JNK India Ltd (NSE: JNKINDIA) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Arvind Kamath — Chairman
Analysts:
Unidentified Participant
Sahil Sanghvi — Analyst
Ram Modi — Analyst
Amit Agicha — Analyst
Kamlesh Bagmar — Analyst
Ankur Kumar — Analyst
Deepak Purswani — Analyst
Paresh Raja — Analyst
Presentation:
operator
Ladies and gentlemen. Good day and welcome to JNK India Limited Q3FY26 earnings conference call hosted by Monarch Net Worth Capital Limited. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Sahil Sangvi from Monarch Net Worth Capital Limited. Thank you. And over to you sir.
Sahil Sanghvi — Analyst
Thank you. Good afternoon to everyone. On behalf of Monarch Network Capital I welcome you everyone to JNK India’s Q3FY26 earnings call. From the management team we have Mr. Arvind Kamath who’s the chairperson and whole time Director. We have Mr. Anand Agarwal who is AVP Accounts and Finance. And we have Ms. Annie Waggies. She is a Senior Manager, Investor Relations. So without further delay I’ll now hand over the call to the management. Arvind Sir. For the. For the opening remarks. Thank you. And over to you sir.
Arvind Kamath — Chairman
Thank you, Sahil. Good afternoon everyone and thank you for joining us today for the JK India Quarter 3 FY26 earnings call. I am Arvind Kamath, Chairman and the whole time director. We are grateful for your continued support and interest in our company as we progress on our growth journey. The union budget earlier this year has projected India’s GDP growth to remain about 7% in FY26. 27. And the capital expenditure allocation is around rupees 12 lakh crore. With a strategic focus on infrastructure, clean energy, domestic manufacturing, semiconductors and global data centers. For us in JK India, the last nine months of FY26 has been a period of strong growth and strategic advancement.
Reflecting the resilience of our business model and our continued ability to capitalize on emerging opportunities in the key sectors. Specifically Q3FY26 has been a remarkable quarter for JNK India with a strong performance across all key verticals. We reported a total revenue of 2,062.3 million rupees. Reflecting an impressive year on year growth of 112.8%. Our operating profit increased to Rs. 560.2 million with a margin of 27.2% EBITDA for the quarter was rupees 295.1 million, showing a remarkable 202.8% year on year growth with a margin of 14.3%. Profit after tax was rupees 180.2 million, reflecting a significant 534.1% year on year increase with a margin of 8.7%.
We assessed and recognized an impact of new labor code of rupees 9.26 million for the quarter and nine months ended December 31, 2025. Our joint venture with founders of chemdist Group which we had announced earlier this year, continues to be a critical part of our long term growth strategy. Over the past nine months we have made strong progress advancing our green hydrogen and sustainable fuels and chemicals initiatives supported by the evolving policy frameworks such as the National Green Hydrogen Mission that aim to scale green clean hydrogen production and use across the industry. Additionally, in this budget, the full excise duty exemption on the biogas component of Biogas Blended CNG is a positive regulatory measure that enhances cost competitiveness for renewable fuel adoption and creates a more supportive environment for broader deployment.
Together, these developments should strengthen the commercial viability of our growth strategy in low carbon energy solutions while encouraging long term investment and market expansion. This partnership with chemdist strengthens our global market position by combining JK India’s engineering and project execution expertise with chemdist technology and intellectual property portfolio. It also supports India’s hydrogen mission contributing to our sustainability goals. As we progress in commercializing these technologies, we expect the joint venture to generate a significant long term value and enhance our revenue streams. Additionally, in this budget rupees 20,000 crore incentive for decarbonization and carbon capture utilization and storage further supports our effort in driving clean energy initiatives and scaling sustainable solutions.
Looking ahead, JNK India remains focused on executing our strong order book and continuing the momentum from the successful projects we have secured. We are well positioned in the refining, petrochemical, fertilizer and renewable energy sectors, all of which continue to experience strong demand driven by both domestic growth and global sustainability trends. The ongoing transition to cleaner energy solutions further aligns with our strategic initiatives, particularly through our JV with chemdist group in green hydrogen and sustainable fuels and chemicals. As the industry evolves, we remain committed to adapting to new opportunities and challenges. Our ongoing focus on operational excellence, technological innovation and expanding our footprint in emerging sectors will ensure we continue to drive sustainable growth.
