Jinkushal Industries Ltd(JKIPL)

NSE: JKIPLBSE: 544547

₹ 111+7.71%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 426 crWebsite: www.jkipl.inUpdated: 24 Oct 2026

About

Jinkushal Industries Ltd (JKIPL) is a global export trading company in construction machinery. It exports customised new machines from other brands, refurbished used machines and machines under its own brand, HexL. The company reported FY26 revenue of 357.56 (Rs crore). A CareEdge report cited in its FY25 annual report names it India's largest exporter of non-OEM construction equipment, with a 6.9% share of the non-OEM export market.^[1][2]

Business segments

Revenue mix in FY26: 62% customised machines of other brands, about 35% used/refurbished construction equipment, about 5% HexL brand (consolidated).^[3]
Revenue mix in 9M FY26: new machines of other brands 49% (down from 61%), refurbished/used 42% (up from 38%), HexL 8.6% (up from about 1%).^[4]
Besides export trading, the company earns income from renting construction machines on a project basis and from leasing logistics warehouses (FY25).^[1]

Products and HexL brand

The product range includes piling rigs, motor graders, rollers, pavers, backhoe loaders, excavators, dozers and wheel loaders (FY25 annual report).^[1]
Backhoe loaders were the highest-selling product in H1 FY26, at nearly 40% of total sales vs 25% a year earlier.^[5]
HexL sold 35 machines in H1 FY26 vs 8 in H1 FY25. Cumulative HexL sales reached 72 machines by the Q2 FY26 call.^[5]
Management plans to add electric backhoe loaders and loaders to the HexL lineup (Q1 FY27 call).^[6]

Operations and sourcing

The company runs a 30,000 sq. ft. in-house refurbishment facility in Raipur, Chhattisgarh, with more than 42 skilled professionals (FY25).^[1]
New machines are bought from third-party OEMs and then customised. Used machines are sourced in India and refurbished, partly by selected third-party refurbishers following JKIPL's SOPs.^[1]
HexL machines are made by third-party contract manufacturers to JKIPL's specifications, and JKIPL checks quality through visits to the factories.^[1]
Subsidiaries: Hexco Global FZCO in the UAE acts as a trade hub. Hexco Global USA LLC, part of a business acquired in 2024, is a step-down subsidiary. The company has three global offices.^[1]

Key operating numbers

Total machines sold: 192 units in H1 FY26 vs 191 units in H1 FY25. Machines exported in FY25: 584 units.^[5]
Consolidated inventory was INR96.8 crores as of June 30, 2026, of which INR84.4 crores was held at overseas subsidiaries.^[6]
Overseas inventory was more than INR50 cr at 31 March 2026. At the Q3 FY26 call it was about Rs. 70 crores, compared with Rs. 10-15 crores historically.^[3]
Working capital churn was 2x-2.5x in FY26. The working capital cycle was 120-150 days as of Q3 FY26.^[3]
Consolidated shipping and transportation costs were INR4.72 crores in Q1 FY27 vs INR2.76 crores in Q1 FY26.^[6]
The company had no formal order book as of Q3 FY26.^[4]

Customers and markets

Exports were about 99% of revenue in FY26. The top five clients accounted for about 85% of revenue in FY26.^[3]
FY25 annual report geographic segment revenue: Outside India 37,742.69 vs Within India 313.12 (prior year: 23,483.68 and 375.50).^[1]
Geographic mix in FY26: Mexico about 46%, UAE 19%, South Africa about 10%, Australia about 10%.^[3]
Africa was about 32% of revenue in Q1 FY27 vs about 4.47% in Q1 FY26.^[6]
Repeat customers contributed 84.15% of revenue over the three fiscal years to FY25. The company served more than 30 countries across 6 continents.^[1]
The company had 60-70 B2B customers at the Q2 FY26 call. Its target is 50 HexL distributors, and it appointed one of Africa's largest equipment dealers as a HexL distributor.^[5]

Growth plans

Management reaffirmed a revenue target of INR600-700 crores within 2-3 years (Q1 FY27 call).^[6]
For HexL in FY27, management targets 11-12% of consolidated revenue and about 150 units.^[3]
Management aims to expand into 80-100 countries over the next 2-4 years (Q4 FY26 call).^[3]
Management is building regional sales and purchase teams across Africa, the Middle East and LATAM (Q1 FY27 call).^[6]
After the IPO, the company described a working capital base of about Rs. 300 crores (net IPO proceeds plus Rs. 120 crore of sanctioned limits) and said it has no major capex requirement (Q3 FY26).^[4]

Recent developments

22 Sep 2026: CRISIL Ratings reaffirmed the long-term rating at BBB with a Negative outlook and the short-term rating at A3+.^[7]
The company listed on BSE and NSE through an IPO. Consolidated net worth rose from INR86 crores to INR194 crores after the IPO (FY26).^[3]
Tax-related clarifications in Mexico in December 2025 led some importers to defer purchases. Management said its products are not covered by Mexico's tariffs.^[4]

Market Cap

₹426 Cr

High / Low

₹133 / 45

Stock P/E

47.5

Price / Book

2.0

Book Value

₹51

EPS

₹3.1

No. of Shares

3.84 Cr

ROCE

7.3%

ROE

6.2%

OPM

6.1%

Debt / Equity

0.52

Sales

₹358 Cr

Net Profit

₹13 Cr

Promoter holding

75.0%

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