Revenue growth accelerated to 46.6% in 2025Q4, yet structural constraints keep gross margins anchored near 16%, limiting the firm's ability to scale operating profitability effectively.
Jerash Holdings (US), Inc. (JRSH) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'17 | Mar'16 | Mar'15 |
|---|
| Sales/Revenue | 176.86M | 166.26M | 145.81M | 117.19M | 138.06M | 143.35M | 90.21M | 93.02M | 84.98M | 69.3M | 62.04M | 62.04M | 52.56M | 42.87M |
| Revenue Growth % | 22.39% | 14.03% | 24.43% | -15.12% | -3.69% | 58.91% | -3.02% | 9.46% | 22.64% | 11.69% | 18.04% | 18.04% | 22.59% | - |
| Cost of Goods Sold | 148.02M | 139.48M | 123.49M | 100.28M | 116.27M | 116.02M | 74.21M | 75.04M | 66.21M | 51.34M | 46.64M | 46.64M | 39.91M | 35.19M |
| COGS % of Revenue | - | 83.89% | 84.69% | 85.58% | 84.22% | 80.93% | 82.27% | 80.67% | 77.91% | 74.09% | 75.17% | 75.17% | 75.94% | 82.09% |
| Gross Profit | 28.96M | 26.78M | 22.32M | 16.9M | 21.79M | 27.33M | 16M | 17.98M | 18.78M | 17.95M | 15.4M | 15.4M | 12.65M | 7.68M |
| Gross Margin % | 16.37% | 16.11% | 15.31% | 14.42% | 15.78% | 19.07% | 17.73% | 19.33% | 22.09% | 25.91% | 24.83% | 24.83% | 24.06% | 17.91% |
| Gross Profit Growth % | - | 20% | 32.05% | -22.43% | -20.28% | 70.83% | -11.03% | -4.23% | 4.59% | 16.56% | 21.81% | 21.81% | 64.67% | - |
| Operating Expenses | 20.96M | 20.46M | 20.87M | 17.57M | 17.37M | 16.84M | 10.61M | 10.32M | 12.43M | 6.12M | 4.71M | 4.71M | 3.57M | 2.96M |
| OpEx % of Revenue | - | 12.3% | 14.31% | 14.99% | 12.58% | 11.75% | 11.76% | 11.09% | 14.62% | 8.83% | 7.58% | 7.58% | 6.79% | 6.9% |
| Selling, General & Admin | 15.21M | 19.55M | 20.87M | 17.57M | 17.37M | 16.84M | 10.61M | 10.32M | 12.43M | 6.12M | 4.71M | 4.71M | 3.57M | 2.96M |
| SG&A % of Revenue | - | 11.76% | 14.31% | 14.99% | 12.58% | 11.75% | 11.76% | 11.09% | 14.62% | 8.83% | 7.58% | 7.58% | 6.79% | 6.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.12M | 904.17K | 0 | 0 | 0 | 0 | 0 | 0 | 23.8K | -31.37K | 0 | 0 | 0 | -15.18K |
| Operating Income | 8M | 6.33M | 1.45M | -664.96K | 4.41M | 10.49M | 5.39M | 7.67M | 6.35M | 11.83M | 10.7M | 10.7M | 9.07M | 4.72M |
| Operating Margin % | 4.52% | 3.81% | 0.99% | -0.57% | 3.2% | 7.32% | 5.97% | 8.24% | 7.47% | 17.08% | 17.24% | 17.24% | 17.27% | 11.01% |
| Operating Income Growth % | - | 337.33% | 317.59% | -115.06% | -57.91% | 94.71% | -29.73% | 20.74% | -46.36% | 10.62% | 17.89% | 17.89% | 92.2% | - |
| EBITDA | 11.61M | 9.99M | 4.72M | 2.63M | 7.83M | 13.44M | 7.94M | 9.66M | 7.6M | 13.05M | 12.02M | 12.02M | 10.08M | 5.45M |
| EBITDA Margin % | 6.57% | 6.01% | 3.24% | 2.25% | 5.67% | 9.38% | 8.8% | 10.38% | 8.95% | 18.83% | 19.38% | 19.38% | 19.19% | 12.71% |
| EBITDA Growth % | 75.21% | 111.65% | 79.18% | -66.37% | -41.71% | 69.3% | -17.8% | 27.01% | -41.74% | 8.57% | 19.21% | 19.21% | 85.09% | - |
