JNK India Limited (JNKINDIA)
₹414.15 -0.56% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, JNK India's revenue was ₹338 Cr (+77.0% year on year, +66.8% on the previous quarter), and net profit ₹33.0 Cr (+149.3% year on year); the operating margin was 13.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹338 | +77.0% | +66.8% |
| Operating profit | ₹46.0 | +148.3% | +77.5% |
| Net profit | ₹33.0 | +149.3% | +83.1% |
| EPS (₹) | 5.84 | +146.4% | +79.7% |
| Operating margin | 13.6% | — | — |
JNKINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.39% of the JNKINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.84%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 58.5% · 53.1% · 45.7% · 55.0% · 50.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JNK India Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent. The RTA confirmed that securities received for dematerialisation during the quarter were duly processed, verified, and cancelled within prescribed timelines. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate filed pursuant to Regulation 74(5) of SEBI (DP) Regulations, 2018
- Applies to the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Formal submission to BSE and NSE completed on October 14, 2026
JNK India Limited has secured two contracts from a domestic company on September 28, 2026, comprising the supply and installation services for a flare package. The contracts are categorized as 'Significant' under the company's disclosure policy, denoting an aggregate value between ₹0 and ₹100 Cr (representing under 12.2% of TTM revenue of ₹818 Cr). The project has an execution timeline of 16 months to mechanical completion. Promoters have no interest in the awarding client, and the transactions are not related-party dealings.
- Received two contracts classified under 'Significant' tier, indicating value between ₹0 and ₹100 Cr
- Contracts entail supply and services of a flare package at a site in India
- Project execution timeline set at 16 months for mechanical completion from the order effective date
- Max value of ₹100 Cr corresponds to roughly 12.2% of FY26 TTM revenue of ₹818 Cr
CRISIL Ratings has revised its outlook on JNK India Limited's long-term bank facilities from 'Negative' to 'Stable', while reaffirming the rating at 'CRISIL A-'. In addition, the short-term rating was reaffirmed at 'CRISIL A2+'. Total rated bank loan facilities have been enhanced by Rs 147 crore, increasing from Rs 457 crore to Rs 604 crore. The enhanced limits and improved outlook support working capital requirements as the company executes its large order book.
- CRISIL revised long-term rating outlook to 'Crisil A-/Stable' from 'Negative'
- Short-term bank loan rating reaffirmed at 'Crisil A2+'
- Total rated bank loan facilities enhanced to Rs 604 Crore from Rs 457 Crore
- Enhanced facilities include Rs 80 Crore in fund-based cash credit and Rs 524 Crore in non-fund-based LC/BG limits
- Rating letter validity established through March 31, 2027
JNK India Limited has announced an in-person meeting with analysts and institutional investors scheduled for September 22, 2026, from 10:00 am to 5:00 pm in Mumbai. The interactions will be held in 1x1 and group formats. The company clarified that discussions will strictly adhere to publicly available information without sharing any unpublished price sensitive information (UPSI).
- Investor meeting scheduled for September 22, 2026
- Meeting time window set between 10:00 am and 5:00 pm
- Format specified as in-person 1x1 and group meetings in Mumbai
- Explicitly stated that no unpublished price sensitive information (UPSI) will be shared
JNK India Limited has announced September 18, 2026 as the record date for determining shareholder eligibility for its final dividend for FY 2025-26. The dividend payment remains subject to shareholder approval at the company's upcoming 16th Annual General Meeting. Additionally, the register of members will remain closed from September 19, 2026 to September 25, 2026 for book closure.
- Record date fixed as September 18, 2026 for FY26 final dividend
- Register of members closed from September 19, 2026 to September 25, 2026
- Dividend payment subject to shareholder approval at the 16th AGM
JNK India Limited has informed the exchanges regarding the dispatch of letters containing a weblink and QR code to access the Notice of the 16th Annual General Meeting (AGM) and the Annual Report for FY 2025-26. This communication is specifically sent to shareholders whose email addresses are not registered with the company, its RTA, or Depository Participants. The disclosure is a routine compliance filing pursuant to Regulation 36(1)(b) of SEBI LODR Regulations with no impact on business operations or financials.
- Letters with weblink and QR code dispatched for the 16th AGM Notice and FY 2025-26 Annual Report
- Sent pursuant to Regulation 36(1)(b) of SEBI LODR Regulations
- Targeted at shareholders whose email addresses are not registered with Company/RTA/DP
JNK India Limited has issued the notice for its 16th Annual General Meeting scheduled for Friday, September 25, 2026, via video conferencing. Alongside the notice, the company published its FY2025-26 Annual Report detailing its operational and financial performance. For FY26, the company highlighted total revenue of ₹838 Crore (up 68% YoY) and EBITDA of ₹111.3 Crore (up 71.6% YoY). PAT reached ₹64.8 Crore, while order inflows for the year stood at ₹1,694 Crore, reflecting an 81.2% YoY growth.
