JNKINDIA - JNK
📢 Recent Corporate Announcements
JNK India Limited has announced a Non-Deal Roadshow for investors and brokers scheduled for March 17, 2026. The event is organized by Churchgate Partners and will be held at the company's corporate office in Thane, Mumbai. The interaction will consist of both 1x1 and group meetings to engage with the institutional community. This disclosure is a routine filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Non-Deal Roadshow scheduled for March 17, 2026, at the Thane corporate office.
- Interaction format includes both 1x1 and group sessions with institutional investors and brokers.
- Event is organized by Churchgate Partners to facilitate investor engagement.
- The schedule is subject to change based on exigencies from either the company or participants.
JNK India Limited has appointed Mr. Anand Agarwal as its Interim Chief Financial Officer and Key Managerial Personnel, effective March 12, 2026. Mr. Agarwal is a Chartered Accountant with 20 years of experience in finance leadership across the EPC, infrastructure, and oil & gas sectors. He will hold the position until a permanent CFO is appointed by the Board. This move ensures continuity in the company's financial governance and regulatory compliance following the board meeting held on March 12, 2026.
- Mr. Anand Agarwal appointed as Interim CFO and KMP effective March 12, 2026.
- Brings 20 years of experience from senior roles at companies like Kalpataru Projects International Limited.
- Expertise includes project finance, treasury, debt structuring, and ERP transformation.
- Authorized by the Board to determine materiality of events for SEBI disclosures.
- The appointment follows a Board Meeting concluded within 26 minutes on March 12, 2026.
JNK India Limited has appointed Mr. Anand Agarwal as the Interim Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective March 12, 2026. Mr. Agarwal is a Chartered Accountant with 20 years of experience in finance leadership across EPC, infrastructure, and oil & gas sectors, including a previous role at Kalpataru Projects International Limited. He will hold the position until a permanent CFO is appointed by the Board. This move ensures continuity in financial governance and regulatory compliance during the leadership transition.
- Appointment of Mr. Anand Agarwal as Interim CFO and KMP effective March 12, 2026.
- Mr. Agarwal brings 20 years of experience in financial governance, project finance, and treasury management.
- He previously served as Deputy General Manager – Finance at Kalpataru Projects International Limited.
- The interim appointment will last until the Board selects a permanent successor for the CFO role.
- Mr. Agarwal has also been authorized to determine the materiality of events for stock exchange disclosures.
JNK India reported a stellar Q3 FY26 with revenue growing 112.8% YoY to ₹2,062.3 million and PAT jumping 534.1% to ₹180.2 million. The company maintains a robust order book of approximately ₹1,700 crores, supported by domestic projects like BPCL Bina and international prospects like the Dangote refinery expansion. The newly formed JV with Chemdist contributed ₹23 crores in revenue this quarter, signaling progress in green hydrogen and sustainable fuels. Management highlighted a shift in accounting policy to the input method, which is expected to normalize margins moving forward.
- Revenue grew 112.8% YoY to ₹2,062.3 million with an operating profit margin of 27.2%
- Net profit (PAT) witnessed a massive 534.1% YoY increase to ₹180.2 million
- Order book remains strong at approximately ₹1,700 crores as of January 1, 2026
- Subsidiary business (Chemdist JV) contributed ₹23 crores to revenue with a ₹100 crore order book
- Management identified significant future opportunities in Nigeria (Dangote refinery) and the Middle East
JNK India Limited has informed the stock exchanges that the audio recording of its Q3 and 9MFY26 earnings conference call is now available for public access. The call was conducted on February 10, 2026, following the announcement of the company's financial results for the quarter and nine-month period. This disclosure is a routine regulatory requirement under SEBI LODR Regulations. Investors can access the recording on the company's official website to understand management's commentary on business performance.
- Audio recording of the Q3 and 9MFY26 earnings call made available on February 10, 2026.
- The earnings call was held at 1:30 PM on the same day as the regulatory filing.
- Compliance maintained under Regulation 30 and 46(2)(oa) of SEBI LODR Regulations, 2015.
- The recording is hosted on the company's official website (www.jnkindia.com) for investor review.
