Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

JNK India Ltd

JNKINDIA
Capital Goods - Engineering Heavy

JNK India Ltd is coiled. The quarters are improving, yet the P/E sits at the 32nd 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 (12 weeks in) while the P/E sits at the 32nd percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +153.8% year on year, and −49% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Turning around
partial read
Price
₹438
+35.7% 1Y
P/E
37.7×
32nd pctile
of its own 2-year range
Revenue (Mar 26)
₹338 Cr
+77.0% YoY
Profit (Mar 26)
₹33.0 Cr
+153.8% YoY
Operating margin
14.0%
+6.0 pp YoY
ROCE
17%
FY26
ROIC
15.7%
vs WACC 12.0% → +3.7 pp
Cash conversion
−49%
of profit, last 3 FY
01 · Price story

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 ₹438, in a confirmed uptrend and 12 weeks into that stage. That is +19.8% against its own 200-day average. It sits at 76% 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 (1 week and counting).

Today the stock is in a confirmed uptrend — week 12 of stage 2, confirmed. At ₹438 it trades +19.8% versus its 200-day average and sits at 76% of its 52-week range (₹215–₹509).

Jul 26: ₹438 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 2-year window.
+19.8% versus the 200-day line, week 12 of stage 2
Price50-day avg200-day avg
S4S2S4S2₹936₹742₹549₹355₹161₹438₹365May 24Nov 24Jul 25Feb 26Jul 26
S4S2S4S2₹936₹742₹549₹355₹161₹438₹365May 24Jul 25Jul 26
Beating or trailing, week by week since 2024 Each cell is one week from 2024 to now (124 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
May 24Jul 26

Against the market, two honest reads. Cumulative: over the last 2.2 years the stock moved −32% while the NIFTY 500 moved +13% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week 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.

02 · Valuation

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 37.7× P/E, near the bottom of its own range — cheaper only 32% of the time. Its long-run median P/E is 44.0×, measured across 2.2 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 37.7× is near the bottom of its own range — cheaper only 32% of the time, against a long-run median of 44.0× measured over 2.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 37.7× vs a 44.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 2.2-year window; loss-period spikes above 67× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 32% of the time
P/EMedianEPS (TTM) (quarterly)
71.2×₹52.255.5×₹39.239.8×₹26.124.0×₹13.18.3×₹0.0×37.70×₹12May 24Dec 24Jul 25Feb 26Jul 26
71.2×₹52.255.5×₹39.239.8×₹26.124.0×₹13.18.3×₹0.0×37.70×₹12May 24Jul 25Jul 26
PEG 1.27 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 8 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
1.6×1.4×1.2×0.9×0.7××1.27×Q1 FY25Q2 FY25Q4 FY25Q2 FY26Q4 FY26
1.6×1.4×1.2×0.9×0.7××1.27×Q1 FY25Q4 FY25Q4 FY26
P/E
37.7×
32nd percentile of 2y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +114.6% against a +35.7% 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.

03 · Stage: Turning around

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 −83.3% at the trough to +153.8% off a 4-quarter-old trough (single-quarter readings), ROCE lifting at 18.8%. The read is built from 10 quarters across 3 curves, on partial evidence.

Growth, year by year: revenue +71.7% in FY26, profit +116.7% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
124%142%90%81%57%19%24%−42%−9.8%−103%%%71.7%116.7%FY20FY23FY26
124%142%90%81%57%19%24%−42%−9.8%−103%%%71.7%116.7%FY20FY23FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit accelerating
RevenueProfitEPS
151%331%104%218%58%105%12%−8.1%−34%−121%%%77%153.8%114.2%Jun 23Sep 24Mar 26
151%331%104%218%58%105%12%−8.1%−34%−121%%%77%153.8%114.2%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
60%47%34%21%8.0%%18.8%Jun 23Dec 23Sep 24Jun 25Mar 26
60%47%34%21%8.0%%18.8%Jun 23Sep 24Mar 26
Revenue growth
Rising
latest +77.0% · span −21.7% to +100.0%
Profit growth
Rising
latest +153.8% · span −90.0% to +100.0%
ROCE
Rising
latest 18.8% · span 11.6%–56.4%

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.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+71.7%+26.2%+42.8%
Profit+116.7%+12.2%+32.4%
EPS+114.6%−37.8%−46.9%
Share price+35.7%
Revenue YoY (Mar 26)
+77.0%
latest quarter vs a year ago
Profit YoY (Mar 26)
+153.8%
latest quarter vs a year ago
Revenue 10y
41.5%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

75.3/100 — rank 1 of 16 in Capital Goods - Engineering Heavy · 79% evidence confidence

JNK India Ltd scores 75.3 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: 30.3 + 15.6 + 10.2 + 19.2 = 75.3. 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.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

JNK India Ltd reported ₹338 Cr of revenue in the Mar 26 quarter, +77.0% year on year. That is the 4th 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 ₹818 Cr.

