Jinkushal Industries Limited — Investor Meet, 15-06-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Jinkushal Industries Limited held a conference call to discuss its financial results for the quarter and year ended March 31, 2026. The call provided an overview of the company's performance, strategic initiatives, and outlook.

**Financial Performance:**

The company reported strong revenue growth for Q4 FY26 with standalone revenue at INR133 Cr (up 89% YoY) and consolidated revenue at INR192 Cr (up ~146% YoY). Full-year standalone revenue grew 48% to INR313 Cr, and consolidated revenue stood at INR358 Cr. Profit after tax for the full year was INR12.44 Cr on a standalone basis and INR12.76 Cr consolidated. Profitability was impacted by higher employee costs, investments in the HexL brand, and elevated logistics expenses due to geopolitical disruptions. Consolidated net worth significantly increased to INR194 Cr post-IPO.

**Management Commentary and Outlook:**

Management highlighted FY26 as a year of strong commercial momentum and a transformative capital market milestone with the IPO. The company achieved its highest quarterly revenue in Q4 FY26, driven by international market strategy and execution. Despite global volatility, demand for construction and mining equipment remained resilient. Jinkushal is expanding its international presence and investing in the HexL brand for future multi-fold revenue growth. The company targets INR600-700 Cr revenue in the next 2.5-3 years.

**Order Book & Operational Updates:**

The company operates an inventory-led sales model, with strategically positioned inventory of over INR50 Cr in international markets to improve delivery and customer responsiveness. They export to 35-40 countries, with Mexico, UAE, South Africa, and Australia being key markets.

**Analyst Q&A Highlights:**

Key discussion points included the company's focus on exporting used and new construction equipment and its own HexL brand, differentiating itself from large EPC players. Management clarified they are not in solar EPC. Expansion plans include offices in Dubai and Florida, with continued overseas growth. The large global used construction equipment market (estimated at INR1 lakh Cr) offers significant growth potential. Middle East reconstruction is seen as a strong demand driver. The primary limiting factor for expansion is capital availability. Revenue growth guidance for FY27 is cautious due to geopolitical situations, but a target of INR600-700 Cr revenue over 2.5-3 years was reiterated. Mexico is showing recovery, and South Africa and other African markets, Mexico, and Australia are expected to compensate for any slower growth. Milestones for the HexL brand include tracking unit sales, targeting 100, 250, and 500 units. Improved profitability is anticipated with the normalization of Middle East market access and logistics. Management aims for revenue growth to INR600-800 Cr with 5-7% PAT margin in the medium term. FY26 revenue breakdown: HexL ~5% consolidated, customized machines ~62%, refurbished used equipment ~35%. A large majority of customers are repeat, with efforts to acquire new ones. Exports remain the core focus. Mexico contributed ~46% revenue in FY26, followed by UAE (19%) and South Africa. The company's competitive advantage lies in its 50-year family legacy, trust, and business acumen. Revenue visibility is difficult to ascertain due to geopolitical events; however, ~70% of overseas inventory is available for retail opportunities.

**Investor Angle:**

Management expressed confidence in future growth, driven by international expansion and brand development, despite current geopolitical headwinds. The focus on building scale and a proprietary brand is a key strategic theme.