JINKUSHAL INDUSTRIES LTD

Exports construction and mining equipment from India to international markets, with 97-98% of revenue coming from exports across 35-40 countries. Revenue is split across three lines: customised machines (62% of FY26 consolidated revenue), refurbished used equipment (35%), and the HexL own-brand programme (5%), with HexL targeted to reach 11-12% of revenue (~150 units) in FY27. The customer base is geographically skewed, with Mexico contributing 46% of revenue, UAE 19%, and South Africa and Australia roughly 10% each. The business runs an export-led trading and refurbishment model rather than heavy manufacturing, reflected in materials cost of just 1.6% of revenue, while the biggest operating costs are other opex at 21.4% (covering logistics, freight and marketing) and employee costs at 3.1%. Strategic inventory of more than ₹50 cr is held overseas to shorten delivery times and serve retail buyers, with 70% of that inventory available for retail. FY26 consolidated revenue stood at ₹357.56 cr, with operating profitability under pressure from logistics costs, HexL brand investment and one-time IPO expenses, leaving PAT at ₹12.76 cr.