Foreign inflows, favourable economic indicators, and a wave of mainboard and SME companies lining up signal that the IPO calendar of this year could rewrite records. Leveraging this euphoria, Jinkushal Industries, one of the leading non-OEM exporters of construction machines in India, with a market share of 6.9%, is stepping up to launch its ₹116.11 Cr mainboard IPO on 25 September 2025.
With revenues escalating to ₹385.81 Cr in the financial year 2024-25 and consistent profits, the company is tapping into the optimistic market to attract investors looking for long-term value rather than quick gains.
This blog breaks down everything an investor needs to know about Jinkushal Industries IPO, its timeline, price band, allotment, IPO GMP, and an overview of the IPO in one place.
Jinkushal Industries Limited IPO Details
Here’s a snapshot of the key details of Jinkushal Industries IPO.
| IPO Open Date | 25 September 2025 |
| Close Date | 29 September 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹115-₹121 per share |
| Issue size | Undisclosed |
| Market Lot | 120 Shares |
| Sale Type | Fresh Capital cum Offer for Sale |
| Offer for Sale | 9,59,548 Shares |
| Fresh Issue | ₹104.49 Cr |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size (₹ Cr) | ₹116.11 Cr |
| Reserved for Market Maker | Undisclosed |
| Net Offered to Public | Undisclosed |
| Minimum Investment | ₹14,520 |
| Retail Discount | Undisclosed |
Jinkushal Industries IPO Timeline
The important dates investors need to know regarding the IPO opening and closing date, allotment, refund, and listing are mentioned below:
| IPO Open Date | 25 September 2025 |
| IPO Closing Date | 29 September 2025 |
| Tentative Allotment | 30 September 2025 |
| Initiation of Refunds | 1 October 2025 |
| Credit of Shares | 1 October 2025 |
| Tentative Listing Date | 3 October 2025 |
| Cut-off Time for UPI Mandate Confirmation | 29 September 2025 |
Jinkushal Industries IPO Grey Market Premium (GMP Today)
| Date | GMP (₹) | Estimated Listing Price |
| 22 September 2025 | ₹52 | ₹172 |
Jinkushal Industries IPO Reservation
Here’s how the shares are reserved for various categories of investors. This is an overview of where the investors stand and their allocation possibilities.
Jinkushal Industries Key Performance Indicator (Figures in %)
These key performance indicators (KPIs) highlight the profitability and performance of Jinkushal Industries. Here’s a comparison of the KPIs for the past three years of Jinkushal Industries.
| 2025 | 2024 | 2023 | |
| ROE | 28.30 | 55.19 | 51.95 |
| ROCE | 18.39 | 29.44 | 34.11 |
| Debt to Equity Ratio | 0.58 | 1.06 | 0.66 |
| RoNW | 21.22 | 43.29 | 41.29 |
| PAT Margin | 5.03 | 7.81 | 4.33 |
| EBITDA Margin | 7.52 | 11.56 | 6.29 |
Jinkushal Industries IPO Financials (Amount in ₹ )
This table reveals the revenue, profit, and total assets of the company in the following financial years. The results indicate an overall steady growth.
| 2025 | 2024 | 2023 | |
| Revenue | 38,055.81 | 23,859.18 | 23,345.05 |
| Total Asset | 17,935.47 | 10,943.81 | 4,939.20 |
| Profit | 1,914.00 | 1,864.45 | 1,011.74 |
Jinkushal Industries IPO Lot Size
This table helps investors calculate their investment based on the minimum and maximum bid quantities for each category.
| Application | Lot Size | Shares | Amount(in ₹) |
| Individual investors (Retail) (Min) | 1 | 120 | 14,520 |
| Individual investors (Retail) (Max) | 13 | 1.560 | 1,88,760 |
| S-HNI (Min) | 14 | 1,680 | 2,03,280 |
| S-HNI (Max) | 68 | 8,160 | 9,87,360 |
| B-HNI (Min) | 69 | 8,280 | 10,01,880 |
Jinkushal Industries IPO Promoter Holding
This indicates promoters holding positions before and after the IPO.
| Promoter Holding Pre Issue | 100% |
| Promoter Holding Post Issue | 77.50% |
The promoters of Jinkushal Industries Limited comprise Anil Kumar Jain, Abhinav Jain, Sandhya Jain, Tithi Jain and Yashasvi Jain.
