JNK India is a specialist engineering company that designs and builds the giant industrial furnaces at the heart of oil refineries, petrochemical plants, and fertilizer complexes - the high-temperature, high-pressure systems that turn crude oil into fuel and natural gas into hydrogen. Founded in 2010, it grew from a niche heating-equipment supplier into a diversified project-execution house, listing on Indian exchanges in 2024 and later forming a joint venture to push into green hydrogen and sustainable fuels. The recurring approach is deep specialization in thermal engineering combined with modular construction - building large sections of a plant in a controlled factory, then shipping them to site, which cuts construction time by roughly a fifth and costs by about 15%.
Business segments
Three engines at different stages - a combustion-equipment cash cow that dominates the order book, a small but growing green-energy and process-plant platform, and two niche fabrication and waste-gas businesses that share the same factory floor.
1. Combustion equipment: the industrial furnaces that run refineries and petrochemical plants
JNK India is one of the few companies globally that can supply every type of fired heater, reformer, and cracking furnace found in a refinery, and it has already served seven of India’s twelve major oil and gas corporations.
- One-stop shop for refinery heating - the company makes fired heaters (which raise process fluids to extreme temperatures), reformers (which convert hydrocarbon feedstock into hydrogen), and cracking furnaces (which produce ethylene and propylene, the building blocks of plastics), so a refinery can source all its critical heating equipment from a single supplier.
- Modular construction is the cost advantage - instead of assembling everything at the project site, the company prefabricates large modules at its Mundra factory in Gujarat, which sits next to a deep-draft port that can handle pieces up to 20 metres long and 25 metres tall; this is how it shipped some of the largest fully modularised heaters ever built to Mexico.
- The Korean connection opens doors - JNK India acts as the global joint engineering and implementing partner for its promoter JNK Global of South Korea, which channels international orders to the company, including a regeneration furnace for a U.S. refinery in Oklahoma and heaters for a biorefinery in Malaysia.
- Prequalification is the gatekeeper - clients must prequalify bidders before they can even quote for packages like fired heaters and reformers; the company is already prequalified for the Dangote Phase 2 refinery project in Nigeria, with the fired-heater requirement expected to get finalized in Q1 of FY27.
- Cracking furnaces are the new frontier - the company won its first major cracking-furnace orders in FY25 and followed up in FY26 with two mega orders from Reliance Industries for gas cracking furnaces at Dahej and Nagothane, each in the ₹350-500 crore range, to be mechanically complete within 21 months.
2. Technology-based process plants and green energy: the diversification bet
The company is using its project-execution skills to move beyond heating equipment into building entire process plants and hydrogen infrastructure, anchored by a new joint venture that brings patented technology.
- From heater supplier to plant builder - in August 2024, JNK India won a lump-sum turnkey order from HPCL to build a full Treated Distillate Aromatic Extracts process plant at the Mumbai refinery, with mechanical completion in 14 months, proving it can deliver an entire facility, not just the heating unit.
- Hydrogen, from biogas to refuelling - the company supplied India’s first hydrogen fuel station to IOCL’s R&D unit and has commissioned the country’s first compressed-biogas-based on-site hydrogen generation and refuelling station in Faridabad, which converts CBG to hydrogen classified as green by the Government of India.
- The JV brings the recipes - JNK Chemdist Technologies, a 51:49 joint venture formed in August 2025, pairs JNK India’s engineering muscle with Chemdist’s portfolio of patented processes, targeting ethanol-to-chemicals, low-cost hydrogen production, and advanced membrane-based industrial water solutions.
- Solar rounds out the offering - through its wholly owned subsidiary JNK Renewable Energy, the company also executes solar PV EPC projects, giving it a foot in renewable power generation alongside its hydrogen and process-plant work.
3. Waste gas handling: flares and incinerators for safe disposal
JNK India makes both flare systems and incinerators - most peers only offer flares - giving it a broader waste-gas portfolio for the same refinery and petrochemical clients.
- Flares burn what cannot be reused - flare systems safely combust waste and relieved hydrocarbon gases that would otherwise be vented, a mandatory safety system in every refinery and petrochemical complex.
- Incinerators handle the rest - incinerators process industrial waste while meeting environmental rules, designed to cut emissions and enable waste-to-energy conversion, and the company can supply both, unlike competitors who typically stop at flares.
- Export orders are landing - in June 2026, the company won a large export order from a UAE contractor for an incinerator package destined for the ADNOC TA’ZIZ Salt Project in Abu Dhabi, with delivery by December 2027, signalling international demand for this capability.
4. Special fabricated equipment: custom vessels from the same factory
The Mundra fabrication facility that builds modular heaters also produces custom industrial equipment - distillation columns, heat exchangers, reactors, pressure vessels, and crystallisers - to customer specifications.
- Certified for pressure vessels - the factory holds ASME R, U, and S certifications, which qualify it to fabricate pressure vessels and boilers to international standards, so the same engineering team and shop floor can serve a different set of industrial orders.
- Made to order, not off the shelf - every product is fabricated to the customer’s specific requirements and applicable standards, making this a custom engineering business rather than a standard-product line.
Group structure and partners
JNK India is a promoter-led company with a strategic Korean shareholder, two wholly owned subsidiaries, and a newly formed green-technology joint venture.
- Promoters hold over two-thirds - as of March 2026, the promoter group owned 67.79%, split among Mascot Capital & Marketing (32.64%), JNK Global of South Korea (17.96%), and the two founding directors Dipak Bharuka (8.86%) and Goutam Rampelli (8.29%).
- Two subsidiaries extend the reach - JNK India Private FZE handles erection work on the Dangote refinery project in Nigeria, while JNK Renewable Energy executes solar EPC projects in India.
- JNK Chemdist is the growth vehicle - the 51:49 joint venture with Chemdist, incorporated in August 2025, focuses on green hydrogen, sustainable chemicals and fuels, and industrial water solutions; JNK India invested Rs. 5.10 Million and nominates three of the five board directors.
- JNK Global is both promoter and customer - the South Korean combustion-equipment manufacturer places arm’s-length orders with JNK India for international projects, including a U.S. refinery furnace and a Malaysian biorefinery, and its director sits on JNK India’s board.