- 16th Annual General Meeting scheduled for September 25, 2026, at 11:00 AM IST via VC/OAVM.
- FY26 total revenue reported at ₹838 Crore, marking a 68% YoY growth.
- FY26 PAT reached ₹64.8 Crore with a 114.6% YoY increase and EBITDA of ₹111.3 Crore (13.3% margin).
- Order inflows for FY26 stood at ₹1,694 Crore, an 81.2% YoY expansion.
- Fabrication facility spread over 20,243 sq. meters with an installed capacity of 5,000 MT.
JNK India released its Q1FY27 earnings call transcript, reiterating its full-year FY27 revenue growth guidance of 20% to 25% with EBITDA margins of 12% to 14%. The company's executable order book stood at ₹1,801 crore as of June 30, 2026, representing ~2.2x TTM revenue of ₹818 crore. Management highlighted an opportunity pipeline exceeding ₹6,000 crore with a balanced 50:50 domestic and international split. Seasonality remains prominent, with H1 typically contributing 30% to 35% and H2 accounting for 60% to 70% of full-year revenue.
- Executable order book stood at ₹1,801 crore as of June 30, 2026 (~2.2x TTM revenue).
- Reiterated full-year FY27 revenue growth guidance of 20% to 25% and EBITDA margin guidance of 12% to 14%.
- Total opportunity pipeline is more than ₹6,000 crore, split 50:50 between international and domestic markets.
- Seasonality remains heavy, with H2 expected to deliver 60% to 70% of annual revenue vs 30% to 35% in H1.
- Unbilled revenue (contract assets) under the input method stood at ₹200 to ₹221 crore at the end of Q1.
JNK India released its corporate presentation following an institutional investor meet, reporting Q1 FY27 consolidated revenue of ₹186 Cr (+80.6% YoY) and EBITDA growth of 3.1x YoY with an 11.8% margin. The company's order book stood at ₹1,801 Cr as of June 2026, representing ~2.2x TTM revenue (₹818 Cr) and offering multi-year execution visibility. Management reaffirmed FY27 guidance of 25–30% revenue growth alongside EBITDA margins of 14–15%. Growth is increasingly driven by higher average ticket sizes of ₹500–1,000 Cr and contributions from the Chemdist JV (₹16.5 Cr in Q1).
- Q1 FY27 consolidated revenue expanded 80.6% YoY to ₹186 Cr, with PAT rising 8.5x YoY at a 5.2% margin
- Order backlog reached ₹1,801 Cr as of June 2026 (~2.2x TTM revenue of ₹818 Cr)
- Management guided for 25–30% revenue growth and 14–15% EBITDA margin for FY27
- Newly integrated JNK Chemdist JV contributed ₹16.5 Cr to Q1 FY27 total income
JNK India has made the audio recording of its Q1FY27 earnings call, held on August 12, 2026, available on its website. This is a procedural filing following the company's quarterly results presentation. Investors can access the recording to hear management's commentary on the execution of its Rs 1,800 Cr order book and its expansion into green hydrogen via the Chemdist JV. The company currently maintains a TTM revenue of Rs 818 Cr with an operating margin of 11.2%.
- Q1FY27 earnings call conducted on August 12, 2026, at 12:00 PM
- Audio recording uploaded to the company website in compliance with SEBI Regulation 30
- Management discussed performance against a TTM revenue base of Rs 818 Cr
- Company is currently executing a significant order book of approximately Rs 1,800 Cr
JNK India reported a strong start to FY27 with total income growing 80.6% YoY to ₹186.0 cr, supported by the first-time consolidation of ₹16.5 cr from the JNK Chemdist JV. Profitability improved significantly as PAT surged 8.5x YoY to ₹9.6 cr, while EBITDA margins expanded from 7.0% to 11.8%. The company maintains a robust order book of ₹1,801 cr, which is approximately 2.2x its TTM revenue, providing high revenue visibility. Management highlighted a massive bidding pipeline of ~₹6,000 cr, though they noted a large export order cancellation due to technical licensor approval issues.
- Total Income increased 80.6% YoY to ₹186.0 cr in Q1FY27 compared to ₹103.0 cr in Q1FY26.
- Order book stands at ₹1,801 cr as of June 30, 2026, representing 220% of TTM revenue.
- Bidding pipeline is valued at ~₹6,000 cr with a balanced 50:50 split between domestic and export markets.