Jinkushal Industries IPO Anchor Investors Details
Here’s a breakdown of the anchor investors’ reservation of Jinkushal Industries IPO.
| Bid Date | 24 September 2025 |
| Shares Offered | Undisclosed |
| Anchor Portion Size (In Cr.) | Undisclosed |
| Anchor lock-in period end date for 50% shares (30 Days) | 29 October 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | 28 December 2025 |
Jinkushal Industries IPO Prospectus
Below are the official documents of the Jinkushal Industries IPO filed with SEBI.
| DRHP (Doc) | |
| RHP (Doc) | Not released |
| Anchor Investors | Not released |
About Jinkushal Industries
Jinkushal Industries Limited, founded in 2007, engages in the export trading of new, customised, and used/refurbished construction machinery globally. The company primarily operates through three verticals:
- Export of customised, modified, and accessorised new construction machines.
- Export of used/refurbished construction machines
- Export of its own brand ‘HexL’ construction machines, which is currently focusing on backhoe loaders, to serve a diverse international customer base. It is a versatile machine with a backhoe at the back for digging and an excavator in the front for loading various materials.
In addition, the company also earns a fraction of revenue from the leasing of warehouses and the renting of construction machinery, which further strengthens its service portfolio for global customers.
Objectives of the Jinkushal Industries
| Fund Utilisation | Amount (in ₹ lakh) |
| Funding the long-term incremental working capital requirements of the Company | 7,267.50 |
| General Corporate Purposes | Undisclosed |
Strength Of Jinkushal Industries
- Market Leadership: The company is the largest Non-OEM exporter of construction machines from India, with a market share of 6.9%, according to the CareEdge Report. It exports to over 30 countries, including the UAE, Australia, and the UK. The company is recognised as a Three-Star Export House by the Directorate General of Foreign Trade (DGFT), Government of India.
- Diverse Product Portfolio: The company offers customised and accessorised machines of other brands as well as refurbished used machines and newly launched equipment of their own brand. The product range includes hydraulic excavators, motor graders, bulldozers, cranes, and much more. This helps in meeting operational needs and market demand, and supports construction and infrastructure projects, while improving sustainability and scalability.
- Efficient Supply Chain: With 228 suppliers, including 172 contractors, 51 traders, and 5 manufacturers, the company is able to source a wide range of new and used construction machines to fulfill the requirements of its customers and market demand.
- Strong Financial Performance: The company has a strong revenue growth with a CAGR of 73.37% over 5 years and an average ROE of 53.78%, which reflects its scalability and working capital management.
Risk of Jinkushal Industries
- Highly Dependent on Export: The company highly relies on its exports for generating a major portion of its revenue. This exposes the company to the risks associated with international trade, such as regulatory changes, geopolitical tensions, tariffs, non-tariff barriers, and changes in global trade policy.
- Concentrated Customer Base: The company has a limited number of customers that contribute a majority share of revenue. Loss of any customer or a reduction in their orders could affect the financial performance significantly.
- Dependence on Third-Party Suppliers: The company is dependent on third-party suppliers for machines. Any sort of disruptions in the supply chain or an increase in price for the required equipment can affect operations and margins negatively.
- Foreign Exchange Risks: The company’s revenue is denominated in foreign currencies; the company might face currency exchange risks and potential adverse foreign trade policies, which could impact the financial results.
Conclusion
Jinkushal Industries IPO is an opportunity to invest in a leading export-based company. Its diverse products, from new construction machinery to customised and refurbished options, and its history of strong growth make it attractive for long-term investments.
However, their heavy reliance on exports and limited customer base exposes the company to certain risks. Before investing, investors shall assess both strengths and risks efficiently.
FAQs
Jinkushal Industries IPO is a mainboard IPO of ₹116.11 Cr, to be launched by Jinkushal Industries Limited on 25 September 2025. The IPO has a price band of ₹115-₹121 per share.
First, log in to Zerodha using Kite, search Jinkushal industries IPO, and click on Apply.
Then, click on Apply again and enter your UPI ID.
After that, enter Quantity and Price and click on the undertaking tick box.
Swipe the Submit button and accept the mandate on the UPI app.
The IPO is set to open on 25 September 2025 and will close on 29 September 2025.
The minimum lot size of the IPO is 120 shares, which requires ₹14,520 in investments.
You can apply for the IPO through any broker, such as Zerodha, Groww, Kotak Securities, etc., or through the ASBA facility offered by banks during the IPO window.
The tentative allotment of the IPO is scheduled on 30 September 2025.
The tentative listing for the IPO is scheduled on 3 October 2025, on BSE and NSE.
