Jinkushal Industries IPO is a book-built issue worth ₹116.11 crore. The issue comprises a fresh issue of 0.86 crore shares, raising up to ₹104.49 crore and an offer for sale of 0.10 crore shares aggregating to ₹11.61 crore. The IPO will open for subscription on September 25, 2025, and close on September 29, 2025.
The basis of allotment is expected to be finalised on September 30, 2025, with tentative listing scheduled on BSE and NSE for October 03, 2025. The price band for the Jinkushal Industries IPO has been fixed between ₹115 to ₹121 per share.
Investors can bid for Jinkushal Industries IPO with a minimum of 1 lot of 120 shares. For retail investors, the minimum investment required is ₹14,520. For small non-institutional investors (sNII), the lot size stands at 14 lots, equal to 1,680 shares, amounting to ₹2,03,280. For big non-institutional investors (bNII), the lot size is 69 lots, which translates to 8,280 shares, requiring an investment of ₹10,01,880.
GYR Capital Advisors Pvt Ltd is the book running lead manager and Bigshare Services Pvt Ltd. is the registrar of the issue. Detailed information is available in the Jinkushal Industries IPO RHP.
Jinkushal Industries IPO Objectives
The company plans to allocate the net proceeds from the fresh issue portion for the following purposes:
- Funding the working capital requirements.
- General corporate purposes.
About Jinkushal Industries Limited
Established in November 2007, Jinkushal Industries Limited was incorporated as an export trading company specializing in the global supply of construction machinery. Over the years, the company expanded its footprint to over thirty countries, including the UAE, Mexico, Netherlands, Belgium, South Africa, Australia, and the UK.
The company operated across 3 core business verticals:
- Export trading of customized, modified, and accessorized new construction machinery,
- Export trading of used and refurbished construction machinery, and
- Export trading of its proprietary brand ‘HexL’, currently focused on backhoe loaders.
Each vertical was strategically structured to enhance operational efficiency and maximize market reach, ensuring that the exported machines consistently met international performance standards, durability benchmarks, and application-specific requirements.
Jinkushal Industries Limited specialized in the export of a diverse range of construction equipment, including hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers. Its operations extended beyond standard trading; the company leveraged strong technical expertise and systematic processes to refurbish, customize, modify, and accessorize both new and used machines—executed either in-house or through third-party vendors—prior to export. This approach ensured optimised functionality, enhanced efficiency, and tailored performance to meet the specific needs of global clients.
Over the years, the company successfully executed exports of refurbished, customized, modified, and accessorized construction machinery (both new and used) to over 30 countries worldwide. Its customer base primarily included international wholesale buyers, distributors, importers, and select end-users such as construction and equipment rental companies. During the last three fiscal years alone, exports were carried out to over ten countries, including Mexico, UAE, Australia, Netherlands, and the UK.
Industry Outlook
- The Indian Construction Equipment (CE) industry recorded a 26% year-on-year growth in FY24, with total equipment sales reaching 1,35,650 units, up from 1,07,779 units in FY23.
- Exports in the CE sector saw a notable 49% year-on-year increase in FY24, highlighting growing global demand for Indian construction equipment and improving international competitiveness.
- The surge in construction activity, particularly in urban development, rural infrastructure, airports, ports, and mining, coupled with the accelerated implementation of infrastructure projects and record project awards ahead of the General Elections, significantly boosted demand for construction machinery.
- The growth of the Construction Equipment (CE) industry is strongly correlated with India's economic and infrastructure development, positioning the sector to benefit from sustained public and private investment across key areas such as transportation, housing, and industrial projects.
How To Apply for the Jinkushal Industries IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Jinkushal Industries IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Jinkushal Industries IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Jinkushal Industries IPO
- No. 260, Ward No. 42, Opp. C. M. House Near Chhattisgarh Club, Civil Lines, Raipur – 492 001, Chhattisgarh, India.
