JNK INDIA LIMITED

Designs, fabricates and supplies fired heaters and related combustion engineering equipment for oil refineries, petrochemical plants, fertilizer units and renewable-energy projects, with a growing line of process plant equipment and a new green-hydrogen arm. The combustion-equipment (heating equipment) line accounts for the bulk of the order book — 94% as of FY26 year-end — and contributed 72.7% of FY26 revenue per management commentary, with process plant at 17.4%, flares/incinerators at 6.3% and special fabricated equipment at 3.1%. Execution is project-based: the company carries out engineering, fabrication and supply of these packages for customers such as Indian public-sector refiners (BPCL, IOCL, MRPL, Haldia), Dangote in Nigeria, ADNOC in the UAE and green-hydrogen developers. Order inflows of Rs 1,694.4 crores in FY26 lifted the order book to Rs 1,961.4 crores (97.5% domestic, 2.5% international) and management disclosed an active export bid pipeline of about Rs 4,000 crores across Africa, the Middle East and Russia, including prequalification for Dangote Phase 2 fired heaters and reformers. A 51% subsidiary, JNK Chemdist Technologies, became operational in Q3 FY26, contributed about 7% of group revenue in its first six months and is working on a Hydrogen Valley Pune green-hydrogen project; the JV is expected to lift to 10-15% of revenue over the next one to two years. Cost structure is materials-heavy: raw materials and bought-out items were 51.8% of FY26 revenue, employee cost 8.1%, and other operating expenses 28.6%, with depreciation and capex both at 1.1%.