Synopsis:-JNK India Limited reported its strongest annual performance since listing, with FY26 revenue growing 68 percent to Rs.838 crore and PAT more than doubling to Rs.64.8 crore, while the order book expanded 81 percent to Rs.1,961 crore though elevated debtor days and significant back-end revenue loading in Q4 are worth monitoring as the company scales.
Shares of a Thane-based combustion equipment and industrial EPC company came into focus after it disclosed its Q4 and full-year FY26 earnings presentation on May 20, 2026. The numbers represent a step-change in scale for a business that crossed Rs.800 crore in annual revenue for the first time, driven by order execution across refinery, petrochemical, and emerging green hydrogen projects.
With a market capitalisation of Rs. 2,296.63 crore, the shares of JNK India Limited were last recorded at Rs.410.45 per share, up 10 percent from its previous close of Rs.373.15. It is trading at a P/E of 32.02
JNK India reported consolidated revenue of Rs.838 crore for FY26, up 68 percent from Rs.498.7 crore in FY25. EBITDA grew 71.6 percent to Rs.111.3 crore, with the margin expanding 30 basis points to 13.3 percent. PAT came in at Rs.64.8 crore against Rs.30.2 crore in FY25 a 114.6 percent increase with the PAT margin improving 163 basis points to 7.7 percent. ROCE improved to 19.1 percent from 15.5 percent, and ROE to 12.1 percent from 8.6 percent. The five-year CAGR in revenue from FY21 to FY26 stands at 43.3 percent, in EBITDA at 33.7 percent, and in PAT at 31.5 percent.
Q4 FY26 was the standout quarter. Revenue at Rs. 344.6 crore grew 69.2 percent year-on-year and 67.1 percent sequentially over Q3’s Rs. 206.2 crore, meaning the March quarter alone accounted for roughly 41 percent of the full year’s revenue. This back-end loading is typical of EPC contract structures where revenue recognition accelerates with project milestones but it introduces quarterly earnings volatility that will recur as new orders execute. Q4 PAT of Rs.33 crore was 2.5 times the year-ago quarter’s Rs.13.2 crore.
The order book as of March 31, 2026, stood at Rs.1,961 crore, up 81 percent from Rs.1,082 crore a year earlier. Order inflows for FY26 totalled Rs.1,694 crore also up 81 percent over FY25’s Rs.933 crore and included the company’s first large cracking furnace project and green hydrogen orders. At current revenue run rates, the order book provides approximately 2.3 times annual revenue coverage, giving meaningful forward visibility. The company’s JV subsidiary, JNK Chemdist Technologies Private Limited formed in August 2025 in partnership with Chemdist contributed roughly 7 percent of group revenue in its first year, focusing on green hydrogen production, ethanol-to-chemicals processes, and industrial water solutions.
Working Capital
One variable that sits behind the strong headline numbers is working capital. FY25 data shows debtor days at 260 elevated for a manufacturing and EPC business and working capital days expanded from 124 to 211 over the same period. Negative operating cash flow of Rs.65 crore in FY25 reflected this drag.
As revenue scales further in FY26 on the back of the expanded order book, the pace of receivables collection will determine whether earnings translate into free cash generation or remain locked in the working capital cycle. The company has low debt borrowings of Rs.19 crore as of March 2025 against reserves of Rs.493 crore so the balance sheet is not strained, but the receivables situation warrants continued scrutiny.
Business Overview
Founded in 2010 and headquartered in Thane, Maharashtra, JNK India Limited is one of India’s leading combustion equipment companies, specialising in process-fired heaters, reformers, cracking furnaces, flares, and incinerators. The company serves refineries, petrochemical plants, fertilizer units, and steel plants, with growing exposure to green and renewable energy segments. It operates a fabrication facility at Mundra, Gujarat with an installed capacity of 5,000 MT. For Q4 FY26, consolidated revenue was Rs.344.6 crore and PAT Rs.33 crore. For the full year FY26, revenue stood at Rs.838 crore and PAT at Rs.64.8 crore.
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