JNK India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript JNK India Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
JNK India reported Q4 FY26 revenue of Rs. 344.6 crores, up 69.2% year-on-year, with EBITDA margin improving to 15.2% and PAT margin rising to 9.6%. For FY26, total revenue reached Rs. 838 crores, up 68% over FY25, with an order book of Rs. 1,961.4 crores as of March 31, 2026. Management guided to 25% to 30% revenue growth for FY27, citing continued execution across refining, petrochemicals, fertilizers and renewable energy verticals and the newly formed green hydrogen joint venture.
Numbers mentioned
Revenue: Rs. 344.6 crores (Q4 FY26)
p. 3
“For Q4 FY26, the company delivered a strong quarter, the total revenue of Rs. 344.6 crores, representing a 69.2% year-on-year increase.”
Arvind Kamath, page 3 of the filed PDF · View the filing
EBITDA margin: 15.2% (Q4 FY26)
p. 3
“EBITDA stood at Rs. 52.3 crores, reflecting an 89.9% year-on-year increase with the margin improving by 165 basis points to 15.2%.”
Arvind Kamath, page 3 of the filed PDF · View the filing
PAT: Rs. 33 crores (Q4 FY26)
p. 3
“Profit after tax amounted to Rs. 33 crores, making an exceptional 149.5% increase with the PAT margin rising by 309 basis points to 9.6%.”
Arvind Kamath, page 3 of the filed PDF · View the filing
Revenue: Rs. 838 crores (FY26)
p. 3
“Total revenue for FY26 reached to Rs. 838 crores, up 68.0% over FY25, supported by continued demand across the company's key business verticals and disciplined execution alongside focused strategic initiatives.”
Arvind Kamath, page 3 of the filed PDF · View the filing
EBITDA margin: 13.3% (FY26)
p. 3
“EBITDA increased to Rs. 111.3 crores, up 71.6% compared to FY25 with the EBITDA margin improving to 13.3%.”
Arvind Kamath, page 3 of the filed PDF · View the filing
PAT: Rs. 64.8 crores (FY26)
p. 3
“Profit after tax amounted to Rs. 64.8 crores, marking a remarkable 114.6% year-on-year increase with the PAT margin expanding by 163 basis points to 7.7%.”
Arvind Kamath, page 3 of the filed PDF · View the filing
Order inflows: Rs. 1,694.4 crores (FY26)
p. 3
“The company also reported order inflows of Rs. 1,694.4 crores during the year, contributing to a total order book of Rs. 1,961.4 crores as of 31 March, 2026.”
Arvind Kamath, page 3 of the filed PDF · View the filing
Order book: Rs. 1,961.4 crores (as of March 31, 2026)
p. 4
“As of 31 March, 2026, our order book remains strong, standing at Rs. 1,961.4 crores with a well-diversified composition.”
Anand Agarwal, page 4 of the filed PDF · View the filing
Return on equity: 12.1% (FY26)
p. 3
“Return on equity increased to 12.1%, while return on capital employed improved to 19.1% in FY26 compared with the previous year.”
Arvind Kamath, page 3 of the filed PDF · View the filing
Chemdist revenue contribution: approximately 7% (FY26)
p. 4
“I'm pleased to share that in its first year of operation, JNK Chemdist Technologies contributed approximately 7% to the group's revenue, making an important step in building the company's presence in clean energy and sustainable technologies with about six months of operations only.”
Arvind Kamath, page 4 of the filed PDF · View the filing
Heating equipment revenue share: 72.7% (FY26)
p. 4
“For FY26, heating equipment contributed 72.7% of the revenue.”
Anand Agarwal, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 25% to 30% · FY27
stated firmly by Arvind Kamath
p. 4
“Hence, we expect a revenue growth of around 25% to 30% in FY27.”
Arvind Kamath, page 4 of the filed PDF · View the filing
EBITDA margin — 14% to 15% · FY27
stated conditionally by Arvind Kamath
p. 18
“Considering the current order book and the current situation, that is what we feel we should be able to achieve.”
Arvind Kamath, page 18 of the filed PDF · View the filing
Revenue growth — 25%, 30% · next two years
stated as an aspiration by Arvind Kamath
p. 13
“Yes. I mean, considering the current order book and the bid pipeline what we have, so the growth of around 25%, 30% for the next two years is what looks quite practical and achievable, Maitri.”
Arvind Kamath, page 13 of the filed PDF · View the filing
Order book — around Rs. 2,000 crores · next year
stated as an aspiration by Arvind Kamath
p. 17
“We would definitely like the way we're doing, say, last year, our order book was about, say, Rs. 1,000 crores, and this year, it's about Rs. 1,900 crores.”
Arvind Kamath, page 17 of the filed PDF · View the filing
Chemdist revenue contribution — 10% to 15% · next couple of years
stated as an aspiration by Arvind Kamath
p. 11
“And this year onwards, for first couple of years, we are kind of confident of adding about 10% to 15% of revenue to our books from Chemdist.”
Arvind Kamath, page 11 of the filed PDF · View the filing
Capex — Rs. 10 crores, Rs. 15 crores
stated firmly by Arvind Kamath
p. 9
“Rs. 10 crores, Rs. 15 crores.”
Arvind Kamath, page 9 of the filed PDF · View the filing
Cracking furnace order opportunity — FY28
stated as an aspiration by Arvind Kamath
p. 20
“And actual per se, specifically for cracking furnace, I think the opportunity could come sometime in FY28.”
Arvind Kamath, page 20 of the filed PDF · View the filing
Middle East export opportunity — $200 million, $300 million · next two, three years
stated conditionally by Arvind Kamath
p. 19
“So that should also open up.”
