Jinkushal Industries Limited, India’s largest non-OEM exporter of construction and mining machinery, has launched its Initial Public Offering (IPO) at a price band of ₹115 to ₹121 per share. The company plans to raise up to ₹7,267.5 lakh through the fresh issue, which will be used mainly for working capital and business expansion. The IPO opened for subscription on September 25, 2025, and is scheduled to list on both BSE and NSE.
Founded in 2007 and based in Raipur, Chhattisgarh, Jinkushal Industries specializes in exporting refurbished, customized, and new construction equipment. Over the years, the company has established itself as a global leader in the export of used and reconditioned machinery, serving more than 30 countries across the Middle East, Africa, Europe, and Latin America. It operates through three key verticals-used and refurbished machines, new customized equipment, and its own brand, HexL.
The company’s business model is asset-light, focusing on partnerships and contract manufacturing instead of owning heavy production facilities. This approach allows Jinkushal to scale efficiently while maintaining strong quality control. Its in-house refurbishment centers and logistics network enable smooth operations from sourcing to delivery, giving customers a one-stop solution for construction and mining equipment needs.
Jinkushal Industries has shown consistent financial growth over the past few years. Revenue increased from ₹233 crore in FY23 to ₹380 crore in FY25, while profit after tax nearly doubled from ₹10.12 crore to ₹19.14 crore during the same period. The company also improved its margins, with EBITDA rising to 7.52% and PAT reaching 5.03% in FY25. Its debt-to-equity ratio has dropped to 0.58x, showing stronger financial stability.
With a strong export base and a 73% five-year revenue CAGR, Jinkushal is now looking to expand its market presence even further. The company has recently launched its own backhoe loader brand, HexL, which is expected to contribute significantly to its future growth. HexL machines are manufactured through contract partnerships and designed in-house, giving Jinkushal a new edge in the global equipment market.
Jinkushal’s leadership team brings over five decades of combined experience in the construction and logistics sectors. Chairman and Managing Director Anil Kumar Jain, along with Whole-Time Director Abhinav Jain, have led the company’s strategic expansion and international growth. Their focus on efficiency, quality, and customer trust has helped build a solid reputation in global markets.
The company has also received several recognitions, including the ET MSME Award for India’s Top Exporter of the Year and a Three-Star Export House certification. With over 1,500 machines supplied worldwide and 220+ suppliers in its network, Jinkushal continues to strengthen its position as a key player in India’s engineering export ecosystem.
Through this IPO, Jinkushal Industries aims to build on its strong foundation and tap into the growing global demand for refurbished and affordable construction equipment. As infrastructure spending continues to rise in emerging markets, the company is well-positioned to capitalize on new opportunities and expand its footprint across continents.