Phone: +91 7709171934
E-mail: compliance@jkipl.in
Jinkushal Industries IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB (Qualified Institutional Buyers) |
Not more than 50% of the Net Offer |
|
Retail Individual Investors |
Not less than 35% of the Net Offer |
|
NII (Non-Institutional Investors) |
Not less than 15% of the Net Offer |
Jinkushal Industries IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
120 |
₹14,520 |
|
Retail (Max) |
13 |
1,560 |
₹1,88,760 |
|
S-HNI (Min) |
14 |
1,680 |
₹2,03,280 |
|
S-HNI (Max) |
68 |
8,160 |
₹9,87,360 |
|
B-HNI (Min) |
69 |
8,280 |
₹10,01,880 |
Jinkushal Industries IPO Promoter Holding
The promoters of the company are Anil Kumar Jain, Abhinav Jain, Sandhya Jain, Tithi Jain and Yashasvi Jain.
|
Share Holding Pre-Issue |
100% |
|
Share Holding Post Issue  |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Jinkushal Industries IPO
|
KPI |
Value |
|
ROE (%) |
28.30 |
|
RONW (%) |
21.22 |
|
Debt- Equity Ratio (x) |
0.58 |
|
EBITDA Margin (%) |
7.52 |
|
PAT Margin (%) |
5.03 |
Jinkushal Industries IPO Prospectus
Jinkushal Industries IPO Registrar and Lead Managers
Jinkushal Industries IPO Lead Managers
- GYR Capital Advisors Pvt.Ltd.
Registrar for Jinkushal Industries IPO
Bigshare Services Pvt. Ltd.
- Contact Number: +91 22 6263 8200
- Email Address: ipo@bigshareonline.com
Financial Performance of Jinkushal Industries Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ lakhs) | 38,055.81 | 23,859.18 |
| Profit/loss After Tax (in ₹ lakhs) | 1,914.00 | 1,864.45 |
| PAT Margin (%) | 5.03 | 7.81 |
| EBITDA (in ₹ lakhs) | 2,860.05 | 2,756.94 |
| EBITDA Margin (%) | 7.52 | 11.56 |
| Net Worth (in ₹ lakhs) | 8,618.96 | 4,306.94 |
| ROCE (%) | 18.39 | 29.44 |
| Debt- Equity Ratio (x) | 0.58 | 1.06 |
Know before investing
Strengths
8Largest Indian player in the export of Non-OEM construction equipment, with international presence via subsidiaries in the UAE and USA.
Systematic refurbishment of used machines promotes sustainability and environmental responsibility, aligning with circular economy goals.
Broad global presence across multiple regions and machine categories reduces dependency on any single market or product line.
Strong procurement ecosystem with over 228 suppliers, enabling flexibility in sourcing new and used machines.
Strategy to further integrate supply chain and diversify vendor network aims to improve scalability and reliability
Transition to an own-brand model with contract manufacturing boosts brand value and enables better customer-centric innovation.
Leveraging a global distribution network to boost sales in both proprietary and refurbished machine segments.
Continuous improvement in procurement, refurbishment, and logistics processes aims to enhance efficiency and reduce costs.
Risks
8Heavy reliance on export markets exposes the company to regulatory changes, geopolitical risks, and trade policy volatility.
A significant portion of revenue comes from a limited number of customers, making the business vulnerable to their loss or reduced orders.
Revenues are concentrated in select markets like Mexico and UAE; adverse developments in these regions could materially impact business.
The business has significant working capital needs, and any shortfall in funding could affect operational continuity.
Heavy dependence on third-party suppliers may lead to disruptions or cost escalations, affecting timely fulfillment of orders.
Reliance on external transportation providers exposes the company to risks of delays, service quality issues, and potential reputational damage.
The HexL brand has limited operating history, and uncertain market acceptance could impact future growth plans.
The company has reported negative cash flows from operating and investing activities in recent periods, raising liquidity concerns.
Jinkushal Industries Limited Peer Comparison
| Competitor | CMP | EPS | P/E Ratio | RoNW |
|---|---|---|---|---|
| Jinkushal Industries Limited | [●] | 6.15 | [●] | 21.22 |
| Action Construction Equipment Limited | 1,071.50 | 31.18 | 34.39 | 25.34 |
| Vision Infra Equipment Solutions Limited | 174.75 | 10.94 | 15.97 | 20.68 |
