JNK India Ltd
JNKINDIAJNK India Ltd is coiled. The quarters are improving, yet the P/E sits at the 25th percentile of its own 2-year range — the business is moving before the market.
The sharpest disagreement: profits are rising, but only −49% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (18 weeks in) while the P/E sits at the 25th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +752.2% year on year, and −49% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
JNK India Ltd trades at ₹422, in a confirmed uptrend and 18 weeks into that stage. That is +10.2% against its own 200-day average. It sits at 70% of a 52-week range of ₹215 to ₹509. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).
Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹422 it trades +10.2% versus its 200-day average and sits at 70% of its 52-week range (₹215–₹509).
Against the market, two honest reads. Cumulative: over the last 2.4 years the stock moved −34% while the NIFTY 500 moved +10% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-07-24) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
JNK India Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: MID_CONTRACTION. Still open: Three years of negative OCF; FY26 only marginally positive — working capital intensity in EPCC format not yet resolved Our fortnightly research layers last read it on 19 July 2026.
Our read, 31 May 2026. JNK India exited legacy low-margin PSU orders in FY26 and re-rated to 14–15% EBITDA margins; the Rs 1,961 Cr order book (2× TTM revenue) plus an Rs 4,000 Cr export pipeline position it for 25–30% revenue CAGR through FY28, though OCF conversion and Dangote execution risk are the two decisive tests.
From the numbers. PE compressed 44% from Jun 2025 peak of 57.1x to current 31.9x, sitting at 33rd percentile of the available 10Y range. PE/PB cycle engine classifies as MID_CONTRACTION with EARNINGS_DISCONNECT — the flag captures a…
From the price. Price stage 2, week 18 — above its 200-day line, relative strength falling.
From the research. JNK India exited legacy low-margin PSU orders in FY26 and re-rated to 14–15% EBITDA margins; the Rs 1,961 Cr order book (2× TTM revenue) plus an Rs 4,000 Cr export pipeline position it for 25–30% revenue CAGR through…
🚨 Where they disagree. PE compressed 44% from Jun 2025 peak of 57.1x to current 31.9x, sitting at 33rd percentile of the available 10Y range. PE/PB cycle engine classifies as MID_CONTRACTION with EARNINGS_DISCONNECT — the flag captures a paradox: PE contracted from 57x to 14x through FY25 (as EPS collapsed in legacy drag), then re-expanded to 57x in Q1 FY26 as the earnings recovery was priced in ahead of actual delivery, and has now contracted back to 31.9x as the 25–30% guided FY27 growth has not yet been priced at premium. FIIs net sold (2.7% FII stake vs 3.4% a year prior). The cycle is below median PE despite normalized margins — a buy signal if OCF and Dangote confirm in Q1 FY27.
What is proven. JNK India exited legacy low-margin PSU orders in FY26 and re-rated to 14–15% EBITDA margins; the Rs 1,961 Cr order book (2× TTM revenue) plus an Rs 4,000 Cr export pipeline position it for 25–30% revenue CAGR through FY28, though OCF conversion and Dangote execution risk are the two decisive tests.
What is not proven yet. Three years of negative OCF; FY26 only marginally positive — working capital intensity in EPCC format not yet resolved
🚨 Layer 1 read, 19 July 2026 — DROP. Real order-driven margin turn, but three years of negative operating cash and a debt-funded gap keep it a P2. JNK exited legacy PSU orders and re-rated OPM from 3% to 14%, growing FY26 revenue +71.7% and PAT +116.7% on a Rs 1,961 Cr order book (2.3x TTM) — a genuine early-cycle inflection. But reported profit is not becoming cash: three straight years of negative OCF (3y OCF/PAT -0.49, accrual-heavy) with the shortfall funded by new borrowing, the Q4 profit is a 2.5x single-quarter spike, and institutions cut 718 bps — so the cash-conversion test (milestone M1) is the decisive open question that caps this at P2.
What would change Layer 1’s mind. Q1 FY27 OCF prints >Rs 10 Cr positive (milestone M1 — proving the working-capital improvement is structural, not seasonal) AND the Dangote fired-heater order closes (M2) — together they would convert the P2 to a P1; conversely a fourth year of negative OCF or a Dangote loss breaks the cash-conversion and export legs of the thesis.
