Jinkushal Industries Ltd Q2 FY26 – From Jugaad Machines to Global Dreams: How a Raipur Exporter Outsmarted the OEM Big Boys
1. At a Glance
Hold onto your hard hats, folks. Jinkushal Industries Ltd — the Raipur-based export trader that decided “OEMs are too slow, let’s do it faster and cheaper” — is now India’s largest non-OEM construction machinery exporter, with a 6.9% global market share. The stock, listed barely three weeks ago, is already making analysts sit up straighter than a CAT backhoe loader on caffeine.
As of October 24, 2025, Jinkushal sits at ₹121 with a market cap of ₹463 crore, P/E of 22x, ROE of 28.3%, and ROCE of 23.4%. In Q2 FY26, revenue hit ₹72.8 crore (up 4% QoQ), and PAT clocked ₹4.45 crore — a 168% explosion in profits thanks to higher margins from refurbished exports.
The cherry on top? 99% of its revenue is from exports. Mexico alone eats up 74% of its machines — because apparently, Latin America trusts Raipur refurbishers more than Detroit dealers.
Still, with a shiny IPO just raised (₹116 crore), zero pledges, and a HexL brand creeping into Africa, Jinkushal looks like the classic “garage trader turned global exporter” story. But the real question is — are they building an empire or stacking refurbished JCBs like Lego blocks?
2. Introduction
Imagine starting as a small-time machinery trader in Raipur and ending up signing deals in Mexico, the Netherlands, and now Africa — all before Diwali. That’s Jinkushal Industries for you.
Founded in 2007 by a team that probably got tired of Indian construction delays, the company saw a global niche: contractors abroad want reliable machinery yesterday, not six months later. Enter Jinkushal — a trader who said, “Why wait for CAT when we can fix, paint, and ship it in half the time?”
They buy new, used, or semi-dead machines, refurbish them at their 30,000 sq. ft. Raipur facility, and export them worldwide — mostly to clients who need quick, customized construction equipment. They even have a proprietary brand HexL, built in China, sold via UAE and US subsidiaries.
But here’s where the fun begins — the company raised ₹116 crore through IPO in October 2025 and within weeks, announced an exclusive distribution agreement for HexL machines in Africa. These guys aren’t waiting for fate; they’re exporting it.
With ROE north of 28% and zero debt pledges, Jinkushal is the type of desi trader that global OEMs secretly fear — the kind that doesn’t manufacture hype but profits from others’ inefficiency.
Now, will this machine exporter turn into a serious manufacturer — or remain India’s slickest second-hand salesman with global ambitions? Let’s dig under the hood.
3. Business Model – WTF Do They Even Do?
So, what exactly does Jinkushal do? In short: they’re the jugaad engineers of global construction machinery.
They operate across three verticals:
New Customised Machines (61%) – They source new machines from Indian OEMs or global manufacturers, accessorize or modify them to fit local client needs (like tropical filters, reinforced hydraulics, or emission tweaks).
Refurbished Machines (34.5%) – Old machines get the Raipur spa treatment: overhauled engines, replaced parts, fresh paint, performance tests — and boom, sold abroad with fat margins.
Own Brand – HexL (4.5%) – Jinkushal’s entry into branding, with backhoe loaders built via Chinese contract manufacturing. The goal? To move up the value chain from trader to “brand owner.”
Their clients are mostly from Mexico (74%), with the rest spread across the UAE, Netherlands, UK, and Australia. The top 10 customers contribute 75% of revenue — a sign of both loyalty and concentration risk.
If you’re wondering how a Raipur company manages exports to Mexico — they created Hexco Global FZCO in UAE (80% owned) and Hexco Global USA LLC (90% owned). These entities handle logistics, customs, and distribution — essentially making Jinkushal an “Indian exporter with foreign muscle.”
In short: Jinkushal doesn’t build new technology — it builds speed, customization, and price advantage. While OEMs dream of R&D, Jinkushal ships refurbished dreams in containers.
4. Financials Overview
Source table
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
₹72.82 Cr
₹36.73 Cr
₹48.82 Cr
98.3%↑
49.2%↑
EBITDA
₹7.03 Cr
₹2.05 Cr
₹5.24 Cr
243%↑
34%↑
PAT
₹4.45 Cr
₹1.66 Cr
₹6.50 Cr
168%↑
(31.5%)↓
EPS (₹)
₹1.15
₹0.43
₹2.01
167%↑
(42.8%)↓
Commentary: Margins expanded YoY from 2.8% to nearly 9.7% thanks to refurbished machine exports, but PAT dipped QoQ due to one-off gains in Q1. Still, doubling YoY revenue is no joke — unless you count the company’s “machines per joke” ratio, which seems infinite.
At ₹121/share and annualized EPS of ₹4.6, the P/E recalculates to ~26x, slightly above industry median (25.3x). Not too rich for a company growing 60% YoY — but still spicy for an exporter who depends on Mexico more than Mexicans depend on tequila.
5. Valuation Discussion – Fair Value Range Only
Let’s crank the valuation engine:
(a) P/E Method: Annualized EPS = ₹1.15 × 4 = ₹4.6 Industry average P/E = 25.3x Fair Value Range = ₹4.6 × (20x–25x) = ₹92 – ₹115
(b) EV/EBITDA Method: EV = ₹407 Cr, EBITDA (TTM) ≈ ₹28.1 Cr EV/EBITDA = 14.5x If we assume normalized EV/EBITDA between 12x–15x, Fair Value Range = ₹105 – ₹130
(c) Simplified DCF: Let’s assume FCF grows 15% annually for 5 years, discount rate 12%. Present Value ≈ ₹115 – ₹135 range
👉 Fair Value Range (Educational): ₹100 – ₹130 per share
This fair value range is for educational purposes only and not investment advice.
Now, at ₹121 CMP, it’s smack in the middle — like that one student who’s neither the topper nor the troublemaker.
6. What’s Cooking – News, Triggers, Drama
Hot from the press release grill:
Q2 FY26 consolidated revenue: ₹72.8 crore; PAT: ₹4.45 crore – up 89% YoY for H1.
Africa expansion: On 13 Oct 2025, Hexco Global (subsidiary) signed an exclusive distributor agreement