With our strong order book and strategic initiatives, we are confident in our ability to Deliver long term value to our stakeholders. Thank you.
Questions and Answers:
operator
Sir. Shall we begin the Q and A session?
Arvind Kamath
Yes please.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish to ask a question may press star and one. Now. Our first question comes from the line of Ram Modi from Prabhudas Leeladhar. Please go ahead.
Ram Modi
Hi, Good afternoon sir. Am I audible?
Arvind Kamath
Yes, you are now.
Ram Modi
Yeah. Hi. Hi. How is our order book pipeline looking forward for next 12 months in terms of order we date or you know even the Dangote refinery is getting an extension. So do you see our prospects there?
Arvind Kamath
Yeah. Hello Ram. We already have an opening order book of 1700 odd crore as on 1st of Jan which is extremely healthy order book to start with. And also in terms of BPCL Bina itself the ongoing project, we still have a decent size of order to be received from JNK India as the execution progresses which will also give us a good further backlog. And in terms of the new prospects, there are a couple of prospects already which are quite in the advanced stage domestically and in export in the Middle east which should get finalized in a quarter or so.
And other than that obviously what you mentioned, Dangote is a huge upcoming opportunity. You may be aware that Dangote has signed the EPCM the project management consulting contract with EIL and they are basically doubling the refining capacity what they have existing in Nigeria. So for the last refinery JNK along with Korea and JNK India we had executed all the fire liters which are commissioned and successfully operating. So we do kind of hope that even this time around for the new refinery which is exactly identical to the existing refinery. So we would be considered favorably for all the fire heaters as well.
And other than that Dangote was also signed with the four fertilizer streams in Nigeria with eil. They also signed the license with the hurdle topso for the technology wherein there are opportunities for the reformers which J and K again gets qualified for the reformers as well.
Ram Modi
Okay. So sir, just another question. So generally we have a bulky Q4 every year. So shall we expect that, you know a large part of execution this year will also be done in Q4 for. Us.
Arvind Kamath
Generally that has been the trend Ram. But yes, what we have also changed the accounting policy now, you know, as we announced earlier. So now it’s more on input method than the output method which we used to follow earlier. So there will be a slight change because of that because whatever we deliver. But still yes, generally considering the vendor supplies and typical in India that’s been the trend. We are trying to keep it as uniform as possible so that it gives more better in terms of cash flows and the margins and everything. So we’ll see how it goes this quarter.
Ram Modi
And last question from my side. How big can be the subsidiary business for us in terms of Hydrogen? Sir, for this where is actually means when can we start getting order inflows in that subsidiary and you know, numbers start flowing in post, you know, development phase there.
Arvind Kamath
Yeah, this Even in the first quarter there has been a revenue of about 23 crores from the subsidy in the consolidated.
Ram Modi
In the last quarter sir, in December quarter.
Arvind Kamath
In the last quarter. In the Q3. Yeah, yeah, first quarter of the JV. I mean yeah, in the last quarter that is Q3 for us.
Ram Modi
And can you break us up to the order book there or how does that look at like.
Arvind Kamath
As on January is about 100 odd crore as on 1st of January and so we expect revenue of about 10% or so for the first couple of years from the subsidies. It can grow slowly. But the more focus which is we’re working on the technologies of green hydrogen and carbon capture and sustainable fuels. So it would take some time but we’re doing a lot of R and D and they already have few patents. And as certain technologies get commercialized we can look at much larger opportunities. But that would take about maybe two years or so.
But we already have one project of Hydrogen Valley on the green hydrogen side which would take off soon. A small pilot project.
Ram Modi
Okay, thank you. So I will just ask some for more questions. I will join back in the queue.
