (“SEBI”), Ministry of Corporate Affairs (“MCA”) or any other such statutory authority. Further that the Board is of the opinion that all the independent directors fulfill the criteria as laid down under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 during the year 2025-26.
All Board members and the Senior Management Personnel have af rmed compliance with Code of Conduct for the financial year 2025-26.
E. DIRECTORS LIABLE TO RETIRE BY ROTATAION SEEKING RE- APPOINTMENT
In accordance with the provisions of Section 152 and other applicable provisions, if any, of the Act and the Articles of Association of the Company Mr. Rahul Patel (DIN:09201061 ) Directors of the company are liable to retire by rotation at the ensuing annual general meeting and being eligible offers themselves for reappointment. Your directors recommend passing necessary resolution as proposed in the Item No. 3 of the Notice.
The Company also consists of the following Key Managerial Personnel:
The following persons are currently designated as KMP of the Company pursuant to Sections 2(51) and 203 of the Act, read with the Rules framed thereunder:
| 1. Mr. Dharmendra Jain | CFO |
| 2. Mr. Tushar Kharpade | Company Secretary |
F. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, Mr. Rakesh Bhawsar (DIN: 11102892) was appointed as an Additional Independent Director of the Company with effect from 07.08.2025. The said appointment was subsequently approved by the shareholders of the Company at the Annual General Meeting held on 16.09.2025 for a term of ve years. Further, Mr. Vishwapati Trivedi ceased to be an Independent Director of the Company upon completion of his tenure with effect from 12.08.2025.
Additionally, Mr. Suresh Patel (DIN: 00012072), Executive Director of the Company, was re-appointed for a further term of two years with effect from 12.02.2026 with the approval of the shareholders of the Company through Postal Ballot.
There was no change in the Key Managerial Personnel of the Company during the year under review except mentioned above.
G. MD/CEO & CFO CERTIFICATION
As required by Regulation 17(8) of the SEBI (LODR) Regulations, 2015, the CFO certificate, for the year under review was placed before the Board at its meeting held on May 26, 2026. A copy of such certificate forms a part of the Corporate Governance Report.
11) MEETINGS OF THE BOARD :
The Board meets at regular intervals to discuss and decide on Company/business policy and strategy apart from other Board business The Board meets once every quarter. Additional meetings of the Board/Committees are convened as may be necessary for the proper management of the business operations of the Company. A separate meeting of Independent Directors is also held at least once a year to review the performance of the Chairman, other Non-Independent Directors and the Board as a whole.
Five meetings of the Board were held during the year under review. A detailed update on the Board and its meetings held and attendance of the Directors at these meetings is provided in the Corporate Governance Report, which forms a part of this Annual Report The maximum interval between any two meetings of meetings of the Board of Directors did not exceed one hundred and twenty days, as prescribed by the Act and the Listing Regulations.
12) COMMITTEES OF THE BOARD :
Your Company has constituted the Committee(s) as mandated under the provisions of the Act and Listing Regulations.
Currently, there are Six committees of the Board, namely: Audit Committee
· Nomination and Remuneration Committee
· Stakeholders Relationship Committee:
· Corporate Social Responsibility Committee
· Executive & Borrowing Committee
· Risk Management Committee
The composition of the Committee(s), terms of reference, details of meetings held during the year and attendance of the Members are provided in the Corporate Governance Report forming part of the Annual Report and annexed as Annexure-C to this Boards Report.
COMMITTEE RECOMMENDATIONS
During the year, recommendations of all the Committees were accepted by the Board.
13) COMPANYS POLICY ON DIRECTORS APPOINTMENT, REMUNERATION AND BOARD EVALUATION :
Pursuant to the provisions of Section 134(3)(c) of the Act, the policy of the
Company on the appointment and remuneration of Directors including criteria for determining quali cations, positive attributes, independence of a director and other matters provided under Section 178(3) of the Act is annexedto this Report as Annexure-D and is uploaded on companys website www.Jashindia.com.
