JKIPL - Jinkushal Indus.
📢 Recent Corporate Announcements
Jinkushal Industries Limited (JKIPL) participated in the Bharat Connect Conference on March 10, 2026. The virtual meeting was hosted by Arihant Capital Markets and took place between 5:00 PM and 5:30 PM. The management interacted with analysts and institutional investors to discuss the company's general business environment. The company explicitly stated that no Unpublished Price Sensitive Information (UPSI) was shared during the session, maintaining standard regulatory compliance.
- Management attended the Bharat Connect Conference via virtual mode on March 10, 2026.
- The session was hosted by Arihant Capital Markets for institutional investors and analysts.
- The interaction lasted for 30 minutes, concluding at 5:30 PM.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) was disclosed during the meet.
Jinkushal Industries Limited has scheduled a virtual group meeting with analysts and institutional investors for March 10, 2026, at 5:00 PM. The interaction is part of the Bharat Connect Conference hosted by Arihant Capital Markets. This disclosure is made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Such meetings are standard practice for management to engage with the investment community regarding business outlook.
- Investor meeting scheduled for March 10, 2026, at 05:00 PM IST
- Participation in the Bharat Connect Conference hosted by Arihant Capital Markets
- The meeting will be conducted in a virtual group format
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Jinkushal Industries reported a 27% YoY growth in standalone 9M FY26 revenue to ₹184 crores, driven by strong export demand. However, the company reported a consolidated loss of ₹9.87 crores in Q3 FY26, primarily due to a strategic build-up of overseas inventory to ₹70 crores and resulting inter-company profit eliminations. Management is transitioning from a wholesale B2B model to a higher-margin retail-led model, positioning stock closer to end-customers in markets like Mexico and UAE. Despite temporary tax-related deferrals in Mexico, the company maintains its long-term growth trajectory and focus on its proprietary brand, HexL.
- Standalone revenue for 9M FY26 grew 27% YoY to ₹184 crores
- Q3 FY26 standalone PAT increased by 34% YoY to ₹4.17 crores
- Overseas inventory surged to ₹70 crores from a historical average of ₹10-15 crores
- Consolidated Q3 FY26 loss of ₹9.87 crores due to timing differences in profit realization and inter-company eliminations
- Management maintains a target of significant revenue growth over the next 2-3 years
Jinkushal Industries Limited (JKIPL) has successfully concluded its Q3 FY26 Earnings Call on February 13, 2026. The company has officially released the audio recording of the session, which is now available on its corporate website for public review. The management clarified that the discussions were based on generally available information and no unpublished price sensitive information was shared. This disclosure is part of the company's routine regulatory compliance under SEBI LODR regulations.
- Q3 FY26 Earnings Call was held on Friday, February 13, 2026, at 05:30 PM IST.
- Audio recording of the proceedings has been uploaded to the company's investor relations portal.
- The meeting adhered to the Code of Practices and Procedures for Fair Disclosure of UPSI.
- Compliance confirmed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Jinkushal Industries Limited (JKIPL) has announced its Q3 FY26 earnings conference call, scheduled for Friday, February 13, 2026, at 5:30 PM IST. The management team, including Whole Time Director Mr. Abhinav Jain and CFO Mr. Sumeet Berlia, will discuss the company's financial performance for the quarter. This call provides a platform for analysts and institutional investors to seek clarity on the company's growth trajectory and operational metrics. The discussion will be strictly based on generally available information to comply with SEBI's fair disclosure norms.
- Q3 FY26 Earnings Call is set for February 13, 2026, at 05:30 PM IST.
- Management representation includes the Whole Time Director and the Executive Director & CFO.
- Universal dial-in numbers provided are +91 22 6280 1446 and +91 22 7115 8389.
- The call is organized in coordination with Equibridgex Advisors.
Jinkushal Industries Limited has confirmed zero deviation in the utilization of its IPO proceeds for the quarter ended December 31, 2025. The company raised a total of Rs 116.15 crore, with Rs 104.54 crore coming from the fresh issue. As of the reporting date, Rs 72.13 crore has been utilized for long-term working capital and Rs 21.42 crore for general corporate purposes. The utilization aligns perfectly with the objects stated in the prospectus, as reviewed by the Audit Committee and CARE Ratings.