Arvind Kamath
Thank you.
operator
Thank you. A reminder to all the participants, if you wish to ask questions you may press star and 1. Our next question is from the line of Amit Agija from HG Hawa. Please go ahead.
Amit Agicha
Yeah, good afternoon sir and thank you for the opportunity. So what is the current utilization of the Mundra fabrication capacity?
Arvind Kamath
Hi Amit. So the current utilization of Mundra is not much because we are not having so much of export opportunities or export under execution as of now. But because there are only few couple of projects from PETROFAC which are under execution there. But as we go ahead there are we are looking at a couple of large opportunities. Obviously one From Middle east and then dangote, wherein we can, you know, we have an opportunity to utilize it fully.
Amit Agicha
Utilization like what would be the maximum revenue potential per annum from the existing facilities?
Arvind Kamath
For us the facility is not a bottleneck per se because the model what we have, like most of the domestic currently we are executing the orders, you know, where most of the fabrication and execution actually doesn’t happen in our own shop. We ensure that we utilize the approved shops of the customers and which are very close to the project side so that logistically and technically it is easier to handle and manage the project and manage the execution.
Amit Agicha
Answer in flares and insulinators, like is demand being driven more by greenfield projects or regulatory compliance retrofit?
Arvind Kamath
Actually it is both. Not so much on the greenfields, I would say flares and insulators more because of the regulatory compliance and where in the existing plant they try to make it more cleaner.
Amit Agicha
And the last question from my side, how much of the margin expansion came from operating leverage versus the pricing power?
Arvind Kamath
Pardon?
Amit Agicha
The margin expansion, like is it from more from operating leverage or versus the pricing power?
Arvind Kamath
I would say it’s more from the accounting methodology which we changed, if you are aware. So you know, it’s not neither from both of that. I would say our margins are historically to be around this range only only in the few last two to three quarters. In between it lowered rather, I would say because of the, you know, the old legacy projects which was going on in the output accounting method which had to be closed. So now they are almost closed down. So that’s why we see normal margins now. And this would continue.
Amit Agicha
Yeah, thank you. Thank you. On the list.
operator
Thank you. Our next question comes from the line of Prashant Shah, an individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Arvind Kamath
Yes, Prashant, you are.
Unidentified Participant
Yeah, thanks for the opportunity. On a sequential basis, our material cost has gone down from around 78% to 74%. Any color you can give on that and would that be sustainable trend going forward?
Arvind Kamath
Yeah, as I just replied, Prashant, I mean like it depends on the project mix because earlier we had some old projects so wherein, you know, the accounting policy was different. That’s why the material cost was seen higher. But yeah, generally the material cost should be in this range. But again if the service component is more in that particular quarter, then the material cost can be further lower. So it depends on the exactly revenue what we will be invoicing for that particular quarter, whether it is on the material side, supply side or on the services side.
Unidentified Participant
Going forward. I Mean assuming that the same mix will continue and what should be the range that we should be looking forward?
Arvind Kamath
Range of material cost? Material cost? Yeah. Should be in the range of about 70 to 75%. But again if the services component is more. It will, it could come down drastically as well.
Unidentified Participant
Oh, I thought, because if it is a service component, I mean the material cost would. Okay, so material cost will come down and the margins will go up. Understand, understand. And the second thing is we have a very sizable order book of around 17,000 crores. And you know, our annualized. Yeah, more than that. Thanks for that.
Arvind Kamath
Yeah.
Unidentified Participant
So how do we. What mean what steps would we take to improve the execution rate? Like.
Arvind Kamath
I mean, okay, we are already, you know, most of our new order execution is per se, it’s going quite well within the schedule or as per the schedule because execution rate also depends on various factors in terms of the customer, in terms of the approvals from the customers and also the availability of material from the vendors and supplies and things like that. So yeah, from within our side, whatever efficiency we need to build up, we have done that in last two years or so. But to improve it further, it will also have a kind of impact on the other aligned or you know, other allied territories as well.
Unidentified Participant
The other way around. I mean let’s say if what will be the best book to bill ratio that we can look forward to?
