Jinkushal Industries IPO kicks-off today: Should you subscribe to it?

Jinkushal Industries launches its initial public offering (IPO) today, that is, on Thursday, September 25. The company shall be offering its shares in the range of Rs 115-121 apiece, for which investors can apply for a minimum of 120 equity shares and its multiples thereafter. The issue will close for bidding on Monday, September 29.

Jinkushal Industries is looking to raise a total of Rs 116.15 crore via IPO, which includes a fresh share sale of up to 86.4 lakh shares worth Rs 105.54 crore and an offer-for-sale (OFS) of up to Rs 11.61 crore. The net proceeds from the issue shall be utilized towards funding the working capital requirement and general corporate purposes.

Founded in November 2007, Raipur-based Jinkushal Industries is an export trading company supplying construction machinery globally. Operating in over thirty countries—including the UAE, Mexico, Netherlands, Belgium, South Africa, Australia, and the UK—the company has built a strong reputation for quality, customisation, and service excellence.

Jinkushal Industries raised a total of Rs 35 crore via anchor book as it allocated 28.78 lakh equity shares at Rs 121 apiece. Marquee names including Nomura Singapore, HDFC Bank, Viney Growth Fund, Steptrade Revolution Fund, Santosh Industries and Swyom India Alpha Fund participated in the anchor book.

For the financial year ended on March 31, 2025, Jinkushal Industries reported a net profit of Rs 19.14 crore with a revenue of Rs 385.81 crore. The company clocked a bottomline of Rs 18.64 crore with a revenue of Rs 242.80 crore for the year 2023-24. At the current valuations, it commands a market capitalization close to Rs 465 crore.

Jinkushal Industries has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per cent of allocation. Retail investors have a 35 per cent reservation in the IPO. Last heard, it was commanding a grey market premium (GMP) of Rs 21 apiece, suggesting a 17 per cent listing pop for the investors.

GYR Capital Advisors is the sole book running lead manager and Bigshare Services is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with Friday, October 03, as the tentative date of listing. Here's what a host of brokerage firms say about the IPO of Jinkushal Industries:
 

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Jinkushal Industries is among the largest exporters of non-OEM construction equipment, with an international presence in the UAE and USA through its subsidiaries. It is committed to refurbishment, reuse, and promoting the circular economy, reflecting its focus on sustainability and environmental responsibility, said Anand Rathi Share & Stock Brokers.

"With a diversified market base and optimized machine solutions, it delivers value to customers across geographies. The company is valuing at P/E of 30.1 times to its FY25 earnings, with EV/Ebitda of 22 times post issue of equity shares. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it added.
 

Ventura Securities
Rating: Subscribe
Jinkushal Industries has expanded aggressively, establishing Dubai-based Hexco Global in 2023 and acquiring a UAE competitor in 2024 to strengthen its supply chain and customer base. The launch of HEXL backhoe loaders reinforces its brand-building strategy in construction equipment, said Ventura Securities.

"Looking ahead, it plans to consolidate international market share, expand into new geographies, and strengthen in-house brand offerings. Financially, it has shown strong growth. Over 99 per cent of revenue comes from exports, highlighting its global positioning," it added with a 'subscribe' rating.
 

BP Wealth
Rating: Subscribe
"We believe JinKushal is well-positioned to capitalise on industry growth trends. On the upper price band, the company is currently valued at a P/E of 19.7 times based on FY25 earnings," said BP Wealth. "Thus, we recommend a 'subscribe' rating for this issue from a medium to long-term perspective," it said.
 

Marwadi Financial Services
Rating: Subscribe
We assign a 'subscribe' rating to this IPO as they are the largest player in export of Non-OEM construction equipment along with diversified market presence and consistent track record of financial performance, said Marwadi Financial Services. "Also, it is available at a reasonable valuation as compared to its peers," it said.
 

Kunwarji Wealth Solutions
Rating: Subscribe
"We recommend subscribing to this IPO with a medium to long-term view. Jinkushal Industries, which stands among the country’s top exporters of construction machinery. With strong financial momentum and a robust supply chain, the company is well-positioned for sustained global growth," it said Kunwaji Wealth.