Chhattisgarh based Jinkushal Industries, a leading exporter of construction machinery has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). The issue comprises fresh issue of up to 86.5 lakh equity shares and offer for sale (OFS) of up to 10 lakh shares, aggregating to 96.5 lakh equity shares of face value INR 10 each.
The Book Running Lead Manager is GYR Capital Advisors, and Bigshare Services will act as the Registrar of the Issue.
Promoter Group and Offer for Sale
The promoter group includes Anil Kumar Jain, Abhinav Jain, Sandhya Jain, Tithi Jain, and Yashasvi Jain. Among them Anil Kumar Jain, Abhinav Jain, Sandhya Jain are the selling shareholders in OFS component.
- Anil Kumar Jain will offer up to 6,45,570 shares
- Abhinav Jain will offload up to 2,27,850 shares.
- Sandhya Jain will offload up to 1,26,580 shares
Use of Proceeds
The net proceeds from the fresh issue are earmarked for:
- Funding working capital requirements – up to INR 72.68 crore.
- General corporate purposes.
Market Leader with Global Footprint
Jinkushal Industries has carved out a niche in the export trading of construction machines, both new (customized, accessorized) and used (refurbished), and has recently introduced its own brand – ‘HexL’. The company commands a 6.9% market share in the non-OEM construction equipment export market, according to a CareEdge report, making it the largest Indian exporter in this segment.
Since its pivot to exports in 2017, Jinkushal Industries has supplied over 1,500 machines to more than 30 countries, including the UAE, Mexico, Netherlands, Belgium, South Africa, Australia, and the UK. Its newly launched HexL brand, initially focused on backhoe loaders, is expected to expand into electric construction machinery in the future.
Jinkushal Industries operates through three main business verticals:
- Export of customized new construction machines.
- Export of refurbished used machines.
- Export of HexL-branded machines, currently limited to backhoe loaders.
Manufacturing, Refurbishment, and Imports
Jinkushal Industries boasts a 30,000 sq. ft. in-house refurbishment facility in Raipur, Chhattisgarh, staffed with 48 skilled employees. In addition, it partners with six third-party refurbishment centers in India and one in the UAE. JKIPL also imports machines from China, UAE, USA, and Australia, leveraging favorable international pricing and maintaining supply chain efficiency.
Contract manufacturing in China ensures that its branded HexL machines meet stringent quality and technical specifications. Regular quality audits and logistics oversight help ensure consistent supply to international markets.
Financial Performance
JKIPL has shown robust financial growth, backed by strong fundamentals:
| FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 | |
| Revenue | 176.96 | 233.45 | 238.59 | 302.51 |
| Revenue Growth (%) | 131 | 31.92 | 2.20 | NA |
| Expenses | 167.76 | 220.53 | 218.07 | 289.01 |
| EBITDA (%) | 6.96 | 6.29 | 11.56 | 8.31 |
| Net income | 8.57 | 10.12 | 18.64 | 18.12 |
| Margin (%) | 4.85 | 4.33 | 7.81 | 5.99 |
| Net Worth | 14.45 | 24.50 | 43.07 | 90.61 |
| RoNW (%) | 59.34 | 41.29 | 43.29 | 18.71 |
| RoE (%) | 84.20 | 51.95 | 55.19 | 25.37 |
| RoCE (%) | 44.58 | 34.11 | 29.44 | 16.08 |
| Debt/Equity | 0.80 | 0.66 | 1.06 | 0.62 |
Jinkushal Industries has achieved 56.7% CAGR in last 3 years and 99% of revenue in recent periods is from international markets.
Product and Revenue Breakdown
For the nine-month period ending 31 December 2024, JKIPL sold 454 machines, generating revenue of INR 300.65 crore. Key contributors were:
- Hydraulic Excavators – INR 100.69 crore (33.49%)
- Backhoe Loaders – INR 61.60 crore (20.49%)
- Motor Graders – INR 29.25 crore (9.73%)
In Fiscal 2024, Jinkushal Industries sold 364 machines, with hydraulic excavators contributing a substantial 72.04% of revenue.
Strategic Expansion and Customer Base
In 2023 JKIPL established a UAE based subsidiary Hexco Global FZCO which in turn owns Hexco Global USA LLC. This global expansion leverages the favorable trade ecosystems of both UAE and US and enhances the company’s cross border logistics and customer servicing capabilities.
Jinkushal Industries has a diverse and loyal customer base with 85% of revenue in recent periods from customers with over three years of association.. Its top five customers contributed 75% of revenue during the nine months ending December 2024, underlining high client concentration but also strong client retention.
Sustainability Focus
Through its refurbishment strategy, Jinkushal Industries promotes circular economy principles, extending machine life cycles and reducing the environmental footprint associated with new equipment manufacturing.
Conclusion
Jinkushal Industries IPO filing is a big step in its journey from a domestic machine lessor to a global exporter. With a proven track record of profitability, strategic global partnerships and diversified product line the company is well placed to benefit from infrastructure development and cost effective construction equipment demand worldwide.
Now the market will watch out for the next steps in its IPO journey as JKIPL looks to unlock value for stakeholders and consolidate its position in global construction machinery trade. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.