Jinkushal Industries Limited is a Raipur based construction equipment exporter. It trades, refurbishes and rents heavy construction machines—including excavators, back‑hoe loaders, wheel loaders, bulldozers and pavers—across more than 30 countries. Recognised as a three‑star export house by the Government of India, Jinkushal derives roughly 99 % of its revenue from overseas sales and has built a robust logistics and warehousing network to support its global operations.
Offer Details of the IPO
Price band: INR 115 to INR 121 per Equity Share
Book‑Running Lead Manager (BRLM)
Indian Engineering & Capital Goods Industry – Overview
India’s engineering-goods sector is the backbone of the country’s manufacturing ecosystem, supplying high-value plant, machinery, and components that drive growth in power, infrastructure, automotive, renewable energy, aerospace, and a host of other core industries. In FY24, the industry generated USD 109.3 billion of exports (≈approximately 27 % of total merchandise exports) and USD 141.9 billion of imports, underscoring both a strong export presence and a continued reliance on imported high-tech equipment.
Table: Key segments
| Family | Key Segments / Product Groups | Typical End-Users |
| Heavy Engineering | Heavy Electrical Equipment (transformers, switchgear, generators) • Machine Tools & Precision‑Machining (CNC, metal‑cutting) • Automotive & Transport Equipment (engines, chassis, heavy‑vehicle components) • Industrial Machinery (mining, earth‑moving, process‑plant) • Aerospace & Defence (aircraft/spacecraft parts) | Power‑generation & transmission utilities, heavy‑industry OEMs, shipyards, defence contractors, large-scale infrastructure projects |
| Light Engineering | Electrical & Electronic Components (motors, drives, sensors) • Medical & Surgical Instruments • High‑Tech Precision Products (bearings, fasteners, precision castings) • Consumer‑Durable Sub‑Assemblies (appliances, HVAC) | Healthcare providers, consumer‑electronics manufacturers, automotive OEMs (light-vehicle parts), renewable‑energy EPCs, OEMs of consumer durables |
| Supporting Layers | MSME-driven Fabrication & Casting • Export-Promotion Services (EPCG, RoDTEP, PLI) • After-market Services (refurbishment, leasing, MTT-based trade) | Small-to-mid-size manufacturers, export houses, logistics & financing partners |
Source: RHP
Drivers shaping the sector
Growth‑Rate Snapshot (Past FY19‑FY24 vs Future FY25‑FY30)
| Segment | Past CAGR (FY 19-FY 24) | Future CAGR (FY 25-FY 30 est.) | Comment |
| Heavy Electrical Equipment | 9.5 % (INR 1.93 tn → INR 3.05 tn) | 14 % | Still the largest export sub‑sector; growth moderated by global competition but buoyed by power‑grid expansion and renewable‑energy projects. |
| Machine Tools & Precision Machining | 4.4 % (INR 12.4 bn → INR 15.4 bn) | 6‑7 % | Rising demand for CNC‑based automation in automotive & aerospace; domestic MSME capacity upgrades are expected to close the import gap. |
| Industrial Machinery (Process Plant, Earth‑moving, Mining) | 4.2 % (INR 7.45 bn → INR 9.14 bn) | 5‑6 % | Infrastructure surge and mining‑project pipelines in MEA & LATAM drive higher export volumes; domestic demand steadies. |
| Electrical Machinery (motors, drives, automation) | 8.4 % (INR 12.3 bn → INR 14.5 bn) | 7‑8 % | Strong link to power‑transmission upgrades and Industry 4.0 adoption across Indian factories. |
| Auto & Auto‑Parts | 9.5 % (INR 21.6 bn → INR 24.5 bn) | 8‑9 % | EV‑platform transition and higher vehicle‑production capacity sustain growth; export markets (UAE, Saudi) remain robust. |
| Aerospace & Spacecraft Parts | 22.8 % (INR 1.42 bn → INR 3.24 bn) | 15‑18 % | Fastest‑growing niche; Indian firms are integrating into global supply chains for commercial & defence aerospace programmes. |
| Medical Devices & Precision Engineering | 13.5 % (Non‑ferrous metals & related products) | 10‑12 % | Health‑care expansion and “Make in India” push for indigenous medical equipment boost this segment. |
| Overall Engineering Exports | 9.8 % (USD 75.3 bn → USD 112.1 bn FY 22 peak) | 7‑9 % (projected USD 75.5 bn → USD 115 bn FY 30) | Export share of total merchandise exports rising from 24 % (FY 20) to 27 % (FY 25); the gap between imports and exports is narrowing but still sizable, indicating continued import‑driven demand for high‑tech capital goods. |
Source: RHP
Jinkushal Industries Limited – Company Overview
Raipur based Jinkushal Industries Limited was incorporated in 2007 as Zenith Tie‑Up Private Limited, renamed as Jinkushal Ispat & Power Private Limited in 2009, and became Jinkushal Industries Private Limited in 2014. The founding/promoter team includes Anil Kumar Jain (Chairman & Managing Director), Abhinav Jain (Whole‑Time Director), and key family members Sandhya Jain, Tithi Jain, and Yashasvi Jain, with the Jain family collectively holding ≈ 56 % of the equity as of 31‑Mar‑2025.
The Company exports new and refurbished construction equipment such as hydraulic excavators, back‑hoe loaders, wheel loaders, bulldozers, pavers, cranes, and dump trucks, and provides leasing and logistics services for heavy machines. Recognised as a Three‑Star Export House by the Government of India, it posted FY 2025 revenue of INR 3,805.6 million (≈ 59 % YoY growth), EBITDA of INR 233.5 million (CAGR ≈ 28 % over FY 23‑25), and PAT of INR 191.4 million (≈ 5 % margin).
