JNKINDIA
JNK share price & financials
- Price
- ₹486.95
- Market cap
- ₹2.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
JNK Q1 FY27
What went well
- Consolidated Revenue of INR 186 crores, up 80.6% YoY.
- Consolidated EBITDA of INR 21.9 crores, grew 3.1x YoY, with margin expanding to 11.8% from 7% YoY.
- Standalone JNK India EBITDA margin was 14% and PAT grew 8.5x YoY to INR 9.6 crores.
What to watch
- JNK Chemdist JV incurred an operating loss of INR 3.6 crores in Q1 FY27, impacting consolidated EBITDA margin.
- A large export order received on June 8, 2026, was cancelled due to technical approval requirements, though no material cash loss was incurred.
What JNK does
JNK India designs, engineers, manufactures, supplies, installs and commissions combustion equipment — process-fired heaters, reformers and cracking furnaces — for refinery, petrochemical, fertiliser, steel and chemical plants, alongside waste gas handling systems (flares, incinerators) and special fabricated equipment such as heat exchangers, reactors and pressure vessels. It earns revenue on a project/order-book basis, converting engineering-and-fabrication contracts into completed installations for oil & gas, petrochemical and industrial clients in India and abroad. The company is also extending into clean-energy infrastructure — green hydrogen production/distribution systems and solar EPC — and in August 2025 formed a joint venture, JNK Chemdist Technologies (51% JNK India stake), for ethanol-to-chemicals, low-opex hydrogen and industrial water technologies.
Segments
- Combustion Equipment
- Waste Gas Handling
- Technology Based Projects
- Special Fabricated Equipment
- Manufacturing facility
- Single fabrication facility at Mundra, Gujarat (Adani multi-product SEZ), spread over ~20,243 sq. metres
- Installed fabrication capacity
- 5,000 MT installed capacity; monthly production capacity of 600-700 tonnes
- Workforce
- 452 employees in design, execution and R&D, including 42 in QA/QC
- International presence
- Operations spanning 7 countries: Algeria, Nigeria, Oman, Malaysia, Lithuania, Mexico and USA
- Customer reach in India
- Serves 7 of 12 major oil & gas corporations and 11 of 24 oil & gas plants in India
- Core capability areas
- 4 (combustion equipment, waste gas handling, technology-based projects, special fabricated equipment)
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 3 delivered 5 missed 11 open- FY25 Revenue missed said Q3 FY25 Promised: Approx. 10% reduction from original target of INR 600-650 crores (Implied: 540-585 crores) Q1 FY27: Historical target, not mentioned.
- FY27 EBITDA Margin revised down said Q4 FY26 Promised: 14% to 15% Q1 FY27: Guidance revised down to 12% to 14% for the full year.
- JV Revenue Contribution on track said Q4 FY26 Promised: 10% to 15% of revenue Q1 FY27: Guidance reiterated. JV contributed 8.8% to group revenue in Q1. Management expects 10-15% for the full year.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 65.7%, net profit up 1300.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 94 | 189 | 99 | 178 +73% | 179 +90% | 300 +59% | 164 +66% |
| EBITDA | 12 | 7 | 15 | 3 | 17 +42% | 25 +257% | 42 +180% | 17 +467% |
| Net profit | 7 | 3 | 13 | 1 | 14 +100% | 18 +500% | 32 +146% | 14 +1300% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +43.2% 1Y
1Y: ₹294.95 on 10 Sept 2025 → ₹422.4. High ₹545.95 (15 Jul 2026), low ₹203.78 (21 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.8%
- 12 Aug
- Q4 FY26
- +9.8%
- 21 May
- Q3 FY26
- +0.3%
- 10 Feb
- Q2 FY26
- +1.5%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 25.8% a year over 2 years, FY24 to FY26. Operating margin narrowed to 11.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹478 Cr | ₹474 Cr | ₹756 Cr |
| Operating profit | ₹101 Cr | ₹44 Cr | ₹87 Cr |
| Operating margin | 21.1% | 9.3% | 11.5% |
| Interest | ₹11 Cr | ₹15 Cr | ₹16 Cr |
| Depreciation | ₹6 Cr | ₹6 Cr | ₹8 Cr |
| Net profit | ₹61 Cr | ₹30 Cr | ₹65 Cr |
| Net margin | 12.8% | 6.3% | 8.6% |
| Cash from operations | ₹-10 Cr | ₹-66 Cr | ₹20 Cr |
| Free cash flow | ₹-21 Cr | ₹-74 Cr | ₹12 Cr |
| ROCE | 46.0% | 15.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹36 Cr | ₹63 Cr | ₹113 Cr | ₹185 Cr | ₹507 Cr | ₹555 Cr |
| Borrowings | ₹12 Cr | ₹15 Cr | ₹44 Cr | ₹66 Cr | ₹24 Cr | ₹58 Cr |
| Other liabilities | ₹68 Cr | ₹180 Cr | ₹171 Cr | ₹253 Cr | ₹229 Cr | ₹347 Cr |
| Total liabilities | ₹117 Cr | ₹267 Cr | ₹337 Cr | ₹514 Cr | ₹772 Cr | ₹972 Cr |
| Fixed assets | ₹3 Cr | ₹20 Cr | ₹21 Cr | ₹23 Cr | ₹28 Cr | ₹29 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹8 Cr | ₹7 Cr |
| Investments | ₹0 Cr | ₹11 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹15 Cr |
| Other assets | ₹113 Cr | ₹236 Cr | ₹317 Cr | ₹487 Cr | ₹735 Cr | ₹921 Cr |
| Total assets | ₹117 Cr | ₹267 Cr | ₹337 Cr | ₹514 Cr | ₹772 Cr | ₹972 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +8.26 pp while DIIs trimmed −6.53 pp. The shareholder count grew 2% to 55,674.
