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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding long term working capital
The bulk of the fresh proceeds funds the company's incremental long term working capital. An export trading business has to pay for machinery and ship it well before the buyer settles, so a larger book requires a proportionately larger working capital base.
General corporate purposes
The balance of the fresh proceeds is set aside for general corporate purposes, at the discretion of management and within the limits permitted by regulation.
(₹ in Crore)
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Jinkushal Industries Limited is a Raipur based exporter of construction and earthmoving machinery. The company was incorporated in November 2007 and sells into more than 30 countries, among them the UAE, Mexico, the Netherlands, Belgium, South Africa, Australia and the United Kingdom. It does not manufacture the bulk of what it sells; it sources equipment, configures it to a buyer's requirement and handles the export, which is why it is described as the largest non original equipment exporter of construction machines from India. The business runs across three lines. The first is trading in new machinery customised to a customer's specification, covering excavators, motor graders, backhoe loaders, soil compactors, wheel loaders, bulldozers, cranes and asphalt pavers. The second is used and refurbished equipment, supported by a refurbishment facility in Raipur where machines are reconditioned before resale. The third is its own brand, HexL, launched at the end of 2024, under which it sells backhoe loaders. By April 2025 the company had supplied more than 1,500 units of equipment. Almost all of its revenue comes from overseas sales, and it draws on a wide supplier network in India rather than owning heavy manufacturing assets of its own. The Directorate General of Foreign Trade has recognised it as a Three Star Export House. Growth over the three years to FY25 came at a compound rate near 28 percent, driven by wider geographic reach and the addition of the refurbishment and own brand lines, though profitability has not kept pace with the top line.
One day before the issue opened, on 24 September 2025, the company allotted 28,78,500 equity shares to anchor investors at the upper band price of Rs 121 per share, raising about Rs 34.83 crore. The participants included Nomura Singapore, HDFC Bank, Viney Growth Fund, Steptrade Revolution Fund, Santosh Industries and Swyom India Alpha Fund, with Nomura taking the largest single allocation at roughly Rs 6.4 crore.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Leading non manufacturer exporter
The company is described as the largest exporter of construction machines from India that does not itself make the original equipment, holding a mid single digit share of that market. Scale in a fragmented trade gives it better supplier terms and a wider machine range than smaller rivals.
Exports across more than thirty countries
Sales reach buyers in over thirty markets across the Gulf, Europe, Africa, Latin America and Australia. Spreading demand across regions means a slowdown in any single construction market does not take the whole order book with it.
Three lines of business rather than one
New customised machinery, refurbished equipment and the company's own HexL brand are three distinct revenue streams. The refurbishment line in particular earns a margin on machines that would otherwise be scrapped.
Asset light model
The company sources from a broad supplier network instead of running heavy manufacturing plants. That keeps fixed costs low and lets it scale volumes up or down with demand.
Recognised export standing
It carries a Three Star Export House recognition from the Directorate General of Foreign Trade, which is a practical credential in cross border trade and eases some of the administrative burden of exporting.
Strong revenue growth
Revenue compounded at close to 28 percent over the three years to FY25, reaching Rs 385.81 crore, as the geographic footprint and the product mix both widened.
Almost all revenue is exports
Practically the entire top line comes from overseas sales. That leaves the business fully exposed to foreign demand cycles, shipping costs, currency movements and any change in trade or tariff policy in either direction.
Very concentrated customer base
The ten largest customers accounted for the great majority of FY25 revenue. Losing one or two of them, or having them delay orders, would show up immediately in the numbers.
Profit is not growing with revenue
Revenue rose by roughly 59 percent in FY25 but profit after tax rose only about 3 percent, from Rs 18.64 crore to Rs 19.14 crore. Margins are thin for a trading business and the extra volume is not reaching the bottom line.
Jinkushal Industries Limited
H. No. 260, Ward No. 42, Opp. C. M. House, Near Chhattisgarh Club, Civil Lines, Raipur, 492001, Chhattisgarh, India
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Negative operating cash flow
The company has reported cash outflows from operations. A working capital heavy trading model that consumes cash as it grows must keep funding that gap, which is precisely what most of the fresh issue is for.
The own brand is untested
HexL was launched only at the end of 2024, so it has a very short track record. Building a machinery brand against established manufacturers is a slow and uncertain undertaking.
Dependence on third party suppliers
Because the company does not manufacture most of what it sells, it relies on its supplier network for machines and components. A supply disruption or a pricing squeeze from suppliers would flow straight into its costs.