Jinkushal Industries Limited

Jinkushal Industries Limited

upcoming
₹13,800Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    25 Sep
  3. Bid end
    29 Sep
  4. Allotment
    30 Sep
  5. Release of funds
    1 Oct
  6. Demat transfer
    1 Oct
  7. Listing
    3 Oct

About Jinkushal Industries Limited

Price range₹115 – ₹121
IPO type
Regular
Lot size120 shares
Issue size₹116.11Cr
Red Herring Prospectus
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Jinkushal Industries Limited IPO Overview

Jinkshushal Industries Limited IPO date

Jinkhushal Industries Limited IPO will open for subscription on September 25, 2025, and the closing date for the IPO is September 29, 2025. After this, investors are expected to be updated about the allotment status on September 30, 2025. Investors who have been allotted shares can expect them to be credited to their demat account on October 01, 2025. The shares will be listed on the NSE and the BSE on Friday, October 3, 2025.

Jinkhushal Industries Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹115 to ₹121 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹104.49 crore and an offer for sale of ₹11.61 crore only.

Jinkhushal Industries Limited's IPO listing price will be determined on October 03, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Jinkhushal Industries Limited IPO lot size

Jinkhushal Industries Limited IPO details have been declared. The minimum lot size for an application is 120 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹116.11 crore.

Checklist

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Objectives

Working capital
69.56%
General corporate purposes
30.50%

Strength and Weakness

Leading player in construction equipment export

JKIPL is one of the largest non-OEM construction equipment exporters with a 6.9% market share. It is recognised as a 3-star Export house by the Directorate General of Foreign Trade, Government of India, with export of construction machines to 30+ countries, including the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK etc.

Refurbishment of machinery

The company extends the life cycle of machines through systematic refurbishment processes. The processes are designed to meet the operational standards of a wide range of industries. Through this, the company contributes to building a more sustainable industrial ecosystem.

Diversified market presence

The company’s portfolio includes customised and accessorised machines from other brands, refurbished used machines, and newly launched equipment under its own brand. It supplies machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel 205 loaders, bulldozers, cranes, and asphalt pavers. This diverse product range supports construction and infrastructure projects, helping meet operational needs and market demand.

Efficient supply chain

Over the past three years, its procurement network comprised 228 suppliers, including 172 contractors, 51 traders, and 5 manufacturers. This diverse supplier base enables the company to source a wide range of new and used construction machines in line with customers’ requirements and market demand.

Branding and expansion

The company recently launched the HexL brand machines. It marks its transition from other brands’ product sales model to its own brand, product-driven, customer-centric business approach.

About Jinkushal Industries Limited

Incorporated in 2007, Jinkushal Industries Limited is one of the leading manufacturers of new and refurbished construction machines. The company is mainly focused on export business and is the largest non-OEM construction machines exporter with a 6.9% market share.
The company primarily operates across three primary business verticals: export trading of customised, modified and accessorised new construction machines, export trading of used/refurbished construction machines and export trading of its own brand ‘HexL’ construction machines to cater for a diverse international customer base.
The company has evolved from being a third-party OEM trader to creating its own branded product line, HexL, utilising contract manufacturing and organised B2B distribution to cater to a wide variety of overseas customers.
In FY25, Jinkushal Industries generated 99.18% of its revenue from international operations, with exports reaching ₹377.43 crore, while domestic sales accounted for only ₹3.13 crore (0.82%) of total revenue.
The company has shipped construction machinery to more than 30 countries, including the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK. Mexico was the largest export destination, accounting for 74.2% of overseas revenues in FY25, followed by the UAE, Netherlands, and UK.
It has two main business segments: direct exports and merchant trade transactions (MTT), where machines are shipped directly between global buyers without entering India. HexL's launch marked a shift to offering longer credit to distributors and boosting local inventory to deepen B2B ties, especially across Latin America, the UAE, and Europe.
The company’s major products are hydraulic excavators, backhoe loaders, motor graders, soil compactors, wheel loaders, bulldozers, cranes and asphalt pavers. Hydraulic excavators contribute the maximum (30.98%) towards the total sales of the company, followed by backhoe loaders (24.53%) and motor graders (11.95%). Additionally, 61% of the sales are generated from the new, customised machines, 35% by the refurbished machines and 4% from its own brand contract-manufactured construction machines.
Jinkushal maintains a procurement and refurbishment infrastructure with 228 suppliers, including 172 contractors, 51 traders, and 5 manufacturers and third-party refurbishment facilities in India and the UAE, and was recognised as India’s largest non-OEM construction machinery exporter with a 6.9% market share in its segment as of FY25. It imports construction machines from global markets such as China and the UAE to match product variety and pricing demands.
The company delivered 1,500+ machines comprising over 900 new and over 600 used/refurbished construction machines to more than 30 countries, with future plans including the introduction of electric construction equipment to address evolving industry and sustainability trends. It has a 30,000 sq. ft refurbishment facility in Raipur, Chhattisgarh, with advanced machinery and 42 skilled employees. In FY25, Jinkushal’s supply chain included 203 active suppliers, with purchases of 54% derived from domestic and 46% from foreign suppliers.
India's engineering goods sector has strong export opportunities and international demand, accounting for 24-27% of total merchandise exports. The engineering exports totalled $109.3 billion in FY24, with 2.1% YoY growth. Jiinkushal earned 99.18% of its revenue from overseas operations, and a major portion derived from it was derived from geographies such as Mexico and the UAE. The HexL brand of Jinkushal focuses on the rapidly growing backhoe loader market, which sold 40 HexL-branded backhoe loaders. This comes in line with the sector’s strong growth, with the global backhoe loader market projecting a 9.7% CAGR through 2029.
To widen its footprint, the company established Hexco Global FZCO in the UAE, an overseas subsidiary in support of a strengthening international presence. Through its latest acquisition of Hexco Global USA LLC, its channel network continued to expand across worldwide markets.
Now, Jinkushal Industries Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹104.49 crore and an offer for sale of ₹11.61 crore. The total issue size of the IPO is ₹116.11 crore. Its shares will be listed on the NSE and BSE.

Latest News on IPO

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Chhatisgarh-based Jinkushal Industries, a leading non-OEM construction machines exporter, has filed for an IPO with SEBI to raise funds. The IPO includes 86.5 lakh fresh shares and 10 lakh shares via offer-for-sale. The company, holding a 6.9% market share, plans to use funds for working capital and corporate purposes. It reported an 84.3% YoY profit growth to Rs 18.6 crore in FY24.
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Jinkushal Industries, a leading exporter of construction machinery with a 6.9% market share, has filed its DRHP for an IPO. The company, known for its strong financial performance with a 56.7% revenue CAGR and 42.18% ROE, plans to issue 96.5 lakh equity shares. Proceeds will support working capital and corporate purposes, managed by GYR Capital.
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Jinkushal Industries' ₹116.1 crore IPO will open for subscription between 25 and 29 September. The price band for this IPO is fixed at ₹115–₹121 per share with a lot size of 120 shares. The company will make its market debut on Friday, October 3, on BSE and NSE.

2 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Jinkushal Industries Limited ?

The issue size of the Jinkushal Industries Limited is 116.11 Cr.

What is 'pre-apply' for Jinkushal Industries Limited ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Jinkushal Industries Limited shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 25 Sep 2025