- Total IPO proceeds raised: Rs 11,615.45 Lakhs (Fresh Issue of Rs 10,454.40 Lakhs).
- Zero deviation reported in fund utilization compared to the objects stated in the prospectus.
- Rs 7,213.10 Lakhs deployed for long-term working capital requirements.
- Rs 2,142.00 Lakhs fully utilized for General Corporate Purposes.
- Monitoring agency CARE Ratings Limited confirmed no variations in fund usage.
Jinkushal Industries reported a 27% YoY growth in standalone turnover to ₹180.32 crore for the nine months ended December 2025, driven by robust export demand. The company has strategically increased its overseas inventory from historical levels of ₹15 crore to ₹70 crore to enable faster delivery and capture higher margins from refurbished equipment. While consolidated profits are temporarily impacted by inter-company eliminations and a sales deferral in Mexico due to tariff clarifications, the company has successfully diversified into South Africa and the UAE. Management expects consolidated performance to improve significantly as this high-value inventory is monetized in coming quarters.
- Standalone turnover increased 27% YoY to ₹180.32 crore from ₹141.48 crore.
- Strategic overseas inventory build-up reached a record ₹70 crore to support retail and direct sales.
- Mexico market experienced temporary demand deferral due to new import tariff clarifications in December 2025.
- Geographic diversification expanded focus to South Africa and UAE to mitigate regional market risks.
- IPO proceeds are being actively deployed for brand building and international expansion of the HexL brand.
Jinkushal Industries Limited approved its unaudited financial results for the quarter ended December 31, 2025, with an unmodified auditor's report. The company confirmed it has utilized ₹93.55 crore of the ₹94.10 crore allocated from its IPO proceeds for working capital and corporate purposes. There were no deviations or variations in fund usage compared to the prospectus. This transparency regarding the ₹116.15 crore total IPO raise provides clarity on the company's capital management.
- Approved Q3 FY26 unaudited financial results with an unmodified limited review report.
- Total IPO proceeds raised: ₹11,615.45 Lakhs (Fresh Issue: ₹10,454.40 Lakhs).
- Utilized ₹7,213.10 Lakhs for long-term working capital out of ₹7,267.50 Lakhs allocated.
- Fully utilized ₹2,142.00 Lakhs allocated for General Corporate Purposes.
- Only ₹54.40 Lakhs remains unutilized from the allocated objects as of Dec 31, 2025.
Jinkushal Industries Limited (JKIPL) has approved its unaudited financial results for the quarter ended December 31, 2025, with a clean audit report. The company also submitted a statement of fund utilization for its recent IPO, showing that Rs. 9355.10 Lakhs has been deployed out of the allocated Rs. 9409.50 Lakhs. Specifically, Rs. 7213.10 Lakhs was directed toward long-term working capital, while Rs. 2142.00 Lakhs was used for general corporate purposes. There were no deviations or variations from the objects stated in the prospectus, indicating disciplined capital management.
- Board approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025.
- Auditors issued an unmodified Limited Review Report, confirming no material misstatements in financial reporting.
- Total IPO proceeds raised amounted to Rs. 11,615.45 Lakhs, with a fresh issue component of Rs. 10,454.40 Lakhs.
- Utilized Rs. 7,213.10 Lakhs for long-term working capital requirements out of an allocated Rs. 7,267.50 Lakhs.
- Confirmed zero deviation in the utilization of funds raised through the Initial Public Offer as of December 31, 2025.
Jinkushal Industries Limited (JKIPL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no rematerialization requests were received during the quarter ended December 31, 2025. Furthermore, the registrar noted that the entire shareholding of the company is already held in dematerialized form. This is a standard regulatory filing required for all listed companies in India.
- Compliance certificate filed for the quarter ended December 31, 2025
- Registrar confirms 100% of the company's shares are currently in demat form
- Zero requests for rematerialization were received during the three-month period
- Filing confirms adherence to SEBI (Depositories and Participants) Regulations
Jinkushal Industries Limited (JKIPL) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the board's consideration of the unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure effective from January 1, 2026.
- Closure relates to the review of Q3 financial results for the period ending December 31, 2025.
- Window to reopen 48 hours after the official declaration of financial results.
- Applies to all designated persons and their immediate relatives as per SEBI (PIT) Regulations.
