JNK India (JNKINDIA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw robust growth with consolidated revenue of INR 2,062.3 million, up 112.8% year-over-year, and PAT of INR 180.3 million, up 534.3% year-over-year, with strong performance across all key verticals.

• For 9M FY26, consolidated revenue reached INR 4,934.1 million and PAT was INR 321.7 million, both showing significant year-over-year increases.

• Order book stood at INR 17,611 million as of December 31, 2025, with strong inflow and majority from heating solutions; Indian projects comprised 96.6% of the order book.

• Strategic focus on green hydrogen, sustainable fuels, and chemicals, supported by policy incentives and a joint venture with Chemyst/Chemdist Group.

• IPO completed in FY25, with shares listed on NSE and BSE from April 30, 2024.

Financial highlights

• Q3 FY26 consolidated revenue was INR 2,062.3 million, EBITDA INR 295.1 million (14.3% margin), and PAT INR 180.2 million (8.7% margin), all showing significant year-over-year increases.

• 9M FY26 consolidated revenue was INR 4,934.1 million, EBITDA INR 590.2 million (12.0% margin), and PAT INR 321.7 million (6.5% margin).

• Impact of New Labour Codes recognized at INR 9.26 million for Q3 and nine months ended December 31, 2025.

• Subsidiary contributed INR 23 crore revenue in Q3, with an order book of INR 100 crore as of January.

• Finance costs for 9M FY26 were INR 105.3 million, down 4.2% year-over-year.

Outlook and guidance

• FY26 revenue growth guidance of 40% reaffirmed, with margin guidance maintained at 13%-14% EBITDA for the full year.

• Majority of BPCL Bina order revenue to be booked in FY27, with only 3%-4% in Q4 FY26.

• New large orders from Dangote and other projects expected in FY27.

• Emphasis on timely execution and enhancing project management systems for scalability.

• Segment reporting introduced for the first time, reflecting operationalization of the Process Equipment segment.