The test written in advance. OCF Conversion Failure — OCF Conversion Failure Q1 FY27 OCF print — target >Rs 10 Cr positive by the next result.
The test written in advance. Dangote Order Timing Slippage — Dangote Order Timing Slippage Dangote fired heater order announcement by end of Q1 FY27 (Sep 2026) by the next result.
The test written in advance. Execution Bandwidth and Engineering Capacity — Execution Bandwidth and Engineering Capacity by the next result.
What the company does. FY26 revenue grew 68% YoY to Rs 838 Cr with PAT up 114.6% — margin normalized to 14–15% EBITDA after legacy PSU drag cleared. The Rs 1,961 Cr order book (2-year runway) and Rs 4,000 Cr export bid pipeline give multi-year revenue visibility at current execution pace of Rs 900–1,000 Cr/year. Capital adequacy reliance on Korea parent for bank guarantees, OCF barely positive after three negative years, and Dangote closure timing are the three open risks that determine whether FY27 25–30% guidance materializes.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| BPCL Bina Rs 1,050 Cr EPC Execution | HIGH | — | Largest single order; majority revenue recognition in FY27 H2 after Q4 FY26 booking delay | Q1 FY27 OCF print — target >Rs 10 Cr positive |
| Dangote Nigeria Phase 2 Refinery +… | HIGH | — | Fired heater finalization Q1 FY27; fertilizer reformer Q2–Q3 FY27 — combined $200–280M equivalent pipeline | Q1 FY27 OCF print — target >Rs 10 Cr positive |
| Legacy Order Exit Margin Recovery | MEDIUM | — | EBITDA 7%→15.2% across FY26 four quarters; legacy drag fully cleared by Q4 FY26 | Q1 FY27 OCF print — target >Rs 10 Cr positive |
| Kemdist Green Hydrogen JV Revenue Ramp | LOW | — | 7% FY26 group revenue contribution in first 6 months; 10–15% incremental FY27 target; margin breakeven near-term | Q1 FY27 OCF print — target >Rs 10 Cr positive |
Lever 6 · Order-book wins — BUILDING. Largest single order; majority revenue recognition in FY27 H2 after Q4 FY26 booking delay. What proves it keeps working: BPCL Bina Rs 1,050 Cr EPC Execution. It stops working if Q1 FY27 OCF print — target >Rs 10 Cr positive.
Lever 12 · New product launch — BUILDING. Fired heater finalization Q1 FY27; fertilizer reformer Q2–Q3 FY27 — combined $200–280M equivalent pipeline. What proves it keeps working: Dangote Nigeria Phase 2 Refinery + Fertilizer Orders. It stops working if Q1 FY27 OCF print — target >Rs 10 Cr positive.
Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
JNK India Ltd reported ₹180 Cr of revenue in the Jun 26 quarter, +81.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 6 years it has compounded at 41.5% a year. The last full year, FY26, came in at ₹819 Cr. The last four reported quarters add to ₹899 Cr.
Why this happened. The BPCL Bina cracking furnace (Rs 1,050 Cr) accounts for 53.5% of the Rs 1,961 Cr consolidated order book. Revenue recognition was delayed from FY26 into FY27 — management conceded only a small portion will be booked in Q4 FY26 with the majority in FY27. Execution involves site installation across 2–2.5 years; completion target FY28. This order is the primary H2 FY27 revenue driver and its execution pace determines whether full-year 25–30% growth guidance is met.
FY26 revenue came in at ₹819 Cr (+71.7% on the year), capping 6 years at 41.5% compound. The latest quarter (Jun 26) printed ₹180 Cr, +81.6% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +86.6% growth against the decade's 41.5% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +84.4% over the last 4 quarters against +30.1%/yr over the last 8 — accelerating; TTM profit +193.8% vs +6.1%/yr — accelerating.
FY26-Q3. 112.8% revenue growth and 534.1% PAT growth; Rs 17,700 Cr order book claim requires unit reconciliation
FY26-Q4. Margin normalization complete — EBITDA 15.2%, PAT Rs 33 Cr (+149.5% YoY); FY26 closes as breakout year
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
JNK India Ltd's operating margin is 8.8% in the Jun 26 quarter, +5.5 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 10.0% to 21.0%. The current quarter is running below every full year in that window.
