Jinkushal Industries

Name: Jinkushal Industries IPO
Start: 2025-09-25
End: 2025-09-29
Location: Jinkushal Industries

Book Building issueMainboardBSE₹116 Cr issue

+3.31%

Listing gain over issue price

Issue size

₹116 Cr

1 lot at cut-off

₹14,520

Lot size

120shares

Open

25 Sep 2025

29 Sep 2025

Allotment

30 Sep 2025

Listing

03 Oct 2025

Listing performance

Issue price

₹121

Listed at

₹125

Listing-day close

₹121.66

Latest price

₹111.15

Close on 22 Oct 2026

Listing gain

+3.31%

Return since issue

-8.14%

Scheduled dates

Tentative timetable — a past date is not confirmation the step completed

Open

25 Sep 2025
Close

29 Sep 2025
Allotment

30 Sep 2025
Refund

01 Oct 2025
Demat credit

01 Oct 2025
Listing

03 Oct 2025

Issue details

IPO date: 25 Sep 2025 – 29 Sep 2025
Listing date: 03 Oct 2025
Face value: ₹1 per share
Issue price: ₹121 per share
Lot size: 120 shares
Issue type: Book Building issue
Listing at: BSE
Total issue size: ₹116 Cr
Market cap at offer price: ₹464 Cr
Promoter holding: 100.00% → 74.99% pre-issue → post-issue
ISIN: INE1FF001016
Registrar: Bigshare Services Pvt.Ltd.
Lead managers: GYR Capital Advisors Pvt.Ltd.
Registered office: H.No.260, Ward No.42, Opp.C.M.House Near Chhattisgarh Club, Civil Lines, Chhattisgarh

Reservation and application size

How the issue is split between investor categories, and what each may bid

Investor category	Shares	% of net	% of total
Anchor investor · within QIB	28,78,500	—	—
Market maker	0	—	—

Application size

Minimum 120 shares per lot, in multiples, at ₹121

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

Category limits

Category	Bid size	Cut-off
Retail (RII)	Up to ₹2 lakh	Yes
Small HNI (sNII)	₹2 lakh – ₹10 lakh	No
Big HNI (bNII)	Above ₹10 lakh	No
Employee	Up to ₹5 lakh	Yes

Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.

Anchor investors

Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.

Shares allocated

28,78,500

Anchor portion

₹34.83 Cr

at ₹121 per share

Valuation and performance

Valuation at offer price

₹121 per share

Metric	Pre-issue	Post-issue
EPS (₹)	6.43	4.99
P/E (×)	18.82	24.25
Price to book (×)	4.18	—
Market cap	—	₹464 Cr

Key performance indicators

Latest reported period

Return on net worth: 21.22%
ROCE: 18.39%
Debt / equity: 0.58
PAT margin: 5.03%
EBITDA margin: 7.52%
NAV per share: ₹28.98
Price to book: 4.18

Single period as reported. Year-on-year movement is in the financials table below, where every period is published.

About Jinkushal Industries

Jinkushal Industries Limited, incorporated in 2007 and converted to a public limited company in October 2024, operates as an export trading company dealing in construction equipment. The company operates across three primary business verticals: export trading of customized, modified and accessorized new construction machines; export trading of used/refurbished construction machines; and export trading of its own brand 'HexL' construction machines (currently backhoe loaders). The company was originally incorporated as 'Zenith Tie-Up Private Limited', underwent name changes to 'Jinkushal Ispat & Power Private Limited' and then 'Jinkushal Industries Private Limited', finally becoming 'Jinkushal Industries Limited'. With a registered office in Raipur, Chhattisgarh, the company serves diverse international customer bases across multiple geographies, deriving 99.18% of revenue from export trading in Fiscal 2025.

https://www.jkipl.in/ ↗

Company Analysis

from RHP

Jinkushal Industries Limited is an export trading company specializing in new/customized, used/refurbished, and branded construction machines for global markets, operating primarily in emerging infrastructure sectors.

