Jinkushal Industries IPO: Check GMP, subscription status, price band, strengths, risks, and expert views to decide whether to invest for listing gains or long term.
If you’ve been tracking IPO news lately, you’ve probably heard about Jinkushal Industries IPO. The buzz is real — the issue got fully subscribed on Day 1 itself and has drawn massive attention from retail investors and institutions alike.
But here’s the question most of us are asking: Is this IPO worth investing in for listing gains, or is it better viewed as a long-term bet?
To help you decide, let’s break down everything — from grey market premium (GMP) and subscription trends to the company’s business model, financials, risks, and valuations.
Jinkushal Industries IPO Details – The Basics
Every IPO story begins with numbers. Here’s what you need to know about this one:
- IPO size: ₹116.15 crore
- Fresh issue: ₹104.54 crore (0.86 crore shares)
- Offer for sale (OFS): ₹11.61 crore (0.10 crore shares)
- Price band: ₹115–₹121 per share
- Minimum lot size: 120 shares (₹14,520 at the upper end)
- Anchor book: Raised ₹35 crore from marquee investors like Nomura Singapore, HDFC Bank, and Viney Growth Fund
- BRLM: GYR Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
- Listing date: Expected on October 3, 2025, on both BSE and NSE
🧠 What You Should Remember
The IPO is small compared to large-cap issues but is attracting strong demand, thanks to its export-driven model and niche presence in construction machinery trading.
Jinkushal Industries IPO GMP Today
The grey market premium (GMP) is often treated like the “WhatsApp forward” of IPOs — not official, but everyone wants to know what it says.
- As of Sept 26, 2025, GMP stood at ₹21 per share.
- Based on the upper band of ₹121, the expected listing price works out to ₹142 per share.
- That implies a potential listing gain of 17–18%.
Interestingly, earlier GMP quotes were as high as 42%, showing how sentiment cooled off slightly as the IPO progressed.
🧠 What You Should Remember
GMP is just an unofficial indicator of demand, not a guarantee. Treat it like the weather forecast — useful, but not always accurate.
Subscription Status – Who’s Bidding Heavily?
The response to Jinkushal Industries IPO has been phenomenal. By mid-Day 2, it was already subscribed nearly 4 times.
Breakdown by investor category:
- Retail investors: Subscribed over 5.3x
- Non-Institutional Investors (NII/HNIs): Subscribed 4.6x
- Qualified Institutional Buyers (QIBs): Subscribed around 3% so far
This shows retail investors are the most excited, while QIBs are playing cautious (at least initially).
🧠 What You Should Remember
High retail subscription signals strong small-investor confidence, but low QIB participation may indicate institutions are more valuation-conscious.
About Jinkushal Industries – What Does the Company Do?
Jinkushal Industries isn’t a household name like TCS or Infosys, so let’s understand its business.
- Core business: Exporting customised and refurbished construction machinery
- Markets served: 30+ countries, including UAE, Mexico, Netherlands, Belgium, South Africa, Australia, and the UK
- Business model: Asset-light — focuses on sourcing and distribution rather than heavy manufacturing
- Revenue profile: Nearly 99% export-driven, making it highly global in outlook
Think of it as a “matchmaker” for construction machines — connecting buyers around the world with refurbished equipment, backed by sourcing and logistics expertise.
🧠 What You Should Remember
Jinkushal isn’t building new cranes or bulldozers. It’s in the trading and refurbishing game, making margins from global demand for affordable machinery.
Financial Performance – Strong but Thin Margins
Here’s how the numbers stack up:
- FY24 revenue: ₹2,385.9 crore
- FY25 (restated) revenue: ₹3,805.6 crore
- EBITDA FY25: ₹286 crore (margin ~7.5%)
- Net profit (FY25): EPS of ₹6.15
- Return on Net Worth (RoNW): 21.2%
- Debt-to-equity: ~0.01 (almost debt-free)
What stands out is the high revenue growth and asset-light efficiency, but margins remain modest — typical for trading-led businesses.
🧠 What You Should Remember
This is a high-volume, low-margin business. Growth looks healthy, but profitability depends on scale, efficiency, and forex stability.
Strengths of Jinkushal Industries
Here are the positives attracting investors:
- Asset-light model: Less capital-intensive, more scalable
- Global footprint: Presence in 30+ countries
- High RoNW: 21.2% shows efficient capital use
- Low leverage: Almost debt-free balance sheet
- Anchor investor confidence: Strong names participated before IPO launch
It’s like a cricket team with a solid batting lineup — the foundation is strong, and investors like that stability.
Risks You Should Know Before Investing
No IPO is risk-free. Here are the caution points for Jinkushal:
- Thin margins – Small shocks in forex or logistics can hurt profits.
- Export concentration – 99% revenues from abroad makes it highly sensitive to global demand and currency swings.
- Trading business cycles – Inventory and logistics disruptions can squeeze cash flow.
- Valuation concerns – At P/E ~30x, some analysts feel the IPO is fully priced.
Think of it like investing in a cricket player who scores consistently but with a strike rate of 70 — reliable, but not explosive.
Should You Subscribe to Jinkushal Industries IPO?
Brokerage houses and experts are divided:
- Anand Rathi: Subscribe for long-term only; fully priced at current valuations.
- INVAsset PMS: Positive on RoNW, low leverage, and export model, but cautious about thin margins.
So what does that mean for you?
- For listing gains: GMP suggests a 15–18% pop is possible.
- For long-term: Worth considering if you believe in global demand for refurbished machinery and the company’s ability to manage forex/logistics risks.
🧠 What You Should Remember
This is not a “quick flip for everyone.” Listing gains may be decent, but serious returns depend on sustained margin improvement and global trade growth.
Key Dates to Track
- IPO Opened: Sept 25, 2025
- IPO Closed: Sept 27, 2025
- Allotment Finalisation: Sept 30, 2025
- Refunds Initiated: Oct 1, 2025
- Listing Date: Oct 3, 2025
📣 Conclusion: The Bigger Picture
The Jinkushal Industries IPO is attracting strong retail interest, fuelled by its unique export-driven business model, debt-free balance sheet, and global reach. But like every investment, it comes with risks — thin margins, forex sensitivity, and valuations that may already be factoring in a lot of optimism.
👉 If you’re applying for short-term listing gains, expect modest upside.
👉 If you’re considering long-term holding, dig deeper into whether the company can sustain growth in a volatile export-driven industry.
So, what’s your strategy — play it safe with listing gains or bet on long-term growth? Share your thoughts in the comments below.
