| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 115 to ₹ 121 | 120 | 25th Sep, 2025 –29th Sep, 2025 | ₹116.15 Cr |
Jinkushal Industries Ltd
Jinkushal Industries Limited (JIL) is engaged in export trading of new/customised and used/refurbished construction machines in global markets. As per the CareEdge Report, JKIPL is the largest non-OEM construction machine exporter with a 6.9% market share. The company primarily operates across three primary business verticals: (i) export trading of customised, modified and accessorised new construction machines; (ii) export trading of used/refurbished construction machines; and (iii) export trading of our own brand ‘HexL’ construction machines (presently in the category of backhoe loaders) to cater a diverse international customer base. In addition, JIL also derives a small portion of revenue from (i) logistics warehouses leasing; (ii) renting of construction machines. The company specialises in the export trading of construction machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers. As on date, JIL has carried out export trading of refurbished, customised, modified, accessorised new and used construction machines to over thirty countries across the globe, largely to various overseas wholesale buyers, distributors, importers and some end users, including construction and rental companies. During the last three fiscals, the company has exported to over ten countries, including Mexico, UAE, Australia, Netherlands, UK, etc. As per the RHP, JIL has successfully supplied over 1,500 construction machines, comprising over 900 new (with customisation, modified or accessorised) and over 600 used/refurbished construction machines. In the period between FY23 and FY25, the company has supplied over 1,249 construction machines, comprising over 928 new (with customisation or accessorised) and over 366 used/refurbished construction machines. The company derives a significant portion of its revenue from exports (99.2% as of FY25).
Objective of the Jinkushal Industries Ltd IPO
- The company proposes to utilise net proceeds from the issue towards the following objects:
- To meet long-term incremental working capital requirements; and
- General corporate purposes. Out of the total issue size of Rs. 1,162 million, Rs. 116 million comprises OFS.
Rationale To Jinkushal Industries Ltd IPO
Strong market position and a diversified market presence to support sustainable growth
JIL has established itself as the largest non-OEM construction equipment exporter from India with a 6.9% market share, underlining its leadership and credibility in the sector. Recognition as a Three-Star Export House by the Directorate General of Foreign Trade (DGFT) further reinforces its strong compliance and trust in global trade. The company’s international operations are anchored by its subsidiary, Hexco Global FZCO in the UAE, and supported by a step-down subsidiary in the USA, providing strategic access to key global markets. The UAE base offers distinct advantages through favourable trade policies, superior logistics, and prime geographical positioning, enabling JIL to efficiently manage exports, optimise supply chains, and expand its customer base across diverse geographies. JIL’s business model is built on diversification across both geography and product categories, reducing dependence on any single market or machine type. The company offers a wide range of construction equipment, including hydraulic excavators, backhoe loaders, motor graders, soil compactors, wheel loaders, bulldozers, cranes, and pavers through a mix of new customised machines, refurbished used equipment, and its own branded offerings. This breadth not only enhances customer retention but also strengthens cross-selling opportunities across segments. Further, JIL imports equipment from markets such as China and the UAE to ensure supply continuity, maintain quality standards, and provide variety in line with customer preferences. Its expertise in refurbishment and value addition enhances machine usability, minimises waste, and promotes cost-effective solutions aligned with sustainable practices. Taken together, JIL’s strong market position, diversified portfolio, and global presence provide a solid foundation for sustainable growth.
Strategic product-driven approach to business model broadens growth horizon
JIL’s launch of HexL, its own brand of construction machines, represents a strategic shift from a trading-led model to a product-driven, customer-centric business approach. By leveraging contract manufacturing arrangements, HexL machines are produced according to JIL’s specifications, technical requirements, and quality standards, while enabling flexible production capacity without the capital intensity of owning manufacturing facilities. Through frequent quality checks and oversight at partner facilities, JIL ensures adherence to predefined standards, strengthens operational efficiency, and maintains consistent product performance. This hands-on approach reinforces the company’s market positioning, builds credibility, and ensures HexL machines meet both industry requirements and customer expectations. The introduction of a branded product line allows JIL to utilize existing distribution channels, standardize machine specifications, and establish a direct market presence, deepening engagement with customers and suppliers alike. By controlling the end-to-end supply and quality assurance, JIL can differentiate its offerings, expand product reach across domestic and international markets, and support long-term business continuity. Early traction is evident, with 40 HexL-branded backhoe loaders already supplied, demonstrating initial market acceptance since its launch in December 2024.
