JNK India Limited, incorporated in 2010, is a specialized heating equipment manufacturer operating in the technology-based EPC (Engineering, Procurement, and Construction) contracts and solutions space, with a growing focus on renewable energy applications. The company converted from a private limited company to a public limited company in May 2023 and successfully listed on BSE and NSE on April 30, 2024.
The company has established comprehensive capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning process-fired heaters, reformers, and cracking furnaces. JNK India is strategically diversifying into waste gas handling systems, including flares and incinerators, and renewable energy systems encompassing hydrogen production/distribution systems and solar PV EPC projects.
JNK India operates in the manufacturing of process fired heaters, reformers, and cracking furnaces that are essential equipment for process industries including oil and gas refineries, petrochemical, and fertilizer industries. The company offers heating equipment such as process fired heaters, steam/hydrogen reformers, and cracking furnaces, along with waste gas handling systems including flare systems and incinerators, and renewable energy systems for hydrogen fueling stations and solar PV plants.
The company operates a manufacturing facility located in the Multi-Product Special Economic Zone in Mundra, Gujarat, exclusively for export production, spread over approximately 20,243 square metres with an installed capacity of 5,000 metric tonnes for manufacturing and modularization per annum. JNK India has completed projects across various Indian states including Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal, with international presence in Nigeria and Mexico.
JNK India has a market capitalization of approximately ₹1,885-1,928 crore as of July 2025, classifying it as a Small Cap stock. The company's P/B ratio stands at 3.82 times, representing a 48% discount to its peers' median range of 7.29 times, while the P/E ratio is 63.82 times, at an 18% premium to its peers' median range of 53.96 times.
• FY25 Performance:
• Revenue: ₹495 crore
• Profit After Tax: ₹30.2 crore (declined 51.80% from FY24)
• Sales: ₹476.65 crore (declined 0.75% from FY24)
• Q4 FY25 Performance:
• Revenue: ₹200 crore
• PAT: ₹13.2 crore (declined 20.48% from Q4 FY24)
• Sales: ₹190.94 crore (declined 15.83%)
• Market Capitalization: ₹1,885 - ₹1,928 crore (as of July 2025)
• Promoter Holding: Mascot Capital and Marketing Pvt. Ltd., JNK Heaters Co. Ltd (25.79% as of Aug 2023), Arvind Kamath, Gaoutam Rampelli, and Dipak Kacharulal Bharuka.
For certain projects, JNK India partners as a global joint engineering and implementing partner with JNK Heaters, which is also one of the corporate promoters holding 25.79% shareholding as of August 2023.
The company has demonstrated strong market confidence with its order book surging to ₹10,819 million, despite facing significant margin pressures. Management has provided FY26 guidance of 40-50% revenue growth with 14-16% EBITDA margin expectations. JNK India remains confident about order inflows and project execution in FY26, with Chairperson Arvind Kamath noting a strong pipeline from prior quarters and anticipating good traction in the first half of FY26.
The Board of Directors recommended a final dividend of ₹0.3 per equity share (15%) for FY25, subject to shareholder approval. The company declared a dividend of ₹0.30 in the quarter ending March 2024, translating to a dividend yield of 0.08%.
The company allotted 1,66,500 equity shares under ESOP on May 29, 2025, increasing the paid-up equity share capital to ₹11,19,07,830 comprising 5,59,53,915 equity shares of ₹2 each. JNK India has implemented strategic cost management initiatives, including a reduction in employee benefits and a shift to an input-based revenue recognition method to stabilize financial performance.
JNK India represents a niche player in the heating equipment segment with expanding capabilities in renewable energy, positioned to benefit from India's growing industrial and energy transition requirements despite facing near-term margin pressures.