| D&A (Non-Cash Add-back) | 3.61M | 3.66M | 3.27M | 3.3M | 3.42M | 2.95M | 2.55M | 1.99M | 1.26M | 1.22M | 1.32M | 1.32M | 1.01M | 726.6K |
| EBIT | 500.99M | 6.37M | 1.87M | -165.84K | 4.85M | 10.65M | 5.39M | 7.67M | 6.37M | 11.83M | 10.65M | 10.65M | 9.01M | 4.72M |
| Net Interest Income | -1.82M | -1.63M | -1.72M | -1.2M | -768.13K | -210.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.82M | 1.63M | 1.72M | 1.2M | 768.13K | 210.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.82M | -1.58M | -1.3M | -704.48K | -331.13K | -44.68K | 108.51K | -21.12K | 23.8K | -31.37K | -50.32K | -50.32K | -65.37K | -15.18K |
| Pretax Income | 6.18M | 4.75M | 151.19K | -1.37M | 4.08M | 10.44M | 5.5M | 7.64M | 6.37M | 11.8M | 10.65M | 10.65M | 9.01M | 4.71M |
| Pretax Margin % | 3.49% | 2.86% | 0.1% | -1.17% | 2.96% | 7.29% | 6.09% | 8.22% | 7.5% | 17.03% | 17.16% | 17.16% | 17.14% | 10.98% |
| Income Tax | 1.2M | 1.12M | 991.12K | 672.5K | 1.66M | 2.52M | 1.35M | 1.17M | 1.26M | 1.4M | -44.61K | -44.61K | -66.2K | 0 |
| Effective Tax Rate % | 19.34% | 23.59% | 655.54% | -49.11% | 40.75% | 24.17% | 24.49% | 15.37% | 19.79% | 11.86% | -0.42% | -0.42% | -0.73% | 0% |
| Net Income | 4.9M | 3.54M | -848.37K | -2.01M | 2.42M | 7.92M | 4.15M | 6.48M | 5.11M | 10.41M | 10.69M | 10.69M | 9.08M | 4.77M |
| Net Margin % | 2.77% | 2.13% | -0.58% | -1.71% | 1.75% | 5.52% | 4.6% | 6.96% | 6.02% | 15.02% | 17.23% | 17.23% | 17.27% | 11.12% |
| Net Income Growth % | 500.7% | 516.99% | 57.71% | -182.9% | -69.45% | 90.85% | -35.92% | 26.66% | -50.89% | -2.64% | 17.81% | 17.81% | 90.38% | - |
| Net Income (Continuing) | 4.99M | 3.63M | -839.93K | -2.04M | 2.42M | 7.92M | 4.15M | 6.47M | 5.11M | 10.4M | 10.65M | 10.65M | 9.01M | 4.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 144.35K | 142.58K | 52.78K | 44.34K | 0 | 0 | 0 | 303.21K | 309K | 309.6K | 316.6K | 316.6K | 362.1K | 427.63K |
| EPS (Diluted) | 0.37 | 0.27 | -0.07 | -0.16 | 0.19 | 0.67 | 0.37 | 0.57 | 0.45 | 0.92 | 0.82 | 0.82 | 0.69 | 0.36 |
| EPS Growth % | 477.81% | 492.44% | 57% | -184.21% | -71.64% | 81.08% | -35.09% | 26.67% | -51.09% | 12.2% | 18.84% | 18.84% | 91.67% | - |
| EPS (Basic) | - | 0.28 | -0.07 | -0.16 | 0.19 | 0.67 | 0.37 | 0.57 | 0.46 | 0.92 | 0.94 | 0.94 | 0.80 | 0.42 |
| Diluted Shares Outstanding | 13.39M | 13.19M | 12.33M | 12.29M | 12.68M | 11.9M | 11.33M | 11.44M | 11.33M | 11.32M | 13.07M | 13.07M | 13.07M | 13.07M |
| Basic Shares Outstanding | 12.7M | 12.7M | 12.33M | 12.29M | 12.64M | 11.82M | 11.33M | 11.32M | 11.2M | 11.32M | 11.32M | 11.32M | 11.32M | 11.32M |
| Dividend Payout Ratio | - | 71.8% | - | - | 102.67% | 29.89% | 54.58% | 34.98% | 22.15% | - | 49.64% | 49.64% | - | - |
Quick answers to the most common questions about buying JRSH stock.
