JNK India Concall Key Highlights (Q3 FY26)
Order Book and Pipeline Status
Management considers a book-to-bill ratio of 2.0 to 2.5 to be the ideal range for the company’s execution timeframe.
| Total Order Book | ~1,700 Crores* | As of January 1, 2026 |
| BPCL Bina (Current) | 1,050 Crores | Received from JNK Global; 0 revenue booked to date |
| BPCL Bina (Pending) | 400 - 600 Crores | Expected within the next two quarters |
| Chemist JV Subsidiary | ~100 Crores | Focused on green hydrogen and sustainable fuels |
| Middle East Project | 200 - 250 Crores | Waste gas handling; expected to finalize in Q4 FY26 |
| Domestic Clean Fuel | 200 - 250 Crores | Technically qualified; negotiations ongoing |
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The joint venture with Chemist Group generated 23 crores in revenue in its first quarter of operations. It is expected to contribute 10% to 15% of total revenue over the next few years.
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Current capacity utilization is at 70%. Physical shop space is not a bottleneck, the limits are engineering manpower and financial/banking limits.
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The company has 500 crores in non-fund based limits (470 crores currently utilized, largely for the Reliance contract) and 100 crores in fund-based limits (70 crores utilized).
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The HPCL project is expected to be largely completed by March FY26, while the Reliance project will spill over into Q1 FY27.
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JNK India is working on a Hydrogen Valley pilot project and exploring partnerships with European firms to stabilize technology for Compressed Biogas (CBG) plants.
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BPCL Bina; Execution is on track, booked zero revenue from it till date. Might book a small part
in Q4, but 50% to 60% of the revenue will be booked in FY27. -
A significant prospect for FY27 is the expansion of the Dangote Refinery in Nigeria, which is doubling its capacity. JNK India previously executed all fired heaters for the existing refinery.
| Fired Heaters Contract | 10 yrs back, $140 Million | Current prices estimated to have nearly doubled |
| Timeline | Q3 FY27 | Expected order finalization for long-lead items |
| Fertilizer Reformers | $30 - $40 Million per stream | Four streams planned; JNK is qualified |