Arvind Kamath
I mean anywhere between. See our execution time frame takes on an average of say two, two and a half years. So anywhere between book to bill ratio of around 2 to 2.5 is very healthy for company like us.
Unidentified Participant
Okay, fair enough. I have other questions. I’ll join back with you. Thank you.
Arvind Kamath
Thank you.
operator
Thank you. Our next question comes from the line of Kamlesh Bagmar from Lotus Asset Managers. Please go ahead.
Kamlesh Bagmar
Yeah, thanks sir. And congratulations for excellent set of numbers and, and delivering what you have promised at the beginning of the year. My first question is with regard to the BPCL to Bina refinery. So now how much orders or worth of honor is planning to receive and what could be the timeline?
Arvind Kamath
Yeah. Hi, good afternoon Kamlesh. So basically thank you, thank you for your congratulations and VPC Bina order. The execution is going quite well and we have already received orders worth above about 1050 crores from JK Global which we are executing. And as you know this is a contract which goes for almost two and a half years. So there is an order yet to be received which is in the tune of anywhere between 400 to 600 crore. That, that would be the Range. So we kind of, I think it should come somewhere in next two quarters or so.
Kamlesh Bagmar
With regard to that. We are receiving that order. So what will be the timeline? Let’s say when you are going to bid, put bid for that. And what could be the timeline with regard to getting that order or visibility of that.
Arvind Kamath
This time? What we understand as of now is the devotee would like to go bit fast because it’s more of a repeat basis the refinery they are planning to build and most of the enquiries will be sent to the, you know, the existing suppliers and the approved EIL suppliers. So they’re going on a bit on a fast track. So the inquiries are expected in one quarter or so. And kind of ideally for such kind of a large project, you know, what we expect is the order finalization for a long lead item like heaters or reformers should happen sometime in next two to three quarters, something like quarter third of FY27.
Kamlesh Bagmar
Okay. So in FY27 we expect if we are successful then we can accept orders to come in FY27.
Arvind Kamath
Correct, correct. Ideally that’s the, that’s the timeline.
Kamlesh Bagmar
And lastly sir, our margin guidance remains again to 14%. So there is no upgrade or download to that margin guidance.
Arvind Kamath
Actually this, the last quarter we had, our original margin was 15 plus in terms of EBITDA. But obviously because of the new labor code we had to, you know, take care of the financial, this thing to the extent of almost rupees 9.26 million. So that’s how it has come down to 14.3%. But yeah, we would like to maintain the margin what we had given the guideline last year as of now because we do have the quarter one which was there a bit lower. So just to ensure that, to take care of the complete year.
Kamlesh Bagmar
And thanks a lot for answering the question and best of luck.
Arvind Kamath
Thank you. Thank you.
operator
Thank you. Our next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead.
Ankur Kumar
Hello sir. Thank you for taking my question. Sir, in terms of this, the big thousand crore order in the earlier call you said out of the three years, first year will be slow, second year will be the fastest. So what is the status on that order now?
Arvind Kamath
Yeah, the BPCL Bina order, what we had booked, 10, 50 crores. Yeah, it’s going as per the, you know, as per the expectations and we have not booked any revenue till date of that order. And you know we might book some, only some part of revenue in the last quarter. But yeah, as I said the majority of the revenue will be booked in the next year in FY27 wherein we should be able to book something like maybe around 50, 60% of the revenue.
Ankur Kumar
So given such high bookings, what kind of estimate do you think we should be having for FY27? I think that should be much better year in terms of growth.
Arvind Kamath
I think let’s. I mean we are looking at how to, how to execute, you know, focusing on Q4 as of now. So I think when we complete this quarter, we will be in a better position to give a guidance for the next year. Ankur.
Ankur Kumar
And sir, in terms of Q4, what percentage of this order will be going in Q4?
Arvind Kamath
The Q4 will be hardly any percentage. Yeah, there will not be anything much. Maybe you know, just three, four.
Ankur Kumar
But that order has started for us. Yeah.
Arvind Kamath
After the execution it has come started. Yeah, absolutely.
