Strong growth masked by guidance cuts, Chemdist drag

Prior guidance was 25-30%, now lowered to 20-25%

Prior guidance 14-15%, now 12-14%; standalone achieved 14% but consolidated 11.8%

Delivered ₹180 Cr revenue with 81.5% YoY growth

Delivered ₹9.6 Cr PAT with 754% YoY growth (~8.5x from low base)

1st cancellation in 15 years; early stage, no costs incurred; but shows licensor approval risk exists

Prior 25-30% FY27 growth → now 20-25%; management frames as 'remains intact' but is clearly lower

Prior 14-15% target → now 12-14%; Chemdist JV drag (operating loss ₹3.6 Cr Q1) cited; standalone achieved 14%

Pipeline grew ₹4,000 Cr → ₹6,000 Cr, 50% increase; mainly from new non-heating segments (metals, minerals, offshore)

Large export order (June 8) cancelled mid-execution due to licensor approval failure; no material cost; first such event in 15 years

20-25% annual growth medium-term; 3-5 year target is 40% non-heating revenue; entering new segments cautiously with smaller opportunities initially

Growth mainly from non-heating segment (₹3,000 Cr domestic new sectors: metals, minerals, renewable, oil & gas); export ₹3,000 Cr mostly heating; award expected 3-8 months timeline

Gross margin improved; EBITDA compression due to Chemdist (₹3.6 Cr loss) and higher employee costs; standalone EBITDA 14% in line with guidance; temporary ramp-up effect

Orders already placed at fixed prices with sub-vendors; commodity fluctuations not impacting ongoing project margins

Offshore TAM $300-500M India; metals/minerals $500M-1B India; hit rate 10-12% in new segments (vs 20-25% heating); targeting ₹30-60M projects; will be bit cautious; need tech partners for qualification

Not comprehending any issues; JNK India capable to execute standalone if needed; no expected impact on order wins

Expect to be in green by year-end FY27; cannot give exact number; plan is to get into green overall year-end figure

Announced was 12-14%; no change from last 3-6 months; checking the numbers (acknowledges confusion)

EPC contractor responsible for approval, not JNK; JNK now got qualification from licensor for future projects; more diligent checks planned; first time in 15 years; more accident than avoidable

Downgraded from prior guidance; supported by ₹1,801 Cr order book and ₹6,000 Cr pipeline with 20-25% hit rate on core heating

Cut reflects Chemdist JV temporary losses; standalone achieved 14%; expect improvement as JV scales

Large export order (June 8, 2026) cancelled due to licensor approval failure mid-execution. First event in 15 years. Shows execution risk even when JNK executes well.

JV operating loss ₹3.6 Cr in Q1 FY27; drags consolidated EBITDA from 14% to 11.8%. Expected to turn green by year-end but unproven. High fixed cost base is drag until revenue scales.

New segments (metals/minerals, offshore, renewable) carry only 10-12% hit rate vs 20-25% for core heating. Requires technology partner qualification. First few projects high risk for qualification and margins.

Revenue growth guidance cut from 25-30% to 20-25%; EBITDA margin guidance cut from 14-15% to 12-14%. Management frames as 'unchanged' which is misleading. Could signal underlying caution on pipeline conversion or margin headwinds.

Activist investor MJ Partners in dispute with JNK Global Board; matter sub judice. Could impact large order approvals requiring JNK Global's bank guarantees (especially Nigeria refinery project).