Key Relationships & Stakeholder Network
Jinkushal Industries Limited has subsidiaries, including Hexco Global FZCO (UAE – JAFZA) – 80% owned, and Hexco Global USA LLC – 90% owned (step-down), providing overseas trading and a US market foothold. Its promoter group companies, such as Freedom Dealers Pvt Ltd, Rishabh Phenolics Pvt Ltd, and Deep Infratech Pvt Ltd, handle related-party business and service contracts.
Key customers include over 30 overseas buyers from the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia, and the UK, driving export sales of construction equipment.
Competitive Positioning
Jinkushal Industries holds the largest share in the non‑OEM construction-equipment export market in India at 6.9 %, followed by Equipment Hub at 6.0 % and G.S. Sethi & Sons at 5.3 %, while the remaining 81.9 % is accounted for by other smaller players, reflecting a highly fragmented market.
Strengths
Weaknesses
Financial Profile
Robust Revenue Growth: Jinkushal Industries (JKIPL) reported FY 2025 revenue of INR 38.06 bn, up 59.5% YoY from INR 23.86 bn in FY 24 and INR 23.35 bn in FY 23, reflecting a CAGR of ≈28% over FY 23-25. Growth was driven by higher exports to 30+ countries, the launch of HEXL back-hoe loaders and other organic factors.
Moderate Profitability: PAT rose modestly 2.7% to INR 191.4 mn (5.0% margin) from INR 186.4 mn in FY 24 and INR 101.2 mn in FY 23, with a PAT CAGR of ≈38%. EBITDA stood at INR 286.0 mn (7.52% margin, CAGR ≈39.5%), with growth of 3.7% in FY25.
Table: Peers Comparison
| Company Name | Current Market Price (INR) | EPS Basic (INR) | EPS Diluted (INR) | P/E Ratio | Net Asset Value per Share (INR) |
| Jinkushal Industries Limited | 121* | 6.15 | 6.15 | 19.7 | 28.98 |
| Action Construction Equipment Limited | 1,071.50 | 34.39 | 34.37 | 31.18 | 135.60 |
| Vision Infra Equipment Solutions Limited | 174.75 | 15.97 | 15.97 | 10.94 | 66.82 |
Source: RHP; * – top end of PE Band
Table 1: KPI Comparison
| Company Name | Particulars (Units) | FY 23 | FY 24 | FY 25 | CAGR |
|
Jinkushal Industries Limited
|
Revenue from Operations (INR in Million) | 2,334.51 | 2,385.92 | 3,805.58 | 28% |
| Growth in Revenue from Operations (%) | 31.92% | 2.20% | 59.50% | – | |
| Other Income (INR in Million) | 4.44 | 42.07 | 52.49 | – | |
| EBITDA (INR in Million) | 146.79 | 275.69 | 286.01 | 28% | |
| EBITDA Margin (%) | 6.29% | 11.56% | 7.52% | – | |
| Profit After Tax (INR in Million) | 101.17 | 186.45 | 191.40 | 38% | |
| PAT Margin (%) | 4.33% | 7.81% | 5.03% | – | |
| Net Worth (INR in Million) | 245.01 | 430.69 | 861.90 | – | |
| Return on Net Worth (%) | 41.29% | 43.29% | 21.22% | – | |
| Return on Equity (%) | 51.95% | 55.19% | 28.30% | – | |
| Return on Capital Employed (%) | 34.11% | 29.44% | 18.39% | – | |
| Net Asset Value per Share (INR) | 8.24 | 14.48 | 28.98 | – | |
| Debt-Equity Ratio | 0.66 | 1.06 | 0.58 | – | |
| Action Construction Equipment Limited
|
Revenue from Operations (INR in Million) | 21,596.75 | 29,138.01 | 33,270.50 | 26% |
| Growth in Revenue from Operations (%) | 32.53% | 34.92% | 14.18% | – | |
| Total Income (INR in Million) | 22,007.93 | 29,908.97 | 34,273.70 | – | |
| EBITDA (INR in Million) | 2,620.34 | 4,803.43 | 6,060.78 | 37% | |
| EBITDA Margin (%) | 11.91% | 16.06% | 17.68% | – | |
| Net Profit (INR in Million) | 1,729.83 | 3,281.98 | 4,092.40 | 42% | |
| PAT Margin (%) | 7.86% | 10.97% | 12.30% | – | |
| Return on Equity (%) | 20.68% | 30.55% | 28.87% | – | |
| Return on Capital Employed (%) | 27.60% | 42.90% | 35.29% | – | |
| Debt-Equity Ratio | 0.01 | 0.00 | 0.01 | – | |
| Net Worth (INR in Million) | 9,185.59 | 12,298.41 | 16,147.26 | – | |
| Return on Net Worth (%) | 18.83% | 26.69% | 25.34% | – | |
| Net Asset Value per Share (INR) | 77.14 | 103.28 | 135.60 | – | |
| Vision Infra Equipment Limited
|
Revenue from Operations (INR in Million) | 3,598.08 | 3,327.46 | 4,432.68 | 11% |
| Growth in Revenue from Operations (%) | 22.15% | -7.52% | 33.22% | – | |
| Total Income (INR in Million) | 3,688.95 | 3,496.56 | 4,548.08 | – | |
| EBITDA (INR in Million) | 556.50 | 815.27 | 1,304.95 | 50% | |
| EBITDA Margin (%) | 15.47% | 24.50% | 28.69% | – | |
| Net Profit (INR in Million) | 91.88 | 266.89 | 340.52 | 90% | |
| PAT Margin (%) | 2.55% | 8.02% | 7.68% | – | |
| Return on Equity (%) | 33.32% | 130.95% | 21.00% | – |
Source: RHP
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