Jinkushal Industries IPO

About Jinkushal Industries IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 86,35,935 Equity Shares of face value ₹10 each aggregating up to ₹ 104.49 crores. The offer for sale portion includes up to 9,59,548 Equity Shares of face value ₹10 each aggregating up to ₹11.61crores. The total number of shares is 95,95,483 and the aggregate amount is ₹116.11 crores.

The IPO opens on Sep 25, 2025 and closes on Sep 29, 2025. The tentative listing date is Oct 3, 2025. The allotment of shares will take place on Sep 30, 2025. The initiation of refunds will take place on Oct 1, 2025.

As per the CareEdge Report, Jinkushal Industries Limited JKIPL is the largest Non-OEM construction machines exporter with a 6.9% market share. JKIPL is recognized as Three-Star Export house by Directorate General of Foreign Trade(“DGFT”), Government of India. The company specialises in supplying construction machines with strong resale demand, making them suitable assets for contractors requiring immediate deployment. By providing ready-to-use refurbished and customised machines, they help customers avoid the long lead times of 4-6 months associated with new machine procurement.

Objective of Jinkushal Industries IPO

• To meet the working capital requirements.
• General corporate purposes.

Industry Outlook

The global market for used construction equipment involves the buying and selling of pre-owned machinery and vehicles utilised in the construction sector. The used construction equipment market has shown consistent growth, with an estimated value of USD 13,240 crore in CY24. This growth is mainly fuelled by two significant factors: (a) the rise in infrastructure development and construction activities in emerging economies, and (b) the cost-effectiveness of used equipment compared to new machinery. Looking forward, the market is expected to reach USD 17,720 crore by CY29, with a CAGR of 6.0% during the forecast period (Source: CareEdge Report).

Company Information

Jinkushal Industries Limited is engaged in export trading of new/customised and used/refurbished construction machines in global markets. They primarily operate across three primary business verticals: (i) export trading of customised, modified and accessorised new construction machines; (ii) export trading of used/refurbished construction machines; and (iii) export trading of their own brand ‘HexL’ construction machines (presently in the category of backhoe loaders) to cater to a diverse international customer base.

In addition to the aforementioned primary business verticals, they also derive a small portion of revenue from (i) leasing of their logistics warehouses; and (ii) renting of construction machines. They specialise in export trading of construction machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers.

They specialise in export trading of construction machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers. Their operations extend beyond plain export trading as they endeavour to leverage their technical knowhow and systematic processes to refurbish, customise, modify, and accessorise both used and new construction machines, either in-house or through third-party vendors, before export sales to ensure optimised functionality, efficiency, and performance to meet customers’ specific requirements.

Strengths of Jinkushal Industries IPO

• Largest player in export of Non-OEM construction equipment in addition to presence in the UAE and USA through their subsidiaries.
  
• Refurbishment, reuse, and contribution to the circular economy along with environmental responsibility.
  
• Diversified market presence and optimised machine solutions.
• Supply chain efficiency.
  
• Launch and expansion of HexL brand machines.
  
• Established relationships with their customers and wide customer base.
  
• Consistent track record of financial performance leading to strong balance sheet position.
  

Risks of Jinkushal Industries IPO

• High dependency on export revenues which exposes them to regulatory uncertainty, geopolitical risks, tariff & non-tariff barriers and trade policy volatility.
  
• Loss of any of their customers or loss of revenue from any of these customers.
  
• Significant dependence on select geographies such as Mexico and the UAE, which accounted for a major portion of their revenue.
  
• Any disruptions in the supply or an increase in the prices of requisite construction machines.
  
• Any disruption in the operations or a decrease in the quality of services of third-party transportation providers for the delivery of their machines.
  
• Negative cash flows in the future can impact the business
• Volatility in the pricing of construction machinery and related components.
  
• Reliance on third-party vendors for customisation, accessorisation, and refurbishment.
  
• Any failure in their quality control or procurement processes.
  
• Changes in technology may render their current fleet of equipment obsolete and require them to make substantial capital investments.
  

Note:

• NAV per Share is calculated as Net Worth divided by outstanding equity shares as on March 31, 2025, adjusted for bonus and split.
  

• P/E Ratio has been computed based on the closing market price of the Equity Shares as on September 01, 2025 on www.nseindia.com , divided by the diluted EPS as on March 31,2025. For Action Construction Equipment Ltd., EPS is from its Annual Report;
  

• Return on Net Worth ("RoNW") (%) is calculated as Profit after Tax divided by Net Worth, expressed as a percentage.
  

Anchor Investor Bidding Date: September 24, 2025*

*The Company may, in consultation with the BRLM, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be 1 (one) Working Day prior to the Bid/Offer Opening Date.

Registrar: Bigshare Services Private Limited
Book Running Lead Managers: GYR Capital Advisors Private Limited

Business Model

The company earns its revenue through the following sources:

• They primarily operate across three main business verticals: (i) export trading of customised, modified, and accessorised new construction machines; (ii) export trading of used/refurbished construction machines; and (iii) export trading of their own brand ‘HexL’ construction machines (presently in the category of backhoe loaders) to cater to a diverse international customer base.

• They also derive a small portion of revenue from (i) leasing their logistics warehouses; and (ii) renting construction machines.

Company Growth Trajectory

The total income of their company for fiscal year 2025 was ₹385.81 crore against ₹242.80 crore for fiscal year 2024, an increase of 58.90%. The increase was due to higher revenue from the consolidation of Hexco Global FZCO (FZE), an 80%-owned subsidiary, into the company's financial statements, coupled with improved other income.

The revenue from operations of their company for fiscal year 2025 was ₹380.56 crore against ₹238.59 crore for fiscal year 2024, an increase of 59.50%. The increase was due to the consolidation of Hexco Global FZCO (FZE), an 80% owned subsidiary, into the company's financial statements following the commencement of its operations on 1 April 2024, which positively impacted the overall revenue figures.

The other income of their company for fiscal year 2025 was ₹5.25 crore against ₹4.21 crore for fiscal year 2024, an increase of 24.77%. The increase was primarily due to higher gains on disposal/fair valuation of investments.

Profit after tax for fiscal year 2025 was ₹19.14 crore against ₹18.64 crore in fiscal year 2024, an increase of 2.66%. The increase was due to a decrease in tax liability.

Additionally, their EBITDA rose from ₹14.68 crore in fiscal 2023 to ₹27.57 crore in fiscal 2024 and to ₹28.60 crore in fiscal 2025.

Company Market Position

As per the CareEdge Report, JKIPL is the largest Non-OEM construction machines exporter with a 6.9% market share. JKIPL is recognised as a Three-Star Export House by the Directorate General of Foreign Trade (“DGFT”), Government of India. They have exported construction machines to over thirty (30) countries, including the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK.

They have demonstrated consistent financial growth, achieving a 5-year CAGR of 73.37% in revenue and an average Return on Equity (ROE) of 53.78%, reflecting their ability to efficiently leverage working capital, strategic investments, and operational efficiencies.

As of 31 March, 2025, the company’s Total Income, Profit After Tax, and EBITDA were at ₹385.807 crores, ₹19.140 crores, and ₹28.600 crores respectively.

How To Check Allotment Status of Jinkushal Industries IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Jinkushal Industries Limited IPO, visit the official website of Bigshare Services Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Jinkushal Industries Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Jinkushal Industries Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Jinkushal Industries Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Jinkushal Industries Limited IPO bid and allotment details will be displayed.

How To Apply for Jinkushal Industries IPO?

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.