FY26 revenue came in at ₹819 Cr (+71.7% on the year), capping 6 years at 41.5% compound. The latest quarter (Mar 26) printed ₹338 Cr, +77.0% year on year — the 4th consecutive quarter of year-over-year growth.

FY26 revenue ₹819 Cr (+71.7% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
41.5% a year over 6 years
RevenueYoY growth
885124%66390%44257%22124%0−9.8%₹ Cr%₹81971.7%FY20FY23FY26
885124%66390%44257%22124%0−9.8%₹ Cr%₹81971.7%FY20FY23FY26
Mar 26: ₹338 Cr (+77.0% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Revenue (quarterly)YoY growth
365151%274104%18358%9112%0−34%₹ Cr%₹33877%Jun 23Sep 24Mar 26
365151%274104%18358%9112%0−34%₹ Cr%₹33877%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +69.2% 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 +71.5% over the last 4 quarters against +30.4%/yr over the last 8 — accelerating; TTM profit +116.7% vs +1.6%/yr — accelerating.

06 · Operating margin

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 14.0% in the Mar 26 quarter, +6.0 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 sits inside that band.

The latest quarter's operating margin is 14.0%, +6.0 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 +5.9 pp year on year while gross margin went +5.4 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 11.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
within a 10.0–21.0% band over 7 years
operating marginYoY change (pp)
22%8.4%19%3.2%16%−2.0%12%−7.2%9.1%−12%%%11%1%FY20FY23FY26
22%8.4%19%3.2%16%−2.0%12%−7.2%9.1%−12%%%11%1%FY20FY23FY26
Mar 26: 14.0% operating margin (+6.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
36%8.6%28%−0.9%19%−11%9.7%−20%0.8%−30%%%14%6%Jun 23Sep 24Mar 26
36%8.6%28%−0.9%19%−11%9.7%−20%0.8%−30%%%14%6%Jun 23Sep 24Mar 26
07 · Net profit

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 ₹33.0 Cr of net profit in the Mar 26 quarter, +153.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The 6-year compound rate is 39.0%. That is 9.8% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.

Mar 26 profit was ₹33.0 Cr, +153.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹65.0 Cr (+116.7%), and the 6-year compound rate is 39.0%.

FY26 profit ₹65.0 Cr (+116.7% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
39.0% a year over 6 years
Net profitYoY growth
70139%5388%3536%18−15%0−67%₹ Cr%₹65116.7%FY20FY23FY26
70139%5388%3536%18−15%0−67%₹ Cr%₹65116.7%FY20FY23FY26
Mar 26: ₹33.0 Cr (+153.8% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
36547%27376%18205%934%0−137%₹ Cr%₹33153.8%Jun 23Sep 24Mar 26
36547%27376%18205%934%0−137%₹ Cr%₹33153.8%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +77.0% and the margin +6.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +158.3% vs revenue +69.2%. 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.

08 · Cash flow — the router

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.

FY26: CFO ₹−2.0 Cr vs profit ₹65.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution.
−49% of 3-year profit arrived as cash
Operating cashNet profitFree cash
7735−8−50−92₹ Cr₹−2₹65₹−32FY20FY23FY26
7735−8−50−92₹ Cr₹−2₹65₹−32FY20FY23FY26
FY26: CFO = −3% of profit (three-year rate −49%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
152%53%−46%−145%−244%%−3%FY20FY23FY26
152%53%−46%−145%−244%%−3%FY20FY23FY26

🚨 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.

09 · Where the cash goes

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.

FY26: a 57-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
+197 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
398253109−35−180days57d15d154d112dFY20FY21FY23FY24FY26
398253109−35−180days57d15d154d112dFY20FY23FY26

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.

FY26: capex ₹30.0 Cr, work-in-progress ₹8.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
32241680₹ Cr₹30₹8FY21FY22FY23FY24FY26
32241680₹ Cr₹30₹8FY21FY23FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

10 · Return on capital

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 +3.7 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: 15.7% − 12.0% = a +3.7 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.

FY26: ROCE 17% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 6-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY25's 15%
ROCEROIC (annual)WACC
115%87%58%30%2.2%%17%16.3%FY21FY23FY26
115%87%58%30%2.2%%17%16.3%FY21FY23FY26
Q4 FY26: ROCE 14.3% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 11 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
48%37%26%15%4.2%%14.3%11.8%Q4 FY23Q3 FY25Q4 FY26
48%37%26%15%4.2%%14.3%11.8%Q4 FY23Q3 FY25Q4 FY26
11 · Debt

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.

