### **Overview** Josts Engineering Company Limited (JECL), established in **1907** and headquartered in **Mumbai, India**, is one of the country’s oldest and most respected engineering firms. With over **118 years of legacy**, the company has evolved from a manufacturer of kerosene-operated fans into a diversified player in **material handling and engineered products**. It maintains a **pan-India presence** through manufacturing units, sales offices, and service centers, serving a wide array of high-growth sectors. The company operates through **three primary business segments**: 1. **Material Handling (MHD)** 2. **Engineered Products Division (EPD)** 3. **MHE Rentals (via subsidiary)** Josts is undergoing a strategic transformation, shifting focus toward higher-margin **engineered solutions**, while streamlining and modernizing its material handling operations through its wholly owned subsidiary, **JECL Engineering Limited (JECL-EL)**. --- ### **Business Segments & Key Divisions** #### **1. Material Handling Division (MHD)** - **Core Focus**: Intralogistics solutions including storage, stacking, retrieval, and transportation of goods. - **Products**: - Electric & diesel forklifts (JUMBO, PYGMY, JOTRUK series) - Reach trucks, Very Narrow Aisle (VNA) trucks, electric pallet trucks, stackers - Racking systems, scissor lifts, dock levelers - Aerial Work Platforms (AWPs): scissor lifts, boom lifts, mast lifts - **Flagship Brands**: *JUMBO*, *PYGMY*, and *JOTRUK* — known for **durability, low maintenance, and rugged design**. - **Dual Brand Strategy**: - **Volume Segment**: Manufactured through **JECL Engineering Ltd (Murbad)**. - **Premium Segment**: Represents **Zowell**, a global brand, for complex industrial applications. - **Lithium-ion Transition**: Entire **MHE portfolio is now Li-ion ready**, enhancing **Total Cost of Ownership (TCO)** via fast charging, extended battery life, and support for 24x7 operations. ##### **Manufacturing & Expansion (Key Development)** - **Discontinued operations at Thane facility** (C-7, Wagle Estate) in **January 2025** due to aging infrastructure. - Launched a **Greenfield manufacturing facility in Murbad, Maharashtra**, through **JECL Engineering Ltd**. - **Leasehold area**: ~127,237 sq. ft. - **Annual capacity**: ~2,100 MHE units (**double** previous capacity). - Commenced **trial operations in May 2024**, full ramp-up expected by **FY26**. - This expansion aims to: - Reduce lead times and haulage costs - Enable scalability - Improve **operating leverage and margins** in FY26 and beyond --- #### **2. Engineered Products Division (EPD)** - **Core Focus**: Advanced engineering solutions in specialized, high-tech domains. - **Key Application Areas**: - **Sound & Vibration**: NVH testing, noise measurement, vibration sensors - **Environmental Simulation**: Climate chambers, thermal and shock testing - **Nanotechnology & Analytical Instruments**: Flow, stress, strain diagnostics - **Electrical Test & Measurement**: HV/LV testing, power quality, calibration - **Gas Detection & Safety Systems**: Fixed and portable monitors - **Interconnectivity Solutions**: Military-grade connectors (used in **Chandrayaan-3**, meeting NASA/ESA standards) - **Strategic Partnerships** (as of Sep 2025): - **Kanomax (Japan)** – Analytical instruments for R&D and automotive - **Onosokki (Japan)** – Enhances EV and powertrain NVH testing - **Cellbond (UK), MTE (Germany), 21 Senses (India)** – Environmental simulation and process control - **New principal from Canada** – Emergency Restoration Systems (ERS) - **Recent Milestone**: Secured first **₹29.50 crore ERS order from HVPNL (Haryana)** in Aug 2025. - **Emerging Verticals**: - **Semiconductors**, **defense**, **private space sector**, and **electric vehicles (EVs)** - Targeting **EPC and O&M projects in the power sector** - **Testing & Calibration**: - **Two NABL-accredited labs** (Thane, Kolkata) – ISO/IEC 17025:2017 compliant - Services: HV testing, Tan Delta, energy meter