1. Non-heating segment - 40% of revenue in 3-5 years On track - At the Q1 FY27 call, management targeted around 40% of revenue from the non-heating/diversification segment over the next 3 to 5 years, expanding the earlier green hydrogen/renewables 30% target. FY26 revenue mix showed heating equipment at 72.7%, so non-heating was \~27.3%; the window runs to Jun 2029-Jun 2031.
2. Green hydrogen technology (Chemdist) - plant this year, prove and run next year On track - At the Q4 FY26 call, management said the green hydrogen technology plant (Chemdist) was being put up this year, hoping to prove and run it next year. Q1 FY27 execution of the green hydrogen order stood at about INR 50 crores, to be completed this year with some spillover to Q1 next year.
3. Order book target - cross \~₹2,000 crore in FY27 On track - At the Q4 FY26 call, management hoped to cross \~Rs. 2,000 crores order book in FY27. Order book stood at ₹1,801 crores as of June 30, 2026, below the target with the full year still to run.
4. Order inflow target - \~₹1,300-1,500 crore new order book On track - At the Q4 FY26 call, management expected \~Rs. 1,300-1,500 crores of new order book from a 25%-30% bid pipeline conversion, enough for two years of growth; by Q1 FY27 the hit-rate assumption was 20%-25% of a ₹6,000 crores pipeline. Order book was ₹1,801 crores as of June 30, 2026, down from ₹1,961.4 crore at FY26-end.
5. Export waste gas handling package (\~₹200-250 crore) - finalization in a week or two Missed - At the Q4 FY26 call, the export waste gas handling package (\~Rs. 200-250 crores) was expected to be finalized "a week or two" out, in final commercial discussions. No finalization of this package was disclosed by Q1 FY27, and a large export order received on June 8, 2026 was cancelled due to licensor approval issues.
6. BPCL Bina cracking furnace order - execution through FY27-FY28 On track - At the Q2 FY26 call, the BPCL cracking furnace project (via JNK Global) was to be completed by around 2028, with lighter dispatches in year 1 and heavier in year 2; by Q3 FY26, \~50-60% of the Rs. 1,050 crore order revenue was expected in FY27. No revenue had been booked till Q3 FY26 though execution had started, and in Q1 FY27 BPCL Bina remained the biggest of four JNK Global projects in the order book.
7. Chemdist JV EBITDA margin - 10-12% Pending - At the Q1 FY26 call, management guided JV EBITDA profitability anywhere between 10%-12%, later committing from Q4 FY26 to margins "similar margins as ours at least". In Q1 FY27 the JNK Chemdist JV posted an operating loss of about INR 3.6 crores, dragging consolidated EBITDA margin to about 11.8%; management expects break-even by year-end FY27.
8. Chemdist JV - 10-15% of JNK India revenue in 2-3 years On track - At the Q1 FY26 call, management said the Chemdist JV (JNK India 51%) would contribute 8%-10% of revenue in FY26, 10%-15% in 2-3 years and 15%-25% up to 5 years, later reiterated at 10%-15% "this year onwards". FY26 contribution was \~7% of group revenue with six months of operations, rising to 8.8% in Q1 FY27.
9. Bid pipeline of \~₹4,000 crore - finalization in 6-8 months to 1 year Partial - From the Q1 FY25 call, management flagged a bid pipeline of roughly Rs. 4,000 crores with orders hoped in Q2-Q4; by Q3 FY25 a \~₹4,000 crores exports plus \~₹4,000 crores domestic pipeline was to be finalized in 6 to 8 months, and by Q1 FY26 about INR 3,000 crores was expected that financial year. FY26 order inflows were Rs. 1,694.4 crores, below the \~₹3,000 crore expectation, with the horizon pushed to the entire INR 6,000 crores pipeline in FY27.
10. ESOP expense - conclude by end of FY25 Delivered - At the Q1 FY25 call, management said ESOP expense would continue through Q2-Q4 FY25 and get over by FY25, with the CFO confirming in Q3 FY25 that costs would conclude by end of FY25. In Q4 FY25, employee benefit expense fell from INR 26.3 crores to INR 3.2 crores, attributed to the ESOP charge ending on 31st March 2025.
11. Working capital cycle - return to normal (\~120 days) Delivered - At the Q2 FY25 call, management said the H1 FY25 working capital deterioration would not persist going forward, and in Q3 FY25 the CFO guided a cycle "around 120 days going forward". The cash conversion cycle improved to 76 days in H1 FY26 from 232 days in H1 FY25, and FY26 operating cash flow was positive.
12. US CVR Energy fired heater order - delivery in \~15 months Pending - At the Q2 FY25 call, management gave the US CVR Energy fired heater order a delivery period of about 15 months for a supply-only scope. By Q4 FY26 the first order's first supply was almost completed; no full-delivery disclosure is in our record.
13. HPCL TDAE process plant order - completion in 18-22 months Pending - At the Q2 FY25 call, management gave the HPCL TDAE process plant order a completion timeline of about 18 to 22 months, later tightened to a Q4 FY26 close and "largely completed by March" at Q3 FY26. Q4 FY26 and Q1 FY27 hold no explicit HPCL completion disclosure in our record, though site work had started as of Q4 FY25.