Jinkushal Industries Limited (JKIPL) conducted a series of physical meetings with institutional investors and analysts in Mumbai on December 16, 2025. The company engaged with eight different entities, including prominent names such as Bandhan AMC, Phillip Capital, and Genuity Capital. These discussions were based on publicly available information and did not involve any unpublished price-sensitive data. Such interactions are standard practice for listed companies to maintain transparency and manage investor relations.
- Management held physical meetings with 8 institutional investors and analysts in Mumbai.
- Key participants included Bandhan AMC, Phillip Capital, Arjav Partners, and Genuity Capital.
- The meetings were conducted on December 16, 2025, in compliance with SEBI Listing Regulations.
- The company confirmed that no Unpublished Price Sensitive Information (UPSI) was disclosed.
Jinkushal Industries Limited (JKIPL) will be holding physical meetings with investors and analysts on December 16, 2025, in Mumbai. The meetings include one-on-one sessions with Bandhan AMC and Arjav Partners. Other participants include Phillip Capital Group, Prudent Investment Managers, Moneywisers, Genuity Capital, Niveza Investments, My Temple and Sapphire Capital. The company has stated that no Unpublished Price Sensitive Information (UPSI) will be discussed during these meetings. The schedule is subject to change due to exigencies.
- Meeting scheduled for December 16, 2025
- Meetings to be held in Mumbai
- One to One Meeting with Bandhan AMC
- One to One Meeting with Arjav Partners
- Membership No.: A48185
Jinkushal Industries Limited (JKIPL) welcomes the RBI's decision to reduce the policy repo rate by 25 basis points to 5.25%. The company highlights the rupee's movement from ₹83 per US dollar in December 2024 to ₹90 per US dollar in December 2025, which significantly improves export competitiveness. JKIPL notes that a USD 100,000 export invoice now yields nearly ₹90 lakh compared to ₹83 lakh in December 2024, resulting in a gain of roughly ₹7 lakh per invoice. This strengthens margins and enables reinvestment in technology and global reach.
- RBI reduced the policy repo rate by 25 basis points to 5.25%.
- Rupee moved from approximately ₹83 per US dollar to around ₹90 per US dollar.
- USD 100,000 export invoice yielded about ₹83 lakh in December 2024.
- USD 100,000 export invoice realizes nearly ₹90 lakh in December 2025.
- Gain of roughly ₹7 lakh per invoice due to currency movement.
Financial Performance
Revenue Growth by Segment
Total revenue grew 63% from INR 233.45 Cr in FY23 to INR 380.56 Cr in FY25. Segmental breakdown for FY25: New/Customized machines contributed INR 231.90 Cr (60.9%), Used/Refurbished machines contributed INR 131.11 Cr (34.5%), and the proprietary HexL brand contributed INR 14.42 Cr (3.8%).
Geographic Revenue Split
The company is heavily export-oriented with 99.18% of revenue (INR 377.43 Cr) derived from international markets and only 0.82% (INR 3.13 Cr) from domestic Indian sales in FY25.
Profitability Margins
PAT margins improved from 4.33% in FY23 to 5.03% in FY25. In H1 FY26, PAT margins significantly expanded to 9.04% (INR 11 Cr PAT on INR 121.6 Cr revenue) due to a shift toward higher-margin products and operational efficiencies.
EBITDA Margin
EBITDA margin increased from 6.29% in FY23 to 7.52% in FY25. For H1 FY26, the EBITDA margin strengthened further to 9% (INR 16.2 Cr), up from 4.8% (INR 10.3 Cr) in H1 FY25, representing an 87.5% improvement in margin profile.
Capital Expenditure
JKIPL follows an asset-light model with no heavy factory capex; HexL machines are produced via outsourced contract manufacturing. Historical investment includes a centralized ERP system at the Raipur HO and a 30,000 sq. ft. refurbishment center.
Credit Rating & Borrowing
CRISIL assigned a 'CRISIL BBB/Stable' long-term rating and 'CRISIL A3+' short-term rating for INR 52 Cr in bank facilities. The company maintains an interest coverage ratio of 13.5 times as of FY24.
Operational Drivers
Raw Materials
The primary 'raw materials' are used heavy construction and mining equipment (excavators, loaders) which are refurbished, and components for the HexL brand. Specific costs are not broken down by material type but are part of the procurement for 584 units supplied in FY25.
