JNK India (JNKINDIA) Q1 24/25 earnings summary

Executive summary

• Achieved H1 FY25 revenue of INR 1,981 million, up 47% YoY, with Q2 at INR 1,074 million and Q1 at INR 908 million, a 138.3% YoY increase.

• Order book reached an all-time high of INR 13,116 million, with Rs. 12,461 million reported in Q1FY25, reflecting strong revenue visibility.

• Secured major domestic and international orders, including from Reliance Industries, Indian Oil Corporation, first U.S. bioreactor, and HPCL process plant unit.

• Transitioned from private to public company, raising Rs. 6,490 million via IPO to strengthen working capital and execution capability.

• Continued expansion in domestic and select international markets, focusing on green hydrogen and renewable energy.

Financial highlights

• Q2 FY25 operating profit was INR 337 million (31.4% margin); Q1FY25 operating profit was Rs. 352 million (38.8% margin).

• H1 FY25 operating profit was INR 690 million (34.8% margin); PAT was INR 141 million (7.1% margin).

• EBITDA margin for H1 FY25 declined to 13.9%; Q1FY25 EBITDA margin was 13.4%.

• PAT margin for H1 FY25: 7%; Q1FY25 PAT margin: 7.0%.

• EPS for Q2 FY25: INR 1.42; Q1FY25: 1.3, up 62.6% YoY.

Outlook and guidance

• Margin guidance remains near 18%, but ESOP costs and scaling expenses have impacted recent quarters; margins expected to improve in Q3 and Q4 as new projects contribute.

• FY25 revenue expected between INR 600–700 crore, with PAT margin guidance of 10% by year-end.

• FY26 margins expected to normalize as ESOP costs phase out and new projects ramp up.

• Anticipates continued revenue growth driven by new business momentum, expanding order pipeline, and investments in green hydrogen and renewables.

• Plans for geographical expansion into Europe, Middle East, and Africa.