This article first appeared on GuruFocus .
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Revenue:$42.9 million for Q4 fiscal 2026, up 46.6% from $29.3 million in the same quarter last year.
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Gross Profit:$7.4 million for Q4 fiscal 2026, up 40.4% from $5.2 million in the same quarter last year.
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Gross Margin:17.1% for Q4 fiscal 2026, compared to 17.9% in the same period last year.
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Operating Expenses:$5 million for Q4 fiscal 2026, compared to $4.8 million in the same quarter last year.
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Operating Income:$2.3 million for Q4 fiscal 2026, up from $434,000 in the same quarter last year.
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Net Income:$1.7 million or $0.12 per diluted share for Q4 fiscal 2026, compared to a net loss of $144,000 or $0.01 per share in the same quarter last year.
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Comprehensive Income:$1.6 million for Q4 fiscal 2026, compared to a comprehensive loss of $49,000 in the same quarter last year.
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Cash and Restricted Cash:$12.5 million as of March 31, 2026.
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Net Working Capital:$36.7 million as of March 31, 2026.
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Inventory:$30 million as of March 31, 2026.
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Accounts Receivable:$5.7 million as of March 31, 2026.
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Net Cash from Operating Activities:$2.5 million for fiscal year ended March 31, 2026.
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Dividend:$0.05 per share, paid on May 21, 2026.
Release Date: June 15, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Jerash Holdings (US) Inc ( NASDAQ:JRSH ) reported record revenue for fiscal 2026, driven by strong demand from key and new customers.
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The company achieved a 46.6% increase in revenue for the fiscal 2026 fourth quarter compared to the same period last year.
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Jerash Holdings (US) Inc ( NASDAQ:JRSH ) has successfully completed large orders for Hansoll Group, leading to additional orders and strong customer satisfaction.
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The company is expanding its production capacity by 15% by the end of 2026 and an additional 20% to 25% by the end of 2027.
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Jerash Holdings (US) Inc ( NASDAQ:JRSH ) is strategically optimizing its operations with new facilities and increased workforce, aiming to double production capacity in the coming years.
Negative Points
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Gross margin for the fiscal 2026 fourth quarter decreased to 17.1% from 17.9% in the same period last year.
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Operating expenses increased slightly to $5 million in the fiscal 2026 fourth quarter compared to $4.8 million in the same quarter last year.
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The company faces uncertainties in projecting full-year growth due to capacity limitations and potential changes in customer and product mix.
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Interest expenses increased to $383,000 in the fiscal 2026 fourth quarter from $371,000 in the same quarter a year earlier.
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The company is exposed to geopolitical risks in the Middle East, which could impact future order confirmations and operations.
Q & A Highlights
Q: Congrats on the solid progress in the strong quarter. How should we think about the potential growth rate on a full-year basis, considering the order flow and the guidance for the first quarter? Is the 20% to 22% growth sustainable? A: Gilbert Lee, Chief Financial Officer: We haven't projected that far out as our growth is limited by capacity. We are fully booked through December 2026, and while there is room for changes in customer and product mix, the overall number for fiscal '27 is still uncertain. However, we expect growth and will maximize capacity utilization for top-line growth and optimized margins. For the first quarter, we anticipate a 20% to 22% growth over fiscal '26.
Q: Regarding the facilities booked through December 2026, how much of that is firm purchase orders versus customer forecasts? A: Gilbert Lee, Chief Financial Officer: It's not 100% purchase orders. Customers project 6 to 9 months ahead, and we finalize orders 30 to 60 days out. Eric Tang, Head of Operations, Jordan: 80% are confirmed orders, and the rest will be confirmed in the coming months. Historically, 99% of projected orders are confirmed.
Q: Can you size the follow-up orders from Hansoll after the initial 3 million units? Are these orders increasing in size as you prove your delivery capabilities? A: Eric Tang, Head of Operations, Jordan: The first follow-up order is similar to the initial 3 million pieces, covering season 1. We have projections for seasons 2, 3, and 4. The second order is for 1.3 million pieces. We are discussing additional styles and expect more orders if regional stability improves.
Q: Are the Hansoll orders more fashion-oriented with higher margins, or are they basic goods with lower margins? A: Eric Tang, Head of Operations, Jordan: The Hansoll orders are basic styles, but we produce them efficiently, benefiting from economies of scale, resulting in very good margins.
Q: Gross margins in the reported quarter were higher than consensus but down year-over-year. What caused the drag? A: Gilbert Lee, Chief Financial Officer: In Q4 2025, sales were low due to shipping delays and port congestion. We focused on higher-margin products, impacting the mix. In Q4 2026, we managed disruptions better, leading to a record high quarter with normal gross margins despite initial conservative projections due to regional uncertainties.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