Construction Equipment Export TradingUsed/Refurbished Machinery TradingEquipment Customization and AccessorizationBrand Manufacturing (HexL - Backhoe Loaders)

Objects of the Issue

Funding the long-term incremental working capital requirements of the Company
Up to ₹7,267.50 lakhs p.31
General corporate purposes
[●] p.31
Funding working capital requirements
p.75
General corporate purposes
p.75
Funding the long-term incremental working capital requirements of the Company
Upto 7,267.50 lakhs p.120
General Corporate Purposes
[●] p.119
Funding working capital requirements
p.212
General corporate purposes
p.115

Issue Structure

Total Issue: Up to 95,95,483 Equity Shares of face value ₹10 each aggregating up to ₹ [●] lakhs
Fresh Issue: Up to 86,35,935 Equity Shares of face value ₹10 each aggregating up to ₹ [●] lakhs
Offer for Sale: Up to 9,59,548 Equity Shares of face value ₹10 each aggregating up to ₹ [●] lakhs by the Selling Shareholders (Anil Kumar Jain - 6,20,570 shares; Abhinav Jain - 2,17,850 shares; Sandhya Jain - 1,21,128 shares)
Price Band: [●] per Equity Share (Floor Price [●], Cap Price [●])
Lot Size: [●] Equity Shares
Face Value: ₹10 each

Business Model

The company earns revenue through three primary channels: (1) export trading of new, customized, modified and accessorized construction machines sourced from suppliers; (2) export trading of used and refurbished construction machines; and (3) export trading of proprietary 'HexL' brand construction machines manufactured under contract manufacturing arrangements. Revenue is generated through merchant trade transactions (MTT) involving direct shipment between foreign entities, as well as traditional export channels. The business model relies on sourcing machines from domestic and international suppliers, refurbishing/customizing as needed, and exporting to international customers primarily in Mexico, UAE, Netherlands, UK, Australia, Vietnam, USA, and other countries.

Business Segments

Sourcing new construction machines from suppliers and customizing/modifying them with accessories before exporting to international customers

Sourcing used/pre-owned construction machines, refurbishing them to restore functionality, and exporting to international markets

Trading proprietary 'HexL' branded construction machines (currently backhoe loaders) manufactured under contract manufacturing arrangements for global export

Purchase, customize, and sale of new construction equipment to overseas B2B customers

Purchase, refurbishment, customization, and sale of used construction machinery to overseas B2B customers

Sales under proprietary HexL brand through branded B2B distribution model with made-to-order production

Export trading of customized, modified, and accessorized new construction machines sourced from OEM brands and enhanced to meet customer specifications through in-house or third-party customization

Export trading of refurbished used construction machines procured, refurbished in-house or through third-party refurbishment centers, and exported to international markets

Export trading of proprietary brand 'HexL' construction machines (presently backhoe loaders) manufactured through contract manufacturing arrangement in China

Rental of construction machines to customers

Leasing of logistics warehouses to third parties

Trading of used and new construction machines, equipment, and machinery; refurbishment of used construction equipment; manufacturing and sale of own brand Backhoe Loaders (HEXL)

Provision of construction equipment rental services

Provision of warehousing services and logistics solutions

Procures new construction machines of various third-party OEM brands and enhances their value through customization, modification, or accessorization based on customer specifications. Such customised machines are exported either directly from India or from other countries via Merchant Trade Transactions (MTT Export).

Refurbishes used construction machines using an in-house refurbishment facility in Raipur, Chhattisgarh (30,000 sq. ft) equipped with modern machinery and staffed with 42 skilled employees, or through third-party refurbishment centers, to enhance functionality and extend operational life before exporting to global markets.

Launched own brand 'HexL' for construction machines, presently in category of backhoe loaders, manufactured through contract manufacturing arrangement in China according to company specifications and standards, supplied to global markets through existing distribution network.

Derives revenue from leasing of warehouses and rental of construction machines to customers.

Trading and refurbishment of used construction machinery

Subsidiary engaged in similar trading and refurbishment activities, incorporated in Jebel Ali Free Zone, UAE on February 27, 2023, converted to 80% owned on March 4, 2024

