JNK India (JNKINDIA) Q1 24/25 earnings summary

Executive summary

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

• Order book reached an all-time high of INR 13,116 million as of September 30, 2024, with INR 8,782 million inflow in H1; Q1 order book was INR 12,461 million.

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

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

• Expanded into renewable energy and green hydrogen solutions, with ongoing investments and focus on future readiness.

Financial highlights

• Q2 FY25 operating profit was INR 337 million (31.4% margin); PAT was INR 77 million, up 21.5% QoQ; EPS at INR 1.42.

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

• Q1 FY25 operating profit was Rs. 352 mn, EBITDA Rs. 121 mn (13.4% margin), PAT Rs. 64 mn (7.0% margin), EPS 1.3, up 62.6% YoY.

• EBITDA margin for H1 FY25 declined to 13.9% due to higher operational costs from scaling up.

• Net cash from operating activities was negative INR 63 crores in H1 FY25, mainly due to increased receivables and payables.

Outlook and guidance

• Margin guidance remains near 18% for FY25, with improvement expected in Q3 and Q4 as new projects contribute.

• PAT margin expected to rise from current 7% to around 10% by year-end, with normalization in FY26 as ESOP costs end.

• Revenue for FY25 projected between INR 600–700 crores, with full execution of opening order book and some new orders.

• 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.