- Promoters
- 67.8%
- FIIs
- 0.9%
- DIIs
- 10.9%
- Public
- 20.4%
Since Jun 2025
- Public +8.26 pp
- DIIs −6.53 pp
- FIIs −1.93 pp
How it drifted, 9 quarters
Over this window the public went from 10.0% to 20.4% — +10.4 pp.
Ownership split by quarter, oldest first. Jun '24: Promoters 68.0%, FIIs 3.5%, DIIs 18.5%, Public 10.0%.Sep '24: Promoters 68.0%, FIIs 3.4%, DIIs 18.7%, Public 9.9%.Dec '24: Promoters 67.8%, FIIs 3.1%, DIIs 18.4%, Public 10.6%.Mar '25: Promoters 67.8%, FIIs 3.1%, DIIs 17.9%, Public 11.3%.Jun '25: Promoters 67.6%, FIIs 2.9%, DIIs 17.4%, Public 12.1%.Sep '25: Promoters 67.6%, FIIs 2.7%, DIIs 15.8%, Public 13.9%.Dec '25: Promoters 67.8%, FIIs 1.7%, DIIs 14.1%, Public 16.4%.Mar '26: Promoters 67.8%, FIIs 1.2%, DIIs 12.6%, Public 18.5%.Jun '26: Promoters 67.8%, FIIs 0.9%, DIIs 10.9%, Public 20.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Defence Fund Mutual fund +0.39 pp 2.29% held
- Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap Fund Mutual fund +0.11 pp 2.84% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of JNK above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mascot Capital And Marketing Private Limited | 32.64% | unchanged |
| JNK Global Co., Ltd. (Formerly known as JNK Heaters Co., Ltd.) | 17.96% | unchanged |
| Dipak Kacharulal Bharuka | 8.86% | unchanged |
| Goutam Rampelli | 8.29% | unchanged |
| DSP Small Cap Fund Mutual fund | 4.80% | −0.65 pp |
| Milind Mahadeo Joshi | 2.85% | −0.15 pp |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap Fund Mutual fund | 2.84% | +0.11 pp |
| HDFC Mutual Fund - HDFC Defence Fund Mutual fund | 2.29% | +0.39 pp |
| Piyush Ashokkumar Agrawal | 0.03% | unchanged |
| Aruna Ashokkumar Agarwal | 0.01% | unchanged |
| JNK RAM Co., Ltd. | 0.00% | unchanged |
| Kal Energy India Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JNKINDIA
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹56 Cr
- 3 schemes
- Biggest holder
- HDFC Defence Fund
- ₹25 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹25 Cr | held | Apr '24 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹22 Cr | held | Oct '24 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹10 Cr | held | Mar '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -16%
- vs est. average cost
- Held by funds
- ₹56 Cr
- 3 schemes · ≈ 2.5% of the company
- Biggest holder
- HDFC Defence Fund
- ₹25 Cr · 0.2% of that fund
Shares held by these funds −25%
Apr '24 12.81 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹422, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~3%. At that growth it is worth ₹151 — downside of 64%.
- Growth the price implies
- 22.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 3.2% a year
- net profit, FY24–FY26
- The gap
- 0.2 pp
- -64% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse JNK
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