Before subscribing to any IPO, it is essential for investors to understand where the company stands in relation to its peers. Financial performance, valuation ratios, leverage profile, and growth trajectory must be weighed carefully against comparable players in the industry. The upcoming Jinkushal Industries IPO is no exception.
As India’s largest non-OEM exporter of construction machinery, Jinkushal Industries has positioned itself uniquely in an asset-light and globally anchored niche. But how does it measure up against established listed players like Action Construction Equipment (ACE) and Vision Infra Equipment Solutions (VIESL)?
Jinkushal Industries peer comparison analysis aims to answer precisely that. By placing Jinkushal side-by-side with its industry peers on key financial, operational, and valuation parameters, it seeks to give investors a clear, fact-driven picture to guide their decision-making.
Jinkushal Industries: Company Snapshot
Headquartered in Raipur, Jinkushal Industries operates across three distinct verticals:
- Trading of new customized machines – catering to export markets with tailor-made solutions.
- Refurbishment of used equipment – leveraging its 30,000 sq. ft. facility to restore machinery for cost-conscious global buyers, adding a sustainability edge.
- HexL Brand – a proprietary line of backhoe loaders manufactured via contract partners, with future ambitions in electric machinery.
The company’s asset-light model minimizes heavy capex while allowing scalability, supported by overseas subsidiaries in UAE (JAFZA) and Florida (USA), which strengthen its sales, distribution, and after-sales presence. With ~60% YoY revenue growth in FY25 and consistent profitability, Jinkushal presents itself as a nimble, globally anchored player within the construction equipment ecosystem.
Peer Set Introduction
To contextualize Jinkushal’s performance, two relevant peers are considered:
- Action Construction Equipment (ACE) – Established in 1995, ACE is India’s leading manufacturer of mobile cranes, tower cranes, forklifts, and road construction machinery. With a market capitalization of over INR 13,600 Cr., it commands strong domestic leadership, boasting ~63% share in the Pick & Carry crane segment and ~60% in Tower Cranes.
- Vision Infra Equipment Solutions Ltd. (VIESL) – Incorporated in 2015, VIESL operates in leasing, renting, refurbishing, and trading of road construction equipment. Though significantly smaller in scale (market cap ~INR 572 Cr.), it has demonstrated high growth momentum, particularly through its large fleet of over 380 machines and service to 200+ clients.
Together, these peers provide an insightful benchmark — ACE representing industry scale and leadership, while VIESL mirrors Jinkushal’s refurbishment and rental-oriented focus at an SME level.
Jinkushal Industries Against Peers – Thorough Analysis
To evaluate Jinkushal’s investment appeal, we benchmark it against two listed peers, Action Construction Equipment (ACE) and Vision Infra, across financial performance, valuation comfort, and balance sheet strength.
(a) Key Financial Performance (FY25)
| Particulars | Jinkushal Industries | ACE | VIESL |
|---|---|---|---|
| Revenue from Operations | 380.56 | 3,327.05 | 443.27 |
| EBITDA Margin (%) | 7.52% | 17.68% | 28.69% |
| PAT Margin (%) | 5.03% | 12.30% | 7.68% |
| RoNW (%) | 21.22% | 25.34% | 20.68% |
| RoE (%) | 28.30% | 28.87% | 21.00% |
| RoCE (%) | 18.39% | 35.29% | 16.73% |
- Scale: ACE is a clear market leader with revenues nearly 9x VIESL and almost 9x Jinkushal. However, Jinkushal’s revenue growth of ~60% YoY in FY25 demonstrates it is scaling faster than peers.
- Margins: ACE maintains double-digit PAT and EBITDA margins, while VIESL enjoys exceptionally high EBITDA margins from its leasing-led model. Jinkushal’s thinner margins (EBITDA at 7.5%, PAT at 5%) are offset by rapid topline growth and a strong return profile.
- Returns: Jinkushal’s RoE (28.3%) is almost identical to ACE (28.9%) and ahead of VIESL (21%). This signals efficient deployment of shareholder capital, despite being a smaller player.
