Jasmino Corporation Ltd
Navi Mumbai engineering group that protects industrial plants from corrosion and abrasion — rubber, FRP, PVC and PTFE linings, pressure vessels and water treatment — and became the world's third-largest lining provider after buying Germany's HAW Linings and GBT Buecolit.
Market cap
₹1,802 Cr
3.79 Cr shares
P/E ratio
346.72
Sector average 35
Book value
₹14.06
P/B 33.78
1-year return
+25.00%
52w ₹380 – ₹475
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+25.00% ₹380 → ₹475
52-week band in this window: ₹380.00 – ₹475.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY24 revenue ₹68.38 Cr, up 52%; EBITDA roughly doubled and net worth rose about 119%; growth of over 50% a year claimed for four years running.
- Owner of HAW Linings (Germany, lining pioneer since 1920) and GBT Buecolit — self-described third-largest anti-corrosion lining provider globally, serving 15 countries.
- Public limited company since FY24 (CIN U25190MH1996PLC102376); paid-up capital ₹37.94 Cr, about 3.79 Cr shares of ₹10.
- Board rate ₹475 in lots of 500 versus ₹380 last traded on wwipl — thin, negotiable market; ISIN to be confirmed.
About Jasmino
Jasmino Corporation Limited is a Navi Mumbai-based engineering solutions group with close to five decades of experience in corrosion and abrasion protection for critical industrial applications. It offers design-to-delivery solutions: advanced linings in rubber, fibre-reinforced plastic (FRP), PVC, PTFE and other polymers; engineering and design services; fabrication of pressure vessels, reactors, heat exchangers, columns, storage tanks and pipelines; industrial water-treatment systems; flue-gas desulphurisation (FGD) scrubber technology; and engineered rubber products. Customers are in chemicals, fertilisers, power, steel, mining, oil and gas, and water.
The business was founded by Ramani Seshadri, a rubber and plastics technologist trained at the London School of Rubber, who began in the late 1970s in Andheri East, Mumbai, and later moved manufacturing to the MIDC estate at Taloja. Jasmino Corporation was incorporated on 5 September 1996 and its subsidiary Jasmino Polymertech Private Limited was set up at Taloja in 2000, expanding its shop floor from about 2,800 to 8,400 sq m by 2008. The group says it has served customers in 15 countries with a 98% customer-retention rate.
The defining step was the acquisition of the German lining businesses HAW Linings GmbH and GBT Buecolit. HAW traces its roots to the Harzer Achsenwerke of 1899 and is credited with inventing industrial rubber lining in 1920; together the German units bring a shop floor of roughly 1,20,000 sq m and European reference customers, and the combined group describes itself as the third-largest provider of anti-corrosion linings in the world.
Registry aggregators report FY24 revenue of ₹68.38 Cr, up 52% on FY23, with EBITDA roughly doubling and book net worth up about 119% in the year; a dealer note cites net sales of around ₹72 Cr for the latest year. Paid-up capital is ₹37.94 Cr (about 3.79 Cr shares of ₹10 face value) against ₹40 Cr authorised. The company converted from a private limited company (CIN suffix PTC) to a public limited company (PLC) — the registry now shows CIN U25190MH1996PLC102376, RoC Mumbai, status active.
Verification status (25 Sep 2026): incorporation, CIN, office, capital, directors and FY24 revenue are from registry aggregators (Tofler, TheCompanyCheck, Tracxn, ZaubaCorp) and the company's own website; the HAW and GBT acquisitions are from the company's website and press. Profit, balance-sheet lines, the FY23 share count, headcount and the shareholding split are estimates. No ISIN was published by the dealer platforms found; confirm it, the lot size and settlement with the dealer before trading.
Where the revenue comes from
- Linings — rubber, FRP, PVC, PTFE & polymer45%
Anti-corrosion and anti-abrasion linings for vessels, tanks, pipes and equipment (estimate)
- Process equipment fabrication30%
Pressure vessels, reactors, heat exchangers, columns, tanks and pipelines (estimate)
- Water treatment & FGD systems15%
Industrial water-treatment plants and flue-gas desulphurisation scrubbers (estimate)
- Engineered rubber products10%
Moulded and extruded rubber components (estimate)
Products & services
Anti-corrosion & anti-abrasion linings
Natural and synthetic rubber, ebonite, FRP, PVC, PTFE, PP and polymer linings for vessels, tanks, pipes, chutes and process equipment, applied at Taloja, in Germany or on site.
Process equipment fabrication
Pressure vessels, reactors, heat exchangers, columns, storage tanks and pipelines in carbon steel, stainless steel and alloys, supplied lined or unlined.
Water treatment & FGD
Industrial water and effluent treatment plants and flue-gas desulphurisation scrubber technology for power and process plants.
Engineered rubber products
Moulded and extruded rubber components, sheets and wear parts for mining, mineral processing and chemical plants.
Engineering & design services
Material selection, corrosion engineering, design and inspection services around the group's lining and fabrication work.
What works
- • Niche, specification-driven business: anti-corrosion and anti-abrasion linings are mission-critical in chemical, fertiliser, power and mining plants, giving sticky repeat and maintenance revenue (98% customer retention claimed).
- • Global scale after acquiring HAW Linings (Germany, lining pioneer since 1920) and GBT Buecolit — Jasmino calls itself the world's third-largest anti-corrosion lining provider, with European references that Indian rivals lack.
- • Fast growth: FY24 revenue rose 52% to ₹68.38 Cr with EBITDA roughly doubling and net worth up about 119%; the company says it has grown more than 50% a year over the past four years.
- • Founder-led by a rubber technologist with 40+ years in the field, backed by an in-house FGD scrubber and water-treatment capability that rides India's power-plant emission-control mandate.
What to watch
- • At ₹475 a share the implied market capitalisation is about ₹1,800 Cr on 3.79 Cr shares — roughly 25 times FY25 sales of about ₹72 Cr, a demanding multiple for an engineering contractor; wwipl's last traded rate was ₹380, so the quote is thin and negotiable.
- • Integration and currency risk from the German acquisitions: HAW and GBT bring a large European cost base, and consolidated numbers, goodwill and acquisition debt are not disclosed in the standalone registry data available.
- • Project and working-capital cycle: fabrication and lining contracts for capital projects are lumpy, and the company's ₹37.94 Cr equity base suggests a recent capital infusion whose terms and investors are not public.
- • No ISIN, DRHP or exchange filings found; the company has only recently become a public limited company, so registry disclosure is limited to annual filings and the share count and demat status should be verified.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| JasminoThis page | ₹475.00 | ₹1,802 Cr | 346.72 | 33.78 | +26.51% |
| MIL Industries | ₹250.00 | ₹78.75 Cr | 19.20 | 2.31 | +0.38% |
| Ring Plus Aqua | ₹920.00 | ₹312.8 Cr | 6.52 | 1.05 | +6.90% |
| Anugraha | ₹575.00 | ₹460 Cr | 10.22 | 1.70 | +9.54% |
Latest reported year: FY25 ending 31 Mar 2025.