JNK India Limited H1FY27 EBITDA rose 50% as gross margins expanded

JNK India Limited reported consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 39.4 crore in the first half of financial year 2027 (H1FY27), up 50.0% year on year, as total operational revenue rose 30.4% to Rs 370.2 crore and gross profit margin reached 25.9%.

What were JNK India’s H1FY27 revenue and profit results?

JNK India’s consolidated total operational revenue increased 30.4% year on year to Rs 370.2 crore in H1FY27, while revenue from operations grew 31.2% to Rs 364.0 crore. Other operating income was Rs 6.2 crore, compared with Rs 6.5 crore in H1FY26, resulting in the difference between revenue from operations and total operational revenue. Gross profit rose 44.4% to Rs 95.8 crore from Rs 66.4 crore.

JNK India reported EBITDA of Rs 39.4 crore for H1FY27, versus Rs 26.3 crore a year earlier. Profit before tax increased 62.1% to Rs 32.1 crore, while profit after tax increased 61.9% to Rs 22.9 crore from Rs 14.1 crore. Basic earnings per share were Rs 4.41, compared with Rs 2.56 in H1FY26.

How did JNK India’s margins change in H1FY27?

JNK India’s gross profit margin rose 250 basis points to 25.9% in H1FY27 from 23.4% in H1FY26, while EBITDA margin increased 140 basis points to 10.6% from 9.2%. Gross profit growth of 44.4% exceeded the 30.4% increase in total operational revenue. The Rs 29.4 crore increase in gross profit was also greater than the Rs 13.1 crore rise in EBITDA.

Employee cost increased to Rs 39.4 crore in H1FY27 from Rs 27.6 crore in H1FY26, an increase of Rs 11.8 crore. Other expenses increased to Rs 17.0 crore from Rs 12.5 crore. Despite these cost movements, EBITDA rose by Rs 13.1 crore, while earnings before interest and tax increased 57.6% to Rs 41.4 crore and its margin reached 11.2%, compared with 9.3% a year earlier.

What happened in JNK India’s second quarter?

JNK India reported 3.4% year-on-year growth in consolidated total operational revenue to Rs 187.5 crore in Q2FY27, compared with 30.4% growth for H1FY27. Revenue from operations increased 3.2% to Rs 184.0 crore. Management attributed temporary Q2 execution challenges to shipment delays and monsoon-related disruption.

Q2FY27 gross profit increased 15.3% year on year to Rs 49.1 crore and gross profit margin rose to 26.2% from 23.5%. Employee cost climbed to Rs 21.0 crore from Rs 14.4 crore, while other expenses declined to Rs 7.3 crore from Rs 8.7 crore. EBITDA increased 6.6% to Rs 20.8 crore, but profit before tax declined 2.0% to Rs 17.4 crore as finance cost increased to Rs 4.9 crore from Rs 2.8 crore.

The quarterly outcome differed from the half-year pace because Q1FY27 total operational revenue was Rs 182.7 crore, compared with Rs 102.8 crore in Q1FY26. Q1 EBITDA was Rs 18.7 crore, up from Rs 6.8 crore a year earlier, whereas Q2 EBITDA was Rs 20.8 crore against Rs 19.5 crore. The first-half improvement therefore included a substantially higher Q1 contribution, even as Q2 revenue growth moderated.

What is JNK India’s H2FY27 outlook and order position?

JNK India management maintained FY27 revenue-growth guidance of 20% to 25% and EBITDA-margin guidance of 12% to 14%. Management said its project-based business is typically more execution-intensive in the second half, which has historically contributed about 60% to 70% of annual revenue. H1FY27 EBITDA margin was 10.6%, compared with management’s full-year guided range of 12% to 14%.

The order book stood at Rs 1,662 crore on September 30, 2026, down from Rs 1,961 crore at March 2026. Management also disclosed an approximately Rs 5,000 crore bidding pipeline excluding recent wins, split 50:50 between domestic and export markets. The pipeline is a set of opportunities under bidding rather than reported orders.

Recent wins included an approximately Rs 500 crore heater-package order for a Nigeria project, involving design, engineering, manufacturing, supply and transportation with an 18-month delivery timeline. JNK India also received two domestic flare-package orders aggregating Rs 30 crore with a 16-month execution timeline. Management said it is pursuing renewable-energy and related-industry opportunities, while the bidding pipeline also includes diversification into metals and minerals.

Conclusion

JNK India’s H1FY27 results showed profit growth outpacing sales growth: total operational revenue rose 30.4% to Rs 370.2 crore, gross profit increased 44.4% to Rs 95.8 crore, EBITDA grew 50.0% to Rs 39.4 crore, and profit after tax rose 61.9% to Rs 22.9 crore. The reported gross profit margin expansion to 25.9% offset increases in employee cost and other expenses.

The next test is H2FY27 execution against management’s FY27 guidance of 20% to 25% revenue growth and 12% to 14% EBITDA margin. Management said H2 has historically generated about 60% to 70% of annual revenue, while the Rs 1,662 crore September 30, 2026 order book and approximately Rs 5,000 crore bidding pipeline provide the disclosed base for project execution and potential order conversion.