JNK India Ltd - Stock Valuation and Financial Performance

JNK India Limited was incorporated as ‘JNK India Private Limited’, a private limited company under the Companies Act, 1956, in Thane, Maharashtra pursuant to a certificate of incorporation dated June 14, 2010 granted by the RoC. Pursuant to the conversion of the Company from a private limited company into a public limited company and as approved by its Board on April 12, 2023, and a special resolution passed by its Shareholders at the EGM on April 14, 2023, the name of the Company was changed to “JNK India Limited”, and the RoC issued a fresh certificate of incorporation on May 26, 2023.

The company is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the ‘Heating Equipment’) that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries. It has capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning Heating Equipment and caters to both domestic and overseas market. The Indian heating equipment market is closely competed among seven companies with the Company and Thermax being the most prominent and comparable players. Over the years it has diversified into flares and incinerator systems and has been developing capabilities in the renewable sector with green hydrogen. 

The company’s business model involves collaboration with its customers, from the initial consultation, specification and design stage to the final installation of the Heating Equipment. Due to its long-standing relationship with customers and its capability to provide customized solutions with a proven track record in product development and execution catering to the diverse needs of its customers, it has a competitive advantage, since there are very few competitors with similar capabilities. It has catered to overseas customers such as a leading engineering, procurement and construction (EPC) company in Europe, a leading oil & gas exploration & Production Company in Oman and a Middle East arm of European EPC Company in oil and gas. Also it has enjoyed repeat orders from certain large domestic customers such as Rashtriya Chemical & Fertilizers, Tata Projects, Numaligarh Refinery and Indian Oil Corporation. 

Business area of the company

The company is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the Heating Equipment) that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries. It has capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning Heating Equipment and caters to both domestic and overseas market.

Awards, accreditations and recognitions

• 2020: Appreciation for the early completion of supply heaters work for MS block revamp at Numaligarh Refinery Limited.
• 2021: Received ISO 9001:2015 accreditation for its quality management system at its registered office. 
• 2021: Received ISO 14001:2015 accreditation for its environment management system at its registered office. 
• 2022: Received ISO 45001:2018 accreditation for its occupational health and management system at its registered office. 
• 2022: Selected for Niryat Shree - Silver Trophy in the Service Provider Category at the 17th set of awards hosted by the Federation of Indian Export Organisations. 
• 2022: Certificate of appreciation from Dangote Petroleum Refinery and Petrochemicals, Nigeria for contribution, dedication, commitment towards safety compliance and campaign performance. 
• 2022: Certificate of appreciation from Dangote Petroleum Refinery and Petrochemicals, Nigeria for providing four million safe man-hours without a lost time incident and recognizing the effective contribution towards installation of process fired heaters.

History and milestones 

• 2010: Incorporation of the Company. 
• 2019: First purchase order for erection work in Nigeria. 
• 2021: Received its first purchase order for supply of natural gas and bio - compressed natural gas reformingbased hydrogen infrastructure for refuelling fuel cell buses. 
• 2021: Received letter of approval for setting up of its manufacturing unit in Mundra, Gujarat (SEZ). 
• 2021: Received first purchase order for flare systems, in Nigeria.
• 2022: Incorporation of its subsidiary, JNK Renewable Energy Private Limited. 
• 2023: First sub-contract received for a project in the steel industry. 
• 2023: Entered into a consortium agreement dated December 18, 2023 with a company to offer their services to prospective customers and clients and co-operate as a consortium on several initiatives for various compressed biogas projects.