JNK India Ltd(JNKINDIA)

NSE: JNKINDIABSE: 544167

₹ 374.2-2.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,094 crWebsite: www.jnkindia.comUpdated: 24 Oct 2026

About

JNK India Ltd is one of India's leading combustion equipment companies, specialising in process-fired heaters, reformers, cracking furnaces, flares, incinerators and special fabricated equipment for the oil and gas, refining, petrochemical and fertiliser industries. Incorporated in 2010 and listed on BSE and NSE since April 2024, the company is headquartered in Thane, Maharashtra, and reported FY26 revenue of ₹818.55 crore. It operates under a concept-to-commissioning License plus EPCC model with a close technology partnership with South Korea's KOSDAQ-listed JNK Global.^[1][2]

Business segments

Combustion Equipment: 92.8% of FY26 revenue (₹759.73 cr), EBIT margin 18.3% - covers process-fired heaters, reformers and cracking furnaces.^[3]
Process Equipment: 7.2% of FY26 revenue (₹58.82 cr), EBIT margin 4.2% - covers special fabricated equipment and related process plant work.^[3]

Products and services

Core combustion portfolio: process-fired heaters, reformers, cracking furnaces, flare systems, incinerators, and hydrogen production and distribution systems.^[1]
Special fabricated equipment range includes distillation columns, heat exchangers, crystallisers, reactors and pressure vessels.^[1]
Expanding into green hydrogen and green ammonia systems; JNK Chemdist Technologies (51%-owned JV) focuses on ethanol-to-chemicals, low-opex hydrogen production and advanced membrane water treatment.^[1]

Manufacturing and operations

Single manufacturing facility at Mundra, Kutchh, Gujarat: installed fabrication capacity of 5,000 MT across 20,243 sq m, located within an SEZ with deep-draft port access for ODC cargo.^[1]
Mundra facility expansion project: original budget of ₹61.10 million revised to ₹70.00 million; completion deferred to September 2026.^[1]
Holds ASME R, U and S certifications and is certified to ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015.^[1]
Modularisation facility achieved 20% reduction in construction time and 15% cost savings, cited as a competitive advantage.^[4]

Key operating numbers

Order book: ₹1,801 cr as of June 30, 2026, down from ₹1,961.4 cr at March 31, 2026 (+1.8x YoY at FY26 close).^[5][6]
FY26 order inflows: ₹1,694.4 cr, up 1.8x from ₹933 cr in FY25.^[6]
Bid pipeline: ~₹6,000 cr in Q1 FY27 (vs ~₹4,000 cr in Q4 FY26), with a 50:50 domestic/export split; non-heating segments represent ~40% of the pipeline.^[5]
Revenue seasonality: Q1 historically contributes 10 - 15% of full-year revenue; H1 contributes 30 - 35%; H2 contributes 60 - 70%.^[5]
Remaining performance obligations (revenue yet to be recognised) stood at ₹19,108 million as at March 31, 2026, expected to be recognised largely over the next 1 - 3 years.^[1]

Customers and end-markets

Serves oil and gas, petroleum refining, petrochemical, fertiliser and chemical manufacturing industries; customer base comprises both end-users and EPC contractors.^[1]
FY26 order book was 97.5% domestic by geography; FY26 revenue mix by product: heating equipment 72.7%, process plant 17.4%, SFE 3.1%, flares/other 6.3%.^[6]
Mix shift under way: legacy PSU-heavy order book being replaced by private domestic customers (Reliance, HPCL) and export customers with better upfront payment terms, improving cash conversion cycle to 76 days in H1 FY26 from 232 days in H1 FY25.^[7]
International presence via JNK Global partnership, which has reached USA and Malaysia; JNK India expanded its geographic scope to Iraq via a Board-approved branch office registration in Q1 FY27.^[4][5]

Subsidiary: JNK Chemdist Technologies

JNK India holds 51% of JNK Chemdist Technologies Private Limited, a JV with the founders of Chemdist Group, formed in Q2 FY26 (August 2025).^[1][7]
JNK Chemdist contributed approximately 7% of Group revenue in its first ~6 months of operation (FY26) and 8.8% (₹16.5 cr) of consolidated Q1 FY27 revenue.^[6][5]
JNK Chemdist carried an operating loss of ~₹3.6 cr in Q1 FY27 due to high fixed costs at early scale, dragging consolidated EBITDA margin 220 bps below standalone.^[5]

Expansion and capex

Dangote Phase 2 (Nigeria): both the refinery fired heater package and the fertiliser reformer packages expected to be finalised in Q2 - Q3 FY27; JNK India/Global executed all fired heaters for Dangote Phase 1 (~$140 mn contract).^[5][8]
Small domestic fabrication facility planned with capex of ₹10 - 15 cr; no timeline disclosed.^[6]
No significant new debt or equity raising expected for the next 4 - 6 quarters; only non-fund-based bank guarantee limit enhancements anticipated if needed.^[5]
Non-heating segments (metals/minerals, offshore, process plants, renewables) targeted to reach 40% of revenue over 3 - 5 years, with technology partnerships already in place for bidding.^[5]

Recent developments

September 29, 2026: received two domestic orders totalling ₹100 cr or more for flare package supply and services from an Indian company, with a 16-month execution period.^[9]
September 24, 2026: CRISIL revised JNK India's long-term credit rating to A-/Stable (from A-/Negative outlook) and reaffirmed short-term rating at A2+; total rated bank facilities increased to ₹604 cr from ₹457 cr.^[10]
An export order received June 8, 2026 was cancelled before execution commenced because the EPC contractor failed to obtain licensor technical approval; no material cash loss was incurred.^[5]
Board approved registration of a branch office in Iraq in Q1 FY27 to pursue oil, gas, refining and petrochemical opportunities.^[5]

Market Cap

₹2,094 Cr

High / Low

₹558 / 202

Stock P/E

27.6

Price / Book

3.7

Book Value

₹101

EPS

₹11.6

No. of Shares

5.6 Cr

ROCE

17.4%

ROE

12.1%

OPM

12.2%

Debt / Equity

0.13

Sales

₹819 Cr

Net Profit

₹65 Cr

Promoter holding

67.8%

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JNK India Ltd(JNKINDIA)

About

Business segments

Products and services

Manufacturing and operations

Key operating numbers

Customers and end-markets

Subsidiary: JNK Chemdist Technologies

Expansion and capex

Recent developments

Signal history

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