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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2025)
Investment Thesis
John Oakey and Mohan Limited is a well-established, six-decade-old coated abrasives manufacturer with a credible technical heritage and industrial customer base. While it operates in a competitive space, its longevity and product specialization provide a stable business foundation. The unlisted status limits investor access, but the company represents a legitimate industrial niche play for patient investors.
Pros
Cons
Business Segments
Coated Abrasive Products
Manufacturing of abrasive belts, rolls, sheets, and discs using aluminum oxide, silicon carbide, and zirconia abrasive grains bonded to paper, cloth, or film backings for industrial applications.
Speciality Abrasive Solutions
Custom-engineered coated abrasive products for specific industrial applications including automotive, metal fabrication, and precision finishing requirements.
Revenue Model
Revenue is primarily generated through B2B sales of coated abrasive products to industrial customers across metal, woodworking, automotive, and construction sectors. Revenue growth is linked to industrial production output and infrastructure investment cycles in India.
Detailed Analysis
Growth Plans
India's Manufacturing Sector Growth (Make in India, PLI schemes) driving demand for industrial abrasives
Automotive sector growth and EV manufacturing expansion creating new coated abrasive demand applications
Infrastructure and construction boom sustaining demand for abrasive products in fabrication and finishing
Potential product innovation or new technology introduction to expand addressable market
Industry Tailwinds
Recent Developments
Post-pandemic recovery in India's manufacturing and construction sectors supported demand growth for coated abrasive products, benefiting John Oakey and Mohan's core business.
2023-01India's significant infrastructure investment push under PM Gati Shakti and capital goods manufacturing growth continued to drive abrasive product demand across end-use segments.
2024-01Comparable Companies
GRINDWELL.NS · ~₹15,000 crore
Frequently Asked Questions
About John Oakey and Mohan Limited
John Oakey and Mohan Limited is a Delhi-based manufacturer of industrial coated abrasives, incorporated in 1962 and founded by the late Padma Shri Shri N.N. Mohan and late Shri B.S. Mohan. With its registered office at Mayur Vihar Phase-II, East Delhi, and manufacturing at Mohan Nagar, Ghaziabad, the company produces a comprehensive range of coated abrasive products with over 60 years of manufacturing heritage in India. The company manufactures industrial coated abrasives including rolls, belts, discs, and sheet goods such as flint paper, emery paper, multicut paper, aloxide paper, waterproof paper, polishing paper, and emery cloth. These products are essential consumables in metalworking, woodworking, automotive paint finishing, glass processing, and general manufacturing. For FY2024-25, John Oakey and Mohan reported revenue of approximately Rs.13.9 crore, reflecting its position as a small but established specialist coated abrasives manufacturer serving India's industrial sector from Ghaziabad, an important industrial hub adjacent to Delhi. The company's Mohan Nagar, Ghaziabad manufacturing base is well-positioned within NCR's dense industrial ecosystem, providing access to manufacturing customers in automotive, engineering, and furniture production clusters. The founders' Padma Shri recognition reflects the company's contribution to Indian industrial manufacturing heritage. India's abrasives market is a critical enabler of manufacturing — serving automotive finishing, metal fabrication, woodworking, and construction sectors that are expanding under India's Make in India manufacturing push.
Key Milestones
1962: John Oakey and Mohan Limited incorporated in Delhi as a technical collaboration between John Oakey and Sons (UK) and Indian promoters
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We source & quote
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
India's Manufacturing Sector Growth (Make in India, PLI schemes) driving demand for industrial abrasives
Automotive sector growth and EV manufacturing expansion creating new coated abrasive demand applications
Infrastructure and construction boom sustaining demand for abrasive products in fabrication and finishing
Potential product innovation or new technology introduction to expand addressable market
Industry Headwinds
Multinational competitors with deeper technology and distribution capabilities could gain market share
Any slowdown in India's capital goods or construction sector would directly impact demand
Rising raw material costs could compress margins if not offset by pricing actions
Faces competition from multinational leaders 3M and Saint-Gobain Abrasives as well as domestic competitors like Grindwell Norton, who have greater scale and R&D resources
Source: AlphaHub Research
Abrasive grains (aluminum oxide, silicon carbide) and backing materials (paper, cloth, film) are subject to price fluctuations tied to global commodity markets
Source: Media Reports / Public Records
The original technical collaboration with John Oakey UK may have lapsed; keeping pace with product innovation requires ongoing R&D investment
Source: AlphaHub Research
Relatively small scale compared to multinational abrasive manufacturers limits bargaining power with raw material suppliers and large industrial customers
Source: Media Reports / Public Records
Unlisted status creates significant illiquidity for investors; no active secondary market for the company's shares
Source: Media Reports / Public Records
Faces competition from multinational leaders 3M and Saint-Gobain Abrasives as well as domestic competitors like Grindwell Norton, who have greater scale and R&D resources
Abrasive grains (aluminum oxide, silicon carbide) and backing materials (paper, cloth, film) are subject to price fluctuations tied to global commodity markets
The original technical collaboration with John Oakey UK may have lapsed; keeping pace with product innovation requires ongoing R&D investment
Relatively small scale compared to multinational abrasive manufacturers limits bargaining power with raw material suppliers and large industrial customers
Unlisted status creates significant illiquidity for investors; no active secondary market for the company's shares
3MINDIA.NS · ~₹25,000 crore
CARBORUNIV.NS · ~₹18,000 crore
1960s-70s: Established as one of India's pioneering coated abrasives manufacturers serving the nascent Indian industrial sector
1980s: Expanded product range to cover full suite of coated abrasive products for diversified end markets
1990s: Continued domestic market expansion as India's manufacturing sector grew post-liberalization
2000s: Strengthened position in automotive and metal fabrication sectors as India's industry modernized
2010s-2020s: Maintained unlisted status while continuing to supply coated abrasives across North India
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