FY26: debt ₹91.0 Cr at 0.16× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 4-year window.
Total debtDebt-to-equity
980.4×740.3×490.2×250.1×00.0×₹ Cr×₹910.16×FY23FY24FY26
980.4×740.3×490.2×250.1×00.0×₹ Cr×₹910.16×FY23FY24FY26
Mar 26: debt ₹91.0 Cr, debt-to-equity 0.16 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 11 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
980.4×740.3×490.2×250.1×00.0×₹ Cr×₹910.16×Mar 23Dec 24Mar 26
980.4×740.3×490.2×250.1×00.0×₹ Cr×₹910.16×Mar 23Dec 24Mar 26
12 · Ownership

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.

Fiscal-year ends: promoters +0.0 pts from Mar 25 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 2 year-ends held.
PromotersForeign inst.Domestic inst.Public
73%54%34%15%−4.1%%67.8%1.2%12.6%18.5%Mar 25Mar 26
73%54%34%15%−4.1%%67.8%1.2%12.6%18.5%Mar 25Mar 26
Domestic institutions cut 7.6 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 9 quarters.
PromotersForeign inst.Domestic inst.Public
73%54%34%15%−4.4%%67.8%0.9%10.9%20.4%Jun 24Jun 25Jun 26
73%54%34%15%−4.4%%67.8%0.9%10.9%20.4%Jun 24Jun 25Jun 26
13 · Safety line

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.

