Analysts/Institutional Investor Meet/Con. Call Updates

JNK India Limited (Formerly known as JNK India Private Limited) CIN: L29268MH2010PLC204223 203 to 206, Centrum, Plot No. C-3, S.G. Barve Road, Wagle Estate, Thane (W) – 400604, Maharashtra, INDIA Tel : 91-22-68858000 Email: admin@jnkindia.com Website: www.jnkindia.com Date: August 19, 2026 To, To, BSE Limited, National Stock Exchange of India Limited, The General Manager, The Manager, Listing Department Department of Listing Operations, Exchange Plaza, C-1, Block-G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 001 Mumbai – 400 051 Scrip code: 544167 Security Symbol: JNKINDIA Dear Sir/Madam, Sub: Q1FY27 Earnings Call Transcript Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed transcript of Q1FY27 Earnings Call held on Wednesday, August 12, 2026, at 12.00 PM The transcript is also available on the website of the Company at https://www.jnkindia.com/ Kindly take the same on your records. Thanking you, Yours faithfully, For JNK India Limited Ashish Soni Company Secretary and Compliance Officer Encl: a/a “JNK India Limited Q1 FY27 Earnings Conference Call” August 12, 2026 E&OE - this transcript is edited for factual errors. in case of discrepancy, this transcript uploaded on the stock exchanges and company’s website shall prevail. MANAGEMENT: MR. ARVIND KAMATH – CHAIRPERSON AND WHOLE- TIME DIRECTOR – JNK INDIA LIMITED MR. DIPAK BHARUKA – CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR – JNK INDIA LIMITED MS. ANNIE VARGHESE – SENIOR MANAGER, INVESTOR RELATIONS – JNK INDIA LIMITED MODERATOR: MR. MAHESH PATIL – ICICI SECURITIES LIMITED Page 1 of 17 JNK India Limited August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to JNK India Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mahesh Patil from ICICI Securities. Thank you, and over to you, sir. Mahesh Patil: Thank you. Good morning to all. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 Earnings Call of JNK India Limited. Today, we have with us from the management, Mr. Arvind Kamath, Chairperson and Whole-Time Director; Mr. Dipak Bharuka, CEO and Whole- Time Director; and Ms. Annie Varghese, Senior Manager, Investor Relations. We'll begin with opening remarks from the management, which will be followed by a Q&A. Thank you, and over to you, sir. Arvind Kamath: Good afternoon, everyone, and thank you for joining JNK India Limited's Q1 FY27 Earnings Conference Call. I hope you have had an opportunity to go through our financial results and investor presentation, which are available on the company's website and on the stock exchanges. Before I discuss the business outlook, I would like to highlight an important aspect of our quarterly performance and the inherent seasonality of our business. Our revenue recognition is typically back-ended given the project-based nature of our business, the engineering and procurement cycle, vendor supplies and the timing of project execution. Historically, Q1 contributes about 10% to 15% of our full year revenue, while H1 contributes 30% to 35%. H2 accounts for the remaining 60% to 70% of our annual revenue. Therefore, sequential improvement in revenue through the year is a normal feature of our business with Q3 and Q4 being significantly stronger than the first half. We continue to work towards making execution more uniform. However, the project cycle and supply time lines mean that some degree of seasonality will remain. Our order book as on 30th of June 2026 stood at INR 1,801 crores, providing us with a very healthy base of executable projects for the year. Our revenue growth guidance of around 20% to 25% remains intact. We also maintain our full year EBITDA margin guidance of about 12% to 14%. We are progressing on projects such as BPCL Bina project, where execution is underway and a significant portion of the project revenue is expected to be recognized during FY27 and also on FY28. This provides us with a good base of revenue visibility as we move throughout the year. We continue to see encouraging traction across both domestic and international markets. Our current overall opportunity pipeline is more than INR 6,000 crores with a broadly balanced 50:50% mix between international and domestic opportunities. While heating continues to remain a core strength for us, about 60% of the current opportunity pipeline is related to the heating equipment, while the remaining 40% comprises process plants Page 2 of 17 JNK India Limited August 12, 2026 and other special fabricated equipment and adjacent technology-led EPC opportunities. This diversification is strategically important for us because it allows us to leverage our existing engineering, project execution and qualification capabilities across a much broader opportunity set. On the export side, Africa remains an important market for us, particularly countries such as Nigeria and Ethiopia, where significant investments are being planned across refining, petrochemicals and fertilizers. We also continue to see opportunities across the Middle East and other international markets. As we have highlighted earlier, the qualification and execution of large and technically complex projects provides us with an important advantage as successful execution strengthens our ability to qualify for similar projects with other customers and licensors. Alongside this opportunity pipeline, we also entered FY27 with a healthy execution base with several large projects already underway. At the same time, we remain focused on disciplined order selection and execution. Our objective is not simply to grow the order book, but to build a sustainable order pipeline with healthy margins, manageable execution requirements and attractive long-term opportunities. At the same time, we are taking further steps to diversify our business into new and adjacent opportunities that can become important growth avenues for JNK India over the medium term. While heating equipment continues to remain a core strength for us, we are increasingly leveraging our existing engineering, fabrication and project execution capabilities to address opportunities beyond our traditional areas of operation. Our upcoming avenue are the offshore and metals and minerals industries with a focus also on renewable energy. Importantly, this is an extension of capabilities that we already possess rather than an entirely new area for us. We have the required engineering and execution capabilities, and our focus now is to strengthen these further for the specific requirements of offshore applications and leverage them to address the larger opportunity emerging in this segment. We believe that these adjacent opportunities can help us expand our addressable market while building on the capabilities and expertise that we have developed over the years. This is an important part of our broader strategy to gradually diversify JNK India beyond its traditional heating equipment business and reduce the dependency on large capex-based orders in the refining and petchem businesses. I would also like to provide some context around the recent order cancellation. The large export order received on June 8, 2026, was subsequently canceled solely due to the technical approval requirements. The international EPC contractor who had awarded the contract to JNK India was confident of securing the required technical approval from the licensor. However, the approval did not materialize in time. Importantly, the cancellation happened at a very early st [Showing first 8,000 characters — download PDF for full document]