Why this happened. The margin progression from 7% EBITDA in Q1 FY26 to 15.2% in Q4 FY26 is attributed to two forces: (1) exit of legacy low-margin PSU orders concentrated in Q1–Q2 FY26 execution, (2) input-method revenue recognition on new large-scale contracts improving margin reflection from Q3 onwards. Historical 18–20% margins on Rs 50–100 Cr equipment-only jobs are structurally unavailable on current Rs 500+ Cr EPCC format. The 14–15% ceiling is management's normalized guidance. This catalyst is now completed — margin recovery is baked into the base. Forward risk is margin maintenance, not further expansion.
The latest quarter's operating margin is 8.8%, +5.5 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 10.0%–21.0%.
Why the margin moved: operating margin went +5.5 pp year on year while gross margin went +3.9 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q3. 112.8% revenue growth and 534.1% PAT growth; Rs 17,700 Cr order book claim requires unit reconciliation
FY26-Q4. Margin normalization complete — EBITDA 15.2%, PAT Rs 33 Cr (+149.5% YoY); FY26 closes as breakout year
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
JNK India Ltd earned ₹9.6 Cr of net profit in the Jun 26 quarter, +752.2% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The 6-year compound rate is 39.0%. That is 5.4% of the quarter's revenue. The same quarter a year earlier earned ₹1.1 Cr.
Jun 26 profit was ₹9.6 Cr, +752.2% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹65.0 Cr (+116.7%), and the 6-year compound rate is 39.0%.
Why profit moved: revenue contributed +81.6% and the margin +5.5 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +372.6% vs revenue +86.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q3. 112.8% revenue growth and 534.1% PAT growth; Rs 17,700 Cr order book claim requires unit reconciliation
FY26-Q4. Margin normalization complete — EBITDA 15.2%, PAT Rs 33 Cr (+149.5% YoY); FY26 closes as breakout year
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years −49% of JNK India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−2.0 Cr of operating cash against ₹65.0 Cr of profit. After ₹30.0 Cr of capital spending, ₹−32.0 Cr was left as free cash.
FY26: operating cash of ₹−2.0 Cr against reported profit of ₹65.0 Cr, leaving free cash of ₹−32.0 Cr after ₹30.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −49% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at −49%: the cash cycle stretched 197 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 197 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
JNK India Ltd's cash conversion cycle runs 57 days in FY26, up from −140 days in FY21. Capital spending ran ₹56.0 Cr over the last 3 years. At FY26 sales of ₹819 Cr each day of that cycle holds about ₹2.2 Cr, so roughly ₹128 Cr sits inside the business at any moment.
FY26: debtors at 154 days, inventory at 15 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 57 days, looser than FY21's −140.
The full loop: cash goes out to suppliers and production on day 0; stock waits 15 days to sell; customers pay about 154 days after that; and suppliers themselves are paid at 112 days — netting out to the 57-day cycle.
In money terms: at FY26 sales of ₹819 Cr, each day of the cycle holds about ₹2.2 Cr — so the 57-day loop keeps roughly ₹128 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹56.0 Cr over the last 3 fiscal years against ₹21.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹8.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
JNK India Ltd earns a ROCE of 17% in FY26. That is up from a trough of 15% in FY25. Return on invested capital clears the cost of that capital by +3.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.9% net margin on 0.77× asset turns.
FY26 ROCE is 17%, recovered from a FY25 trough of 15% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 7.9% net margin × 0.77× asset turns × 1.87× balance-sheet leverage ≈ 11.4% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 15.9% − 12.0% = a +3.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
JNK India Ltd carries total debt of ₹91.0 Cr against shareholder equity of ₹568 Cr as of Mar 26, a debt-to-equity of 0.16 — effectively unlevered. On the annual view that ratio went from 0.36 in FY23 to 0.16 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹91.0 Cr against shareholder equity of ₹568 Cr — a debt-to-equity of 0.16. On the annual view, debt-to-equity went from 0.36 (FY23) to 0.16 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 7.6 points of JNK India Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 10.9% of the company. Foreign institutions moved −2.6 points over the same window, to 0.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −7.6 points over 8 quarters to 10.9%; Foreign institutions: −2.6 points over 8 quarters to 0.9%; Promoters: −0.2 points over 8 quarters to 67.8%.