14 · Related companies · Capital Goods - Engineering Heavy
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1JNK India Ltdthis pageJNKINDIA 75.3/100Favorable setup79% evidence LEADER 30.3/35 Revenue 71.5% · PAT 100% · OPM change 6 pp 88% evidence 15.6/25 ROCE 17.4% · OPM 14% 100% evidence 10.2/20 P/E 37.7× · PEG — 15% evidence 19.2/20 RS sector 24.3% · RS bench 39.1% · 1Y 33.5%12 of 12 weeks ahead 100% evidence
Exact sum: 30.3 + 15.6 + 10.2 + 19.2 = 75.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Suzlon Energy LtdSUZLON 67.0/100Favorable setup94% evidence ASLEEP 24.4/35 Revenue 45.2% · PAT 50.1% · OPM change -3 pp 100% evidence 16.9/25 ROCE 35.1% · OPM 16% 100% evidence 19.3/20 P/E 20.8× · PEG 0.47 100% evidence 6.4/20 RS sector -7.6% · RS bench -9.8% · 1Y -24.5%7 of 10 weeks ahead 70% evidence
Exact sum: 24.4 + 16.9 + 19.3 + 6.4 = 67 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.6% and the one-year return is -24.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3Disa India LtdDISAQ 63.5/100Mixed-positive evidence77% evidence ASLEEP 18.2/35 Revenue 9.2% · PAT 6% · OPM change 0 pp 83% evidence 21.3/25 ROCE 26.6% · OPM 17% 95% evidence 12.7/20 P/E 31.6× · PEG — 50% evidence 11.3/20 RS sector 3% · RS bench -3.9% · 1Y -14.3%0 of 7 weeks ahead 70% evidence
Exact sum: 18.2 + 21.3 + 12.7 + 11.3 = 63.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Concord Control Systems Ltd543619 59.3/100Mixed-positive evidence66% evidence FADING 21.5/35 Revenue 100% · PAT 100% · OPM change 10 pp 48% evidence 21.1/25 ROCE 30.6% · OPM 30% 76% evidence 8.9/20 P/E 62.1× · PEG — 50% evidence 7.8/20 RS sector -2.5% · RS bench 11.3% · 1Y 131.9%8 of 12 weeks ahead 100% evidence
Exact sum: 21.5 + 21.1 + 8.9 + 7.8 = 59.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Bharat Heavy Electricals LtdBHEL 59.2/100Mixed-positive evidence67% evidence LEADER 25.1/35 Revenue 27% · PAT 100% · OPM change 17 pp 71% evidence 8.3/25 ROCE 9.1% · OPM 7% 76% evidence 9.6/20 P/E 58.3× · PEG — 15% evidence 16.2/20 RS sector 19.6% · RS bench 35% · 1Y 69.5%12 of 12 weeks ahead 100% evidence
Exact sum: 25.1 + 8.3 + 9.6 + 16.2 = 59.2 · 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 evidence65% evidence TURNING 23.6/35 Revenue 62.6% · PAT 100% · OPM change 2.1 pp 65% evidence 6.1/25 ROCE 9.4% · OPM 1.4% 100% evidence 9.1/20 P/E 215.9× · PEG — 15% evidence 16.8/20 RS sector 28.1% · RS bench 46.6% · 1Y 98.9%8 of 8 weeks ahead 70% evidence
Exact sum: 23.6 + 6.1 + 9.1 + 16.8 = 55.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Walchandnagar Industries LtdWALCHANNAG 49.5/100Mixed-negative evidence65% evidence FADING 22.1/35 Revenue 6.2% · PAT 82.9% · OPM change 93.2 pp 62% evidence 5.0/25 ROCE 4.2% · OPM 4.5% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 12.4/20 RS sector 3.2% · RS bench 16.4% · 1Y 13%10 of 12 weeks ahead 100% evidence
Exact sum: 22.1 + 5 + 10 + 12.4 = 49.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Eimco Elecon (India) LtdEIMCOELECO 49.1/100Mixed-negative evidence73% evidence TURNING 14.1/35 Revenue -14.6% · PAT -4.1% · OPM change 3 pp 71% evidence 14.4/25 ROCE 13.2% · OPM 20% 95% evidence 9.5/20 P/E 26.8× · PEG — 50% evidence 11.1/20 RS sector 0.5% · RS bench 1.2% · 1Y -24.2%3 of 10 weeks ahead 70% evidence
Exact sum: 14.1 + 14.4 + 9.5 + 11.1 = 49.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9The Anup Engineering LtdANUP 46.8/100Mixed-negative evidence83% evidence TURNING 13.2/35 Revenue 12.1% · PAT -6.7% · OPM change -4 pp 88% evidence 21.1/25 ROCE 20.7% · OPM 18% 100% evidence 4.8/20 P/E 39× · PEG 5.03 65% evidence 7.7/20 RS sector -11.6% · RS bench 2.1% · 1Y -18.3%7 of 10 weeks ahead 70% evidence
Exact sum: 13.2 + 21.1 + 4.8 + 7.7 = 46.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
10Integra Engineering India Ltd505358 39.8/100Mixed-negative evidence75% evidence ASLEEP 9.4/35 Revenue 1.7% · PAT -16.6% · OPM change -3.5 pp 95% evidence 17.6/25 ROCE 18.5% · OPM 16.4% 76% evidence 10.0/20 P/E 38.5× · PEG — 15% evidence 2.8/20 RS sector -27.3% · RS bench -17.2% · 1Y -32.9%9 of 12 weeks ahead 100% evidence
Exact sum: 9.4 + 17.6 + 10 + 2.8 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Kabra Extrusion Technik LtdKABRAEXTRU 38.8/100Mixed-negative evidence66% evidence TURNING 14.7/35 Revenue 3.1% · PAT -80% · OPM change 8.4 pp 71% evidence 4.7/25 ROCE 0.1% · OPM 5% 95% evidence 8.7/20 P/E 1973× · PEG — 15% evidence 10.7/20 RS sector -6.2% · RS bench 57.8% · 1Y 35.8%4 of 10 weeks ahead 70% evidence
Exact sum: 14.7 + 4.7 + 8.7 + 10.7 = 38.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Inox Wind LtdINOXWIND 38.3/100Mixed-negative evidence83% evidence ASLEEP 14.5/35 Revenue 23.5% · PAT 5.9% · OPM change -4 pp 88% evidence 7.8/25 ROCE 10.5% · OPM 16% 100% evidence 12.8/20 P/E 33.3× · PEG 1.22 65% evidence 3.2/20 RS sector -28.6% · RS bench -31.6% · 1Y -50%0 of 10 weeks ahead 70% evidence
Exact sum: 14.5 + 7.8 + 12.8 + 3.2 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Hercules Investments LtdHERCULES 38.1/100Thin evidence · provisional55% evidence 13.8/35 Revenue -80% · PAT -74.3% · OPM change 3.7 pp 45% evidence 7.8/25 ROCE 5.7% · OPM — 60% evidence 12.7/20 P/E 8.6× · PEG — 50% evidence 3.8/20 RS sector -23.6% · RS bench -33% · 1Y -46.5%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 13.8 + 7.8 + 12.7 + 3.8 = 38.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14Windsor Machines LtdWINDMACHIN 37.0/100Mixed-negative evidence65% evidence ASLEEP 17.9/35 Revenue 54.7% · PAT 45.8% · OPM change -3.2 pp 65% evidence 3.5/25 ROCE 2.1% · OPM 5.9% 100% evidence 8.5/20 P/E 2421× · PEG — 15% evidence 7.1/20 RS sector -10.1% · RS bench -1.2% · 1Y -17.6%7 of 10 weeks ahead 70% evidence
Exact sum: 17.9 + 3.5 + 8.5 + 7.1 = 37 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Bajaj Steel Industries LtdBAJAJST 33.7/100Adverse evidence77% evidence ASLEEP 7.0/35 Revenue -10.4% · PAT -56.2% · OPM change -10.9 pp 83% evidence 13.4/25 ROCE 11.7% · OPM 4.8% 95% evidence 8.5/20 P/E 22.3× · PEG — 50% evidence 4.8/20 RS sector -20% · RS bench -15.9% · 1Y -32.2%0 of 7 weeks ahead 70% evidence
Exact sum: 7 + 13.4 + 8.5 + 4.8 = 33.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Praj Industries LtdPRAJIND 22.3/100Adverse evidence90% evidence ASLEEP 5.1/35 Revenue -1.9% · PAT -80% · OPM change -6.2 pp 88% evidence 6.9/25 ROCE 6.1% · OPM 2.8% 100% evidence 0.5/20 P/E 288× · PEG 4.5 100% evidence 9.8/20 RS sector 1.4% · RS bench -11% · 1Y -35.5%4 of 10 weeks ahead 70% evidence
Exact sum: 5.1 + 6.9 + 0.5 + 9.8 = 22.3 · 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.

