MeritValue

Jerash Holdings (US), Inc.

JRSHdata completeness 100%10 fiscal years on file
The thesis, from the filings

Jerash Holdings (US), Inc. earns about 6% on invested capital, below its ~9% cost of capital, but has diluted owners by 11% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.02 and $1.9 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$143.4M1$138.1M2$117.2M3$145.8M4$166.3M4
Net income$7.92M5$2.42M6−$2.01M7−$848,3698$3.54M8
Operating cash flow$8.96M9$10.8M10$2.48M11$1.36M12$2.49M12
Capital expenditure$2.96M13$722,77014$1.24M15$951,11216$5.13M16
Free cash flow (derived)$6.01M9$10.1M10$1.24M11$413,51612−$2.63M12
Total debt————$2.82M17
Cash & equivalents$25.2M18$17.8M19$12.4M20$13.3M21$10.8M21
Diluted shares11.9M12.7M12.3M12.3M13.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$49.11
your share of equity
Profit it earned you last year
$2.68
Free cash flow it threw off
−$2
Debt you’d be carrying
$2.14

10 shares is a claim on $49.11 of net worth that earned you $2.68 and generated −$2 of cash last year, against $2.14 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY22 18%FY23 6%FY24 -2%FY25 0%FY26 6%

It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+11% shares · 5y

Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $1.02 and $1.9 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$1.02
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$413,516
DCF · Growth Exit 5Y
$1.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$413,516
Earnings Power Value
$1.9
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.42M
  • growthAssumed0.0%
Graham Number
$5.46
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.05
The three cases
Bear0.0%$1.05
Base0.0%$1.05
Bull5.0%$1.16

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K/A · period ending 2022-03-31 · accession 0001013762-23-002149 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001213900-24-057324 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0001213900-25-057935 (Revenues)
  4. 10-K · period ending 2025-03-31 · accession 0001213900-26-070227 (Revenues)
  5. 10-K/A · period ending 2022-03-31 · accession 0001013762-23-002149 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-057324 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-057935 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-070227 (NetIncomeLoss)
  9. 10-K/A · period ending 2022-03-31 · accession 0001013762-23-002149 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001213900-24-057324 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001213900-25-057935 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001213900-26-070227 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2022-03-31 · accession 0001013762-23-002149 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001213900-24-057324 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001213900-25-057935 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001213900-26-070227 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2026-03-31 · accession 0001213900-26-070227 (LongTermDebt)
  18. 10-K/A · period ending 2022-03-31 · accession 0001013762-23-002149 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-03-31 · accession 0001213900-24-057324 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-31 · accession 0001213900-25-057935 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-03-31 · accession 0001213900-26-070227 (CashAndCashEquivalentsAtCarryingValue)