JNK India Limited has received shareholder approval for two material related party transactions (RPT) involving its subsidiary, JNK Chemdist Technologies. The resolutions passed with a 67.6% majority among voting public shareholders, as the promoter group abstained from voting due to being interested parties. While the resolutions were successful, a notable 36.4% of institutional votes were cast against the proposals. These transactions facilitate operational dealings between the parent, its subsidiary, and Chemdist Process Solutions.
- Both resolutions for material related party transactions passed with a 67.62% majority.
- Public institutional participation was very high at 99.91%, though 36.40% of their votes were cast against the resolutions.
- Promoters and the promoter group, holding 37.9 million shares, did not participate in the voting as interested parties.
- The transactions involve JNK Chemdist Technologies Private Limited and Chemdist Process Solutions Private Limited.
- A total of 9.91 million votes were polled out of the eligible public shareholding base.
JNK India delivered a stellar performance in Q3 FY26, with revenue doubling to ₹2,062.3 Mn and PAT growing over six-fold to ₹180.2 Mn. The company's 9M FY26 revenue rose 67.2% YoY to ₹4,934.1 Mn, supported by a robust order book of ₹17,611 Mn which provides strong future visibility. EBITDA margins for the quarter improved significantly to 14.3% from 10.1% in the year-ago period. The company is successfully diversifying its portfolio with the commencement of operations at JNK Chemdist, focusing on sustainable fuels and chemicals.
- Q3 FY26 Revenue grew 112.8% YoY to ₹2,062.3 Mn compared to ₹969.2 Mn in Q3 FY25.
- Q3 FY26 PAT skyrocketed 534.3% YoY to ₹180.2 Mn with PAT margins expanding to 8.7%.
- Total order book stands at ₹17,611 Mn as of December 31, 2025, with a 9M inflow of ₹11,372 Mn.
- Heating solutions remain the core segment, contributing 89.6% of the total order book.
- 9M FY26 ROCE and ROE reported at 13.6% and 8.3% respectively.
JNK India delivered exceptional Q3 FY26 results, with revenue growing 112.8% YoY to ₹2,062.3 million and PAT surging 534.3% to ₹180.3 million. The company's order book remains strong at ₹17,611 million, backed by ₹11,372 million in new inflows during the first nine months of the fiscal year. Profitability showed marked improvement, with EBITDA margins expanding to 14.3% in Q3 from 10.1% in the previous year. The strategic expansion into green hydrogen through the JNK Chemdist joint venture adds a high-growth vertical to its core heating equipment business.
- Q3 FY26 Revenue surged 112.8% YoY to ₹2,062.3 million, while 9M FY26 Revenue rose 67.2% to ₹4,934.1 million.
- Net Profit (PAT) for Q3 FY26 skyrocketed by 534.3% YoY to ₹180.3 million.
- Total Order Book reached ₹17,611 million as of December 31, 2025, with 89.6% coming from heating solutions.
- EBITDA for Q3 FY26 increased by 202.8% YoY to ₹295.1 million, with margins expanding to 14.3%.
- Petrochemicals sector accounts for 85.97% of the total order book, indicating high sector concentration.
JNK India reported a stellar performance for the quarter ended December 31, 2025, with standalone revenue from operations growing 91.7% YoY to ₹1,789.45 million. Net profit witnessed a massive jump to ₹184.58 million compared to just ₹29.10 million in the same quarter last year. For the nine-month period, the company's profit nearly doubled to ₹332.07 million from ₹168.78 million. The company also announced the operationalization of its new subsidiary, JNK Chemdist Technologies, marking an expansion into the process equipment segment.
- Standalone Revenue from Operations grew 91.7% YoY to ₹1,789.45 million in Q3 FY26.
- Net Profit for the quarter skyrocketed to ₹184.58 million from ₹29.10 million in Q3 FY25.
- Basic EPS increased significantly to ₹3.30 in Q3 FY26 compared to ₹0.53 in the previous year's quarter.
- Nine-month revenue reached ₹4,560.83 million, a 60.6% increase over the ₹2,839.11 million recorded in 9M FY25.
- The company has successfully utilized ₹2,796.64 million of its IPO proceeds, primarily for working capital requirements.
JNK India reported a stellar performance for Q3 FY26, with standalone revenue from operations jumping 91.7% YoY to ₹1,789.45 million. The standalone net profit witnessed a massive growth of 534% YoY, reaching ₹184.58 million compared to ₹29.10 million in the corresponding quarter of the previous year. For the nine-month period ended December 2025, the company has already surpassed its full-year FY25 profit, recording a PAT of ₹332.07 million. Additionally, the company operationalized its new subsidiary, JNK Chemdist Technologies, marking its expansion into the process equipment segment.
