Jinkushal Industries Ltd Q2 FY26 – The Exporter Who Turned Earthmovers into a Global Passport Stamp Machine!

1. At a Glance

If “Make in India” ever needed a brand ambassador for earth-moving irony, it would beJinkushal Industries Ltd (JKIPL)— a 2007-born Raipur-based exporter that shipsconstruction machinery to 6 continents, but sells just1% of its goods in India. At ₹112 a share and amarket cap of ₹429 crore, the company has turned Indian bulldozers and backhoe loaders into global nomads.

TheirQ2 FY26consolidated revenue stood at₹72.82 crore, up4.19% QoQ, while profit shot up168% QoQ to ₹4.45 crore, thanks to tighter cost control and a fat export order book from Mexico and the UAE. With astock P/E of 20.4,ROCE of 23.4%, andROE of 28.3%, this fresh IPO (listed Oct 2025) is off to a punchy start. Debt stands at ₹70 crore (Debt/Equity: 0.37), which is decent considering they move cranes, loaders, and excavators like Netflix moves seasons — globally, non-stop.

But the real kicker?99% of revenue is export-driven, and over74% of that comes from Mexico. So yes, Mexico may be building walls, but it’s doing it with Indian machinery.

2. Introduction

When your company exports more bulldozers than most countries import, you’re not just in business — you’re running a logistics-themed action movie.Jinkushal Industriesisn’t manufacturing giant yellow monsters itself — it’s more like the middleman magician who tweaks, refurbishes, and rebrands machines into global wanderers.

Born in 2007, the company quietly spent its first decade perfecting the art of machine matchmaking — connecting old excavators with new homes. Fast forward to today, it’s thelargest non-OEM construction equipment exporter from India, with6.9% global market share.

But JKIPL’s rise isn’t just luck; it’s logistics brilliance mixed with jugaad-level customization. OEMs (Original Equipment Manufacturers) take months to deliver. Jinkushal modifies, accessorizes, and ships in weeks. You could call it “Uber for Bulldozers” — minus the surge pricing.

Their proprietary brand,HexL, is their newest stunt — offeringbackhoe loadersmade under contract manufacturing in China, marketed worldwide via subsidiaries in theUAE (Hexco Global FZCO)and theUS (Hexco Global LLC). It’s like selling Indian brains, Chinese muscle, and global ambitions — all under one JCB-shaped package.

3. Business Model – WTF Do They Even Do?

JKIPL’s business model is an export buffet with three spicy trays:

1️⃣ Customised New Machines (61% of revenue):They source brand-new construction machines from Indian OEMs, then tweak them like car modifiers at an F1 pit stop — adding custom hydraulics, extended booms, safety sensors, or even aesthetic changes to meet quirky overseas standards.

2️⃣ Refurbished Machines (34.5% of revenue):Here’s where the company really flexes. JKIPL refurbishes used equipment in its30,000 sq. ft. Raipur facility, supported by six third-party centers across India and one in the UAE. Machines that might’ve retired in India get a full spa treatment — new paint, new parts, new passports — and are exported as “as-good-as-new” units.

3️⃣ HexL Brand Machines (4.5% of revenue):JKIPL has also gone semi-OEM withHexL, its proprietary brand of backhoe loaders built via a Chinese contract manufacturer. Think of it as India’s answer to creating a “Maruti” of global loaders — affordable, functional, and export-obsessed.

It’s not a capital-heavy manufacturing firm. It’s asmart trading and customization hub. They don’t make the machines; they make them make sense.

4. Financials Overview

Let’s see what the company’s quarterly results are bulldozing through.

Commentary:Quarterly numbers look like a gym rat who finally found protein powder. Revenue up modestly QoQ, but operating profit has improved drastically — OPM