calibration, fluid dynamics, thermal comfort - Acquired **Transformer Testing Van** for on-site services — generates incremental revenue --- #### **3. MHE Rentals & Diversification** - **MHE Rentals India Private Limited** (wholly owned subsidiary) offers: - Short/long-term rentals of forklifts, stackers, AWPs - Bundled with trained operators, maintenance contracts, and manpower - **Renewable Energy Venture**: - **Suryavayu Renewable & Energy Solutions Pvt. Ltd. (JV)** — active in **solar and wind projects** - This diversification supports **recurring revenue streams** and aligns with national green energy goals. --- ### **Sales, Distribution & Service Network** - **Pan-India Coverage**: - **9 branch offices** – Bengaluru, Baroda, Chennai, Guwahati, Kolkata, Mumbai, Delhi, Pune, Hyderabad - **8 service centers** across key industrial hubs - **Multi-channel strategy**: Direct sales, distributors, dealers, and **digital marketing** - **After-sales strengths**: - Lifecycle management, spares, overhauls, battery maintenance - Technical support with in-house engineers --- ### **Financial Highlights (FY25 – as of March 31, 2025)** | Segment | Revenue (₹ in lakhs) | PBIT (₹ in lakhs) | |--------|------------------------|-------------------| | **Material Handling** | ₹10,751 (May: ₹11,160) | ₹1,129 | | **Engineered Products (EPD)** | ₹10,982 (May: ₹11,322) | ₹1,801 | | **MHE Rentals** | – | ₹1,409 (May: disclosed) | | **Total Revenue** | **₹21,733** | – | - **EPD revenue growth**: Increased from ₹7,047 lakhs (FY24) to ₹11,322 lakhs (FY25) → **~60.7% YoY growth** - **Margin profile improving**, especially projected from FY26 due to **Murbad plant scalability** --- ### **Strategic Developments (2024–2025)** - **Separation of MHD business** under **JECL Engineering Ltd**, improving operational flexibility and strategic focus. - Aggressively transitioning MHD from **in-house to outsourced manufacturing model** (via subsidiary), enabling better capital allocation. - Strengthening **EPD’s role as a “one-stop solution provider”** for advanced testing and industrial instrumentation. - Expanding **testing and calibration services** (3rd NABL lab planned) to drive service-based revenue. - **Product innovation & value engineering** across forklifts and stackers in FY25 to enhance competitiveness. --- ### **Key Clients & Industries Served** | Sector | Examples of Applications | |-------|---------------------------| | **Defense & Aerospace** | Interconnects for Chandrayaan-3, NVH testing, environmental simulation | | **Power (Conventional & Renewable)** | HV testing, gas detection, ERS systems | | **Automotive & EVs** | Emission testing, battery & vibration analysis | | **Pharma & FMCG** | Cleanroom-compatible MHE, racking systems | | **Infrastructure & Railways** | Heavy-duty forklifts, logistics systems | | **Education & R&D** | Nanotechnology, flow dynamics, lab instrumentation | --- ### **Company Structure & Subsidiaries** Josts operates through **three wholly owned subsidiaries**: 1. **JECL Engineering Limited** – MHE manufacturing (Murbad) 2. **MHE Rentals India Private Limited** – Equipment rental services 3. **Josts Engineering INC, USA** – International representation and sales These subsidiaries **account for 100% of consolidated financials**. --- ### **Historical Milestones** - **1907**: Founded as *Jost’s Fan Supply and Engineering Co.* - **1913**: Began representing **Megger Ltd**, **STC Ltd** - **1963**: Shifted to **material handling and engineering solutions** - **1980**: Licensing deal with **Jungheinrich AG (Germany)** for stackers - **1984**: Launched **JORACK Racking System** - **1998**: First Indian MHE company to earn **ISO 9001 certification** - **2007**: Reorganized into **three core divisions** - **2009**: Launched indigenous **electric forklifts (JFB Series)** - **2016**: Entered **MHE rentals** - **2018**: Introduced **diesel forklifts** - **2019**: Expanded into **AWPs and order pickers** - **2022**: Launched **rack-clad warehouse solution**