- PAT grew 8.5x YoY to ₹9.6 cr, with basic EPS rising to ₹2.05 from ₹0.20.
- JNK Chemdist JV contributed ₹16.5 cr to revenue, focusing on green hydrogen and renewable energy projects.
JNK India reported a strong start to FY27 with total income rising 80.6% YoY to Rs 186.0 cr, driven by robust project execution and a Rs 16.5 cr contribution from the new JNK Chemdist JV. Profitability saw a significant surge, with PAT increasing 8.5x YoY to Rs 9.6 cr and EBITDA margins expanding to 11.8% from 7.0% YoY. The company maintains a substantial order book of Rs 1,801 cr, which is approximately 2.2x its TTM revenue, providing high revenue visibility. However, management noted the cancellation of a large export order due to technical licensor approval issues, highlighting the high entry barriers and technical risks in the industry.
- Total Income grew 80.6% YoY to Rs 186.0 cr in Q1FY27 compared to Rs 103.0 cr in Q1FY26.
- PAT surged 8.5x YoY to Rs 9.6 cr, up from Rs 1.1 cr in the previous year's quarter.
- Order book stands at Rs 1,801 cr as of June 30, 2026, representing 220% of TTM revenue.
- Bidding pipeline remains massive at ~Rs 6,000 cr, split 50:50 between domestic and export markets.
- JNK Chemdist JV contributed Rs 16.5 cr to the top line, marking successful diversification into renewable energy.
JNK India reported a strong start to FY27 with total income rising 80.6% YoY to Rs 186.0 Cr. Profitability saw a massive jump, with PAT increasing 8.5x to Rs 9.6 Cr, aided by the consolidation of JNK Chemdist which contributed Rs 16.5 Cr in revenue. The company maintains a robust order book of Rs 1,801 Cr, which is approximately 2.2x its TTM revenue, providing high revenue visibility. Management highlighted a massive bidding pipeline of ~Rs 6,000 Cr and diversification into green hydrogen and offshore segments.
- Total Income grew 80.6% YoY to Rs 186.0 Cr in Q1FY27 from Rs 103.0 Cr in Q1FY26
- PAT surged 8.5x YoY to Rs 9.6 Cr compared to Rs 1.1 Cr in the same quarter last year
- Order book stands at Rs 1,801 Cr as of June 30, 2026, representing ~220% of TTM revenue
- Bidding pipeline estimated at ~Rs 6,000 Cr across domestic and international markets
- EBITDA margins improved significantly to 11.8% from 7.0% in Q1FY26
JNK India reported a strong start to FY27 with standalone revenue growing 65.5% YoY to ₹163.55 Cr. Net profit (PAT) saw a significant jump to ₹13.55 Cr from just ₹1.17 Cr in the year-ago quarter, reflecting improved execution and margins. The board has approved setting up a branch office in Iraq to expand its international footprint and is seeking shareholder approval for a new line of business. Additionally, the company confirmed the full utilization of ₹281.7 Cr in net IPO proceeds as of June 30, 2026.
- Standalone Revenue for Q1 FY27 increased to ₹163.55 Cr, up from ₹98.82 Cr in Q1 FY26.
- Standalone PAT surged to ₹13.55 Cr, a substantial increase from ₹1.17 Cr in the corresponding quarter last year.
- Board approved the establishment of an overseas branch office in the Republic of Iraq, subject to regulatory approvals.
- Total IPO proceeds of ₹281.7 Cr have been 100% utilized, primarily for working capital requirements (₹264.65 Cr).
- Basic EPS for the quarter stood at ₹2.42, compared to ₹0.21 in the previous year's June quarter.
JNK India reported a strong Q1 FY27 with revenue from operations growing 65.5% YoY to ₹163.55 Cr. Net profit saw a massive surge to ₹13.55 Cr from ₹1.17 Cr in the year-ago period, reflecting improved execution of its large order book. Strategically, the company is expanding its footprint by setting up a branch in Iraq and amending its Memorandum of Association to enter a new line of business. The company also confirmed the full utilization of ₹281.7 Cr in IPO proceeds as of June 30, 2026.
- Revenue from operations increased 65.5% YoY to ₹163.55 Cr in Q1 FY27.
- Net profit surged to ₹13.55 Cr compared to ₹1.17 Cr in Q1 FY26.
- Order book stands at ₹1,800 Cr, which is approximately 2.2x the TTM revenue of ₹818 Cr.
- Board approved setting up a new branch office in the Republic of Iraq to expand international operations.
- Full utilization of ₹281.7 Cr net IPO proceeds for working capital and general corporate purposes.
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.
