Jerash Holdings (US) Inc

jerashholdings.com

What Do They Do?

Manufactures and exports customized, ready-made sportswear and outerwear for brand owners and retailers.

How Do They Make Money?

Customers are billed for customized ready-made outerwear, with payment due after invoicing; apparel vendors also pay for cutting and making services when the work is done.

FY2026 revenue

Who Are Their Customers?

Brand owners and retailers place purchase orders directly after sample development and approval; apparel vendors also subcontract cutting and making work.

Customers above 10% of revenue, FY2026

of revenue from two customers (52%, 14%)

FY2025: 77% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2026, but spent more cash than it brought in: free cash flow was −$2.6M.

Operating income, FY2026

4% of revenue

▲ +337% vs FY2025 ($1.4M, 1%)

Net income, FY2026

2% of revenue

▲ Now profitable vs FY2025 (−$848.4K, −1%)

Free cash flow, FY2026

−2% of revenue

▼ Now a loss vs FY2025 ($413.5K, 0%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +27%; vs $39.6M in Q1 FY2026
Net income: ▲ +427%; vs $318.7K in Q1 FY2026

Aug 10, 2026 Forecast second-quarter revenue and gross margin The company expects second-quarter revenue of $49 million-$51 million and gross margin of 14-15 percent.
Jul 21, 2026 Choi will not seek another board term; Ng was nominated as chairman Choi will continue as CEO; Ng's appointment as chairman was subject to stockholder election.

Protective-equipment manufacturing The older report described a protective-equipment product line. The latest focuses its manufacturing description on sportswear and outerwear and says the protective-equipment manufacturing subsidiary has no current operations.

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