Financial Performance Summary (Q1 FY27 Consolidated)

Revenue: ₹186 crores, representing growth of 80.6% year-on-year.

EBITDA: ₹21.9 crores, representing growth of 3.1x year-on-year.

EBITDA Margin: 11.8% for Q1 FY27, compared to 7% in Q1 FY26.

PAT: ₹9.6 crores, representing growth of 8.5x year-on-year.

PAT Margin: 5.2% for Q1 FY27, compared to 1.1% in Q1 FY26.

Financial Performance (Standalone JNK India)

EBITDA Margin: 14% for Q1 FY27, compared to 7% in Q1 FY26.

Key Business Metrics & Guidance

Order Book (as of June 30, 2026): ₹1,801 crores.

Revenue Growth Guidance (FY27): Around 20% to 25% (maintained).

EBITDA Margin Guidance (FY27): About 12% to 14% (maintained).

Business Seasonality: Q1 typically contributes 10-15% of full-year revenue; H1 contributes 30-35%; H2 contributes 60-70%.

Opportunity Pipeline & Diversification Strategy

Total Opportunity Pipeline: More than ₹6,000 crores.

Pipeline Mix: 50% international opportunities and 50% domestic opportunities.

Product Mix within Pipeline: 60% related to heating equipment (core strength); 40% comprises process plants, special fabricated equipment, and technology-led EPC opportunities.

Diversification Target: Aiming for 40% of revenue to come from non-heating segments (process plants, metals & minerals, offshore, renewable energy) over the next 3-5 years.

New Market Entry: Board approval received to register a branch office in Iraq to address upcoming opportunities in oil & gas, refining, and petchem.

Key Projects & Updates

BPCL Bina Project: Execution is underway. A significant portion of project revenue is expected to be recognized during FY27 and FY28.

Dangote Refinery (Phase 2): Discussions are ongoing. The company stands a good chance as a supplier for Phase 1, making it a potential repeat order. No official commitment has been received yet.

JNK Chemdist Technologies JV: Contributed 8.8% to group revenue in Q1 FY27. Currently operates at a loss due to a high fixed cost base and lower Q1 revenue. Expected to achieve breakeven by the end of FY27. Working on a green hydrogen project worth ~₹50 crores, expected to be completed within FY27 or spill over to Q1 FY28.

Order Cancellation Clarification

A large export order received on June 8, 2026, was subsequently canceled. The cancellation was solely due to the international EPC contractor's failure to secure required technical approval from the end-user's licensor in time.

Financial Impact: No costs were incurred against this order, resulting in no material cash loss for the company.

Management View: Described as an exceptional and rare occurrence, not related to JNK's execution capability, technical performance, or commercial competitiveness. The specific licensor has since qualified JNK for future projects.

Operational & Strategic Highlights

Hit Rate Expectation: Maintains a traditional bid-to-win conversion rate of 20-25% for its core heating business. Expects a lower rate of 10-12% for new diversification sectors initially.

Working Capital & Funding: Management believes the current model, which includes favorable payment terms from clients like Reliance and the structure of contracts with JNK Global (which handles BGs and receipts), can support the guided 20-25% growth without immediate need for fundraising. May require enhancement of non-fund based limits (bank guarantees) for new contracts.

Relationship with JNK Global: The cooperation agreement remains in force with no anticipated changes. For export-fired heater/reformer projects, orders are received via JNK Global on a back-to-back basis. Domestic projects and export orders for incinerators/flares can be booked directly by JNK India.

Commodity Prices: Fluctuations are noted, but ongoing projects are largely insulated as orders are placed with sub-vendors on a fixed-price basis, minimizing margin impact.

Q&A Session Key Points

Margin Calculation Error: The company acknowledged an arithmetic error in the standalone profit after tax margins in the initial presentation. A revised filing was being submitted to the exchanges.

Contract Assets & Liabilities: The company switched to an input method for revenue recognition. Unbilled revenue (contract asset) was approximately ₹200-221 crores as of Q1 FY27. This change does not alter the underlying working capital cycle, which is governed by customer payment schedules.

JV Revenue Expectation: JNK Chemdist is expected to contribute 10-15% of JNK India's revenue in FY27 and the next couple of years, with gross margins around 20%.

Geographical Focus: Key international markets include Africa (Nigeria, Ethiopia) and the Middle East, alongside domestic opportunities.