In 2025, India’s IPO market continues to attract investor interest, with niche exporters and manufacturing companies tapping the capital markets. Among these, Jinkushal Industries Limited, a leading player in the global construction machinery export sector, is set to open its IPO on September 25, 2025. The company offers investors a chance to participate in its growth trajectory backed by a strong global presence and diversified operations.
About Jinkushal Industries Ltd.
Founded in November 2007, Jinkushal Industries Limited specialises in the export of construction machinery globally, including new, used, and refurbished machines, as well as its proprietary brand ‘HexL’. The company operates across three key business verticals:
- Export trading of customised and accessorised new construction machines.
- Export trading of used and refurbished construction machines.
- Export of proprietary HexL construction machines, currently offering backhoe loaders engineered for durability and performance.
As of April 2025, Jinkushal Industries supplied over 1,500 construction machines globally, including 900 new and 600 used/refurbished machines. Its in-house refurbishment facility with 48 skilled employees ensures quality and technical compliance. The company also works with independent, non-exclusive refurbishment centres adhering to strict SOPs and technical guidelines.
The procurement network includes 228 suppliers, and as of December 31, 2024, the company employed 90 permanent staff and 21 interns.
Competitive Strengths:
- Leading exporter of construction machinery in the UAE and the USA through subsidiaries.
- Expertise in refurbishment, reuse, and circular economy initiatives.
- Diversified market presence and customised machinery solutions.
- Efficient supply chain infrastructure supporting global exports.
Jinkushal Industries IPO Details
The Jinkushal Industries IPO is a book-building issue of ₹116.15 crore, comprising a fresh issue of 0.86 crore shares and an offer for sale of 0.10 crore shares. The IPO will be listed on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 25, 2025 |
| IPO Close Date | Sep 29, 2025 |
| Tentative Allotment | Sep 30, 2025 |
| Initiation of Refunds | Oct 1, 2025 |
| Credit of Shares to Demat | Oct 1, 2025 |
| Tentative Listing Date | Oct 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 29, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹115 – ₹121 per share |
| Lot Size | 120 shares |
| Total Issue Size | 95,99,548 shares (₹116.15 Cr) |
| Fresh Issue | 86,40,000 shares (₹104.54 Cr) |
| Offer for Sale | 9,59,548 shares (₹11.61 Cr) |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 2,97,46,000 shares |
| Shareholding Post-Issue | 3,83,86,000 shares |
| Book Running Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Issue |
| Retail | Not less than 35% of Net Issue |
| NII | Not less than 15% of Net Issue |
Lot Size & Investment:
| 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 |
Promoter Holding:
- Promoters: Anil Kumar Jain, Abhinav Jain, Sandhya Jain, Tithi Jain, Yashasvi Jain
- Pre-IPO: 100%
- Post-IPO: NA
Jinkushal Industries Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 179.35 | 109.44 |
| Total Income | 385.81 | 242.80 |
| Profit After Tax | 19.14 | 18.64 |
| EBITDA | 28.60 | 27.57 |
| Net Worth | 86.19 | 43.07 |
| Total Borrowing | 54.82 | 46.04 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalisation | ₹464.42 Cr |
| Return on Equity (ROE) | 28.30% |
| Return on Capital Employed (ROCE) | 18.39% |
| Debt/Equity | 0.58 |
| Return on Net Worth (RoNW) | 21.22% |
| PAT Margin | 5.03% |
| EBITDA Margin | 7.52% |
| Price to Book Value | 4.18 |
EPS & P/E
| KPI | Pre-IPO | Post-IPO |
| EPS (₹) | 6.43 | 4.99 |
| P/E (x) | 18.8 | 24.26 |
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IPO Objectives
The company proposes to utilise IPO proceeds as follows:
| Object | Amount (₹ Millions) |
| Funding Working Capital Requirements | 726.75 |
| General Corporate Purposes | Balance |
Jinkushal Industries IPO: Industry Outlook
The global construction machinery market continues to expand, driven by:
- Increasing urban infrastructure and construction activities worldwide
- Demand for customised and refurbished machinery solutions
- Adoption of environmentally responsible and circular economy practices
- Strong growth potential in emerging markets such as the UAE, the USA, and Australia
Jinkushal Industries’ strong export presence, refurbishment expertise, and diversified product portfolio position it to capture incremental global demand.
Jinkushal Industries IPO: Peer Comparison
Investors may also look at peers like Action Construction Equipment Ltd. and Vision Infra Equipment Solutions Ltd. Comparing Jinkushal Industries’ export trading model, refurbishment capabilities, and market presence with these companies can help make a more informed IPO decision.
Conclusion
Jinkushal Industries IPO offers investors an opportunity to participate in a well-established export trading company with consistent growth in revenue and profits. The company’s global footprint, refurbishment capabilities, and in-house quality control provide a competitive edge. However, investors should weigh risks such as dependency on global construction cycles, foreign exchange fluctuations, and operational challenges in refurbishment and logistics.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
