Jinkushal Industries IPO

About the company

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.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   25 Sept 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   29 Sept 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   30 Sept 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   01 Oct 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   01 Oct 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   03 Oct 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.