JNK India Ltd Q2FY26 | Order Book Explodes 41% YoY to ₹18,499 Mn — Green Hydrogen JV & Ultra-Mega Order Light Up This Heater Maker’s Future

1.At a Glance

If heat could be traded on Dalal Street,JNK India Ltdwould be the Ambani of furnaces. The ₹1,500 crore smallcap EPC player has turned up the flame again inQ2FY26, reportingrevenue of ₹1,842 Mn (+71.6% YoY)andPAT of ₹136 Mn (+82.3% YoY). But despite all that thermal energy, the stock has been chilling at ₹268 — down55% in the last yearand10% in the last 3 months.

Still, you can’t ignore a company with anorder book of ₹18,499 Mn, freshultra-mega project from its Korean promoter JNK Global, and a newly mintedjoint venture in green hydrogen tech. Add to that aP/E of 48.5,ROCE of 14.9%,ROE of 8.6%, anddebt-to-equity of just 0.05, and you get the sense that JNK isn’t burning its cash — it’s just warming up for the long haul.

But will this heater specialist stay red-hot or melt under its own valuation? Grab your asbestos gloves — we’re diving in.

2.Introduction

Welcome toJNK India Ltd, where metal meets megawatts and every pipe dreams of becoming a furnace. Founded in2010, this Ahmedabad-headquartered EPC company has gone from quietly designing process heaters to competing with the likes ofThermaxandLarsen & Toubroin the heavy engineering space.

JNK’s job is literally to make other industries “hot” — buildingprocess-fired heaters,reformers, andcracking furnacesfor oil refineries, petrochemical complexes, and energy plants. The company is now flirting with green tech throughflaring systems,waste gas incinerators, andhydrogen production setups— basically the Tinder of renewable EPCs.

But behind the big flames lie some financial fire drills —working capital days ballooned from 98 to 211, anddebtors are at a scorching 261 days. In simple terms, JNK delivers heat faster than it collects money.

Still, their FY25 and FY26 trajectory screams ambition: agreen hydrogen JV, aMalaysia biorefinery project, and aReliance mega orderall within 18 months. Not bad for a company that started out making refinery heaters and now wants to warm up the entire renewable sector.

Question is — can it keep the flame steady when the oil-and-gas furnace cools?

3.Business Model – WTF Do They Even Do?

JNK India Ltd is in the business ofHeating Technology EPC— think of them as the engineers who build the massive industrial “ovens” where crude oil, gas, or chemicals get processed.

Their core offering revolves around:

• Process-Fired Heaters– used in oil refineries to heat hydrocarbons.
• Reformers & Cracking Furnaces– convert feedstock gases into useful industrial chemicals.
• Flares & Incinerators– manage waste gases safely (and with drama).
• Renewable Systems– Hydrogen production & distribution systems, Solar EPC, and energy storage units.

In FY24,Heating Equipment contributed ~96%of revenue, whileFlares & Incinerators added 4%— small, but sizzling potential in the age of ESG.

They manufacture through a blend ofin-house fabrication and third-party vendors, anchored by theirMundra facilityinside theMulti-Product SEZwith5,000 MTPA capacityacross20,243 sq. meters. Mundra handles exports (11% of revenue) while domestic operations keep the rest 89% busy.

The real kicker?JNK Global Co. Ltd (South Korea)— one of the world’s top heater manufacturers — is apromoter and technology partner, giving JNK India access to global projects, design expertise, and credibility.

So yes, JNK is basically India’s“heating department for the world’s energy industry”— or as their engineers would call it, “furnace diplomacy.”

4.Financials Overview

Let’s turn on the heat map — Q2FY26 (Sep 2025) numbers compared with Q2FY25 and the last quarter (Jun 2025):

Annualised EPS = 2.43 × 4 = ₹9.72So, at CMP ₹268, theP/E works out to ~27.5x (forward)— not cheap, but not in fantasyland either.

Commentary:From a revenue growth of 73% YoY to a ninefold QoQ jump in profit, Q2FY26 was a hot plate of numbers. The company’s order execution clearly accelerated after securing the Reliance, IOCL, and Malaysian bio-refinery