Ankur Kumar
Got it. And sir, in terms of new order wins, how are we looking at things?
Arvind Kamath
Yes, as I said earlier Ankur, I mean there are a couple of good opportunities which we are focusing on one recent opportunity in domestic and one decent opportunity in exports which both are likely to finalize in the quarter or so that those are immediate opportunities. And other than that in terms of the larger opportunities, obviously you know I just explained about Dangote that that’s which is another major opportunity which has come through EIL which we have done already execution last time about 10 years back. And so that also can be a great opportunity, upcoming opportunity for FY27.
Ankur Kumar
Thank you and all the best.
Arvind Kamath
Thank you.
operator
Thank you. A reminder to all the participants. Whoever wishes to ask a question may press star and one at this time. Our next question is from the line of Sahil Sanghvi from Monarch Net Worth Capital Ltd. Please go ahead.
Sahil Sanghvi
Hi sir, just a few questions from my side. First of all, sir, what could be the opportunity size with the Rangote refinery? I mean if you can give us in the absolute number, if at all, I mean what could we expect here?
Arvind Kamath
See, I mean just to quantify, about 10 years back when we had JNK Global had taken the full contract, the total contract value of 5 liters was about $140 million. So you know, by going by in last 10 years the prices have almost doubled. So you know you. You can just understand the quantum this side. And not only that, as I said, they also coming up with the four fertilizer streams which they’ve already signed up with the eil. So there also there would be four packages of reformers which is also a good opportunity for us.
Sahil Sanghvi
So Any number that you can give us for the reformers. I mean apart from the. That would be smaller, smaller orders.
Arvind Kamath
It could be anywhere between like each reformer package is generally anywhere between 30 to 40 million dollars kind of opportunity. One, one, one line of reformer package.
Sahil Sanghvi
Yeah, got it, got it.
Sahil Sanghvi
Secondly, if you can help us understand any progress on the Russia orders that we were expecting. Hello?
operator
Hello. Yeah, the line for the management is connected, but sir, we are able to hear you. Please give me a moment. I’ll just reconnect the line. Ladies and gentlemen, thank you for patiently waiting. The line for the management has been reconnected over to you, sir.
Sahil Sanghvi
Am I audible?
Arvind Kamath
Yes, you are. Sorry, yeah.
Sahil Sanghvi
Sir, my question was any. Any progress on the orders you are expecting from Russia?
Arvind Kamath
Russia? Not, not yet. I mean that the proposals are there, but I think somehow they’re going extremely slow in finalization.
Sahil Sanghvi
Right, right. And thirdly, where are we on the completion of the HPCL and Reliance orders now? Can completion or are we looking for a spillover to April or May? Is it both the orders?
Arvind Kamath
No, the HPCL would largely get completed by March and Reliance would spill to Q1 of next year as well. Yeah.
Sahil Sanghvi
Got it, got it. Lastly, would it be possible for you to share the bed book in the domestic and export markets?
Arvind Kamath
So we are not able to hear you’ve got disconnected.
Sahil Sanghvi
Can you please reconnect.
operator
Give me a moment. Foreign. Ladies and gentlemen, the line for the management has been reconnected over to you, sir.
Sahil Sanghvi
Yeah, Arvind. Sir.
Arvind Kamath
Yeah. Because of the generator issues. Yeah.
Sahil Sanghvi
I was just checking if. Is it possible to share the big book in the domestic and export market?
operator
I, I can, we will. We can share that with you.
Sahil Sanghvi
Okay. Okay. Lastly on the, on the margin profile for the chemist revenues, would that continue to be low at this level only or can. Can that improve going ahead meaningfully?
Arvind Kamath
No, it will definitely improve. It is just the first quarter of operation and you know, there were also a lot of expenses in terms of the starting up and things like that. But this Q4 onwards, we definitely look for similar margins as ours at least.
Sahil Sanghvi
Okay. Okay. Thank you, sir.
operator
Thank you. Our next question comes from the line of Deepak Perswani from Swan Investments. Please go ahead.