Valuation of Jinkushal Industries Ltd IPO
JIL is a leading provider of construction machines, specialising in both new and refurbished equipment. The company has evolved from a trading-led model into a more product-driven, customer-centric business, recently launching its own brand, HexL, to strengthen market presence and operational control. Leveraging a robust supply chain, refurbishment capabilities, and a wide distribution network, JIL serves domestic and international markets with high-quality, ready-to-use machines. Its diversified offerings and agile operations enable timely delivery, cost efficiency, and adherence to industry standards. The company’s strategic initiatives, including supply chain integration and diversification, expansion of HexL and other branded products, operational efficiency improvements, product portfolio expansion (including electric machines), brand-building, and working capital optimisation, are expected to drive revenue growth, enhance margins, and improve cash flow visibility over the medium term. Financially, the company delivered a healthy performance, growing revenue, EBITDA, and PAT at a CAGR of 27.7%, 16.5%, and 37.5%, respectively, during the FY2023-25 period. EBITDA and PAT margins remained largely stable over the period, with a notable spike in FY24 driven by lower purchase costs and reduced miscellaneous expenses. Specifically, EBITDA margin increased from 6.1% in FY23 to 9.8% in FY24 before normalising to 6.1% in FY25, while PAT margin rose from 4.3% in FY23 to 7.8% in FY24 and moderated to 5.0% in FY25. On the return front, the company reported robust ROCE and ROE of 15.2% and 20.5%, respectively, observing a decline from 33.4% and 41.3% in FY23.
What is the Jinkushal Industries Ltd IPO?
The initial public offer (IPO) of Jinkushal Industries Ltd offers an early investment opportunity in Jinkushal Industries Ltd . A stock market investor can buy Jinkushal Industries Ltd IPO shares by applying in IPO before All Jinkushal Industries Ltd shares get listed at the stock exchanges. An investor could invest in Jinkushal Industries Ltd IPO for short term listing gain or a long term.
How to apply for the Jinkushal Industries Ltd IPO through StoxBox?
To apply for the Jinkushal Industries Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Jinkushal Industries Ltd IPO open?
Jinkushal Industries Ltd IPO is opening on 25th Sep 2025. Apply Now
What is the lot size of the Jinkushal Industries Ltd IPO?
The Lot Size of Jinkushal Industries Ltd IPO is 120 equity shares. Login to your account now.
When is the Jinkushal Industries Ltd allotment date?
The allotment Date for Jinkushal Industries Ltd IPO is 30th Sep 2025. Login to your account now.
When is the Jinkushal Industries Ltd IPO listing date?
The listing Date for Jinkushal Industries Ltd IPO is 3rd Oct 2025. Login to your account now
What is the minimum investment required for the Jinkushal Industries Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,520. Login to your account now
What is the maximum investment allowed for the Jinkushal Industries Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,88,760. Login to your account now
What are the risks associated with investing in the Jinkushal Industries Ltd IPO?
The company is heavily dependent on the export market and derives majority of its revenue from the export trading of construction machines. High dependency on export revenues exposes the company to regulatory uncertainty, geopolitical risks, tariff & non-tariff barriers and trade policy volatility. The company’s revenue from operations is dependent upon a limited number of customers, and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business.
The company is dependent on third-party suppliers, and any disruptions in the supply or an increase in the prices of requisite construction machines could adversely affect its operations
When will the Jinkushal Industries Ltd IPO shares be credited to my Demat account?
The Jinkushal Industries Ltd IPO be credited to the account on allotment date which is 03rd Oct 2025. Login to your account now
Where can I find the Jinkushal Industries Ltd IPO prospectus?
The prospectus of Jinkushal Industries Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
