JNK India (JNKINDIA) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue recognition was seasonally low, with only 10%-15% of annual revenue typically recognized in Q1; H2 is expected to be much stronger.

• Order book as of June 30, 2026, stood at INR 1,801 crores, providing strong revenue visibility for the year and supported by a robust INR 6,000 crore bidding pipeline split evenly between domestic and international markets.

• Strategic diversification into offshore, metals, minerals, renewable energy, and heavy industrial EPC sectors is underway, with JNK Chemdist contributing to green hydrogen projects.

• Board approval obtained to open a branch office in Iraq to pursue oil, gas, and refining opportunities.

• Amended Memorandum of Association to add new business lines in heavy industrial engineering and marine/offshore operations.

Financial highlights

• Consolidated revenue grew 80.6% year-over-year to INR 186 crores (₹1,799.63 million) in Q1 FY27, with JNK Chemdist contributing INR 16.5 crores.

• EBITDA rose 3.1x year-over-year to INR 21.9 crores, with a margin of 11.8% (up from 7% last year).

• PAT increased 8.5x year-over-year to INR 9.6 crores, with a PAT margin of 5.2% (vs. 1.1% last year).

• Basic EPS for Q1 FY27 was ₹2.05 (not annualised).

• Unbilled revenue at the end of Q1 was around INR 200 crores.

Outlook and guidance

• Revenue growth guidance for FY27 remains at 20%-25%, with full-year EBITDA margin guidance at 12%-14%.

• Medium-term goal is for non-heating segments to contribute 40% of revenue within 4-5 years.

• Expansion into new business lines is expected to open new revenue streams and enable execution of large-scale industrial projects.

• Order inflow hit rate expected to remain at 20%-25% for core business, 10%-12% for new segments.

• Capital expenditure for new business lines will be incremental and funded through internal accruals and/or borrowings.