Skip to main content
  1. Home
    /
  2. IPO
    /
  3. Jinkushal Industries IPO
Jinkushal Industries IPO
64.23xsubscribed

Jinkushal Industries IPO

listed
₹13,800Min. investment

Jinkushal Industries Limited IPO Details

Price range₹115 – ₹121
IPO type
Regular
Lot size120 shares
Issue size₹116Cr
Red Herring Prospectus
Read

Jinkushal Industries IPO Subscription Status

Date
QIB
NII
Retail
Total
25-Sep-25
0.03 times (X)
2.96 times (X)
3.33 times (X)
2.31 times (X)
26-Sep-25
0.07X
6.66X
7.33X
5.12X
29-Sep-25
30.42X
143.03X
45.94X
64.23X

As on 25-Sep-25, 5:30 PM

Jinkushal Industries IPO Timeline

  1. Pre-apply
    24 Sep 2025
  2. Bid start
    25 Sep 2025
  3. Bid end
    29 Sep 2025
  4. Allotment
    30 Sep 2025
  5. Release of funds
    1 Oct 2025
  6. Demat transfer
    1 Oct 2025
  7. Listing
    3 Oct 2025

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.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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.

Objectives of Jinkushal Industries Limited IPO

Working capital
69.56%
The company will use ₹72.68 crore to fund long-term working capital needs.
General corporate purposes
30.50%
Part of the IPO proceeds will be used for general corporate purposes.

Jinkushal Industries IPO Contact Details

Company NameJinkushal Industries Limited

How to apply for Jinkushal Industries IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Jinkushal Industries Limited IPO FAQs

Investors can apply for the Jinkushal Industries IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Jinkushal Industries IPO is 116 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Jinkushal Industries IPO will be open between 2025-09-25 and 2025-09-29.
Jinkushal Industries IPO allotment date is 2025-10-01. For Jinkushal Industries IPO allotment status check, you can visit the website of the registrar of the IPO.
For Jinkushal Industries IPO, the IPO registrar is Bigshare Services Private Limited. You can check Jinkushal Industries IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Jinkushal Industries IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Jinkushal Industries IPO lot size is 120 and minimum order quantity is 120.
Jinkushal Industries IPO has set the price band for its IPO at 121 per equity share with a face value of 10.