Jinkushal Industries vs Trualt Bioenergy IPO: Which is Worth It?

Two IPOs in India, opening almost in tandem, present a vivid contrast: Jinkushal Industries vs Trualt Bioenergy IPO. One roots its story in infrastructure and construction machinery exports, the other stands in biofuels and renewable energy. 

For market watchers or retail investors exploring “IPO in India 2025,” this moment is a test of conviction—cyclicality vs sustainability, valuation vs growth. 

In the sections ahead, we will compare them across fundamentals, market reception, risks, and long-term outlook, to help sift which might better align with your investment view in the India stock market.

Business Model and Sector Dynamics

Jinkushal Industries operates in the export of construction machinery. It’s known as one of India’s non-OEM exporters of such equipment, dealing in new, refurbished, or customized machines. The company thus rides on global demand for infrastructure machinery, supply chain robustness, and commodity cycles.

Trualt Bioenergy, in contrast, is part of India’s push toward cleaner energy. It produces ethanol, extra neutral alcohol, compressed biogas, and is pivoting into sustainable aviation fuel and broader biofuel mandates. Interestingly, it also recently secured OMC (oil marketing company) status, enabling it to open fuel retail outlets. 

From a sector perspective, Jinkushal is more exposed to cyclical demand in infrastructure and global capital spending. 

Trualt is more policy-driven, benefiting from government incentives, ethanol blending targets, and green energy narratives. The question is: which theme will stronger tailwinds in 2025 onward?

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Financials, Valuation & Capital Use

• The IPO size is about ₹116.15 crore, with a price band of ₹115 to ₹121, and lot size of 120 shares.
• In its latest year, revenue stood at ~₹380.55 crore, EBITDA ~₹28.6 crores (margin ~7.5 %), and net profit ~₹19.14 crores (margin ~5 %)
• Debt-to-equity is moderate (~0.58) in the latest year.
• The company’s RHP is filed with SEBI, and capital raised is intended toward working capital, expansion, and meeting debt obligations.

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• Its IPO is much larger, ~₹839.28 crore in total, with a price band of ₹472 to ₹496. 
• It raised ~₹251.78 crore from anchor investors before the public issue.
• The issue comprises a fresh issue (major portion) plus an offer for sale (OFS).
• The company’s business model includes vertical integration into fuel retailing and next-gen biofuels. That suggests capital will also support expansion and diversification.

Valuation comparison: Jinkushal’s IPO values it at a more modest scale; for Trualt, the price band already implies higher expectations of future growth. 

Investors will need to judge whether Trualt’s growth prospects justify premium multiples.

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Market Response, Subscription & GMP

Jinkushal Industries

• The IPO saw strong demand, being subscribed ~5.10 times in total by Day 2 or 3.
• The IPO opened on 25 September 2025 and closed on 29 September 2025.
• In the grey market, the GMP (premium over the issue price) was quoted at ₹21 per share.
• The minority investor demand (retail) was strong; QIB demand was muted.

Trualt Bioenergy

• The IPO was subscribed 71.92 times on the final day.
• QIB portion was oversubscribed ~159.22 times, NII ~98.56 times; retail ~11 times.
• Its price band was ₹472–₹496.
• Grey market premium has been reported in the ₹107 range, implying a listing premium of ~22 %.

In short, Trualt’s IPO saw far more aggressive subscription and GMP, reflecting stronger investor excitement, especially among institutional players.

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Risks, Challenges & What Could Go Wrong

No IPO comes without risk. Here are caveats for each:

Jinkushal Industries

• The business is sensitive to fluctuations in commodity prices, global demand cycles, and trade barriers.
• Margins are thin, and operating cash flows have shown volatility (for instance, negative cash flows in some periods).
• The small scale increases vulnerability to competitive pressures or supply chain disruptions.
• The secondary market liquidity may be limited for a new small cap listing; investors may find it harder to trade.

Trualt Bioenergy

• Much of its success depends on government policy, ethanol blending mandates, regulatory support, and subsidies. A change in policy or slower implementation could hit growth.
• Scaling operations in newer verticals (e.g. sustainable aviation fuel, fuel retailing) comes with execution risk, capex burden, and regulatory complexity.
• The valuation already embeds lofty expectations; if growth lags, share correction is possible.
• As a larger IPO, any missteps may lead to more severe market correction or investor disappointment.

In both cases, macro risks like interest rate shifts, foreign capital flows, or sector headwinds (e.g. in steel or energy) could weigh.

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Which IPO Looks More Worth It (for Whom)?

If you are a growth-oriented investor who believes in India’s energy transition, Trualt Bioenergy IPO offers exposure to a higher potential upside. Its strong subscription, institutional backing, and alignment with green themes make it attractive—though it also carries greater expectations and risks.

If instead your preference leans toward a more modest bet with less stretched valuation, Jinkushal might appeal for its relative simplicity, smaller scale, and exposure to infrastructure/exports. 

It could serve better for moderate risk takers who want participation in India’s construction and machinery trade.

For someone building a balanced portfolio, diversifying across both might even make sense—though capital allocation matters. Ultimately, the choice depends on your risk tolerance, investment horizon, and belief in sector trends.

Conclusion

Jinkushal Industries and Trualt Bioenergy are two very different stories in the 2025 IPO wave. One is rooted in machinery exports and infrastructure linkage; the other in renewable energy, biofuels, and policy alignment. 

Trualt’s subscription and GMP signal stronger market momentum; Jinkushal offers a more grounded, although modest, play.

Neither is without risk. Investors should weigh valuation, execution, sector drivers, and long horizon assumptions before deciding. The stronger bet may well be in Trualt for those who trust India’s green pivot—but Jinkushal retains appeal if one seeks a more measured, infrastructure-linked exposure.

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FAQ

What is the lot size and price band for both IPOs?

• Jinkushal Industries: Price band ₹115 to ₹121 per share, lot size of 120 shares.
• Trualt Bioenergy: Price band ₹472 to ₹496 per share. Lot size typically 30 shares (common for larger IPOs).

When are the listing dates?

• Jinkushal’s shares are expected to list on 3 October 2025 on BSE/NSE.
• Trualt Bioenergy’s listing is also scheduled for 3 October 2025.

Which IPO got more oversubscription?

Trualt Bioenergy saw ~71.92 times oversubscription on the last day overall. Jinkushal’s oversubscription was more modest—~5.10 times in total. 

What is the grey market premium (GMP) indicating market expectation?

• Jinkushal: GMP ~ ₹21 per share (above issue price) seen in grey market.
• Trualt Bioenergy: GMP quoted ~ ₹107, implying ~22 % premium potential (issue price ₹496 + ₹107 = ~₹603).

Which risks should investors especially watch?

For Jinkushal: thin margins, dependence on cyclical demand, limited scale, liquidity risks. For Trualt: policy changes, execution risk in new verticals, high expectations baked into valuation.

Can an investor apply to both IPOs simultaneously?

Yes. Retail investors can subscribe to multiple IPOs, provided they have sufficient funds in their linked bank account/bid groups. Ensure you understand allocation rules and capital commitment for each bid.