🚨 Why the register moved: domestic institutions drove it (−7.6 points), alongside foreign institutions (−2.6 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
JNK India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
JNK India Ltd trades at 31.4× P/E, near the bottom of its own range — cheaper only 25% of the time. Its long-run median P/E is 43.3×, measured across 2.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 31.4× is near the bottom of its own range — cheaper only 25% of the time, against a long-run median of 43.3× measured over 2.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +114.6% against a +42.3% price move — earnings outran the price, pushing the multiple DOWN its own range.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 20 July 2026 price, JNK India Ltd was paying for profit growth of about 23.6% a year. Profit itself has compounded 39.0% a year over the past 6 years. Today the market pays 31.4× P/E, the 25th percentile of its own 2-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
JNK India Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −82.3% at the trough to +752.2% off a 5-quarter-old trough (single-quarter readings), ROCE lifting at 18.5%. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +71.7% | +26.2% | +42.8% | — |
| Profit | +116.7% | +12.2% | +32.4% | — |
| EPS | +114.6% | −37.8% | −46.9% | — |
| Share price | +42.3% | — | — | — |
4-Factor Sector Score
70.0/100 — rank 1 of 16 in Capital Goods - Engineering Heavy · 83% evidence confidence
JNK India Ltd scores 70.0 out of 100 against the 16 companies it is compared with in Capital Goods - Engineering Heavy, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 32.2 + 14.5 + 10.9 + 12.4 = 70. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What JNK India Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
FY27 Revenue Guidance Reduced · 12 August 2026. In May 2026, management guided to 25% to 30% revenue growth for FY27. In Aug 2026, management lowered the range to 20% to 25% while stating that the guidance remained intact, without explaining the change in outlook.
EBITDA Margin Guidance Lowered Despite Claim of No Change · 12 August 2026. In May 2026, management described 14% to 15% as the normal EBITDA margin expected going forward. In Aug 2026, the full-year guidance was stated as 12% to 14%, a lower range, while management separately said that nothing had changed in its margin projection.
🚨 Dangote Phase Two Award Timeline Has Slipped · 12 August 2026. In May 2026, management expected the Dangote fired heater requirement to be finalized in Q1 FY27 and the reformer package in Q2 or Q3. By Aug 2026, management said phase two was still under discussion and that there was no official client commitment, indicating that the previously communicated near-term award timeline was not met without a clear explanation for the delay.
Order Conversion Rate Assumption Reduced · 12 August 2026. In May 2026, management cited a 25% to 30% conversion rate for the bid pipeline and expected Rs. 1,300 crores to Rs. 1,500 crores of order inflows. In Aug 2026, management described its traditional hit rate as 20% to 25% and expected the lower rate to continue, without explaining the revision despite the larger pipeline.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1JNK India Ltdthis pageJNKINDIA | 70.0/100Favorable setup83% evidence | FADING | 32.2/35 Revenue 84.4% · PAT 100% · OPM change 5.5 pp 100% evidence | 14.5/25 ROCE 17.4% · OPM 8.8% 100% evidence | 10.9/20 P/E 31.4× · PEG — 15% evidence | 12.4/20 RS sector 15.1% · RS bench 31.2% · 1Y 44.5%10 of 12 weeks ahead 100% evidence |
