Subscribe – Long term, JNK India Ltd: Anand Rathi

Anand Rathi, has come out with its report on JNK India Ltd. The research firm has recommended to “ Subscribe – Long Term ” the ipo in its research report as on April 22 2024.

Broker Research

April 23, 2024 / 14:44 IST

JNK India IPO will likely list on BSE and NSE with a tentative listing date fixed as April 30

Anand Rathi, IPO report on JNK India Ltd

JNK India are 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. They have capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning Heating Equipment and cater to both domestic and overseas markets. The Indian heating equipment market is closely competed among seven companies with their Company and Thermax Limited being the most prominent and comparable players. Over the years, they have diversified into flares and incinerator systems and have been developing capabilities in the renewable sector with green hydrogen.

Valuation and Outlook

At the upper price band company is valuing at P/E of 49.38x, EV/EBITDA 33.13x with a market cap of ₹ 23,082 million post issue of equity shares and return on net worth of 47.71%. We believe that the IPO is fairly priced and recommend a “Subscribe-Long term” rating to the IPO.

For all IPO report, click here