JNK India Ltd. - Growth visibility strengthens - Company Update
22 May 2026
Companies Updates
JNK’s 4QFY26 performance was a beat to our estimates driven by better execution of Reliance & HPCL orders and incremental contribution from Chemdist JV. Margins improved due to ramp-up of high-margin orders (Reliance, HPCL) and diminishing legacy low-yield projects. With a robust opening order book of ~Rs 19.6bn for FY27E, backed by the Ultra-mega BPCL Bina order (to be executed within 18months) and improving export opportunities, we believe JNK has secured not only strong growth for FY27E but also meaningful visibility for FY28E. Further, we will keep a close watch on conversion of large export opportunities especially from Dangote refinery, where JNK has an established past track record and once received, can augment growth for FY28E. We have revised our estimates upwards by +8%/11% for FY27E/FY28E respectively, to account for the better order execution and expect a strong Revenue/EBITDA/PAT CAGR of 18%/31%/26% over FY26-28E. We increase our TP to Rs 460 (Rs 400 earlier) and move to Accumulate rating due to sharp rally in share price (limited upside).
JNK India ltd. Stock Price Chart
Strong revenue growth; execution materially ramps up in 4QFY26:
JNK reported a 77% yoy growth in 4QFY26 revenue at Rs 3.4bn, materially ahead of our expectations, led by strong execution of Reliance and HPCL projects as well as better-than-expected completion of residual legacy orders. The company additionally benefited from smoother execution under the cost-based revenue recognition framework for new projects. Revenue contribution from the Chemists JV stood at Rs 353mn in 4QFY26. FY26 revenue grew by 72% yoy to Rs 8.2bn.
Margins continue to improve sequentially:
EBITDA margins increased by 395bps yoy and 85bps qoq to 13.6% in 4QFY26, as the contribution from high-margin new orders further increased and the drag from legacy projects nearly exhausted. Margins were marginally impacted by process equipment sales at Chemdist. This translated into a 149% yoy and 78% qoq jump in EBITDA at Rs 462mn. PAT grew 150% yoy and 87% qoq to Rs 330mn. For FY26, EBITDA grew by 98% yoy to Rs 919mn; resulting into margins of 11.2%; +140bps. PAT grew by 115% yoy to Rs 648mn.
Growth visibility extends into FY28; export pipeline remains key monitorable:
JNK closed FY26 with one of the highest-ever order books of ~Rs 19.6bn, which provides strong visibility for FY27E and meaningful support for FY28E growth as well. Reliance and HPCL projects are nearing completion by 1QFY27E. The margins are expected to even out across the year due to the change in accounting policy (for new projects) of recognising revenue on cost basis vs project completion basis previously. The margins are expected to further improve sequentially as legacy orders gets completed. With the very large Rs 15.5bn BPCL Bina order booked in 2HFY26 for cracking furnace, we find that JNK is secured for strong growth in FY27E. The export pipeline remains robust with ~Rs 40bn of opportunities across Middle East, Africa, Russia and fertilizer projects, including the Dangote refinery expansion opportunity. We will keep a close watch on the bid book pipeline, which can further improve growth for FY28E. We have revised our estimates upwards by +8%/11% for FY27E/FY28E respectively, to account for the better order execution and expect a strong Revenue/EBITDA/PAT CAGR of 18%/31%/26% over FY26-28E.
Valuation and rating:
We value JNK at 25x (unchanged) FY28E PAT to arrive at TP of Rs 460 (Rs 400 previously). We move to Accumulate rating (previously BUY) due to a sharp rally in share price (limited upside). Increase in TP is due to upward revision in earnings and valuation rollover. Key risks: Delay in new order bookings and order execution.
Company website: https://www.jnkindia.com/
| Rating | Accumulate |
|---|---|
| CMP* | INR 411 |
| Target Price | INR 460 |
| Upside | 12% |
*CMP is as per report published date
Click to download the full JNK India Ltd. Q4FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on JNK India Ltd. Q4FY26 Company Update
What drove JNK India’s strong Q4FY26 performance?
Strong execution of Reliance and HPCL projects, improving contribution from Chemdist JV and higher share of high-margin projects supported robust revenue and margin growth.
How strong is JNK India’s order book?
JNK India ended FY26 with an order book of nearly Rs19.6bn, supported by large refinery and industrial heating projects including the BPCL Bina order.
What are the key growth drivers for JNK India?
Key growth drivers include refinery capex, export opportunities, execution of BPCL and HPCL projects, margin expansion and strong demand for industrial heating solutions.
What risks should investors monitor?
Major risks include delays in order execution, slower conversion of export opportunities and postponement of refinery and petrochemical capex projects.
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We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