BOARD EVALUATION
The Nomination and Remuneration Policy of the Company empowers the Nomination and Remuneration Committee to formulate a process for effective evaluation of the performance of the Individual Directors, Committees of theBoard, and the Board as a whole.
The Company has conducted an annual performance evaluation of the Board, its Committees and individual Directors in accordance with the Companies Act, 2013 and Listing Regulations. The evaluation was carried out by the Independent Directors and subsequently discussed by the Board, considering the feedback received and identifying areas for enhancing the effectiveness and ef ciency of the Board.
14) CODE OF CONDUCT:
Regulation 17(5) of the SEBI (LODR) Regulations, 2015 requires listed companies to lay down a Code of Conduct for its directors and senior management, incorporating duties of directors as laid down in the Companies Act, 2013. The Company has adopted a Code of Conduct for all Directors and Senior Management of the Company and same has been hosted on the website of the company www.Jashindia.com.
15) DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134 of the Act, the Directors state that:
a. in the preparation of the annual accounts for the financial year ended 31st March 2026, the applicable Accounting Standards have been followed and there are no material departures from the same;
b. the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2026 and of the profits of the Company for the financial year ended 31st March 2026;
c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. the annual accounts have been prepared on a going concern basis;
e. proper internal financial controls laid down by the Directors are followed by the Company and that such internal financial controls are adequate and operating effectively; and
f. proper systems to ensure compliance with the provisions of all applicable laws are in place and that such systems are adequate and operating effectively.
This statement has also been reviewed by the Audit Committee.
16) INTERNAL CONTROL
The Company has implemented a comprehensive internal control framework that is aligned with the nature, scale, complexity and geographic footprint of its operations. These controls are consistently applied across all functions, processes, and business units. The framework, comprising well-de ned policies, procedures, and technology systems, is designed to ensure efficient operations, safeguard assets, optimise resource utilisation, enhance the reliability of financial reporting, and ensure adherence to applicable laws and regulations. Ethical conduct and a strong control culture are the key pillars of this internal control framework. The Company effectively leverages its SAP, for transaction processing and financial reporting The financial controls are tested for operating effectiveness through ongoing monitoring and review process by the management and also independently by the Internal Auditor. The Internal Control System provides for well documented policies/guidelines, authorizations and approval procedures. Your Company, through its Internal Auditors M/s. Mahesh C Solanki & Co, Chartered Accountants, engaged as Internal auditors for the financial year 2026-27 carried out periodic audits at all locations and functions based on the plan approved by the Audit Committee and brought out any deviation to Internal Control procedures. The observations arising out of the audit are periodically reviewed and compliance ensured.
The summary of the Internal Audit observations and status of implementation are submitted to the Audit Committee. The status of implementation of the recommendations is reviewed by the Audit Committee on a regular basis and concerns, if any, are reported to the Board. Your Company, as per the requirement of the Section 143 (3) (i) has carried out extensive testing of the internal financial controls in the Company which has also been duly audited by the Statutory Auditors of the Company and which have been found to be adequate and satisfactory. The Statutory Auditors have expressed an unqualified opinion on the Companys financial statements.
17) CORPORATE GOVERNANCE REPORT:
Your Company continues to uphold the highest standards of corporate governance by conducting its affairs with diligence, transparency, responsibility, and accountability. The Company rmly believes that sound corporate governance practices are essential for achieving sustainable growth and enhancing stakeholders value.
The Company has established robust governance practices through effective Board processes, strong internal control systems, and comprehensive audit mechanisms. The Corporate Governance Report, pursuant to Regulation 34(3) read with Para C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, forms part of this Annual Report as Annexure-C. The said report also includes the certificate from the Practicing Company Secretary confirming compliance with the applicable Corporate Governance requirements.