14. Reliance cracking furnace order - execution by March 2026 Pending - At the Q1 FY25 call, management gave the Reliance cracking furnace order a timeline of two furnaces in 21 months and two in 22 months, with completion by March '26 per the Q3 FY25 call, later spilling to Q1 FY27 per Q2-Q3 FY26. No explicit disclosure confirming completion by March 2026 or Q1 FY27 is in our record; Q4 FY26 noted two cracking furnace orders of \~Rs. 650 crores total for execution this year.
15. FY27 EBITDA margin - 14-15% (later 12-14%) On track - At the Q4 FY26 call, management guided normalized EBITDA margin of 14%-15% going forward and reaffirmed it for FY27; by Q1 FY27 the full-year guidance was maintained at about 12% to 14%. Q1 FY27 consolidated EBITDA margin was 11.8%, while standalone JNK India stood at 14%.
16. FY27 revenue growth - 25-30% (later 20-25%) On track - At the Q4 FY26 call, management guided consolidated revenue growth of \~25%-30% for FY27; at Q1 FY27 the full-year guidance was maintained at around 20% to 25%. Q1 FY27 consolidated revenue grew 80.6% year-on-year to INR 186 crores, with the full year still to run.
17. FY26 EBITDA margin - 13-14% (later 12-13%) Delivered - At the Q1 FY26 call, management reiterated FY26 EBITDA margins of roughly 12%-13%, and at Q3 FY26 reiterated 13-14% EBITDA guidance. FY26 EBITDA margin came in at 13.3%, within the guided range, moving from Q1 \~7% to Q4 >15%.
18. FY26 revenue growth - 40-50% over FY25 Delivered - At the Q4 FY25 call, management guided FY26 revenue growth of around 40% to 50% over FY25, framed as "conservative", and reiterated it through Q1-Q3 FY26. FY26 revenue was ₹838 crore, up 68.0% YoY from ₹498.7 crore in FY25, exceeding the guidance.
19. JNK India order book execution - entire Q2 FY25 order book (₹1,311.6 crore) by FY26 Partial - At the Q2 FY25 call, JNK India said it would endeavour to close the entire order book of 1,311.6 crore by FY26, anticipating no customer-driven delay, later spread over six quarters at Q4 FY25 and up to Q1 FY27 at Q1 FY26. FY26 revenue was ₹838 crore, and \~₹40 crore of legacy orders remained at Q4 FY26 alongside a new order book of \~Rs. 1,850 crores.
20. FY25 order book execution - entire opening order book (\~₹640 crore) in FY25 Missed - At the Q1 FY25 call, management said it endeavoured to execute the entire opening order book (\~Rs. 640 crores as on 1st April 2024) in FY25 plus some new orders; the Q2 FY25 call framed this as revenue of INR600-700 crore, trimmed \~10% at Q3 FY25. FY25 revenue was ₹495 crore, with \~₹70 crore slipping to FY26 due to external factors.
21. FY25 PAT margin - 11-12% (later \~10%) Missed - At the Q1 FY25 call, the CFO reiterated guidance of \~11-12% PAT margin annually, revised at Q2 FY25 to "10% or so" by end of FY25. FY25 PAT margin was 6.1%, with PAT of ₹30.2 crore, down 51.8% YoY.
22. FY25 EBITDA margin - \~18% (later 12-13%) Partial - At the Q1 FY25 call, the CFO reiterated \~18% EBITDA margin guidance annually, with Q2 FY25 aiming "as near as 18%"; by Q3 FY25 the full-year figure was affirmed at "somewhere around 12% to 13%" including ESOP cost, and Q4 FY25 guided 14% to 16% going forward. FY25 EBITDA margin was 13.1%, within the revised range but below the original \~18% target.
23. FY25 revenue growth - 25-30% YoY Missed - At the Q1 FY25 call, management guided revenue growth of around 25-30% year-on-year, saying "we should be able to exceed that in the next couple of years as well"; FY25 revenue was later guided to INR600-700 crores, then trimmed \~10-12% at Q3 FY25 on external execution delays. FY25 revenue was ₹495.01 crore, up 2.5% YoY, with \~₹70 crore attributed to delayed client payments and shipment issues.
24. Order book target - ₹800 crore in FY2024-25 Delivered - In the FY24 annual report, management targeted an order book of ₹800 crore in FY 2024-25, versus ₹227.99 crore achieved in FY 2023-24. FY25 order book closed at ₹1,081.9 crore, exceeding the target.
25. IPO proceeds utilization - by Fiscal 2026 Partial - Per the Offer Document dated April 25, 2024, the entire IPO net proceeds were proposed to be utilised by Fiscal 2026. The August 2026 deviation statement slipped working capital utilisation completion to Fiscal 2027 while noting full utilisation of the entire net proceeds of 2,816.99 million, confirmed as fully utilised with nil unutilised as on 30 June 2026.