(b) Market & Valuation Metrics
| Ratios/Valuation | Jinkushal | ACE | VIESL |
|---|---|---|---|
| P/E Ratio | 24.21x | 32.2x | 18.4x |
| Price-to-Book Value | 4.18x | 8.44x | 3.46x |
| Price-to-Sales Ratio | 1.22x | 4.19x | 1.29x |
| Market Cap (INR Cr) | NA | 13,608 | 572 |
- P/E Multiple: At 24x, Jinkushal is priced below ACE’s premium multiple (32x) but above VIESL (18x). This positions it as a middle-ground play — not too aggressive.
- P/B and P/S Ratios: Jinkushal’s P/B (4.2x) is less than half of ACE (8.4x) but a shade higher than VIESL (3.5x). Its P/S at 1.22x makes it look attractively priced, especially when compared to ACE’s steep 4.19x.
- Investor Angle: While ACE commands high multiples, Jinkushal’s valuation reflects growth potential with room for re-rating post-listing. VIESL trades cheaper, but its leverage risk pulls down valuation appeal.
(c) Balance Sheet & Liquidity
| Ratios | Jinkushal | ACE | VIESL |
|---|---|---|---|
| Debt-Equity Ratio | 0.58 | 0.01 | 1.69 |
| Current Ratio | ~2.0 | 0.88 | 1.37 |
| Net Asset Value/Share | INR 28.98 | INR 135.6 | INR 66.8 |
- Leverage: ACE is virtually debt-free, while VIESL carries heavy debt (1.69x). Jinkushal, at 0.58x, strikes a healthy balance — manageable leverage that supports growth without undue risk.
- Liquidity: With a current ratio near 2.0, Jinkushal outperforms both peers, offering strong comfort for short-term obligations. ACE’s sub-1x liquidity could pressure its working capital cycles, while VIESL remains moderate at 1.37x.
- NAV per Share: Jinkushal’s NAV (INR 28.98) is much smaller in absolute terms but, relative to its IPO price band (INR 115–121), it implies a reasonable 4.2x P/B, well below ACE’s 8.4x.
Jinkushal Industries vs Vision Infra vs Action Construction: Analytical Summary
Jinkushal Industries peer comparison analysis bring out a simple but powerful truth: Jinkushal Industries is neither the largest player like ACE nor the smallest like VIESL — it sits strategically in the middle, combining growth momentum with balance sheet stability.
- Scale vs. Growth: ACE dwarfs peers in scale with revenues crossing ₹3,32,000 lakh, but Jinkushal’s ~60% YoY growth in FY25 shows it is scaling faster than both peers. VIESL too posted strong revenue growth, but its base is much smaller.
- Valuation Comfort: At ~24x P/E and 1.22x P/S, Jinkushal Industries IPO valuations are conservative compared to ACE’s premium multiples (32x P/E, 4.19x P/S). This leaves investors room for potential upside once the company delivers on growth visibility. VIESL trades cheaper, but its high leverage profile tempers its appeal.
- Financial Strength: On the balance sheet side, Jinkushal clearly stands out. With a current ratio of ~2.0, it offers the strongest liquidity cushion among the three. Its debt-equity ratio of 0.58x is moderate and healthy, far safer than VIESL’s highly leveraged position (1.69x).
Final Words
What makes Jinkushal particularly interesting is its differentiated model: trading of customized machines, in-house refurbishment that adds a sustainability edge, and the HexL proprietary brand that could drive future margin expansion. Combined with global subsidiaries in UAE and USA, the company has laid the groundwork for scalable international growth.
Yes, there are challenges — supplier concentration, modest margins, and working capital intensity. But each is counterbalanced: supplier reliance is offset by strong global demand pipelines; margins by high RoE and asset-light scalability; working capital by healthy liquidity ratios.
In sum, Jinkushal Industries offers investors a balanced IPO bet — smaller than industry giants, stronger than emerging SMEs, and positioned smartly to grow in global markets. For those seeking a growth story, Jinkushal deserves serious consideration.
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