| Exact sum: 32.2 + 14.5 + 10.9 + 12.4 = 70 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Suzlon Energy LtdSUZLON | 65.0/100Favorable setup100% evidence | ASLEEP | 23.6/35 Revenue 45.2% · PAT 50.1% · OPM change -3 pp 100% evidence | 18.2/25 ROCE 34.2% · OPM 16% 100% evidence | 19.3/20 P/E 19.1× · PEG 0.47 100% evidence | 3.9/20 RS sector -24.9% · RS bench -12.3% · 1Y -23.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 23.6 + 18.2 + 19.3 + 3.9 = 65 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -24.9% and the one-year return is -23.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Disa India LtdDISAQ | 62.7/100Mixed-positive evidence81% evidence | TURNING | 17.0/35 Revenue 3.8% · PAT 6.3% · OPM change -1 pp 95% evidence | 20.9/25 ROCE 26.6% · OPM 14% 95% evidence | 12.7/20 P/E 31.7× · PEG — 50% evidence | 12.1/20 RS sector 3% · RS bench -3% · 1Y -12.7%2 of 9 weeks ahead 70% evidence |
| Exact sum: 17 + 20.9 + 12.7 + 12.1 = 62.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Bharat Heavy Electricals LtdBHEL | 60.7/100Mixed-positive evidence67% evidence | TURNING | 25.1/35 Revenue 27% · PAT 100% · OPM change 17 pp 71% evidence | 8.6/25 ROCE 9.1% · OPM 7% 76% evidence | 9.4/20 P/E 61.7× · PEG — 15% evidence | 17.6/20 RS sector 18.4% · RS bench 36.2% · 1Y 103%8 of 12 weeks ahead 100% evidence |
| Exact sum: 25.1 + 8.6 + 9.4 + 17.6 = 60.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Concord Control Systems Ltd543619 | 57.8/100Mixed-positive evidence66% evidence | ASLEEP | 21.5/35 Revenue 100% · PAT 100% · OPM change 10 pp 48% evidence | 21.2/25 ROCE 30.6% · OPM 30% 76% evidence | 9.1/20 P/E 58.9× · PEG — 50% evidence | 6.0/20 RS sector -11.9% · RS bench 2.9% · 1Y 57.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 21.5 + 21.2 + 9.1 + 6 = 57.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6John Cockerill India LtdCOCKERILL | 55.6/100Mixed-positive evidence68% evidence | FADING | 24.0/35 Revenue 55.7% · PAT 10.7% · OPM change 1 pp 74% evidence | 6.3/25 ROCE 6.5% · OPM -9% 100% evidence | 8.9/20 P/E 917.2× · PEG — 15% evidence | 16.4/20 RS sector 28.1% · RS bench 31.8% · 1Y 85.5%8 of 10 weeks ahead 70% evidence |
| Exact sum: 24 + 6.3 + 8.9 + 16.4 = 55.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Eimco Elecon (India) LtdEIMCOELECO | 46.9/100Mixed-negative evidence81% evidence | BREAKING OUT | 11.2/35 Revenue -1.6% · PAT -18.8% · OPM change 0 pp 95% evidence | 13.3/25 ROCE 10.3% · OPM 18% 95% evidence | 9.0/20 P/E 33.9× · PEG — 50% evidence | 13.4/20 RS sector 0.5% · RS bench 36.5% · 1Y 20.5%9 of 10 weeks ahead 70% evidence |
| Exact sum: 11.2 + 13.3 + 9 + 13.4 = 46.9 · Decision use: Price leads the evidence: RS versus the benchmark is 36.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 8Walchandnagar Industries LtdWALCHANNAG | 46.6/100Mixed-negative evidence69% evidence | ASLEEP | 25.3/35 Revenue 38% · PAT 96.7% · OPM change 12.9 pp 71% evidence | 3.4/25 ROCE 4.2% · OPM 8.1% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 7.9/20 RS sector -7.8% · RS bench 6.3% · 1Y 16.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 3.4 + 10 + 7.9 = 46.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Integra Engineering India Ltd505358 | 42.0/100Mixed-negative evidence75% evidence | BASING | 10.0/35 Revenue 1.7% · PAT -16.6% · OPM change -3.5 pp 95% evidence | 17.9/25 ROCE 18.5% · OPM 16.4% 76% evidence | 9.8/20 P/E 40.3× · PEG — 15% evidence | 4.3/20 RS sector -20.2% · RS bench -7% · 1Y -26%3 of 12 weeks ahead 100% evidence |
