Total Revenue: ₹344.6 crores, a 69.2% year-on-year increase (from ₹203.6 crores in Q4 FY25).
Operating Profit: ₹86.6 crores, up 80.9% YoY.
Operating Margin: 25.1%, expanding by 162 basis points YoY.
EBITDA: ₹52.3 crores, up 89.9% YoY.
EBITDA Margin: 15.2%, improving by 165 basis points YoY.
Profit After Tax (PAT): ₹33 crores, up 149.5% YoY.
PAT Margin: 9.6%, rising by 309 basis points YoY.
Key Quantitative Figures - Full Year FY26
Total Revenue: ₹838 crores, a 68.0% year-on-year increase (from ₹498.7 crores in FY25).
Operating Profit: ₹212.3 crores, up 45.3% YoY.
EBITDA: ₹111.3 crores, up 71.6% YoY.
EBITDA Margin: 13.3%.
Profit After Tax (PAT): ₹64.8 crores, up 114.6% YoY.
PAT Margin: 7.7%, expanding by 163 basis points YoY.
Order Inflows (FY26): ₹1,694.4 crores.
Order Book (as of March 31, 2026): ₹1,961.4 crores.
Efficiency Metrics: Return on Equity improved to 12.1%; Return on Capital Employed improved to 19.1%.
Revenue Breakdown by Segment (FY26)
Heating Equipment: 72.7%
Process Plant: 17.4%
Special Fabricated Equipment: 3.1%
Flares, Incinerator and Other: 6.3%
Order Book Composition (as of March 31, 2026)
By Geography:
Indian Customers: 97.5%
International Markets: 2.5%
By Vertical:
Heating Equipment: 94%
Process Plant: 3.5%
Special Fabricated Equipment: 1.3%
Flare and Incinerator: 1.2%
Strategic Initiatives & JV Update
The company formed a joint venture, JNK Chemdist Technologies, focused on green hydrogen and sustainable chemical and fuel technologies.
In its first six months of operation, the JV contributed approximately 7% to the group's revenue.
The JV has an order backlog of approximately ₹70 crores, which is included in the consolidated order book.
The JV has been awarded a green hydrogen project from Hydrogen Valley Pune, to be executed in FY27.
The JV has a bid pipeline of nearly ₹200 crores, mainly in chemical, pharma, and water-related projects.
Management Commentary & Forward-Looking Guidance
The strong performance is attributed to the effectiveness of the business model, disciplined execution, and the progress of strategic initiatives.
For FY27, the company expects revenue growth of around 25% to 30%.
The company aims to maintain EBITDA margins in the range of 14% to 15%.
The improvement in margins is attributed to the completion of legacy projects and the execution of newer projects with better terms.
The company is focused on sustaining profitability, enhancing operating margins, and generating strong cash flow.
Operational and Project Updates
Dangote Refinery (Nigeria) Phase 2: The company is prequalified for fired heaters and reformer packages. Inquiries have been received. Fired heater requirement is expected to be finalized in Q1 FY27; reformers in Q2 or Q3 FY27.
Waste Gas Handling Package: A ~₹200-250 crore opportunity is in final commercial discussions and expected to be finalized within a week or two.
Clean Aviation Fuel Project: The company lost this opportunity as it was not the lowest bidder.
Domestic Projects (BPCL Andhra, Haldia, MRPL, IOCL): Feasibility studies are underway. Projects are expected to take 6 months to a year to come online due to current market conditions and crude oil pricing.
Export Opportunities: The company has an export bid pipeline of approximately ₹4,000 crores in Africa, the Middle East, and Russia, expected to be finalized over the next 2-3 quarters.
Execution Capability: The company has an order backlog executable over ~2 years. It is building capabilities in manpower and working capital management to handle the growth. No major capex is needed for FY27 growth, but a smaller domestic facility (capex ~₹10-15 crores) is being considered for critical fabrication work.
Cash Flow
Operating cash flow improved significantly in FY26 and is expected to turn positive in FY27.
The improvement is attributed to a shift in project mix towards private customers and exports, which offer better payment terms (e.g., down payments) compared to PSU projects where payments are skewed towards the end.
Unbilled revenue from new private projects is expected to convert to cash within approximately three months.
Other Key Q&A Highlights
Competition: For the Dangote project, competition is with reputed European players; Heurtey does not quote for EPC projects in countries like Nigeria.
Capacity & Growth: The company's growth is constrained by manpower for engineering/project management and working capital, not physical manufacturing capacity, as fabrication can be outsourced.
Royalty Structure: For export orders won directly by JNK India for common products, a technical fee of up to 2% of the order value is paid to JNK Global. This is not a significant factor in the current order book.
Addressable Market: In refineries and petrochemicals, the company's traditional products represent ~6-7% of the total project cost.
Seasonality: Q4 is typically the heaviest quarter for revenue, with Q1 being the lowest. The company anticipates a 40%/60% revenue split between H1 and H2 for FY27.