SWOT Analysis

Strengths

• Export-focused business model with diversified geographic presence(p.30)
• Revenue growth and operational scale improvement(p.32)
• Profitability maintenance despite working capital challenges(p.32)
• Growing customer base indicating market acceptance(p.43)
• Improved net worth position(p.32)
• Recent brand launch demonstrating strategic diversification(p.50)
• Largest exporter of non-OEM construction equipment in India(p.132)
• Efficient supply chain infrastructure supporting core export trading business(p.132)
• Launch of proprietary HexL brand marking transition to own-brand, customer-centric business(p.132)
• Long-established customer relationships and diverse customer base(p.132)
• Consistent track record of financial performance and strong balance sheet(p.132)
• Engaged in refurbishment, reuse, and circular economy contribution with environmental responsibility(p.132)
• Diversified market presence and optimized machine solutions(p.132)
• Largest Non-OEM construction equipment exporter with 6.9% market share(p.207)
• Three-Star Export House recognition and 30+ country export presence(p.195)
• Refurbishment capability extending machine lifecycle and supporting circular economy(p.207)
• Diversified product portfolio reducing dependence on single products/regions(p.207)
• Efficient supply chain with 228 suppliers across multiple categories(p.208)
• Strong financial performance with 5-year CAGR of 73.37% in revenue(p.210)
• High customer retention with 84%+ of FY25 revenue from repeat customers(p.197)
• Recent launch of HexL own brand for direct market presence and control(p.209)
• Established export credentials with three-star recognition(p.238)
• Revenue milestone of ₹100 crore crossed in FY2022(p.237)
• Own brand product launch with Backhoe Loaders(p.237)
• International presence through overseas subsidiary and step-down subsidiary(p.237)
• Strategic acquisition by subsidiary for synergistic growth(p.237)
• Industry recognition as top SME exporter(p.238)
• No defaults or rescheduling of borrowings(p.236)
• Strategic treasury operations optimizing short-term liquidity and working capital management(p.359)
• Improved operational efficiency and cost savings through optimized resource utilization(p.362)
• Quick turnaround times and efficient inventory management reducing holding costs(p.362)
• Significant revenue growth from consolidation of 80% owned subsidiary(p.362)
• Strong profit growth from strategic payment terms optimization(p.364)

Weaknesses

• Heavy customer concentration risk(p.43)
• Geographic revenue concentration in two markets(p.44)
• High working capital requirements and extended payment cycles(p.45)
• Significant supplier concentration dependence(p.48)
• Negative operating cash flows(p.50)
• Substantial unhedged trade receivables exposed to credit risk(p.51)
• New and unproven HexL brand with limited operating history(p.50)
• High reliance on third-party transportation and logistics providers(p.48)
• No formal hedging policy for foreign exchange exposure(p.54)
• Inconsistent refurbished equipment performance creates customer satisfaction risks(p.55)
• Heavy reliance on non-exclusive third-party vendors for customization and refurbishment with limited contractual protections(p.56)
• Limited control over third-party vendor performance despite operational criticality(p.56)
• Related party transactions present potential conflicts of interest affecting minority shareholders(p.57)
• Company operates entirely from rented premises with no owned real estate(p.57)
• Promoters subject to ongoing tax proceedings with uncertain outcomes(p.58)
• History of secretarial and statutory non-compliance with regulatory filing delays(p.62)
• Recent business acquisition introduces integration and performance risks(p.66)
• Substantial secured debt with restrictive covenants limiting operational flexibility(p.66)
• High employee attrition rate straining workforce stability(p.68)
• Company lacks owned refurbishment infrastructure with only one in-house facility(p.56)
• Significant working capital requirements growing as percentage of revenue(p.72)
• Working capital requirements growing significantly with business expansion(p.120)
• Extended trade receivable cycles increasing capital lock-in period(p.122)
• Trade payables remain on short-credit profile limiting supplier financing support(p.123)
• Inventory holdings increasing to support HexL brand expansion and global distribution(p.123)
• Funding requirements and deployment have not been appraised by independent financial institution(p.119)
• High supplier concentration with top 5 suppliers accounting for 49.64% of purchases in FY25(p.217)
• Significant customer concentration with top 10 customers generating 84.80% of FY25 revenue(p.210)
• High working capital cycle of 109 days in FY25, up from 48 days in FY24(p.212)
• Declining EBITDA and PAT margins in FY25 despite revenue growth(p.200)
• High attrition rate of approximately 30.87% in FY25(p.222)
• Dependence on in-house refurbishment facility with limited capacity(p.196)
• High promoter shareholding concentration(p.75)
• Promoter guarantees on significant borrowing facilities(p.242)
• No manufacturing facility - dependent on external sourcing(p.236)
• Previous violation of Companies Act regarding director loans(p.273)
• Significant dependence on limited customer base for revenue(p.373)
• Rising finance costs from increased debt utilization(p.363)
• Historical violations of Companies Act in director and related party loans(p.372)
• Pending tax litigation involving promoters(p.378)
• Negative operating cash flows indicating working capital strain(p.366)