18)AUDITOR AND AUDITORS REPORT:
STATUTORY AUDITOR:
M/s Deloitte Haskins & Sells LLP, Chartered Accountants (FRN: 117366W/W-100018) as Statutory Auditors of the Company, having in compliance with the provisions of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, been appointed as the Statutory Auditors of the Company by the Shareholders of the Company at their Annual General Meeting held on 23rd September 2022, for a period of 5 consecutive years, so as to hold office as statutory auditor till the conclusion of the 53rd Annual General Meeting, continue as the Auditors of the Company. The report of the M/s Deloitte Haskins & Sells LLP, Chartered Accountants (FRN: 117366W/W-100018) as Statutory Auditors on Standalone & Consolidated Financial Statements for the FY 2025-26 forms part of the Annual Report which are self-explanatory and do not call for any further comment and the said report does not contain any quali cation, reservation, disclaimer or adverse remark and they has not reported any incident of fraud pursuant to the provision of Section 143(12) of the Act, accordingly, no such details are required to be reported under Section 134(3)(ca) of the Act. Further, in terms of Regulation 33(1)(d) of the SEBI (LODR) Regulations, 2015, the Statutory Auditors of the Company are subjected to the Peer Review process of the Institute of Chartered Accountants of India and they have con rmed that they hold a valid certificate issued by the Peer Review Board of Institute of Chartered Accountants of India.
SECRETARIAL AUDITOR:
In terms of Regulation 24A read with other applicable provisions of the SEBI
Listing Regulations and applicable provisions of the Companies Act, 2013, the Company is required to appoint Secretarial Auditors for a period of 5 years commencing from FY2025-26, to conduct the secretarial audit of the Company in terms of Section 204 and other applicable provisions of the Companies Act, 2013 read with Regulation 24A and other applicable provisions of the SEBI Listing Regulations.
Mr. Ankit Joshi, a Peer Reviewed Company Secretary in Whole-time Practice, (Membership No.: FCS 13203 and Certificate of Practice No.: 18660), was re-appointed as the Secretarial Auditor of the Company at the 52nd AGM held on 16th September 2025, for a further period of ve consecutive financial years, i.e., from financial year 2025-26 to financial year 2029-30, pursuant to the provisions of Regulation 24A of the Listing Regulations, read with SEBI circular no.
SEBI/HO/CFD/CFD-PoD-2/CIR/ P2024/185 dated 31st December 2024 and the Act, based on the recommendation of the Audit Committee and approval of the Board at their respective meetings held on 7th August 2025. The Report of the Secretarial Audit in Form MR-3 for the financial year ended March 31st, 2026 is enclosed as Annexure-E to Board Report. Pursuant to Regulation 24A of the SEBI
(LODR) Regulations, 2015, the Company has undertaken an audit for the year ended March 31, 2026, for all applicable compliances. The Annual Secretarial Compliance Report duly signed by Mr. Ankit Joshi, Practising Company Secretary, is available on the website of the Company at https://www.jashindia.com/invetors The Secretarial Audit Report for the year 2025-26 is self-explanatory except the following comments made and the management submits their comments: There was a delay in complying with the requirements prescribed under Regulation 162 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, relating to the conversion of warrants into equity shares. Consequently, a penalty of Rs. 1,80,000 was levied by BSE and NSE. The Company has duly paid the ne as directed by BSE and NSE, and the matter has been resolved and concluded. Management Response : The delay was procedural in nature. The Board has taken note of the observation, and the matter has been duly resolved. The Company has further strengthened its compliance monitoring mechanism to ensure timely adherence to applicable SEBI regulations in future.
COST AUDITOR:
In terms of Section 148 of the Companies Act, 2013, the Company is required to maintain cost records and have the audit of its cost records conducted by a Cost Accountant. Cost records are prepared and maintained by the Company as required under Section 148(1) of the Companies Act, 2013.
