JNK India (JNKINDIA) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue reached INR 1,842.1 million, up 71.6% year-on-year, and H1 FY26 revenue was INR 2,871.8 million, up 44.9% year-on-year, reflecting robust growth across core sectors.

• Q2 FY26 operating profit rose 34.6% year-on-year to INR 454 million; PAT increased 68.1% to INR 130.2 million.

• Order book reached INR 18,499 million as of September 30, 2025, with the largest-ever order from JNK Global and 91.7% from heating solutions.

• Formed a joint venture with Chemdist Group to enter green hydrogen and sustainable chemicals, supporting strategic growth in green energy sectors.

• Focused on executing a strong order book, leveraging strategic initiatives, and maintaining a robust domestic and international project pipeline.

Financial highlights

• Q2 FY26 EBITDA was INR 223.4 million (margin 12.1%), up 44.7% year-on-year; H1 FY26 EBITDA was INR 295.1 million (margin 10.3%).

• Q2 FY26 operating margin was 24.6%; H1 FY26 operating margin was 24.2%.

• Q2 FY26 PAT margin was 7.1%; H1 FY26 PAT margin was 4.9%.

• Q2 FY26 EPS was 2.33; H1 FY26 EPS was 2.53.

• Operating expenses rose 88.5% year-on-year in Q2, but margins were maintained due to revenue growth and execution efficiencies.

Outlook and guidance

• Management expects to maintain EBITDA margins in the 13%-16% range for the order book.

• Revenue visibility is strong for the next two to three years, supported by a healthy order book and robust project pipeline.

• Guidance for annual growth remains intact, with expectations for improved performance in H2 FY26.

• Positioned to capitalize on growth in green hydrogen and clean energy sectors through joint ventures and strategic initiatives.

• Emphasis on optimizing project delivery, operational efficiencies, and expanding capabilities in renewable energy.