Deepak Purswani
Yeah, hi. Good afternoon, sir. And congratulations. For good sake of numbers. So I just wanted to check it out, couple of things. Firstly, if you can give a broader sense in terms of the dust kit order like we mentioned, there is also some opportunity we are exploring in this Middle east market. What is the quantum of debt orders which you can also give A sense about it.
Arvind Kamath
The Middle east opportunity which we are currently focusing on which would, you know, likely to get finalized in a quarter that that is about anywhere between 200 to 250 crores kind of an opportunity.
Deepak Purswani
Okay. And secondly, so if you can also give the broader sense what is the kind of the arrangement with the JNK Global. I mean how the let’s say like Dina refinery, we have got the order of 2500 crore, how it is distributed between the JNK Global and JNK India.
Arvind Kamath
This being a large cracking furnace contract. JNK Global had a reference for a similar project and that’s how they were qualified to bid for this project by the licenser. And obviously we did all the work in terms of the bit preparation and everything. So how this thing gets split up is all the imported components here. Basically whatever has to be imported from Europe mainly and anywhere other places was taken care by J and K Global. And all the Indian supplies and Indian services is completely being handled from JNK India.
Deepak Purswani
Okay. And I mean like when you say there is going to be the incremental opportunity for the Bina refinery of worth rupees six hundred. So this would be completely a new bidding or some portion would be distributed from the JNK Global that is the.
Arvind Kamath
From the existing contract only.
Deepak Purswani
Okay. Okay. And if you can also give a sense, is there any further this these kind of large opportunities we are exploring and also from the international market point of view, I mean from the US and Europe market, if you can give some sense of how should we look, are there any opportunities which we can capture there as well?
Arvind Kamath
In terms of the large opportunities? Yes, there are even Dangote would be quite a large opportunity. And the other pet chem opportunities which will come up in India, they’ll also be large because we are now getting qualified for the per se this cracking furnace contract which are a very large opportunity, large size opportunities basically. And once you have executed one large contract, the advantage is you get qualified to bid and qualified as a supplier for similar large opportunities in the other upcoming projects as well. And in terms of Europe and US, the main Europe per se, there are not many projects which are coming up.
But in the Eastern Europe like Algeria and Lithuania, those countries we do supply, we already supplying certain equipment now and in US we are supplying the FIRE data to a licensor as of now. But more opportunities could come up. But not so large size opportunities are coming up as on now.
Deepak Purswani
Okay. And so finally if I were to look into the broader whatever discussion we had, we are exploring, I Mean we are anticipating binary, sorry this vena refinery project of 400 to 500 crore and then there are some other opportunity. Putting it all together and considering execution of few code probably beginning of next year we will have the order book close to 2000. Or like you mentioned our average execution period is 2 to 2.5. Would it based on the opening order book we can execute to the extent of thousand order or next year. If you can just give the broader sense.
Am I right in my understanding or is. I mean can you please throw some light on these numbers?
Arvind Kamath
I mean see generally broadly yes that’s whatever the figures we have mentioned. But what happens is the timing could be you know depending on quarter on quarter because these are kind of a bit of a large size opportunity. That’s why I said, you know regarding the next year we would be in a better position to give a guidance while we end this quarter that way. So you know in terms of the more accurate guidelines that would be an appropriate time. But yeah, in a broader sense what you’re saying generally obviously it is just a typical like a match, you know when you do one plus one is two.
So that, that’s how we can arrive at. Yeah.
Deepak Purswani
Okay. And so in, in terms of the working capital cycle if you can also give a sense how much is the funding and non funding limiter which are available to us to explore the new bid pipeline as well as to execute the current order book? Is there, are we, I mean are we comfortably placed on the working capital limit to execute these orders and explore the new opportunities?
Arvind Kamath
Yeah, see as of now, yeah we are comfortably placed to execute the existing contracts. In terms of the non fund based limits we have almost like around 500 crores or so and fund based limit is about 100 crores. So that is sufficient for the execution of the existing contract. And the obviously the advantage what we have is with JNK Global taking this BPC contract like BPCL Bina which is a large contract, what happens is they could give up bank guarantees from Korea so the bank guarantee burden doesn’t come on us directly. So that also gives us a bit more leverage in terms of taking up the new contracts as well.