- Standalone Revenue from Operations grew 91.7% YoY to ₹1,789.45 million in Q3 FY26.
- Standalone Profit After Tax (PAT) skyrocketed 534% YoY to ₹184.58 million from ₹29.10 million.
- 9M FY26 Standalone PAT of ₹332.07 million has already exceeded the full-year FY25 PAT of ₹301.41 million.
- Basic EPS for the quarter rose significantly to ₹3.30 from ₹0.53 in the year-ago period.
- Utilized ₹2,796.64 million of IPO proceeds as of December 31, 2025, mainly for working capital requirements.
JNK India Limited has scheduled its earnings conference call for Q3 and 9M FY2026 on February 10, 2026, at 1:30 PM IST. The company's top management, including Chairperson Arvind Kamath, will discuss the financial results and provide an outlook on the business. This meeting is a standard regulatory requirement under SEBI (LODR) Regulations to engage with analysts and institutional investors. The call will be conducted virtually, with dial-in details provided for both domestic and international participants.
- Conference call for Q3 and 9M FY2026 results scheduled for February 10, 2026, at 1:30 PM IST
- Management representation includes Chairperson Arvind Kamath and AVP Finance Anand Agarwal
- Universal dial-in numbers provided are +91 22 6280 1455 and +91 22 7115 8828
- International toll-free access available for investors in the USA, UK, Singapore, and Hong Kong
JNK India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent MUFG Intime India, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within the prescribed timelines. It further verifies that physical certificates were mutilated and cancelled after verification. This is a standard administrative filing required for all listed entities to ensure the integrity of the shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Confirms dematerialization requests were processed and listed on stock exchanges.
- Confirms security certificates were mutilated and cancelled per SEBI guidelines.
- Verification ensures depository names are correctly updated in the register of members.
JNK India Limited has issued a postal ballot notice to seek shareholder approval for two significant Related Party Transactions (RPTs) for FY 2025-26. The first proposal involves transactions up to ‑70 crore with its subsidiary, JNK Chemdist Technologies Private Limited (JCTPL), covering loans, investments, and services. The second proposal seeks approval for transactions up to ‑122.30 crore between JCTPL and Chemdist Process Solutions Private Limited for the purchase of goods and assets. Both sets of transactions are reported to be at arm's length and within the ordinary course of business.
- Proposed ‑70 crore transaction limit with subsidiary JNK Chemdist Technologies for FY 2025-26
- Proposed ‑122.30 crore transaction limit between subsidiary JCTPL and Chemdist Process Solutions
- Transactions include inter-corporate loans, investments, and procurement of goods/assets
- Remote e-voting period is set from January 9, 2026, to February 7, 2026
- Final voting results to be declared on or before February 10, 2026
JNK India Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the board's consideration and approval of the unaudited financial results for the quarter ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially declared and submitted to the stock exchanges.
- Trading window closure to commence from Thursday, January 1, 2026.
- Closure is related to the approval of Unaudited Financial Results for the quarter ended December 31, 2025.
- Applies to all designated persons and their immediate relatives under SEBI (Prohibition of Insider Trading) Regulations, 2015.
- The window will reopen 48 hours after the dissemination of results to BSE and NSE.
- The specific date for the Board meeting to approve results will be announced separately.
JNK India Limited has announced the resignation of Mr. Pravin Sathe from the position of Chief Financial Officer (CFO), effective from the close of business hours on December 16, 2025. Mr. Sathe is stepping down to pursue other professional opportunities outside the organization. Consequently, he will also cease to be a Key Managerial Personnel (KMP) and Senior Management Personnel (SMP) of the company. The company has not yet named a successor for the CFO role in this specific filing.
- Mr. Pravin Sathe resigned as Chief Financial Officer effective December 16, 2025.
- The resignation is attributed to the pursuit of other professional opportunities.
- He ceases to be a Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013.
- The company must appoint a new CFO to ensure continuity in financial reporting and compliance.