| Exact sum: 10 + 17.9 + 9.8 + 4.3 = 42 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Inox Wind LtdINOXWIND | 40.9/100Mixed-negative evidence93% evidence | BASING | 13.3/35 Revenue 17.1% · PAT -13.1% · OPM change -3 pp 100% evidence | 9.6/25 ROCE 10.6% · OPM 19% 100% evidence | 12.6/20 P/E 38.4× · PEG 1.22 65% evidence | 5.4/20 RS sector -37.5% · RS bench -26.1% · 1Y -47.5%1 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 9.6 + 12.6 + 5.4 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Kabra Extrusion Technik LtdKABRAEXTRU | 40.5/100Mixed-negative evidence66% evidence | BREAKING OUT | 15.0/35 Revenue 3.1% · PAT -80% · OPM change 8.4 pp 71% evidence | 5.5/25 ROCE 0.1% · OPM 5% 95% evidence | 8.5/20 P/E 3613× · PEG — 15% evidence | 11.5/20 RS sector -6.2% · RS bench 160.1% · 1Y 164.8%10 of 10 weeks ahead 70% evidence |
| Exact sum: 15 + 5.5 + 8.5 + 11.5 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Hercules Investments LtdHERCULES | 39.4/100Thin evidence · provisional55% evidence | 13.8/35 Revenue -80% · PAT -74.3% · OPM change 3.7 pp 45% evidence | 8.7/25 ROCE 5.7% · OPM — 60% evidence | 12.7/20 P/E 8.6× · PEG — 50% evidence | 4.2/20 RS sector -23.6% · RS bench -33% · 1Y -40%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 13.8 + 8.7 + 12.7 + 4.2 = 39.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 13Windsor Machines LtdWINDMACHIN | 37.7/100Mixed-negative evidence68% evidence | ASLEEP | 18.0/35 Revenue 51% · PAT 100% · OPM change -2.8 pp 74% evidence | 1.3/25 ROCE 2.6% · OPM 4.2% 100% evidence | 8.7/20 P/E 1044× · PEG — 15% evidence | 9.7/20 RS sector -10.1% · RS bench 8.3% · 1Y -2.7%3 of 10 weeks ahead 70% evidence |
| Exact sum: 18 + 1.3 + 8.7 + 9.7 = 37.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14The Anup Engineering LtdANUP | 34.1/100Adverse evidence93% evidence | ASLEEP | 8.5/35 Revenue 1.4% · PAT -29.7% · OPM change -15.5 pp 100% evidence | 16.8/25 ROCE 21% · OPM 7.6% 100% evidence | 5.0/20 P/E 38.8× · PEG 5.03 65% evidence | 3.8/20 RS sector -29% · RS bench -17% · 1Y -26.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 8.5 + 16.8 + 5 + 3.8 = 34.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 15Bajaj Steel Industries LtdBAJAJST | 31.8/100Adverse evidence81% evidence | TURNING | 4.8/35 Revenue -2.6% · PAT -48.3% · OPM change -7.7 pp 95% evidence | 13.1/25 ROCE 11.7% · OPM 4.9% 95% evidence | 8.5/20 P/E 26× · PEG — 50% evidence | 5.4/20 RS sector -20% · RS bench -17.4% · 1Y -31.4%0 of 9 weeks ahead 70% evidence |
| Exact sum: 4.8 + 13.1 + 8.5 + 5.4 = 31.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Praj Industries LtdPRAJIND | 25.3/100Adverse evidence94% evidence | BASING | 6.8/35 Revenue 2.4% · PAT -77.9% · OPM change -0.7 pp 100% evidence | 6.8/25 ROCE 6.1% · OPM 4.2% 100% evidence | 0.7/20 P/E 117× · PEG 4.5 100% evidence | 11.0/20 RS sector 1.4% · RS bench -3% · 1Y -20.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 6.8 + 6.8 + 0.7 + 11 = 25.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is JNK India Ltd's share price today?
JNK India Ltd trades at ₹422, +42.3% over the past year. The company is valued at ₹2,363 Cr. The stock sits at 70% of its 52-week range of ₹215–₹509, +10.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 18 weeks in. — as of 11 September 2026.
What were JNK India Ltd's latest quarterly results?
JNK India Ltd reported revenue of ₹180 Cr and net profit of ₹9.6 Cr for the Jun 26 quarter. Revenue rose 81.6% and profit rose 752.2% year on year. Earnings per share were ₹2.05. The operating margin was 8.8%, 5.5 pp higher than a year earlier. — as of 11 September 2026.
What is JNK India Ltd's revenue?