Deepak Purswani
Okay, and what is the utilization of current fund and non fund limit limits?
Arvind Kamath
The non fund based limit in terms of the bank guarantees is like utilizes to the extent of almost 470 crores or so mainly because of the Reliance contract which is you know whatever the progress payments we receive we have to give the bank guarantee. So that would free in a couple of Quarters per se. But yeah, as of now the limit utilized is around 470 crores. And in the cash limit. Yeah, it just varies. So it’s about 70 crores as of now.
Deepak Purswani
Okay. And since you mentioned about Reliance project is going to get executed by Q1 or maximum by Q2. So post that majority of this non fund limit get free. I think there would be some kind of the performance guarantees as well, right?
Arvind Kamath
Yeah. Performance guarantees would be to the extent of 10% of the contract value that that would be blocked. But other than that whatever we gave towards the progress payment that those will be. Please.
Deepak Purswani
That would be sufficient enough to explore the new opportunity like the project which we discussed.
Arvind Kamath
Yeah, it would be. Then again as I said, you know if the project where the opportunity is very large we also have a support of JNK Global in terms of, you know. Yeah, yeah. Or we could also explore the additional non fund based limit based on the project basis. Because this, this Reliance was also the limits. What we have was also was given to us when we got the Reliance contract. So from that point of view once we do have a project that time also we can get additional limits from the banks as well.
Deepak Purswani
Thank you and wish you all the best.
Arvind Kamath
Thank you. Thank you.
operator
Thank you. Our next question comes from the line of Anukul from Invader. Please go ahead.
Unidentified Participant
Yeah, so thanks for the opportunity. So first question is what is the current capacity utilization?
operator
Capacity utilization.
Arvind Kamath
Hello. Yeah. Hi Anukul. Our capacity, the capacity kind of a bottleneck. What we have is mainly on the manpower. That is the engineering manpower and the you know the employees. What we have and the. I would say the earlier question referring to as the financial limits because the. In terms of the execution or the fabrication supplies manufacturing there we can expand depending on the you know the project and the type of execution and where the project is that way. So in terms of manpower and financial I would say, you know we are somewhere around current utilization is something like 70% or so.
Unidentified Participant
Understood. So understood. Other questions on the side we had earlier guided for a 40% on growth for FY26. Are we sticking to that guidance?
Arvind Kamath
Yeah, around that I think we gave a range so we will definitely be within the range.
Unidentified Participant
Yeah, understood. That’s it. From. Thank you sir.
Arvind Kamath
Thank you.
operator
Thank you. Ladies and gentlemen. If you wish to ask questions you may press star and 1. Our next question comes from the line of Paresh G. Raja from Ladder Up Corporate Advisory Services Private limited. Please go ahead.
Paresh Raja
Hi sir. Sir, I remember you executing CBG project for Indian Oil Corporation. So while Government of India had big plans of setting up cbg. Not much has progressed on that front. Can you throw some light in terms of where could be the issue in terms of CBG not taking off as ethanol has taken up? Is there any technology issue or is there any feedstock issue?
Arvind Kamath
Hello. Hello, Parish. Yeah, we have executed one contract of CBG to hydrogen fuel station from jnk. And yeah, we did bid for a couple of CBG opportunities as well from vegetable. You know, listening to the hydrogen, I mean vegetable listening to CBG projects. But they have not taken. Taken off as much. But I think even as I mentioned, even in this budget they’ve given certain concession and slowly I think the plants are getting stabilized. But as you rightly mentioned, the technology and stabilization is an issue. Whereas even in India there are very few CPG plants are operating as of now, comparing to the western world like Europe and Spain and things like that.
So we have a long way to go. And as the technology stabilizes and the raw material supply for the plants stabilizes, I think there will be more opportunities coming up.
Paresh Raja
Okay, so I think it’s going to be the technology which is going to be the main challenge because not many players are trying for setting up the CBG plant. But technology is something which is creating a bottleneck.
