Company Overview

Jinkushal Industries Limited (formerly Jinkushal Industries Private Limited) is a construction and mining equipment exporter that completed its successful Initial Public Offering in October 2025. The company trades on BSE/NSE under scrip code 544547 (JKIPL) and reported both standalone and consolidated financial results for FY 2025-26.

Financial Performance Highlights

Standalone Performance (FY 2025-26)

  • Revenue from Operations: ₹313.38 crore (47.91% growth YoY)
  • Profit Before Tax: ₹166.05 crore
  • Profit After Tax: ₹124.36 crore
  • EBITDA: ₹223.84 crore
  • Earnings Per Share: ₹3.65

Consolidated Performance (FY 2025-26)

  • Revenue from Operations: ₹357.56 crore (6.04% decline YoY from ₹380.56 crore)
  • Profit After Tax: ₹127.56 crore
  • Earnings Per Share: ₹3.15
  • Total Assets: ₹360.85 crore
  • Trade Receivables: ₹218.00 crore (significant increase from ₹103.05 crore)
  • Borrowings: ₹100.25 crore (increase from ₹54.27 crore)

Historical Financial Trends

  • 5-Year Revenue CAGR (2021-22 to 2025-26): 19.44%
  • 5-Year PAT CAGR (2021-22 to 2025-26): 12.38%
  • Debt-Equity Ratio (Mar 2026): 0.52

IPO Details and Capital Structure

Initial Public Offering (October 2025)

  • Listing Date: October 3, 2025
  • Issue Price: ₹121 per share
  • Issue Size: ₹116.15 crore (including Offer for Sale)
  • Fresh Issue Proceeds: ₹104.55 crore
  • Post-issue Market Capitalization: ₹464.42 crore
  • Promoter Holding Post-issue: 75% (diluted from 100%)
  • Equity Capital Increase: From ₹13.90 lakh to ₹383.86 lakh

IPO Proceeds Utilization

All proceeds were utilized as planned with minimal deviation:

  • Working Capital: ₹724.50 lakh utilized (₹726.75 lakh allocated)
  • General Corporate Purposes: ₹214.90 lakh utilized (₹214.20 lakh allocated)
  • Offer Expenses: ₹106.10 lakh utilized (₹104.50 lakh allocated)

Operational and Business Highlights

Core Business Operations

  • Business Model: Export of refurbished and customized construction and mining equipment
  • Product Portfolio: Backhoe loaders, cranes, wheel loaders, dozers, pavers, piling rigs, rollers, motor graders, telehandlers
  • Export Markets: 35+ countries including Africa, Middle East, Southeast Asia
  • Total Machines Exported: 2,500+ since inception

Subsidiary Structure and Global Presence

  • Hexco Global FZCO (UAE): 80% ownership, established 2023
  • Hexco Global USA LLC (USA): Step-down subsidiary
  • Foreign Operations Contribution: 98.6% of total revenue (₹353.31 crore)
  • Refurbishment Facility: 30,000 sq. ft. in Raipur, Chhattisgarh

Strategic Initiatives

  • HexL Brand Development: Proprietary OEM equipment brand launched in 2024 with 80+ machines delivered
  • Growth Strategy: Expand global footprint, strengthen dealer network, develop electric construction equipment
  • Market Opportunity: Global used construction equipment market valued at USD 132.4 billion (2024)

Corporate Governance and Compliance

Board Structure

  • Chairman: Anil Kumar Jain (Executive Director)
  • MD & CEO: Abhinav Jain (changed from Whole-time Director effective May 16, 2026)
  • CFO: Sumeet Kumar Berlia (Executive Director)
  • Independent Directors: Niteen Jain, Anekant Jain, Namrata Tatiya
  • Company Secretary: Manish Tarachand Pande

Corporate Social Responsibility

  • CSR Obligation: ₹35.16 lakh (2% of average net profit)
  • CSR Spent: ₹35.02 lakh
  • Focus Areas: Healthcare, education, animal welfare, environmental responsibility

Significant Financial Position Details

Borrowings and Security

  • Working Capital Loans: From Yes Bank, IndusInd Bank, RBL Bank, Tata Capital
  • Total Borrowings: ₹100.25 crore
  • Security: Current assets, property mortgage, personal guarantees of directors
  • Tata Capital Loan: ₹90.12 lakh secured by pledge of mutual fund investments and personal director investments

Related Party Transactions

All transactions conducted at arm's length and properly approved:

  • Sales to Hexco Global FZCO: ₹309.07 crore (FY26)
  • Purchases from Hexco Global FZCO: ₹61.26 lakh (FY25)
  • Investment in JK Logistics partnership: ₹60.37 lakh (5% profit share)

Contingent Liabilities

  • Income tax demand of ₹19.18 lakh for AY 2017-18 under appeal with CIT (Appeals), Raipur

Corporate Calendar

  • 19th Annual General Meeting: August 12, 2026
  • Remote e-voting: August 8-11, 2026
  • Matters for Approval: Financial statements, director appointments, special business items

The company maintains strong operational metrics with 133 permanent employees, proper gratuity provisions, and managerial remuneration within permissible limits under Companies Act 2013.