The Board of Directors of the Company has, on the recommendation of the Audit Committee, approved the appointment of M/s M.P. Turakhia & Associates, Indore (MP) Cost Accountant as the cost auditors of the Company for the year ending March 31, 2027. M/s M.P. Turakhia & Associates, Cost Accountant have vast experience in the eld of cost audit and have been conducting the audit of the cost records of the Company for the past several years. In accordance with the provisions of Section 148(3) of the Companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, as amended, the remuneration of Rs. 75000/- plus applicable taxes and reimbursement of out-of-pocket expenses payable to the Cost Auditors for conducting cost audit of the Company for FY2026-27 as recommended by the Audit Committee and approved by the Board has to be ratified by the Members of the Company. The same is placed for rati cation of Members and forms part of the Notice of the ensuing AGM scheduled to be held on 23rd September, 2026. The Cost Audit Report for FY 2025-26, does not contain any quali cation, reservation, disclaimer or adverse remark. A resolution seeking Members rati cation for the remuneration payable to the Cost Auditor forms part of the Notice of 52nd AGM and the same is recommended for your consideration and rati cation.
INTERNAL AUDITOR
Pursuant to the provisions of Section 138 of the Companies Act, 2013 and rule thereunder and regulation 18(3) of SEBI LODR and based on the recommendations of Audit Committee, M/s. Mahesh C. Solanki & Co. (FRN 006228C), Chartered Accountants, Indore was appointed as Internal Auditors of the Company to conduct the Internal Audit for the FY 2025-26. The Internal Auditors reports directly to the Audit Committee and makes comprehensive presentations at the Audit Committee meeting(s) on the Internal Audit Report covering the business areas required by the Audit Committee, from time to time.
Your Board has appointed M/s. Mahesh C. Solanki & Co. (FRN 006228C), Chartered Accountants, Indore as Internal Auditor of the Company for the FY 2026-27.
None of the Auditors of the Company have reported any frauds to the Audit Committee or to the Board of Directors under Section 143(12) of the Act, including rules made thereunder
19) DISCLOSURE REQUIREMENTS:
As per the Provisions of the SEBI (LODR) Regulations, 2015 entered into with the stock exchanges, corporate governance report with auditors certificate thereon and management discussion and analysis are attached, which form part of this report.Details of the familiarization program of the independent directors are available on the website of the Company www.Jashindia.com
20) FINANCE:
The Company continues to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.
21) DEPOSITS:
Your Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014 and there were no remaining unclaimed deposits as on 31st March, 2026. Further, the Company has not accepted any deposit or loans in contravention of the provisions of the Chapter V of the Companies Act, 2013 and the Rules made there under.
| Particulars | Amt in Rs. |
| 1 Details of Deposits accepted during the year | Nil |
| 2 Deposits remaining unpaid or unclaimed at the end of the year | Nil |
| 3 Default in repayment of deposits At the beginning of the year Maximum during the year At the end of the year | N.A. |
| 4 Deposits not in compliance with law | N.A. |
| 5 NCLT/ NCLAT orders w.r.t. depositors for extension of time and penalty imposed | N.A. |
Further, your company has led form DPT-3 for the Annual compliance as at 31st March, 2026 for the amount received by the company which is not under the purview of section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposit) rules, 2014 as amended from time to time.
22) HUMAN RESOURCE DEVELOPMENT:
The value of human assets has impact on all critical business decisions and its utilization directly affects the ability of the organizational assets to realize their optimum value. The Companys human resource strategy is formulated considering people as its most valuable asset. Your Company puts best efforts in talent acquisition, talent retention, performance management and learning and training initiatives to ensure that your Company consistently develops inspiring, strong and credible human resource. Your Company nurtures a culture of trust and mutual respect in all its employees and seeks to ensure that companys values and principles are understood by all and are the reference point in all people matters. The Company maintained healthy, cordial and harmonious industrial relations at all levels. Company remained at the forefront in the industry due to enthusiasm and continuous efforts of employees. Various measures have been introduced throughout the organization to improve productivity at all levels.