15 · Frequently asked questions

Frequently asked questions

What is JNK India Ltd's share price today?

JNK India Ltd trades at ₹438, +35.7% over the past year. The company is valued at ₹2,448 Cr. The stock sits at 76% of its 52-week range of ₹215–₹509, +19.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 12 weeks in. — as of 31 July 2026.

What were JNK India Ltd's latest quarterly results?

JNK India Ltd reported revenue of ₹338 Cr and net profit of ₹33.0 Cr for the Mar 26 quarter. Revenue rose 77.0% and profit rose 153.8% year on year. Earnings per share were ₹5.84. The operating margin was 14.0%, 6.0 pp higher than a year earlier. — as of 31 July 2026.

What is JNK India Ltd's revenue?

JNK India Ltd reported revenue of ₹338 Cr in the Mar 26 quarter, +77.0% 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 31 July 2026.

What is JNK India Ltd's profit?

JNK India Ltd earned ₹33.0 Cr of net profit in the Mar 26 quarter, +153.8% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The operating margin ran 14.0% in the latest quarter. — as of 31 July 2026.

What is JNK India Ltd's market cap?

JNK India Ltd's market capitalisation is ₹2,448 Cr at a share price of ₹438. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is JNK India Ltd's P/E ratio?

JNK India Ltd trades at a P/E of 37.7×, at the 32nd percentile of its own 2-year range, against a long-run median of 44.0×. This is a comparison with the stock's own history, not a value call — as of 31 July 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 31 July 2026.

Is JNK India Ltd overvalued?

On its own history, JNK India Ltd looks cheap against its own history: its P/E of 37.7× has been cheaper only 32% of the time in 2 years (long-run median 44.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.

Is JNK India Ltd growing?

Yes — JNK India Ltd is growing: latest-quarter revenue +77.0% year on year, profit +153.8%, and the margin +6.0 pp at 14.0%. The 6-year compound rates are 41.5% (revenue) and 39.0% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is JNK India Ltd performing?

JNK India Ltd is in a confirmed uptrend, 12 weeks in. Its latest quarter's revenue rose 77.0% and profit rose 153.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is JNK India Ltd in?

Turning around — profit growth swung from −83.3% at the trough to +153.8% off a 4-quarter-old trough (single-quarter readings), ROCE lifting at 18.8%. The read comes from the last 12 quarters of growth (revenue growth +77.0% latest, profit growth +153.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is JNK India Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 12 of stage 2), trading +19.8% versus its 200-day average and at 76% 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 31 July 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 (1 week 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 2.2 years the stock moved −32% against the NIFTY 500's +13% — behind the index over the full window. — as of 31 July 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 ₹438, the price is in a confirmed uptrend 12 weeks in. Its P/E of 37.7× sits at the 32nd percentile of its own 2-year range. — as of 31 July 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 31 July 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 31 July 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 31 July 2026.

What is JNK India Ltd's cash flow?

JNK India Ltd generated ₹−2.0 Cr of operating cash flow in FY26 and ₹−32.0 Cr of free cash flow after ₹30.0 Cr of capital spending. Reported profit that year was ₹65.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is JNK India Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −49% of JNK India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−2.0 Cr against reported profit of ₹65.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 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 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 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 31 July 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 32nd 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 31 July 2026.

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