Import Sources
Sourcing is conducted through an extensive network across India and international markets, with refurbishment centers located in India and 1 in the UAE to facilitate global staging.
Key Suppliers
The company manages a network of 220+ suppliers for equipment procurement and partners with 6 refurbishment centers in India and 1 in the UAE.
Capacity Expansion
Current capacity involves 7 refurbishment partner centers and 3 global offices. Expansion is focused on scaling the HexL brand and increasing the number of machines exported beyond the 1,500+ units supplied since 2017.
Raw Material Costs
Not explicitly disclosed as a % of revenue, but the company targets a 7-9% PAT margin range by managing procurement costs of used equipment which are 20-50% cheaper than new units.
Manufacturing Efficiency
Asset-light model allows for high scalability; the company achieved a 38-fold top-line growth over 7 years by utilizing outsourced manufacturing and partner workshops.
Logistics & Distribution
Distribution is managed through yards near major ports to reduce cycle times; 99% of sales are international, requiring high coordination with global shipping lines.
Strategic Growth
Expected Growth Rate
30-40%
Growth Strategy
The company aims to reach INR 800 Cr revenue in 2-3 years by scaling the proprietary HexL brand, expanding into electric construction equipment (backhoes and loaders), and increasing penetration in 30+ served countries using the INR 200 Cr equity base post-IPO.
Products & Services
Refurbished and customized excavators, backhoe loaders, graders, bulldozers, and proprietary HexL brand machinery.
Brand Portfolio
HexL
New Products/Services
Launch of electric backhoe loaders and loaders under the HexL brand to align with global emission trends (EU Stage V).
Market Expansion
Targeting increased penetration in the Americas (where used machines are 1/3 of transactions) and emerging markets in Africa and the Middle East.
Market Share & Ranking
India's largest non-OEM exporter of construction machines with a 6.9% market share according to CARE Edge.
Strategic Alliances
Arrangements with 7 designated refurbishment centers (6 in India, 1 in UAE) and outsourced manufacturing partners in China for HexL assembly.
External Factors
Industry Trends
The global equipment rental market is growing at >10% CAGR, increasing the circulation of high-quality used machines. There is a significant shift toward 'Circular Economy' practices and stricter emission norms (BS VI-equivalent).
Competitive Landscape
Competes with unorganized used equipment dealers and OEMs; JKIPL differentiates through organized refurbishment, after-sales support, and proprietary branding (HexL).
Competitive Moat
Durable advantages include its status as a 3-Star Export House, a 50+ year family legacy in the industry, and being the largest non-OEM exporter with a 6.9% market share, which are difficult for unorganized players to replicate.
Macro Economic Sensitivity
Highly sensitive to global infrastructure spending and interest rates; higher rates drive demand for JKIPL's cheaper refurbished equipment (20-50% price differential).
Consumer Behavior
Increasing acceptance of 'as-good-as-new' refurbished equipment over expensive new units to reduce capital expenditure for contractors.
Geopolitical Risks
Exposure to international trade barriers; mitigated by FTAs with UAE, Australia, and the UK which reduce tariffs on Indian machinery.
Regulatory & Governance
Industry Regulations
Compliance with DGFT 3-Star Export House standards and international safety/performance standards for refurbished machinery.
Environmental Compliance
Adapting to EU Stage V and upcoming BS VI-equivalent emission standards through the development of electric loaders.
Taxation Policy Impact
The company avails RoDTEP (Refund of Duties and Taxes on Exported Products) incentives which are included in other operating income.
Risk Analysis
Key Uncertainties
Revenue concentration (75% from top 5 clients) and exposure to the cyclical nature of the global mining and construction sectors.
Geographic Concentration Risk
99.18% of revenue is dependent on export markets, making the company vulnerable to global trade policy shifts.
Third Party Dependencies
Heavy reliance on outsourced contract manufacturing for the HexL brand and 7 third-party refurbishment centers.
Technology Obsolescence Risk
Risk of traditional diesel machines becoming obsolete; mitigated by planning for electric backhoe loaders.
Credit & Counterparty Risk
Receivables management is a key rating sensitivity factor; a stretch in receivables could lead to a rating downgrade if cash accruals fall below INR 10 Cr.