Attracting, enabling and retaining talent have been the cornerstone of the Human Resource function and the results underscore the important role that human capital plays in critical strategic activities such as growth. A robust Talent Acquisition system enables the Company to balance unpredictable business demands with a predictable resource supply through organic and inorganic growth.
23) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Full particulars of the loans given, guarantees extended or securities provided and the investments made by the Company, in terms of the provisions of Section 186 of the Companies Act, 2013 and the rules framed thereunder have been adequately described in the notes to Financial Statements. The same are in consonance the provisions of the aforesaid section. The Company has complied in respect of loan and guarantees and investment pursuant to Section 186 of the Companies Act, 2013.
24) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The Company has been entering into transactions with related parties, including entities directly and/or indirectly controlled by members of the Promoter(s) & Promoter(s) Group, for its business purposes. These transactions permissible and provided for under the provisions of the Act, the Listing Regulations, and the Income-Tax laws.
The Company follows robust internal processes before entering into transactions with related parties and the considerations which govern the transactions with related parties are the same as those applicable for other vendors of the Company. All the transactions are undertaken for the benefit of the Company and in compliance with the applicable laws. None of the transactions are prejudicial to the interest of the Company.
As a part of the Companys annual planning process, details of all the transactions proposed to be executed with related parties, including the estimated amount of transactions to be executed, manner of determination of pricing and commercial terms, etc. are presented to the Audit Committee for its consideration and approval, as required. The details of said transactions are also placed before the Board of Directors for their information. The Director, if interested in a transaction, does not participate in the meeting during the discussions relating to that transaction. Further approval is sought during the year for any new transaction/modi cation to the previously approved limits/ terms of contracts with the related parties. This is followed by a quarterly review of the related party transactions by the Audit Committee.
The related party transactions are placed before the Audit Committee on a quarterly basis for their approval/noting, as the case may be. During the year under review all the related party transactions entered into by the Company were with made the prior approval of the Audit Committee. All such transactions were at an arms length basis and in the ordinary course of business of the Company and detail of such transactions have been adequately described in the Note No. 51 to the financial statements of the Company for the FY 2025-26, which form a part of the Annual Report. The transactions entered into by the company are audited. The details of the transactions with the related parties are provided in the accompanying financial statements and all transaction entered into by the Company with related party were at arms length price in terms of the provision of Section 188 of the Companies Act, 2013 during the period under review.
Form AOC-2 annexed as an Annexure-F as per the Section 134(3)(h) read with Section 188(2) of the Companies Act, 2013. Further there are no materially significant Related Party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.
POLICY
During the year, the Board of Directors, based on recommendation of the Audit Committee, approved and took note of the revision to the Policy on dealing with and materiality of Related Party Transactions and framework for transactions with related parties of the Company to incorporate the following:
a. Changes pursuant to the amendments in the Listing
Regulations and Industry Standards on minimum information to be provided for review of the Audit Committee and shareholders for approval of related party transactions;
b. Addition/Deletion/Modi cation to the list of nature of transactions forming part of the framework for determination of arms length price for transactions with related parties; and
c. Other cosmetic changes, as may be necessary.
The Policy on dealing with and materiality of related party transactions is available on the Companys website at https://www.jashindia.com
25) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure-G.
During the year, the Company continued to undertake various initiatives towards improving energy ef ciency and adopting advanced technologies across its manufacturing facilities. As part of its commitment to sustainable manufacturing and environmental responsibility, the Company has initiated the replacement of its conventional coal- red cupola furnace with a modern induction melting foundry. This project is expected to significantly reduce energy consumption, improve melting ef ciency, enhance product quality, minimise emissions, and support cleaner manufacturing practices. The induction foundry will also facilitate better technology absorption through the adoption of energy-ef cient and environmentally sustainable manufacturing processes, thereby contributing to the Companys long-term operational excellence and ESG objectives.