Arvind Kamath
Absolutely correct. Because based on the various raw materials like mud press or you know, vegetable, either the paddy straw. So what raw material we are using, for every raw material, different type of technology is required to ensure that you are able to get a pure and clean gas. So that’s where the issues are. And we are many of the companies who are putting of the plants are facing these issues. So I think now slowly people are focusing more on technology and more on the technology which are proven in Europe for the specific raw material and trying to use that.
I think we are slowly coming off the edge now and I think that we should see some better plans coming up soon.
Paresh Raja
So isn’t there a possibility of we partnering with someone in Europe, you know, to take the technology and developing, developing the technology over here?
Arvind Kamath
Yeah, we are looking at those options as well. Parish. Actually one of the project we did quote in that sense in a similar fashion with tying up with the European company. So it also depends on the raw material specific though. But then we are looking for such opportunities as well.
Paresh Raja
Okay, that’s it from my side. Thank you.
Arvind Kamath
Thank you, thank you, thank you.
Sahil Sanghvi
Next question is a follow up from Kamlesh Bagmar from Lotus Asset Manager. Please go ahead.
Kamlesh Bagmar
Just a query with regard to one of the Question you had answered that apart from this left out order and opportunity you are also expecting some orders from other segments. So can you highlight that? And I really forgot the numbers or the quantified number which you told about.
Arvind Kamath
Yes, there are two opportunities. Both are, one is on the waste gas handling from the Middle east where we are bidded and the other one is more like a clean fuel project in India. So both of here we are technically qualified and commercial negotiation should happen or commercial or private happening. Opening from Indian perspective should happen soon. So this is the two opportunities which you know we’re looking to get finalized in a, in next two to three months time. Both are in the range of 250 crores each of them. Yeah, 200 to 250 crores. And the timeline would be a couple of quarters.
Arvind Kamath
About a quarter, two to three months.
Kamlesh Bagmar
Okay.
operator
Thank you. Our next question is from the line of Satish, an individual investor. Please go ahead.
Unidentified Participant
Congrats for good set of numbers sir. And my question is do we have anything relevant the ammonia project in Kakinada.
Arvind Kamath
Hello Satish. As of now we don’t have any relevant supplies or opportunities in the ammonia project at Kakinada which is coming up but we do work with the some technology licenses in terms of the green ammonia project in putting up the certain parts ourselves.
Unidentified Participant
Okay. And my next question is
Arvind Kamath
they do also have a technology itself in green ammonia which is coming up and they’re working on it. Yeah.
Unidentified Participant
Okay, thank you. And my next question is, can you give us some insights onto what kind of order book size we can have from chemist and green hydrogen projects by end of this financial year or I mean December.
Arvind Kamath
As on December 2025 their order book size was about 100 odd crores. And as I said in first two, three years we are looking their revenue or their order book to the extent of about 10 to 15% of our JK India standard.
Unidentified Participant
Okay, thank you. That’s it.
Arvind Kamath
Thank you. Thanks.
operator
Thank you. Our next question comes from the line of Venkat Vanse from PowerMac Projects. Please go ahead.
Unidentified Participant
Hello. Hello. Yes.
Arvind Kamath
Yes.
Unidentified Participant
Sir, after giving the good results and the why it is happening in this.
Arvind Kamath
You’re not audible to us.
Unidentified Participant
The question is getting a good results. In the two quarters. The why and why it is having pressure in this JNK India.
Arvind Kamath
Pressure on what? You’re not clear vent.
operator
So you’re not clearly audible. Can you please use a handset?
Unidentified Participant
Yeah, one second.
operator
Can you please speak a little louder?
Unidentified Participant
After giving good results in quarter two and quarter three and while it is getting under pressure.
Arvind Kamath
What is under pressure? Venkat?
operator
Sir, can you please. Okay, I think we just lost the participant. Ladies and gentlemen, if you wish to ask a question, you may press Star and one. As there are no further questions, on behalf of Monarch Net Worth Capital Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.
operator
Thank you.