NSE: JNKINDIA · BSE: 544167
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Combustion Equipment (fired heaters and related combustion engineering products) (73%), Process Plant / Process Equipment (17%), Flares and Incinerators (6%), Special Fabricated Equipment (3%). Project-based, order-driven industrial fabricator with a single dominant product line (fired heaters), a small green-hydrogen JV and an emerging export pipeline.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 480 | 477 | 819 |
| EBITDA (ex other income) | 99 | 47 | 92 |
| margin % | 20.7 | 9.8 | 11.2 |
| Owners' profit | 63 | 0 | 65 |
| EPS, as reported (₹) | 12.95 | 5.47 | 11.61 |
| ROE % · ROCE % | 32.1 · 46.1 | 6.0 · 11.2 | 11.4 · 17.5 |
| Debt / equity (x) | 0.28 | 0.01 | 0.13 |
| Cash from operations | (10) | (65) | (2) |
| Capex | (11) | (8) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104 | 94 | 191 | 99 | 178 | 203 | 338 | 180 |
| Profit before tax | 12 | 3 | 22 | 2 | 18 | 23 | 43 | 15 |
| Net profit | 8 | 3 | 13 | 1 | 13 | 18 | 33 | 10 |
| EPS (₹) | 1.42 | 0.52 | 2.37 | 0.20 | 2.42 | 3.25 | 5.84 | 2.05 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Combustion Equipment | 482 | 58.9 |
| Process Equipment | 59 | 7.2 |
| Fire Heaters and related combustion engineering products | 278 | 33.9 |
| Total, before eliminations | 819 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.8 | 26.5 | 71 of 130 | 46% |
| P/B | 3.8 | 3.1 | 64 of 112 | 43% |
| ROCE | 14.6 | 11.3 | 53 of 142 | 63% |
| ROE | 11.4 | 9.8 | 46 of 113 | 60% |
| Debt / Equity | 0.1 | 0.2 | 50 of 113 | 56% |
| EBITDA margin | 12.2 | 12.4 | 57 of 110 | 49% |
| Revenue growth | 81.5 | 20.6 | 15 of 114 | 88% |
| Profit growth | 754.0 | 17.1 | 5 of 109 | 96% |
| Market cap | 2182 | 279 | 31 of 141 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Compliance certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 29 Sept 2026 · JNK India receives two significant orders from Indian customer | business updates | high | — | — |
| 29 Sept 2026 · AGM voting results - all 7 resolutions passed, dividend of Rs 0.30/share declared | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results announcement | compliance | minimal | — | — |
| 25 Sept 2026 · 16th AGM held; final dividend of Rs 0.30 per share declared | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · CRISIL revises outlook to Stable; rating reaffirmed on enhanced Rs 604 Cr facilities | credit debt | high | — | — |
| 11 Sept 2026 · Investor and analyst meeting scheduled on September 22, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · JNK India fixes September 18, 2026 as record date for final dividend FY26 | corporate actions | medium | — | — |
| 4 Sept 2026 · JNK India dispatches AGM notice letters with weblink and QR code for FY26 | compliance | minimal | — | — |
| 4 Sept 2026 · JNK India fixes 16th AGM on September 25, 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.