Jerash Holdings (US) Inc
jerashholdings.comJerash Holdings (US) Inc (NASDAQ: JRSH) is an apparel manufacturing company that produces sportswear and outerwear garments for brand-name customers, primarily operating through factories in Jordan. Revenue comes from purchase-order-based sales to a small set of large wholesale and brand customers, with no long-term contracts or minimum purchase commitments. VF Corporation alone accounted for 64.6% of revenue in fiscal 2025 ($94.2M of $145.8M total), and New Balance added another 12.2% ($17.9M), making customer concentration a defining feature of the business. Total revenue was $145.8M in fiscal year ended March 31, 2025, up 24% from $117.2M in fiscal year ended March 31, 2024. Gross margin was 15% in fiscal 2025. The company posted a net loss of $0.8M in fiscal 2025 on near-breakeven pre-tax income of $0.2M, reflecting thin margins after selling, general, and administrative expenses of $20.9M. Jerash pays dividends, distributing $2.4M in fiscal 2025.
Products & Services
Cut-and-sew garment manufacturing, focused on sportswear and outerwear. Products are manufactured to customer specifications and sold under customers' brand labels, not Jerash's own brand.
Revenue Model
Transactional, purchase-order-based manufacturing revenue. Customers submit individual purchase orders following a sample development and approval process. No long-term contracts or minimum volume guarantees exist. VF Corporation issued approximately 14,700 purchase orders to Jerash in fiscal 2025, ranging from $6 to $929,000 per order.
Customers & Markets
Highly concentrated customer base. VF Corporation: 64.6% of fiscal 2025 revenue ($94.2M). New Balance: 12.2% ($17.9M). Suzhou Unitex: 3.9% ($5.7M). End markets are sportswear and outerwear retail, served indirectly through brand and wholesale intermediaries.
Geographic Exposure
Manufacturing operations based in Jordan. The company has a Hong Kong subsidiary (Treasure Success) involved in trading and financing activities, and a joint venture interest via Treasure Success in Indonesia (P.T. Eratex) and a shareholder agreement with Newtech Textile (HK) Limited. Primary end-market customers are U.S.-based brands.
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