JNK India Limited | Globe Capital Market LTD.
JNK India Limited
Price Band
₹395 to ₹415
IPO Issue Period
April 23, 2024 to April 25, 2024
Issue Size
₹649.47 Cr
Face value
₹2 per share
Fresh issue
₹300.00 Cr
Offer for sale
₹349.47 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
April 30, 2024

Iifl Securities Ltd
ICICI Securities Limited

JNK India Limited was incorporated in 2010 and is engaged in the design, manufacture, supply, installation, and commissioning of process-fired heaters, reformers and cracking furnaces. The company has completed projects in Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu and West Bengal and has implemented projects globally, including in Nigeria and Mexico. As of March 31, 2023, the company has served over 17 clients in India and seven clients overseas. The domestic clients include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited and Numaligarh Refinery Limited.
All products in JNK India Limited are manufactured as per the requirements of the customer and in accordance with the applicable standards. The manufacturing is done at the in-house manufacturing facilities and/or third-party vendors. One of the manufacturing facilities is located in the Multi-Product Special Economic Zone in Mundra, Gujarat, where production is exclusively for export. It is spread over an area of about 20,243 square metres with an installed capacity of 5,000 metric tonnes for manufacturing and modularization per annum.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 411.55 297.14 138.45
Profit After Tax 46.36 35.98 16.48
EPS 9.66 7.50 3.43
OPM (%) 18.05% 18.41% 18.89%
PATM (%) 11.38% 12.14% 11.96%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
JNK India Limited 2308 415 11.92 43.7 411.55 46.36
Elecon Engineering Company Ltd. 13,089 1,167 9 37 1,937 349
Thermax Ltd. 57,369 4,815 14 94 8,871 612


*Market cap @upper band 

• Market leader of process fired heaters in India with established track record
• Well-positioned to capture industry tailwinds through our demonstrated capabilities over time.
• Diversifying product portfolio to cater to varied industries
• Demonstrated financial performance with a robust Order Book reflecting revenue visibility
• Skilled and experienced Promoters and management team with committed employee base.

The company intends to use the net proceeds from the issue to finance the following objects:
• Working capital requirements; and
• General corporate purposes.

The company has created a niche place in Heating Equipment segment and has been posting growth in its top and bottom lines for the reported periods. Based on FY24 annualized earnings, the issue appears reasonably priced. Investors may subscribe for the medium to long term rewards.

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