JNK India Ltd reported revenue of ₹180 Cr in the Jun 26 quarter, +81.6% year on year. For the full FY26 fiscal year, revenue was ₹819 Cr (+71.7%). Over the last 6 years revenue compounded at 41.5% a year. — as of 11 September 2026.
What is JNK India Ltd's profit?
JNK India Ltd earned ₹9.6 Cr of net profit in the Jun 26 quarter, +752.2% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The operating margin ran 8.8% in the latest quarter. — as of 11 September 2026.
What is JNK India Ltd's market cap?
JNK India Ltd's market capitalisation is ₹2,363 Cr at a share price of ₹422. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is JNK India Ltd's P/E ratio?
JNK India Ltd trades at a P/E of 31.4×, at the 25th percentile of its own 2-year range, against a long-run median of 43.3×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does JNK India Ltd pay a dividend?
Yes — JNK India Ltd's dividend payout was 3% of profit in FY26, and it recorded a payout in 3 of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is JNK India Ltd overvalued?
On its own history, JNK India Ltd looks cheap: its P/E of 31.4× has been cheaper only 25% of the time in 2 years (long-run median 43.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is JNK India Ltd growing?
Yes — JNK India Ltd is growing: latest-quarter revenue +81.6% year on year, profit +752.2%, and the margin +5.5 pp at 8.8%. The 6-year compound rates are 41.5% (revenue) and 39.0% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is JNK India Ltd performing?
JNK India Ltd is in a confirmed uptrend, 18 weeks in. Its latest quarter's revenue rose 81.6% and profit rose 752.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is JNK India Ltd in?
Turning around — profit growth swung from −82.3% at the trough to +752.2% off a 5-quarter-old trough (single-quarter readings), ROCE lifting at 18.5%. The read comes from the last 12 quarters of growth (revenue growth +81.6% latest, profit growth +752.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is JNK India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 18 of stage 2), trading +10.2% versus its 200-day average and at 70% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is JNK India Ltd beating the market?
Not lately — on a trailing-13-week view JNK India Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-07-24), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.4 years the stock moved −34% against the NIFTY 500's +10% — behind the index over the full window. — as of 11 September 2026.
Will JNK India Ltd's share price go up?
This page publishes no price forecast for JNK India Ltd. What it measures instead: the share price is ₹422, the price is in a confirmed uptrend 18 weeks in. Its P/E of 31.4× sits at the 25th percentile of its own 2-year range. — as of 11 September 2026.
Who owns JNK India Ltd?
Promoters hold 67.8% of JNK India Ltd, foreign institutions 0.9%, domestic institutions 10.9% and the public 20.4% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 7.6 points over 8 quarters. — as of 11 September 2026.
Does JNK India Ltd have too much debt?
No — JNK India Ltd's debt-to-equity is 0.16, and operating profit covers the interest bill 5×. FY26 borrowings were ₹91.0 Cr against equity of ₹567 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is JNK India Ltd's capex?
JNK India Ltd spent ₹56.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹30.0 Cr, with ₹8.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is JNK India Ltd's cash flow?
JNK India Ltd consumed ₹2.0 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−32.0 Cr). Operating cash was negative while the company reported a profit of ₹65.0 Cr. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is JNK India Ltd's profit real cash?
No — operating cash was negative over the last 3 fiscal years: JNK India Ltd consumed cash while reporting profit. In FY26, operating cash was ₹−2.0 Cr against reported profit of ₹65.0 Cr. Cash-flow resolution is annual — as of 11 September 2026.
Where is JNK India Ltd in its business cycle?
JNK India Ltd's FY26 operating margin was 11.0%, against a 7-year band of 10.0%–21.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 8.8%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does JNK India Ltd's price assume?
At its price on 20 July 2026, JNK India Ltd was priced for profit growth of about 23.6% a year. Profit itself has compounded 39.0% a year over the past 6 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the JNK India Ltd story?
The sharpest disagreement: profits are rising, but only −49% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is JNK India Ltd a stock worth studying right now?
This is not investment advice. The machine read: JNK India Ltd is coiled. The quarters are improving, yet the P/E sits at the 25th percentile of its own 2-year range — the business is moving before the market. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!