If Bollywood has nepotism, infra companies have “legacy projects.” Both refuse to die quietly. JNK India’s quarter was all about executing old assignments while waiting for the big break (BPCL Bina, Reliance, HPCL). Meanwhile, margins slipped harder than a junior engineer on oily refinery flooring. But wait—green hydrogen JV entered the script like a cameo nobody asked for but everyone will hype later. Curious? Keep reading, because from order delays to Korean cousins, this call had masala hotter than their furnaces.
2. At a Glance
Revenue up 13.5% – Sales grew, but nobody threw confetti.
Operating margin 23.5% – Looked great… until EBITDA crashed the party.
EBITDA margin 7% – From 13% last year, ouch. Legacy hangover.
PAT ₹11 Cr, margin 1.1% – Basically working for chai-paani.
Order book ₹9,828 Cr – 90% domestic, 10% hope.
JV for Green Hydrogen – Because no concall is complete without a buzzword.
3. Management’s Key Commentary
“Order book is strong at ₹9,828 Cr, 79% heating systems.” (Translation: We still sell hot stoves for refineries, not iPhones.)
“Margins dipped due to legacy projects.” (Translation: Past sins still haunting like WhatsApp forwards from relatives.)
“From Q3, margins will normalize under new revenue recognition model.” (Translation: Blame Excel for Q1, take credit later.)
“Entered JV for green hydrogen & chemical equipment.” (Translation: Put ‘hydrogen’ in investor deck = instant claps.)
“Reliance & HPCL projects on track for Q3/Q4.” (Translation: If not, we’ll push them into ‘Q1 next year’ bucket, no problem.)
“Employee costs up 15.5%.” (Translation: Engineers finally got increments after eating vada pav through inflation.)
“Hit rate historically ~25% for big bids.” (Translation: Like Tinder swipes, most projects left on seen.)
4. Numbers Decoded
Metric
Value Q1 FY26
YoY Change
One-Line Analysis
Revenue – The Hero
₹1,030 Mn
+13.5%
Solid execution, but no fireworks.
Operating Profit
₹242 Mn
–
Looked decent, until EBITDA spoiled mood.
EBITDA – The Sidekick
₹72 Mn
-47%
Fell off a cliff; legacy ghosts to blame.
EBITDA Margin
7%
vs 13%
Slimmer than your cousin after keto diet.
PAT – The Climax
₹11 Mn
-80% est.
Barely a climax, more like post-credits scene.
Order Book – The Hope
₹9,828 Mn
Flat
Keeps investors patient… for now.
5. Analyst Questions
Q: Are guidance numbers still valid? A: Yes, 40–50% revenue growth, 12–13% margins. (Translation: Ignore Q1, Q3 is our Diwali release.)
