Pursuant to regulation 30 of SEBI (LODR) Regulations, 2015, enclosed herewith transcript of Q1FY26 Earnings call held on Monday, August 11, 2025 at 11.00 AM.
JNKINDIA · price
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JNK India reported Q1FY26 revenue of INR 1,030 million, up 13.5% YoY, but EBITDA margin fell sharply to 7% from 13.4% in Q1FY25, mainly due to legacy projects under execution and project delays. Order book stood at INR 9,828 million as of June 30, 2025, with 90.9% from domestic clients. Management maintained its full-year guidance of 40-50% revenue growth and 12-13% EBITDA margins, and expects margin pain to persist in Q2FY26 before improving from Q3FY26 onwards. The company signed a 51% joint venture with Chemdist Group founders for green hydrogen and specialty chemical equipment, requiring about INR 10 crore in initial preference capital and INR 50 crore in working capital support. Management highlighted an order pipeline of approximately INR 3,000 crore expected to be finalized in FY26, with two large orders (INR 2,000-3,000 crore combined) expected in Q2FY26 including BPCL Bina.
Near-term margins will remain weak through Q2FY26 due to legacy project overhang, but management's confidence in a margin recovery from Q3FY26 and a robust INR 3,000 crore order pipeline could support stock sentiment. The green hydrogen JV and large pending order finalizations are key catalysts to watch, though execution risks and low historical hit rate of 25% remain concerns.