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Jinkushal Industries IPO
Jinkushal Industries Ltd
₹13,800 /120 sharesMinimum Investment
Jinkushal Industries IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 25 Sep ‘25 - 29 Sep ‘25 | ₹13,800 | 120 | ₹115 - ₹121 |
| Issue Size | IPO Doc |
|---|---|
| 116.10Cr | RHP PDF |
About Jinkushal Industries
Founded in
2007
Managing director
Mr Anil Kumar Jain
Parent organisation
Jinkushal Industries Ltd
Strengths & Financials of Jinkushal Industries
Strengths
Risks
Jinkushal Industries claims to be the largest exporter of non-original equipment manufacturer (non-OEM) construction machines with a 6.9 percent market share, serving over 30 countries, such as the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK. The company claims to have a subsidiary, Hexco Global FZCO, in the UAE, and a step-down subsidiary in the USA, which it uses to manage exports and expand its international operations. These subsidiaries are intended to leverage strategic locations, favourable trade policies, and global connectivity to enhance the company’s global presence.
Jinkushal Industries claims to have in-house refurbishment facilities and processes for used construction machines, allowing the company to restore operational value and extend machine lifecycles. The refurbishment process includes inspections, repairs, and servicing to meet performance, reliability, and safety standards. The company states that this approach contributes to resource efficiency and environmental sustainability by reducing the need for manufacturing new machines.
Jinkushal Industries claims to have a diversified market presence by offering a wide range of construction machines across global markets and segments, reducing dependence on any single product category or region. Its portfolio includes customised and accessorised machines from other brands, refurbished used machines, and newly launched equipment under its own brand, HexL. The company claims to supply machines such as hydraulic excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes, and asphalt pavers, supporting construction and infrastructure projects worldwide.
Jinkushal Industries claims to have an efficient supply chain infrastructure supported by a network of 228 suppliers, six non-exclusive third-party refurbishment centres in India, and one in the UAE. The company states that it manages refurbishment, customisation, and logistics to ensure the timely delivery of construction machines across domestic and international markets.
Jinkushal Industries claims to have launched its own brand of construction machines, ‘HexL’, marking a transition from selling other brands to a product-driven business model. The company states that HexL machines are manufactured through contract manufacturing arrangements with third-party manufacturers according to its specifications, technical requirements, and quality standards. Jinkushal Industries claims to conduct regular quality checks at these facilities to monitor production and ensure consistency, operational efficiency, and adherence to performance and safety standards.
Jinkushal Industries claims to have established long-term relationships with a wide customer base across domestic and international markets. The company states that by supplying ready-to-use refurbished, customised, and HexL-branded machines, it helps customers avoid the long lead times of four to six months typically associated with new machine procurement.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 233.45 crore in FY23 to Rs 238.59 crore in FY24 and Rs 380.56 crore in FY25. PAT increased from Rs 10.12 crore in FY23 to Rs 18.64 crore in FY24 and Rs 19.14 crore in FY25.
Jinkushal Industries derives a significant portion of its revenue from exports, particularly from Mexico. It accounted for Rs 282.24 crore (74.17 percent) of the company’s revenue in FY25, Rs 196.88 crore (82.52 percent) in FY24, and Rs 70.77 crore (30.32 percent) in FY23. Any adverse regulatory changes, geopolitical instability, tariffs, or trade restrictions in this key export market can materially impact the company’s business, operations, and financial performance.
A substantial portion of Jinkushal Industries’ export revenue is routed through merchant trade transactions (MTT). It accounted for Rs 96.53 crore (45.57 percent) of the company’s total revenue in FY25, Rs 98.72 crore (41 percent) in FY24, and Rs 37.68 crore (16 percent) in FY23. These transactions are subject to compliance requirements under Indian regulations, including Reserve Bank of India (RBI) circulars, customs procedures, and foreign trade policies. Any tightening of scrutiny, delays in approvals, or changes in regulations governing MTT could disrupt business operations and adversely affect revenue generation.
The top customer alone accounted for Rs 84.92 crore (22.31 percent) of the company’s revenue in FY25, Rs 229.02 crore (95.99 percent) in FY24, and Rs 171.51 crore (73.47 percent) in FY23. Any failure to retain this key customer or a loss of business from this client could adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 82.27 crore (49.64 percent) of the company’s purchases in FY25, Rs 102.33 crore (58.98 percent) in FY24, and Rs 74.75 crore (41.86 percent) in FY23. Furthermore, the top supplier alone accounted for Rs 37.46 crore (22.60 percent) of the company’s total purchases in FY25, Rs 61.80 crore (35.62 percent) in FY24, and Rs 24.91 crore (13.95 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
Jinkushal Industries incurs significant expenses on export charges, including export freight and customs handling fees. They accounted for Rs 15.23 crore (82 percent) of the company’s revenue in FY25, Rs 19.56 crore (92 percent) in FY24, and Rs 22.44 crore (90 percent) in FY23. Any increase in such charges, driven by fuel price volatility, shipping rate fluctuations, or changes in customs regulations, could erode margins or force the company to pass on higher costs to customers, which may adversely affect demand for its products.
The company reported negative cash flow from operating activities amounting to Rs 11.25 crore in FY25 and Rs 23.83 crore in FY24. Additionally, negative cash flow from investing activities amounted to Rs 5.56 crore in FY25, Rs 7.39 crore in FY24, and Rs 4.62 crore in FY23. These outflows were primarily due to higher working capital deployment, capital advances, and investments in mutual funds and alternative investment funds (AIFs), as well as increased receivables arising from a shift in its sales model. The company also reported a net decrease in cash and cash equivalents amounting to Rs 3.51 crore in FY25 and Rs 3.60 crore in FY24. Persistent negative cash flows may affect the company’s ability to fund its operations and growth initiatives, which could adversely impact its financial position.
As of FY25, the company had trade receivables of Rs 102.36 crore, a sharp increase from Rs 59.93 crore in FY24 and Rs 0.56 crore in FY23. For the company’s operations to remain smooth, these trade receivables must be collected on time.
Jinkushal Industries derives a significant portion of its revenue from the export of refurbished construction machines. They accounted for Rs 131.80 crore (34.63 percent) of the company’s revenue in FY25, Rs 92.23 crore (38.66 percent) in FY24, and Rs 0.41 crore (0.18 percent) in FY23. Refurbished machines carry inherent risks such as inconsistent performance, breakdowns, higher maintenance costs, and shorter operating life despite quality checks. Technological advancements in new equipment and stricter environmental norms further reduce the appeal of older models. In addition, varying international regulations on safety, emissions, and import restrictions can lead to delays, penalties, or rejection of shipments, which may impact the company’s operations and financial performance.
The company and its promoters are involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Jinkushal Industries’ business is subject to seasonal and cyclical variations in the construction industry, which can cause fluctuations in demand for equipment. Monsoon seasons in India and harsh winters or holiday periods in overseas markets may temporarily slow down construction activity, leading to weaker sales during these periods. Conversely, post-monsoon or spring months typically see higher demand, making revenue uneven across quarters. Unpredictable weather patterns or climate change may further disrupt these trends, impacting inventory management, working capital, and overall financial performance.
As of FY25, the company had financial indebtedness of Rs 54.27 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Jinkushal Industries Financials
*All values are in Rs. Cr
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Application Details of Jinkushal Industries IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹115 - 121 | ₹2 Lakh |
| High Networth Individual | ₹115 - 121 | ₹2 - 5 Lakh |
For Jinkushal Industries IPO, eligible investors can apply as Regular.