Opportunities

• Expansion in the growing global used construction equipment market(p.30)
• Strategic diversification through HexL branded product manufacturing(p.50)
• Market expansion beyond current geographic concentration(p.44)
• Working capital optimization and cash flow improvement initiatives(p.45)
• Utilization of IPO proceeds for working capital expansion(p.31)
• Expanding branded HexL product line for higher-margin new equipment manufacturing(p.62)
• Growing global construction equipment export market with demand for used machinery(p.62)
• Expansion of customization and accessorization services to address market-specific preferences(p.56)
• Government export incentives including RODTEP and Duty Drawback schemes(p.77)
• Geographic expansion into new international markets and regions(p.70)
• Global used construction equipment market projected to reach USD 177.2 billion by CY29 at 6% CAGR(p.159)
• Global backhoe loader market expected to grow at 9.7% CAGR to USD 7.72 billion by CY29(p.164)
• APAC backhoe loader market projected to reach USD 2.39 billion by CY29 with 9.4% CAGR(p.165)
• Rising infrastructure development and government investments in emerging economies(p.154)
• Growing secondary market for used equipment benefiting from improved asset quality and technology(p.154)
• Export promotion schemes including RoDTEP, MAI, and Custom Duty Drawback enhancing global competitiveness(p.157)
• Merchant Trade Transactions (MTT) enabling third-country trade without domestic manufacturing requirements(p.158)
• Global used construction equipment market expected to reach USD 177.2 billion by CY29 at 6% CAGR(p.198)
• Rising cost of new machinery driving demand for used equipment alternatives(p.198)
• Global backhoe loader market growing at 5.3% CAGR with USD 4.44 billion market size in CY23(p.198)
• India's power generation capacity expected to double to 900 GW by March 2032(p.176)
• India's EV market likely to grow at 36% CAGR until 2026(p.177)
• Expansion of HexL brand into new product categories and electric construction equipment(p.211)
• Government support through PLI schemes and Make in India initiatives(p.182)
• Expansion into medical equipment and related products(p.237)
• Diversification into logistics and multimodal transportation(p.237)
• International expansion through subsidiary operations(p.239)
• Entry into online and e-commerce marketplace(p.237)
• Expansion through subsidiary operations in UAE free zone(p.368)
• Capital deployment capacity with secured borrowing against mutual fund holdings(p.359)
• Liquidity optimization through portfolio of liquid financial investments(p.359)

Threats

• Exposure to geopolitical risks and trade policy volatility(p.28)
• Tariff and non-tariff barriers in export markets(p.42)
• Regulatory changes affecting Merchant Trade Transaction operations(p.42)
• Cyclical construction sector downturn and macroeconomic volatility(p.42)
• Disruptions in third-party supplier operations(p.48)
• Transportation and logistics disruptions(p.48)
• Adverse economic developments in Mexico and UAE markets(p.44)
• Foreign exchange volatility impacting profitability(p.55)
• Quality and compliance risks in used/refurbished machinery business(p.55)
• Inflation and rising transportation costs(p.49)
• Newer machinery with advanced features makes older used equipment less desirable to buyers(p.55)
• Stricter environmental regulations limiting market for older non-compliant equipment(p.55)
• Volatile construction machinery pricing affected by multiple external factors(p.55)
• Diverse and evolving regulatory frameworks across export markets creating compliance burden(p.55)
• Intense competition from larger competitors with greater financial and marketing resources(p.59)
• Seasonal and cyclical variations in construction industry demand affecting quarterly performance(p.68)
• Geopolitical uncertainties disrupting global supply chains and trade(p.71)
• Inflationary pressures increasing operational costs and reducing consumer purchasing power(p.71)
• Rising interest rates increasing borrowing costs and reducing investment activity(p.72)
• HexL backhoe loader brand faces market challenges including high initial investment requirements(p.72)
• Shortage of qualified equipment operators limiting market growth for heavy machinery(p.73)
• Stringent emission regulations increasing manufacturing and compliance costs(p.73)
• Stringent environmental regulations and emission standards limiting market for used equipment(p.160)
• Global trade disruptions and geopolitical tensions affecting supply chains(p.143)
• Increased competition from technological advancements in new equipment reducing appeal of used machinery(p.160)
• Limited availability of skilled equipment operators impacting operational efficiency(p.170)
• Equipment reliability and maintenance concerns affecting used machinery market(p.161)
• High initial investment and ongoing maintenance costs limiting market for new equipment(p.169)
• Inflationary pressures and interest rate hikes impacting borrowing costs and economic growth(p.146)
• Fierce global competition from China with lower production costs and economies of scale(p.220)
• Raw material price volatility impacting production costs and profitability(p.177)
• Supply chain disruptions from geopolitical tensions and trade barriers(p.177)
• Complex regulatory environment with frequent policy changes creating uncertainty(p.178)
• Limited investment in R&D across Indian capital goods sector(p.182)
• Earthmoving and Mining Machinery sector declined at -2.9% CAGR, reflecting mining investment slowdown(p.179)
• High import dependence with imports meeting almost 40% of domestic capital goods demand(p.180)
• Ability to pay dividends dependent on future earnings and restrictive covenants(p.270)
• High leverage with significant borrowing facilities(p.276)
• Reliance on related party transactions and entities(p.268)
• Intense competition from organized and unorganized sector competitors(p.373)
• Exposure to foreign exchange risk in international business(p.369)
• Exposure to interest rate fluctuations on floating rate debt(p.370)
• Investment price risk from equity and mutual fund holdings volatility(p.370)
• Credit risk from unsecured trade receivables concentration(p.371)

