Jerash Holdings (JRSH) Q4 2026: Record Revenue and Profitability Surge — Strongly Positive

Jerash Holdings (NASDAQ: JRSH) reported impressive financial results for its fiscal 2026 fourth quarter, showcasing a significant turnaround compared to the prior year. The company achieved a revenue increase of $13.6 million, or +46.6%, reaching $42.9 million, up from $29.3 million in the same quarter last year. This robust growth not only highlights the company's operational improvements but also reflects rising demand from both established and new customers.

Key Financial Metrics

• Fourth Quarter Revenue: $42.9 million, up from $29.3 million (+46.6% YoY)
• Gross Margin: 17.1%, down from 17.9% YoY
• Operating Income: $2.3 million, up from $434,000 YoY
• Net Income: $1.7 million, compared to a net loss of $144,000 last year
• Full Year Revenue: $166.3 million, up from $145.8 million (+14.0% YoY)
• Full Year Net Income: $3.6 million, compared to a net loss of $840,000 in fiscal 2025

Analyst Opinion

This quarter is a strong positive for shareholders, as Jerash not only returned to profitability but also achieved record revenue for the full fiscal year. The significant increase in operating income and net income indicates that the company is effectively managing its costs while capitalizing on growing demand. The operational improvements, including better production efficiencies and reduced customer concentration, are promising signs for sustained growth.

Additional Highlights

• Gross Profit: Increased by 40.4% to $7.4 million in Q4 2026, compared to $5.2 million in Q4 2025.
• Operating Expenses: Totaled $5.0 million, slightly up from $4.8 million YoY, but as a percentage of revenue, they decreased to 11.7% from 16.4%.
• Comprehensive Income: Rose to $1.6 million in Q4 2026, compared to a comprehensive loss of $49,000 in the same quarter last year.

Dividend and Guidance

On May 4, 2026, Jerash's board approved a regular quarterly dividend of $0.05 per share, which was paid on May 21, 2026. Looking ahead, the company expects revenue for the fiscal 2027 first quarter to increase by 20% to 22% over the prior year's first quarter revenue of $39.6 million. Gross margin for the upcoming quarter is anticipated to be approximately 15% to 17%.

Forward Catalysts

Investors should closely monitor Jerash's expansion plans, particularly the ongoing renovations at its manufacturing facilities, which are expected to increase production capacity by approximately 15% by the end of calendar year 2026. The completion of these expansions by mid-calendar year 2027 could further enhance the company's ability to meet rising demand and improve profitability.

In summary, Jerash Holdings has demonstrated a remarkable recovery and growth trajectory in Q4 2026, positioning itself favorably for continued success in the upcoming fiscal year.

Note: The amounts in the following tables are in thousands/millions.

For the Three Months Ended	March 31, 2026	2025	For the Fiscal Years Ended	March 31, 2026	2025
Revenue	$ 42,896	$ 29,251	$ 166,263	$ 145,812
Cost of goods sold	35,541	24,012	139,481	123,492
Gross Profit	7,355	5,238	26,783	22,319
Selling, general and admin exp	4,795	4,464	19,551	19,114
Stock-based compensation exp	223,851	341,035	904,171	1,758,145
Total Operating Expenses	5,019	4,805	20,455	20,872
Income from Operations	2,336	433,515	6,327	1,446,833
Interest expense	(382,896)	(371,490)	(1,625,332)	(1,719,335)
Other income	(15,801)	117,667	45,416	424,108
Total other expenses, net	(398,697)	(253,823)	(1,579,916)	(1,295,227)
Net income before provision for income taxes	1,937	179,713	4,747	151,191
Income tax expense	269,521	323,808	1,120	991,120
Net income (loss)	1,668	(144,000)	3,627	(839,929)
Net income attributable to noncontrolling interest	81,265	8,540	89,802	8,440
Net income (loss) attribute to Jerash Holdings (US), Inc.’s Common Stock	$ 1,586	(152,630)	$ 3,537	(848,369)
Foreign currency translation gain (loss)	992	103,670	48,369	(20,803)
Total Comprehensive Income (Loss)	1,669	(40,425)	3,675	(860,732)
Comprehensive income attributable to noncontrolling interest	81,265	8,540	89,802	8,440
Comprehensive income (Loss) Attributed to Jerash Holdings (US), Inc.’s Common Stock	$ 1,587	(48,965)	$ 3,585	(869,172)
Earnings (Loss) Per Share Attributed to Common Stock Basic	$ 0.12	$ (0.01)	$ 0.28	$ (0.07)
Diluted	$ 0.12	$ (0.01)	$ 0.27	$ (0.07)
Weighted-average shares used to compute net income per share, basic	12,699	12,433	12,699	12,329
Diluted	13,285	12,433	13,188	12,329
Dividend per share	$ 0.05	$ 0.05	$ 0.20	$ 0.20

As of March 31, 2026	March 31, 2025
Cash	$ 10,764,576	$ 13,346,791
Accounts receivable, net	5,676,122	3,076,074
Inventories	29,956,361	27,704,829
Prepaid expenses and other current	3,351,655	3,648,321
Advances to suppliers, net	8,639,635	6,644,194
Total Current Assets	58,388,349	54,420,209
Restricted cash – non-current	1,702,935	1,717,248
Long-term deposits	834,686	464,934
Property, plant, and equipment, net	27,388,699	25,023,681
Goodwill	499,282	499,282
Operating lease right of use assets	1,038,563	850,172
Total Assets	$ 89,852,514	$ 82,975,526
Credit facilities	$ 4,902,996	$ 4,512,462
Accounts payable	7,167,019	6,507,308
Accrued expenses	5,528,165	4,342,436
Income tax payable – current	1,331,765	1,305,386
Uncertain tax provision	-	175,290
Other payables	2,092,183	2,149,185
Deferred revenue	241,357	487,004
Bank loan – current	58,766	-
Operating lease liabilities – current	319,910	339,699
Total Current Liabilities	21,642,161	19,818,770
Deferred tax liabilities, net	73	120
Operating lease liabilities – non-current	539,183	287,527
Bank loan – non current	2,762,034	-
Total Liabilities	24,943,451	20,106,417
Common stock, $0.001 par value; 30,000,000 shares authorized; 12,939,418 shares issued; 12,699,940 shares outstanding as of March 31, 2026 and 2025, respectively	12,939	12,939
Additional paid-in capital	26,579,006	25,674,835
Treasury stock, 239,478 shares	(1,169,046)	(1,169,046)
Statutory reserve	413,821	413,821
Retained earnings	39,394,513	38,396,901
Accumulated other comprehensive loss	(464,753)	(513,122)
Total Jerash Holdings (US), Inc.	64,766,480	62,816,328
Noncontrolling interest	142,583	52,781
Total Equity	64,909,063	62,869,109
Total Liabilities and Equity	$ 89,852,514	$ 82,975,526

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