Arvind Kamath, page 19 of the filed PDF · View the filing
H1/H2 revenue split — 40% to 60% · FY27
stated as an aspiration by Arvind Kamath
p. 19
“Yes, it could be around 40% to 60% or so.”
Arvind Kamath, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the improvement is due to project mix shift as older, lower-margin legacy orders closed out and newer projects took over, and guided to 14-15% as the normal run rate.
Answered by Arvind Kamath
Asked by Palash Jain: How much of the EBITDA margin expansion was driven by project mix versus service/supply mix, and what is the new normalized EBITDA run rate?
p. 5
“So, 14% to 15% is what basically is the normal EBITDA, what going forward also, we should expect in this range.”
Arvind Kamath, page 5 of the filed PDF · View the filing
Management confirmed prequalification for fired heaters, reformer packages and flares, with fired heater finalization expected in Q1 FY27 and reformer in Q2 or Q3.
Answered by Arvind Kamath
Asked by Palash Jain: What is the status of the Dangote Phase 2 refinery opportunity and prequalification?
p. 5
“Yes. Basically, we have received both the inquiries, and we have basically prequalified for both, and also for some more like a flare as well.”
Arvind Kamath, page 5 of the filed PDF · View the filing
The waste gas handling opportunity is close to finalization, while the company lost the clean aviation fuel bid on price.
Answered by Arvind Kamath
Asked by Aman Vij: Update on the waste handling package and the clean aviation fuel project.
p. 6
“I think you're talking of the clean aviation fuel project, the price bid has been opened and we have lost that opportunity. We are not the lowest one.”
Arvind Kamath, page 6 of the filed PDF · View the filing
Management confirmed operating cash flow has already turned positive, though on a small scale, aided by better payment terms from private and export customers.
Answered by Anand Agarwal
Asked by Shobhit Tiwari: When will operating cash flow turn positive given it has been negative for three years?
p. 8
“Yes, it is positive. I mean not in a larger scale, but yes, it is positive at least.”
Anand Agarwal, page 8 of the filed PDF · View the filing
Management said Heurtey no longer quotes for EPC projects in countries like Nigeria, leaving a couple of other reputed European players as competition alongside JNK.
Answered by Arvind Kamath
Asked by Kamlesh Bagmar: How is the competitive landscape for the Dangote project shaping up versus prior bidders like Heurtey?
p. 9
“But in terms of your specific question about Heurtey. Heurtey do not quote for EPC projects nowadays, because they do not, and mainly in a country like Nigeria.”
Arvind Kamath, page 9 of the filed PDF · View the filing
Management said JNK Global's share is about Rs. 1,600 crores, largely due to the BPCL Bina project.
Answered by Arvind Kamath
Asked by Anshul Jethi: What is the current exposure of JNK Global in the order book?
p. 10
“As of now, it is about Rs. 1,600 crores or so, Anshul. That's mainly because of BPCL Bina, which is India project.”
Arvind Kamath, page 10 of the filed PDF · View the filing
Management said most contracts lack pass-through clauses except for some PSU customers, but direct commodity exposure is limited since orders are placed early.
Answered by Arvind Kamath
Asked by Kumar Saurabh: Do contracts have clauses to pass through raw material price increases?
p. 14
“Generally, we do not have the clauses to pass it on to the customer. Yes, there are some PSU customers where those clauses are there, but it's to a very, very lesser extent.”
Arvind Kamath, page 14 of the filed PDF · View the filing
Management explained that the earlier high margins came from smaller product-based orders, and that 14-15% is now viewed as the more sustainable level given larger, more complex projects.
Answered by Arvind Kamath
Asked by Krishna Yoga: Can margins return to the 20%-plus levels seen two years ago?
p. 18
“But as we have now increased our scale and also in terms of the quantum of the order values, now the order values are upwards of Rs. 500 crores.”
Arvind Kamath, page 18 of the filed PDF · View the filing
Management described a Middle East opportunity of $200-300 million over the next two-three years, a Russian project in advanced discussion expected to finalize in a quarter or two, and completion of the first US supply order.
Answered by Arvind Kamath
Asked by Aman Vij: What is the outlook for exports to Middle East, Russia, and USA?
p. 19
“And in the US, we are trying to do some inroads and the first supply is almost getting completed now, the first order what we have received.”
Arvind Kamath, page 19 of the filed PDF · View the filing
Risks flagged
Commodity price volatility from geopolitical situation affecting margin assumptions
p. 8
“But yes, there could be a little bit of issues in terms of the commodity pricing basically. And that's how we also don't want to do too much of a positive side on the EBITDA margin.”
Arvind Kamath, page 8 of the filed PDF · View the filing
Delays in export and import shipments due to war and geopolitical situation
p. 8
“Yes. Basically, see, Darshil, in terms of last quarter, it has not impacted us much, except maybe in terms of a few delays, in terms of the export shipment or the import shipment.”
Arvind Kamath, page 8 of the filed PDF · View the filing
Domestic refinery projects delayed by crude oil pricing pressures on Indian refiners
p. 6
“I think, it would take some time because considering the current situations, and also the crude oil pricing, which is affecting the Indian refiners a bit.”
Arvind Kamath, page 6 of the filed PDF · View the filing
Difficulty obtaining bank guarantees in India for large contracts
p. 17
“So, getting the bank guarantees in India is still a bit of a difficult situation, wherein, it is comparatively, I would say, easier in Korea.”
Arvind Kamath, page 17 of the filed PDF · View the filing
Russia projects stuck for an extended period
p. 19
“And other than that, in terms of Russia, yes, I mean, there were many projects, which we had bid, but they were stuck for the last two years or so.”
Arvind Kamath, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.