26) CORPORATE SOCIAL
RESPONSIBILITY:
During the financial year 2025-26, the Company spent 133.69 lacs towards Corporate Social Responsibility(“CSR”) activities, including set-off of excess CSR spends of 32.89 lacs from the previous years, in accordance with the CSR annual action plan approved by the CSR Committee and the Board.
As part of its initiatives under “Corporate Social Responsibility (CSR)”, the Company has undertaken activities, which are in accordance with CSR Policy of the Company and Schedule VII of the Companies Act, 2013.The Annual Report on CSR activities is annexed herewith as Annexure-H. The CSR Committee con rms that the implementation and monitoring of the CSR Policy was done in compliance with the CSR objectives and policy of the Company.
27) EXTRACT OF ANNUAL RETURN
The Annual Return of the Company as on March 31st, 2026 is available on the Companys website and can be accessed at https://www.jashindia.com
28) RISK MANAGEMENT:
The Company views risk as an inherent element of its business landscape and is committed to managing it in a structured, forward-looking, and effective manner. Sustained success depends on the Companys ability to balance risk management with opportunity creation, supported by continuous evaluation of both internal and external risk factors to limit adverse impacts. A systematic framework underpins the Companys approach to risk management, involving regular identi cation, assessment, recording, mitigation, and monitoring of risks. Periodic risk assessments are conducted to evaluate potential threats and opportunities that may influence the achievement of strategic and operational objectives. The Steering Committee proactively identi es emerging risks such as advancements in arti cial intelligence, changes in regulatory framework, and shifts in global trade, and undertakes rigorous evaluation to develop both short-term and long-term mitigation strategies for risks with material impact. These actions are embedded within the Companys strategic and business planning processes by the senior management, ensuring that risk considerations are integral to decision-making. Mitigation efforts include preventive controls to reduce likelihood and impact, as well as contingency planning to manage outcomes if risks materialise.
The risk management framework is designed to enable value creation in uncertain environments, reinforce governance standards and ensure resilience. Continuous oversight and periodic reviews ensure that the risk management framework remains dynamic and aligned with evolving business and external conditions.
The Company has formalised its approach through a Risk Management Policy, which provides the risk management structure including guidance on addressing risks and leveraging opportunities. Oversight of risk management rests with the Risk Management Committee, which has been entrusted with responsibility by the Board to review the risk management processes and ensure adequacy of risk management system.
The Company periodically strengthens its risk management practices to keep pace with increasing complexity and a rapidly evolving environment, with the objective of maintaining risks within the defined appetite. Based on the
Boards evaluation, no risks currently threaten the Companys continuity. Key risks and mitigation strategies are disclosed in the Management Discussion and Analysis section forming part of the Annual Report.
The Risk Management Policy of the Company is available on the Companys website at https://www.jashindia.com
29) VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:
The Company promotes ethical behaviour in all its business activities and is in line with the best governance practices. The Company has a robust vigil mechanism through its Whistle Blower Policy approved and adopted by the Board of Directors of the Company in compliance with the provisions of Section 177(10) of the Act and Regulation 22 of the Listing Regulations. No person is denied access to the Chairman of the Audit Committee. This mechanism reinforces a culture of transparency, accountability, and trust across all stakeholders.
The policy is to provide a mechanism, which ensures adequate safeguards to employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and reports, and so on. The Vigil Mechanism Policy is hosted on the Companys website www.jashindia.com.
30) PARTICULARS OF INTERNALCOMMITTEE AND COMPLAINTS RECEIVED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has constituted the Internal Committee under the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 headed by the women employee of the Company. There is no complaint received during the year and pending at the ended financial year under provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
| Category | No. of complaints pending at the beginning of F.Y. 2025-26 | No. of complaints led during the F.Y. 2025-26 | No. of complaints pending as at the end of F.Y. 2025-26 |
| Sexual Harassment | NIL |
31) SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There is no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.
During the year, in accordance with the order passed by the Honble NCLT
Indore Branch on dated 30.01.2026, Shivpad Engineers Pvt. Ltd. has been merged with Jash Engineering Limited.
32) MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THIS REPORT;
Except that as stated in the relevant places, the material changes, development, regarding project which is ongoing, from the 31st March, 2026 till the date of the Board Reports, there are no material changes which may affect the financial position of the Company.
33) RATIO OF THE REMUNERATION OF EACH DIRECTOR TO THE MEDIAN EMPLOYEES REMUNERATION AND PARTICULARS OF EMPLOYEES:
Pursuant to Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, disclosures with respect to the remuneration of Directors, KMP and employees, are enclosed as Annexure-I to the Boards Report.
The information required under Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to the Members excluding the information required under Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including amendments thereof), any Member interested in obtaining the same may write to the Company Secretary at the Registered Office of the Company.
34) EMPLOYEE STOCK OPTION SCHEME:
In the present competitive economic environment in the country and in the long-term interests of the Company and its shareholders, it is necessary that the Company adopts suitable measures for attracting and retaining quali ed, talented and competent personnel. An employee stock option scheme, designed to foster a sense of ownership and belonging amongst personnel, is a well-accepted approach to this end. It is, therefore, appropriate to consider an Employee Stock Option Scheme for the employees of the Company and/or subsidiary company(ies) whether working in India or abroad. The Nomination and Remuneration Committee, inter alia administers and monitors the Companys employees stock option scheme (ESOP Scheme) in accordance with the applicable SEBI (Share Based Employee Benefits) Regulations, 2021 (SEBI SBEB). The details on Options granted, exercised and lapsed during the financial year 2025-26 and other particulars as required under the Act, read with its rules and SEBI (Share Based Employee Benefits) Regulations, 2021 with regard to Employees Stock Options are enclosed herewith as Annexure - J to the Board Report.
Your Company has allotted 2,88,600 Equity shares of the Company having face value @ Rs. 2/- per share to the eligible employee of Company, under Jash Engineering Employee Stock Option Scheme 2019" (JASH ESOP Scheme 2019) on 11.03.2026. Certificate from Mr. Ankit Joshi, Practising Company Secretary (No.: FCS 13203 and Certificate of Practice No.: 18660), the Secretarial Auditor of the Company, confirming that the schemes have been implemented in accordance with the said SEBI Regulations, would be placed at the ensuing AGM of the Company for inspection by the Members.
Details of Jash Engineering Employee Stock Option Scheme 2019" (JASH ESOP Scheme 2019) are also available on the website of the Company www.Jashindia.com
35) INDUSTRIAL RELATIONS:
During the year under review your Company enjoyed cordial relationship with workers and employees at all levels.
36) PREVENTION OF INSIDER TRADING: In view of SEBI (Prohibition of Insider Trading) Regulation, 2015 the Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company.
The Company periodically circulates informative emails on Prohibition of Insider Trading, Dos and Donts, etc. to the Directors and Designated Persons to familiarize them with the provisions of the Insider Trading Code and to create awareness on various aspects of Insider Trading and the SEBI Insider Trading Regulations and also ensure that the internal controls are adequate and effective to ensure compliance.
37) DISCLOSURE FOR FRAUDS AGAINST THE COMPANY: In terms of the provisions of Section 134(3)(C)(a) of the Companies Act, 2013, there were no frauds committed against the Company and persons who are reportable under section 141 (12) by the Auditors to the Central Government. Also, there were no non-reportable frauds during the Financial Year 2025-26.
38) TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to the provisions of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") notified by the Ministry of Corporate Affairs. All unpaid or unclaimed dividend are required to be transferred by the company to the IEPF established by the Government of India, after the completion of seven years. During the year under review company has transferred of Rs. 1,55,869/- relates unclaimed and unpaid dividends of FY 17-18 to the IEPF Authority in the year 2025-26 as per the requirement of the said IEPF rules.
39) CHANGE IN THE NATURE OF BUSINESS:
During the year under review, there was no change in the nature of business of the company.
40) SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES OF INDIA:
The company complies with all applicable mandatory Secretarial Standards as issued by the Institute of Company Secretaries of India.
41) DIRECTORS & OFFICERS INSURANCE POLICY:
The company has in place the insurance policy for its directors and of cers with a quantum and coverage as approved by the board. The policy complies with the requirement of Regulation 25(10) of SEBI (LODR) Regulations, 2015. The same are also available on the Companys website. www.jashindia.com
42) BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING
The SEBI vide its circular dated May 10, 2021, had introduced a new reporting requirement on Environmental, Social and Governance (ESG) parameters called the "Business Responsibility and Sustainability Report" (BRSR), which is intended towards having quantitative and standardized disclosures on ESG parameters to enable comparability across companies, sectors and time which will be helpful for investors to make better investment decision for the listed companies which is being mandatory for the top 1000 listed companies as per market capitalization. Hence being counted in the top 1000 listed companies as per market capitalization for FY 2025-26, your Company has adopted the BRSR mechanism as part of its business and the said BRSR are enclosed herewith as Annexure - K.
43) OTHER DISCLOSURES:
Your Company has complied with the applicable Secretarial Standards relating to Meetings of the Board of Directors and General Meetings during the year.
There are no proceedings initiated/pending against your Company under the Insolvency and Bankruptcy Code, 2016 which materially impact the business of the Company.
The Company has not issued equity shares with differential rights as to dividend, voting or otherwise
Compliance with Maternity Benefit Act, 1961 during the FY2025-26, the Company has complied with all the applicable provisions relating to the Maternity Benefit Act, 1961
The equity shares of the Company are listed and actively traded on both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) (w.e.f. 20.05.2025). The Company continues to comply with the applicable provisions of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable laws, rules and regulations governing listed entities.
44) CAUTIONARY STATEMENT:
The statements made in this Report and Management Discussion and Analysis Report relating to the Companys objectives, projections, outlook, expectations and others may be "forward looking statements" within the meaning of applicable laws and regulations. Actual results may differ from expectations those expressed or implied. Some factors could make difference to the Companys operations that may be, due to change in government policies, global market conditions, foreign exchange fluctuations, natural disasters etc.
45) ACKNOWLEDGEMENTS:
Your Directors place on record their sincere appreciation for the dedication, commitment and unwavering efforts of all employees, whose professionalism, teamwork and relentless pursuit of excellence have been instrumental in the Companys continued growth and success. Their passion and contribution remain the cornerstone of the Companys achievements.
The Directors also express their heartfelt gratitude to the Companys bankers, namely State Bank of India, HDFC Bank Limited, Axis Bank Limited, Kotak Mahindra Bank Limited, ICICI Bank Limited, and M1 Exchange, for their continued trust, financial support and valued partnership. The Company also acknowledges the guidance and support received from various Central and State Government authorities, regulatory bodies and statutory agencies during the year.
Your Directors sincerely thank the Companys valued customers for their continued con dence in the Companys products and services, and its suppliers, vendors and business associates for their steadfast support, timely deliveries and collaborative approach, which have significantly contributed to the Companys operational excellence.
The Directors further acknowledge with gratitude the continued support and guidance received from the
National Stock Exchange of India Limited (NSE), the BSE Limited (BSE), the Companys Registrar and Share Transfer Agent, depositories, merchant bankers, auditors, legal advisors and all other intermediaries associated with the Company.
Finally, your Directors extend their heartfelt appreciation to all shareholders, investors and every stakeholder for their unwavering trust, con dence and continued support. The Company remains committed to creating sustainable value for all its stakeholders while upholding the highest standards of corporate governance, transparency and ethical business practices.
| For & on behalf of the board of directors of | ||
| Jash Engineering Limited | ||
| Date : 11/08/2026 | Pratik Patel | Suresh Patel |
| Place: Indore | Chairman & Managing Director | Executive Director |
| DIN: 00780920 | DIN: 00012072 |
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