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Jinkushal Industries Limited is an export trading company specializing in new, customized, used, and refurbished construction machinery. Recognized as a Three-Star Export House, it is the largest non-OEM construction equipment exporter from India, with a market share of 6.9%. The company operates globally, having exported to over thirty countries, and has expanded its international presence through subsidiaries in the UAE and USA. Its business verticals include trading modified new machines from various OEMs, trading refurbished used equipment from its facility in Raipur, and exporting its own 'HexL' brand of construction machines, currently focusing on backhoe loaders manufactured under contract in China.
Opening Date
Sep 25, 2025
Closing Date
Sep 29, 2025
Listing Date
Oct 03, 2025
IPO Type
Mainboard
IPO Status
Closed
Issue Size
116.15 Cr
Fresh Issue
104.54 Cr
Offer for Sale
11.61 Cr
Price Band
₹115 - ₹121
Lot Size
120
Jinkushal Industries Limited proposes to utilize the funds which are being raised through this Issue towards the below mentioned objects:
Funding working capital requirements to support procurement, refurbishment, and trading operations across new, used, and customized construction machinery.
Investment in infrastructure, technology, and capacity expansion at its Raipur refurbishment facility to enhance efficiency and scale operations.
Strengthening global presence by expanding international subsidiaries and distribution networks, particularly in the UAE and USA, to capture additional market share.
Allocation towards general corporate purposes, including strategic initiatives, branding, marketing, and meeting unforeseen business requirements.
P/E Ratio
65.09
EPS
1.21
ROE
28.3%
ROCE
18.39%
RONW
21.22%
Debt to Equity Ratio
0.58
PAT Margin
5.03%
EBITDA Margin
7.52%
P/B
4.18
Largest non-OEM exporter of construction equipment from India with a 6.9% market share.
Established global presence with exports to over 30 countries and subsidiaries in the UAE and USA.
Diversified business model including new, refurbished, and own-brand ('HexL') machines.
Strong and long-standing relationships with a diverse customer base, leading to significant repeat business.
High dependency on export markets, exposing the business to geopolitical uncertainties and trade policy shifts.
Significant customer concentration, with top five customers accounting for over 75% of revenue in Fiscal 2025.
Substantial working capital requirements to manage inventory and receivables.
Experienced negative cash flows from operating and investing activities in recent financial periods.
Capitalize on the growing global market for used construction equipment, projected to reach USD 177.2 billion by 2029.
Expand the 'HexL' brand product portfolio to include other types of machinery and electric construction equipment.
Leverage increasing global infrastructure spending, particularly in emerging economies.
Utilize government export promotion schemes to enhance cost competitiveness in international markets.
Exposure to foreign currency exchange rate volatility as a majority of revenue is denominated in foreign currencies.
Potential adverse changes in international trade policies, tariffs, and non-tariff barriers in key export markets.
Economic downturns or political instability in key geographical markets like Mexico could impact sales.
Intense competition from established Original Equipment Manufacturers (OEMs) and other traders in the global market.