Promoters

Name	Role	Pre-Issue	Post-Issue
Anil Kumar Jain	Promoter	56.00%	—
Abhinav Jain	Promoter	18.00%	—
Sandhya Jain	Promoter	10.00%	—
Tithi Jain	Promoter	10.00%	—
Yashasvi Jain	Promoter	5.00%	—
Anil Kumar Jain	Promoter/Chairman and Managing Director	56.00%	—
Abhinav Jain	Promoter/Whole Time Director	18.00%	—
Sandhya Jain	Promoter	10.00%	—
Tithi Jain	Promoter Group	10.00%	—
Yashasvi Jain	Promoter Group	5.00%	—
Kamla Bai Jain	Promoter Group	1.00%	—
Anil Kumar Jain	Promoter	56.00%	[●]
Abhinav Jain	Promoter	18.00%	[●]
Sandhya Jain	Promoter	10.00%	[●]
Tithi Jain	Promoter	10.00%	[●]
Yashasvi Jain	Promoter	5.00%	[●]
Kamla Bai Jain	Promoter Group	1.00%	[●]
Anil Kumar Jain	Promoter	—	—
Abhinav Jain	Promoter	—	—
Anil Kumar Jain	Promoter/Chairman and Managing Director	56.00%	—
Abhinav Jain	Promoter/Whole-Time Director	18.00%	—
Sandhya Jain	Promoter	10.00%	—
Tithi Jain	Promoter	10.00%	—
Yashasvi Jain	Promoter	5.00%	—
Anil Kumar Jain	Promoter/Managing Director	56.00%	—
Sandhya Jain	Promoter Group	10.00%	—
Abhinav Jain	Promoter/Whole Time Director	18.00%	—
Tithi Jain	Promoter Group	10.00%	—
Yashasvi Jain	Promoter Group	5.00%	—
Anil Kumar Jain	Promoter	—	—
Abhinav Jain	Promoter	—	—
Sandhya Jain	Promoter	—	—
Anil Kumar Jain	Selling Shareholder	—	—
Abhinav Jain	Selling Shareholder	—	—
Sandhya Jain	Selling Shareholder	—	—

Leadership

Anil Kumar Jain · Chairman and Managing Director

Abhinav Jain · Whole-Time Director

Sumeet Kumar Berlia · Executive Director and Chief Financial Officer

Manish Tarachand Pande · Company Secretary and Compliance Officer

Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.

Offer documents

Jinkushal Industries IPO FAQs

What is the lot size of Jinkushal Industries IPO?

The minimum lot size of Jinkushal Industries IPO is 120 shares. One lot costs ₹14,520 at the cut-off price.

When does Jinkushal Industries IPO open and close?

Jinkushal Industries IPO opened for subscription on 25 Sep 2025 and closed on 29 Sep 2025.

What is the listing date of Jinkushal Industries IPO?

Jinkushal Industries IPO listed on 03 Oct 2025.