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πŸ”₯ JNK India Ltd – From Heaters to Hydrogen: Still Lukewarm?

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πŸ“Œ At a Glance

JNK India Ltd is in the business of process-fired heaters, cracking furnaces, and other heat-transfer equipment, and now wants a piece of the hydrogen + solar EPC pie too. The company has shown strong growth since FY20, but FY25 was… mid. With slowing margins, a 261-day debtor cycle, and a 62x P/E, the stock needs more than just heat β€” it needs a spark.


1. πŸ§ͺ WTF Do They Even Do?

JNK India is your industrial boiler room boss:

  • Builds process-fired heaters, reformers, furnaces for oil & gas, chemical, and power industries.
  • Expanding into:
    • Flare Systems & Incinerators
    • Hydrogen Production & Distribution Systems
    • Solar EPC

So yes, they’re kind of like the Shaadi.com of industrial heating β€” trying to match gas with fire, now trying solar with subsidies.


2. πŸ“Š Financials Overview

FY25 Snapshot:

MetricFY24FY25
Revenueβ‚Ή477 Crβ‚Ή473 Cr
EBITDAβ‚Ή101 Crβ‚Ή46 Cr
Net Profitβ‚Ή62 Crβ‚Ή30 Cr
EPSβ‚Ή12.76β‚Ή5.40
OPM21%10%
ROCE46%15%
ROE13%8.6%

πŸ’₯ Key Issues:

  • PAT down 51% YoY πŸ“‰
  • OPM got halved.
  • CFO: -β‚Ή66 Cr (vs already negative
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Read Full 16 Point breakdown. Continue reading β†’