Jinkushal Industries Limited is launching its Initial Public Offering (IPO) to raise funds for working capital requirements and general corporate purposes. The ipo size aggregates up to Rs. 116.15 crore, comprising a fresh issue of 0.86 crore equity shares totaling Rs. 104.54 crore and an offer for sale of 0.10 crore shares worth Rs. 11.61 crore.
The IPO opens for subscription on September 25, 2025, and closes on September 29, 2025. The shares will be listed on NSE and BSE on Friday, October 3, 2025. Here’s everything you need to know.
GMP of Jinkushal Industries Limited IPO
As of September 25th, 2025, the shares of Jinkushal Industries Limited in the grey market were trading at a 17.36 percent premium. The shares in the Grey Market traded at Rs. 142. This gives it a premium of Rs. 21 per share over the cap price of Rs. 121.
Overview of Jinkushal Industries Limited
Jinkushal Industries Limited, founded in November 2007, is a global export trading company focused on construction machinery. The company supplies its products to over thirty countries, including the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK. It has earned a reputation for quality, customization, and excellent service in the international market.
The company operates in three main business areas. It trades customized and modified new construction machines tailored to client requirements. It also exports used and refurbished machines, offering reliable and cost-effective solutions. Under its own brand ‘HexL,’ Jinkushal Industries Limited manufactures and exports backhoe loaders designed for durability and performance.
By April 2025, the company had supplied more than 1,500 machines, including 900 new and 600 refurbished. It has a strong refurbishment facility with 48 skilled employees ensuring pre-owned machines meet strict standards. Independent centres also follow Jinkushal’s technical guidelines.
Jinkushal Industries Limited has built a strong procurement network of 228 suppliers and employs 90 permanent staff with 21 interns. With its global reach, growing scale, and customer-first approach, the company continues to strengthen its position in the construction equipment industry worldwide.
Promoters of Jinkushal Industries Limited
The promoters are Anil Kumar Jain, Abhinav Jain, Sandhya Jain, Tithi Jain, and Yashasvi Jain. As of March 31, 2025, Anil Jain held 56 percent of shares, while other promoters shared the remaining stakes
Selling Shareholders of Jinkushal Industries Limited
In the Jinkushal Industries Limited IPO, three promoters are selling shares through the Offer for Sale. Anil Kumar Jain will sell up to 6.21 lakh equity shares. Abhinav Jain will sell up to 2.18 lakh equity shares. Sandhya Jain will sell up to 1.21 lakh equity shares. Together, the promoters are offering a total of 9.60 lakh equity shares with a face value of Rs. 10 each.
Lead Manager of the IPO
The Book Running Lead Manager (BRLM) of the issue is GYR Capital Advisors Private Limited, while Bigshare Services Private Limited is the registrar.
Objectives of the IPO Offer
Jinkushal Industries Limited plans to utilize the IPO proceeds for specific objectives. The company will allocate Rs. 72.68 crore towards funding its working capital requirements to support day-to-day business operations and ensure smooth functioning. Additionally, a portion of the proceeds will be used for general corporate purposes.
Financial Analysis of Jinkushal Industries Limited
Jinkushal Industries Limited’s revenue from operations has increased from Rs. 238.59 crore in FY24 to Rs. 380.56 crore in FY25, which represents a growth of 59.50 percent. The net profit has increased by 2.68 percent, from Rs. 18.64 crore in FY24 to Rs. 19.14 crore in FY25.
Jinkushal Industries Limited’s revenue from operations and net profit have grown at a CAGR of 27.68 percent and 37.54 percent over the last two years. The basic earnings per share decreased by 1.91 percent and stood at Rs. 6.15 in FY25 as against Rs. 6.27 recorded in FY24.
In terms of return ratios, the company’s ROCE and ROE stand at 28.30 percent and 18.39 percent, respectively. Jinkushal Industries Limited’s debt-to-equity ratio is 0.586x.
Jinkushal Industries Limited Vs Peers
Jinkushal Industries Limited reported a consolidated total revenue of Rs. 385.81 crore and a RoNW of 21.22 percent. In comparison, Action Construction Equipment Limited has a standalone revenue of Rs. 3,427.37 crore and a RoNW of 25.34 percent. Vision Infra Equipment Solutions Limited reported Rs. 454.80 crore in revenue and a RoNW of 20.68 percent.
Jinkushal Industries Limited’s net asset value per share is Rs. 28.98, compared to Rs. 135.60 for Action Construction Equipment Limited and Rs. 66.82 for Vision Infra Equipment Solutions Limited.
Strengths of Jinkushal Industries Limited
- Strong promoter experience in the machinery and equipment industries ensures stable business growth and sector knowledge.
- Diversified revenue streams include machinery sales, rentals, warehousing, and auxiliary services.
- Consistent revenue growth with improved profitability after acquisitions strengthens financial stability.
- Expanding operations supported by subsidiaries provide access to global markets.
- Focusing on refurbished machines helps capture a price-sensitive customer base effectively.
Weaknesses of Jinkushal Industries Limited
- High dependence on construction industry cycles makes revenue volatile during downturns.
- Limited geographical presence compared to larger established peers.
- Business involves significant working capital requirements affecting liquidity.
- Heavy reliance on promoter-driven management may impact corporate governance.
- Lack of a long operating history in international markets limits global growth opportunities.
Conclusion
Jinkushal Industries Limited’s IPO offers investors a chance to participate in India’s construction machinery and equipment services sector. With strong promoters, improving financials, and diversified operations, the company has promising growth potential. However, investors should weigh industry risks, financial sustainability, and competition before investing.
Written By – Nikhil Naik
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