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InvestmentsIPOJinkushal Industries IPO

Jinkushal Industries IPO

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Open Date

25 Sep 2025

Close Date

29 Sep 2025

Min Investment

₹ 14,520

Lot Size

120

Issue Size

₹ 116.15 Cr

Price Range

₹ 115 - ₹ 121

Subscribed

63.96 x
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
25 Sep 2025
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IPO Offer Ends
29 Sep 2025
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Allotment Finalisation
30 Sep 2025
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Refund Initialisation
1 Oct 2025
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Non-Institutional Buyers (sHNI)
1 Oct 2025
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Listing of Shares
3 Oct 2025
IPO Subscription Details as on 2 Apr 2026, 09:59 AM
Qualified Instituational Buyers (QiB)
35.66 x
Retail
44.99 x
Total
63.96 x
Non-Institutional Buyer (bHNI)
141.05 x
Non-Institutional Buyer (sHNI)
155.91 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Jinkushal Industries Limited is engaged in export trading of new/customized and used/refurbished construction machines in global markets. The company is recognized as the largest Non-OEM construction machines exporter from India with a 6.9% market share. It operates across three primary business verticals: (1) export trading of customized, modified and accessorized new construction machines, (2) export trading of used/refurbished construction machines, and (3) export trading of its own brand 'HexL' construction machines. The company has exported construction machines to over 30 countries, including UAE, Mexico, Netherlands, Belgium, South Africa, Australia, and UK. It specializes in machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes and asphalt pavers. The company has an in-house refurbishment facility in Raipur and also utilizes third-party refurbishment centers. It has recently launched its own brand 'HexL' for backhoe loaders manufactured through contract manufacturing in China. The company aims to expand its global presence, increase operational efficiencies, and maintain its position as a leading exporter of Non-OEM construction machines.
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Founded In

2007

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Director

Abhinav Jain

Financials of Jinkushal Industries IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue23,345.0523,859.1838,055.81
Other Income44.40420.66524.85
Total Income
23,389.4524,279.8438,580.66
Total Expenses
22,052.7021,806.8736,186.95
Profit Before Tax1,336.752,472.972,393.70
Total Profit
1,011.741,864.451,914.00

All figures are in lakhs (₹)

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Utilisation of Proceeds

All figures are in lakhs (₹)

PurposeAmount
The company plans to utilize the proceeds to support increased procurement, buffer inventory planning, longer receivable cycles and credit-linked export operations across both existing and emerging business verticals. This includes inventory stocking at global hubs, procurement of fast-moving machines and spares, receivable financing for longer payment cycles, and production advances for HexL manufacturing orders.7,268
The company intends to use the remaining proceeds for general corporate purposes, which may include strategic initiatives, partnerships, joint ventures, acquisitions, funding growth opportunities, brand building, marketing activities, repayment of borrowings, and ongoing general corporate expenses.-
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  • Largest player in export of Non-OEM construction equipment: The company is the largest Non-OEM construction equipment exporter with a 6.9% market share. It is recognized as a Three-Star Export house by the Indian government and has exported construction machines to over 30 countries. The company has a subsidiary in UAE and a step-down subsidiary in USA which enhances its global network and reach.
  • Refurbishment, reuse, and contribution to circular economy: The company focuses on extending the life cycle of used machines through systematic refurbishment processes. This approach restores operational value, reduces demand for new machines, conserves raw materials, lowers energy consumption, and cuts carbon emissions. The company's refurbishment processes meet operational standards across industries.
  • Diversified Market Presence and Optimized Machines Solutions: The company offers a wide range of construction machines across global markets and segments, reducing dependence on any single product category or region. Its portfolio includes customized and accessorized machines from other brands, refurbished used machines, and newly launched equipment under its own brand.
  • Supply Chain Efficiency: The company has built an efficient supply chain infrastructure with a diverse supplier base of 228 suppliers over the past three fiscal years. It also works with six non-exclusive third-party refurbishment centers and has entered into contract manufacturing arrangements with third-party manufacturers in China.
  • Launch and Expansion of HexL brand machines: The company has recently launched its own brand 'HexL', marking a transition to a product-driven, customer centric business approach. Machines are manufactured through contract manufacturing arrangements according to the company's specifications and quality standards.
  • Established relationships with customers and wide customer base: The company has maintained relationships with customers over multiple years. During Fiscal 2025, 2024 and 2023, 84.15%, 84.19% and 84.34% of revenue was generated from customers associated for the last three fiscal years.
  • Consistent track record of financial performance: The company has demonstrated consistent financial growth, achieving a 5 year CAGR of 73.37% in revenue and an average Return on Equity (ROE) of 53.78%. Revenue from operations reached ₹38,055.81 lakhs in Fiscal 2025, growing at a CAGR of 27.68% from Fiscal 2023 to 2025.

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SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357
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