Jinkushal Industries Limited, a global player in the export trading of construction machinery, is set to hit the Indian capital markets with its ₹116.11 crore initial public offering (IPO). The issue, which opens for subscription on September 25, 2025, and closes on September 29, 2025, will be a mix of fresh equity and an offer for sale. For investors, the IPO presents an opportunity to participate in a company that has built a strong presence across more than 30 countries while riding on India’s expanding role in the construction equipment trade.

Company Background

Founded in 2007, Jinkushal Industries has grown into a specialized exporter of construction machines, including new, refurbished, and its proprietary “HexL” branded equipment. The company caters to diverse geographies, including the UAE, Mexico, South Africa, Australia, and the UK. Its three-pronged model—trading customized new machinery, supplying refurbished alternatives, and marketing its in-house HexL backhoe loaders—has positioned it as a flexible and reliable partner for clients worldwide.

Jinkushal’s refurbishment facility, staffed by 48 skilled employees, plays a pivotal role in reconditioning used machines, supporting its focus on quality and environmental responsibility. In fiscal year 2025, the company reported a 59% surge in revenue to ₹385.81 crore, while profit after tax inched up to ₹19.14 crore. The company’s consistent growth underscores its ability to scale operations even in a competitive global landscape.

IPO Details

The ₹116.11 crore issue comprises a fresh issue of shares worth ₹104.49 crore and an offer for sale of shares valued at ₹11.61 crore. The price band is set between ₹115 and ₹121 per share, with a minimum bid lot of 120 shares. At the upper price band, the market capitalization is projected at approximately ₹464 crore.

GYR Capital Advisors Pvt. Ltd. is acting as the book-running lead manager, while Bigshare Services Pvt. Ltd. will serve as the registrar. Shares are expected to list on both the BSE and NSE on October 3, 2025.

Market Context & Opportunities

Jinkushal’s IPO comes at a time when global demand for construction equipment is rebounding, driven by infrastructure development, urbanization, and sustainability initiatives. Its emphasis on refurbished machines positions the company to benefit from growing interest in circular economy models. The firm’s diversified market presence and efficient supply chain further enhance its ability to manage demand cycles and regional fluctuations.

Risks & Challenges

Despite its strengths, Jinkushal faces industry headwinds. The construction machinery trade is highly cyclical, linked to infrastructure spending and economic cycles. Margin pressure from global competition, rising input costs, and reliance on a relatively narrow product line—primarily backhoe loaders under the HexL brand—could weigh on future growth. Moreover, regulatory changes in export markets may pose additional risks.

Conclusion

Jinkushal Industries’ IPO offers investors a chance to gain exposure to a niche yet expanding segment of the global construction equipment trade. With a robust financial trajectory, diversified operations, and strong international footprint, the company appears well-positioned. However, its modest profitability growth compared to revenue expansion highlights the need for cautious optimism. For investors evaluating new listings, Jinkushal’s offering will be a test of whether specialized export-focused firms can capture sustained investor interest in India’s busy IPO calendar.