Financial Performance
Profitability Margins
Operating margin was 24.6% in Q2 FY26, while the PAT margin reached 7.1% (INR 13.02 Cr). These margins reflect a significant recovery from the 3.4% margin seen in Q1 FY26, which was impacted by inspection delays.
EBITDA Margin
EBITDA margin stood at 12.1% (INR 22.34 Cr) in Q2 FY26, reflecting a 44.7% YoY growth in EBITDA value. This improvement is attributed to project execution efficiency and a 71.6% YoY surge in total revenue.
Capital Expenditure
The company raised INR 300 Cr through a fresh issue in its 2024 IPO (total size INR 649 Cr), with net proceeds of INR 282.18 Cr primarily utilized for working capital requirements to support its expanding order book.
Credit Rating & Borrowing
Crisil Ratings reaffirmed the long-term rating at 'Crisil A-' but revised the outlook to 'Negative' from 'Stable' in late 2025 due to lower-than-expected revenue in early FY26. Short-term rating is 'Crisil A2+'. Bank limit utilization averaged 47% through December 2024.
Operational Drivers
Capacity Expansion
The company's order book crossed INR 1,800 Cr in 2025, a significant increase from the INR 131.2 Cr reported in September 2024, indicating a massive scale-up in project commitments.
Manufacturing Efficiency
Manufacturing efficiency is driven by project execution excellence, which allowed the company to maintain a 24.6% operating margin in Q2 FY26 despite broader market challenges and previous inspection delays.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved by executing the record INR 1,800 Cr order book and leveraging the new joint venture with Chemdist Group to enter the green hydrogen, sustainable fuel, and pharmaceutical equipment markets. This strategy diversifies revenue beyond traditional refinery process heaters and reformers.
Products & Services
Process heaters, reformers, cracking furnaces, green hydrogen equipment, and engineered equipment for the chemical and pharma industries.
Brand Portfolio
JNK India
New Products/Services
Green hydrogen systems and sustainable fuel technologies developed via the Chemdist JV are expected to be major future revenue contributors, though specific percentage impacts are not yet disclosed.
Market Expansion
Expansion into the chemical and pharmaceutical sectors through the Chemdist Group JV, targeting both domestic and potentially international markets via its foreign promoter, JNK Global Co. Ltd.
Strategic Alliances
Joint venture with Chemdist Group to develop green hydrogen and engineered equipment for specialized industries.
External Factors
Industry Trends
The industry is shifting toward decarbonization and green hydrogen. JNK India is positioning itself to lead this transition through its JV with Chemdist Group, moving away from traditional fossil-fuel-based heating solutions.
Competitive Landscape
The company operates in a niche, highly engineered industrial products market where competition is based on technical expertise and safety reliability rather than just price.
Competitive Moat
JNK India's moat is built on its established market leadership in specialized combustion equipment and high technical entry barriers. This is sustained by long-term relationships with majors like Reliance and a proven safety track record.
Macro Economic Sensitivity
The company is sensitive to GDP growth and industrial capital expenditure cycles, particularly in the oil and gas and petrochemical sectors which drive demand for process heaters.
Consumer Behavior
Industrial clients are increasingly shifting demand toward sustainable and green energy infrastructure, directly benefiting JNK India's pivot to green hydrogen equipment.
Geopolitical Risks
Potential trade barriers or shifts in global energy policy could impact the demand for refinery equipment or the sourcing of specialized components for green hydrogen systems.
Regulatory & Governance
Industry Regulations
Operations are governed by strict pollution norms and manufacturing standards for combustion equipment; compliance is mandatory for maintaining its status with Tier-1 clients.
Environmental Compliance
The company maintains an ESG profile tracking over 200 KPIs and 12 factors, ensuring compliance with global sustainability standards required by major energy clients.
Risk Analysis
Key Uncertainties
The primary risk is the tender-based nature of the business, which can lead to volatility in the order book and revenue recognition if new contracts are not secured or if project milestones are delayed.
Third Party Dependencies
Dependency on specialized vendors for heater components is a risk, reflected in the INR 33.89 Cr in vendor advances required to secure the supply chain.
Technology Obsolescence Risk
The risk of traditional process heaters becoming obsolete is being mitigated by the strategic shift into green hydrogen and sustainable fuel technologies.
Credit & Counterparty Risk
Credit exposure is managed through contract assets of INR 106.91 Cr, representing work performed for large industrial clients that is yet to be billed.