Jinkushal Industries, India’s largest non-OEM exporter of construction and mining machinery, has announced robust financial performance for the first half of FY2026, marking an emphatic start to its journey as a publicly listed company.
The company registered an 89% year-over-year surge in Profit After Tax (PAT), buoyed by margin expansion, operational efficiency, and solid export demand across global markets. Consolidated revenue for the period stood at INR 121.64 crore, reflecting resilient growth despite global macroeconomic headwinds.
The strong H1 FY26 performance underscores Jinkushal Industries’ consistent execution on its strategic vision outlined during its September 2025 IPO, where the company raised fresh capital to fund working capital and expansion initiatives.
Post-IPO Growth Trajectory
Jinkushal Industries’ initial public offering, comprising a fresh issue of up to 86.4 lakh equity shares and an offer-for-sale of 9.6 lakh shares, was priced between INR 115 and INR 121 per share. The issue was managed by GYR Capital Advisors, with listing on both BSE and NSE completed on 03 October 2025.
The proceeds — approximately INR 72.68 crore — were earmarked for working capital requirements and general corporate purposes. With promoter shareholding stabilizing around 75% post-listing, the IPO has provided a strengthened capital base, supporting the company’s international expansion, brand development, and digitization efforts.
Industry and Market Dynamics
The company operates in the global used and refurbished construction equipment market, estimated at USD 132.4 billion in 2024, projected to reach USD 177.2 billion by 2029, at a CAGR of nearly 6%. Increasing emphasis on cost efficiency, shorter procurement cycles, and sustainability has driven contractors toward refurbished machinery — a niche Jinkushal Industries has dominated for over a decade.
In addition, the global backhoe loader market, a key product segment for Jinkushal, grew from USD 3.61 billion in 2019 to USD 4.44 billion in 2023, driven by urbanization and infrastructure growth. Jinkushal’s proprietary HexL brand, launched in 2024, strategically positions the company to tap into this expanding demand base with new and electric machinery models.
Operational Highlights and Strategic Positioning
Jinkushal Industries’ asset-light business model remains its core strength. With 220+ suppliers, a 30,000 sq. ft. refurbishment facility, and operations across 30+ countries, the company leverages partnerships, contract manufacturing, and digital operations to scale efficiently.
Its Dubai subsidiary, Hexco Global, continues to anchor Middle Eastern and African markets, while recent geographic diversification into Europe and the Americas enhances revenue stability.
From India’s construction and mining hubs to infrastructure projects in Africa and Latin America, Jinkushal’s refurbished, customized, and HexL-branded equipment forms the backbone of cost-effective project machinery procurement. The company’s focus on after-sales service, spare parts, and client retention further reinforces its market leadership.
Financial Performance Overview
Before its IPO, Jinkushal Industries demonstrated steady top-line and bottom-line expansion:
| FY2023 | FY2024 | FY2025 | H1 FY2026* | |
| Revenue | 233.45 | 238.59 | 380.56 | 121.64 |
| EBITDA Margin (%) | 6.29 | 11.56 | 7.52 | Estimated ~8.0% |
| PAT Margin (%) | 4.33 | 7.81 | 5.03 | Up 89% YoY |
| ROE (%) | 28.30 | 55.19 | 28.30 | Likely above 30% |
| ROCE (%) | 34.11 | 29.44 | 18.39 | Improving trend |
| RoNW (%) | 41.29 | 43.29 | 21.22 | Strengthening post-IPO |
| Debt-to-Equity Ratio | 1.06 | 0.66 | 0.58 | Further reduced post-fundraise |
| Net Worth | 24.50 | 43.07 | 86.19 | Enhanced post-IPO proceeds |
*H1 FY2026 figures are indicative, based on the company’s reported interim performance and post-IPO balance sheet improvements.
Strategic Outlook
Post-listing, Jinkushal Industries aims to deepen its presence in existing export markets, expand the HexL brand, and introduce electric and eco-friendly construction machines aligned with global sustainability trends.
The management’s six-point growth strategy includes:
- Expanding the vendor and contract manufacturing network.
- Increasing sales volumes through global channel partnerships.
- Enhancing cost efficiency and working capital optimization.
- Diversifying product offerings beyond traditional machinery.
- Strengthening brand visibility through digital and trade channels.
- Leveraging technology to improve operational turnaround and margin stability.
Commentary and Future Outlook
As a Three-Star Export House and recipient of ET MSME India’s “Top Exporter of the Year 2023”, Jinkushal Industries exemplifies the rise of India’s manufacturing and export excellence. Its H1 FY26 results validate the company’s growth thesis: combining financial discipline with strategic expansion to capture the surging global demand for reliable, cost-efficient construction equipment.
With its post-IPO liquidity buffer, growing brand recognition, and expanding international footprint, Jinkushal Industries is poised for sustainable, innovation-driven growth — a strong signal of confidence for investors tracking the industrial and infrastructure export space. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.