For fiscal year 2026, Jerash Holdings (US), Inc. (JRSH) reported total revenue of $166.3M. This represents a 287.8% increase compared to $42.9M in 2014.
Jerash Holdings (US), Inc. (JRSH) is profitable, generating $3.5M in net income for the fiscal year ending 2026 with a net profit margin of 2.1%.
Jerash Holdings (US), Inc. (JRSH) reported an operating income of $6.3M, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Jerash Holdings (US), Inc. (JRSH) generated $26.8M in gross profit for the year, representing a gross profit margin of 16.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and Trade Policy
Metrics are mathematically derived from official filings.
Revenue Surge Driven by Volume
According to recent quarterly filings, Jerash Holdings achieved a notable 46.6% year-over-year revenue growth in 2025Q4, signaling a robust recovery in order volumes compared to the contraction observed in late 2023, likely reflecting successful capture of market share from higher-tariff manufacturing jurisdictions.
The acceleration in top-line performance suggests that the company's strategic focus on high-volume apparel contracts is gaining traction with major retail partners. Investors should monitor whether this growth is sustainable or merely a reflection of seasonal inventory restocking cycles that may normalize in subsequent periods.
Structural Constraints Limit Margin Expansion
As reported in financial statements, the company maintains a structural gross margin hovering around 16%, which underscores its position as a low-cost contract manufacturer with limited pricing power despite the competitive advantage provided by the Jordan-United States Free Trade Agreement.
The inability to consistently expand gross margins beyond the mid-teens suggests that input cost volatility and labor expenses remain significant headwinds. This profile indicates that profitability is highly sensitive to capacity utilization, leaving little room for error in managing production efficiency.
Operating Leverage Remains Highly Fragile
Based on the provided income statement data, operating margins have fluctuated significantly, reaching 5.4% in 2025Q4, which indicates that the company struggles to achieve meaningful operating leverage due to the high fixed-cost nature of its manufacturing facilities in Jordan.
While recent improvements in operating income are encouraging, the historical volatility suggests that SG&A expenses do not scale linearly with revenue growth. This lack of consistent operating leverage warrants further investigation into whether management can optimize overhead costs during periods of lower production throughput.
Earnings Quality Impacted by Volatility
Analysis of recent filings reveals that net income remains inconsistent, with the company swinging between losses and modest profits, a trend exacerbated by the impact of stock-based compensation and fluctuating operational performance across the last ten quarters.
The erratic nature of bottom-line results suggests that earnings quality is currently low, as net margins remain thin and susceptible to minor operational disruptions. Investors should be cautious of relying on recent EPS growth figures, as they appear highly sensitive to the timing of seasonal order fulfillment.
Geopolitical Risks Threaten Margin Stability
Data from the income statement highlights that the company's reliance on a single geographic manufacturing hub creates a binary risk profile, where any disruption to the Jordan-United States trade relationship could immediately invalidate the firm's primary competitive cost advantage.
Short-term revenue gains may mask the underlying fragility of a business model that is entirely dependent on legislative trade policy rather than proprietary technology. The market may be underestimating the potential for margin compression if regional instability leads to increased logistics costs or insurance premiums.