Standalone Revenue Grows 37.4% YoY | Consolidated Revenue Grows 15.9% YoY
The Board of Directors of Jinkushal Industries Limited (“Jinkushal” or “the Company”), at its meeting held today, approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, prepared in accordance with applicable provisions of the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Indian Accounting Standards (Ind AS).
Jinkushal continued its growth momentum during Q1 FY27, with standalone revenue from operations increasing 37.4% year-on-year to ₹5,129.42 lakhs from ₹3,732.17 lakhs in Q1 FY26. Consolidated revenue from operations increased 15.9% year-on-year to ₹5,656.55 lakhs from ₹4,882.41 lakhs. The growth was delivered amid continued geopolitical uncertainty, volatility in international freight and trade routes, currency movements, and uneven market conditions across geographies.
Financial Performance Snapshot
Standalone Financial Performance (₹ in lakhs)
| Particulars | Q1 FY27 | Q1 FY26 | YoY Movement |
| Revenue from Operations | 5,129.42 | 3,732.17 | +37.4% |
| Profit Before Tax | 415.20 | 451.81 | (8.1%) |
| Profit After Tax | 330.94 | 376.32 | (12.1%) |
Consolidated Financial Performance (₹ in lakhs)
| Particulars | Q1 FY27 | Q1 FY26 | YoY Movement |
| Revenue from Operations | 5,656.55 | 4,882.41 | +15.9% |
| Profit Before Tax | 304.31 | 726.05 | (58.1%) |
| Profit After Tax | 220.05 | 650.56 | (66.2%) |
Continued Growth in International Business
Standalone revenue increased 37.4% year-on-year during Q1 FY27, continuing the growth momentum witnessed during FY26. Over the longer term, standalone revenue from operations has increased from ₹2,430.03 lakhs in FY20 to ₹31,337.61 lakhs in FY26, representing a CAGR of approximately 53% over the six-year period.
The construction and mining equipment business is influenced by infrastructure and mining activity, commodity cycles, international trade conditions, customer buying cycles and the timing of equipment transactions. In an export-led business such as Jinkushal’s, individual quarters are also affected by procurement and refurbishment timelines, international shipping schedules, overseas inventory positioning and the timing of delivery and sale to external customers. Revenue and profitability can therefore vary between quarters while the business develops over a longer period.
Organisational Capability for Future Growth
During FY26, the Company significantly strengthened its organisation across operations, procurement, execution, finance, marketing, international sales and business development. This investment continued into Q1 FY27. On a consolidated basis, employee benefit expenses increased to approximately ₹383.43 lakhs in Q1 FY27 from ₹220.99 lakhs in Q1 FY26, an increase of approximately 74% year-on-year.
The increase reflects the deliberate strengthening of management and operating teams as the scale and geographic spread of the business increases. Experienced professionals have been added across key functions and international markets to strengthen execution capability, customer coverage, financial controls and business development. The strengthened organisation is expected to support higher business volumes, wider geographic reach and improved execution capability as the business scales.
Major cost movements during the Quarter
| Standalone | Q1 FY27 | Q1 FY26 | YoY Movement |
| Employee benefit expenses | ₹247.02 lakhs | ₹174.47 lakhs | +41.6% |
| Shipping charges | ₹386.30 lakhs | ₹235.93 lakhs | +63.7% |
| Finance costs | ₹142.75 lakhs | ₹125.37 lakhs | +13.9% |
| Consolidated | Q1 FY27 | Q1 FY26 | YoY Movement |
| Employee benefit expenses | ₹383.43 lakhs | ₹220.99 lakhs | +73.5 |
| Shipping charges and Transportation Expense | ₹472.24 lakhs | ₹276.36 lakhs | +70.9 |
| Finance costs | ₹146.00lakhs | ₹127.96 lakhs | +14.1 |
The increase in shipping charges was materially higher than the growth in turnover during the quarter and reflected elevated international freight and logistics costs. Profitability was also influenced by the business and product mix during the quarter, with new equipment generally carrying lower margins than the used and refurbished equipment business. Further, HexL is currently at an initial stage of development, resulting in relatively higher expenditure towards product development, market development, brand building and distribution capabilities at the current scale of operations.
Inventory Positioning to Support Growth
The Group continued its strategy of maintaining inventory closer to international markets and customers. As at June 30, 2026, consolidated inventory stood at approximately ₹9,680 lakhs, of which approximately ₹8,440 lakhs was positioned at the overseas subsidiary, closer to international markets and customers. The strategy is intended to improve product availability, shorten delivery timelines, respond more effectively to customer requirements and support a greater mix of direct-customer and retail-oriented opportunities across international markets. For used and refurbished construction equipment in particular, availability of the right machine at the right location is an important element of customer conversion.
Higher inventory deployment also increases capital employed and lengthens the operating cycle. Management continues to monitor inventory conversion and capital utilisation with the objective of balancing growth opportunities with prudent working-capital management.
Profitability and Operating Performance
Profitability during Q1 FY27 reflected the operating cost movements and business mix discussed above, including higher shipping costs and the increased organisational cost base.
At the consolidated level, quarterly profitability is additionally affected by the timing of inventory conversion and consolidation accounting. Inter-company transactions and profits attributable to inventory remaining within the Group at the reporting date are eliminated on consolidation and are recognised when the relevant inventory is sold to external customers.
Geographic Diversification and International Business Development
The Company continued to broaden its geographic revenue mix during Q1 FY27, with an increased contribution from African markets compared with the corresponding period of the previous year. Africa accounted for approximately 32% of revenue during Q1 FY27, compared with approximately 3% in Q1 FY26, reflecting the Company’s continued development of business across the region.
The Company continues to develop business across Latin America, Africa, the Middle East and other international markets. The geographic mix can vary between periods depending upon infrastructure activity, customer demand, import conditions, freight economics and specific opportunities available in individual markets.
The increasing contribution from newer and developing markets demonstrates the benefits of geographic diversification and reduces dependence on any single market. The Company continues to strengthen customer relationships and expand its international sales capabilities across both established and developing markets.
HexL – Development of the Proprietary Equipment Brand
The Company continued development and international expansion of HexL, its proprietary construction equipment brand. During the quarter, initiatives continued across product development, international marketing, customer engagement, dealer and distribution development and expansion into additional geographies. HexL remains an important long-term growth vertical alongside the Company’s established new/customised and used/refurbished equipment businesses.
Financial Discipline and Long-Term Perspective
The Company’s strengthened capital base following the IPO, together with enhanced banking facilities, has enabled it to support higher business volumes, overseas inventory positioning, international market development and organisational expansion. As the business grows, management remains focused on disciplined capital allocation, liquidity management, inventory conversion, working-capital efficiency, foreign-exchange risk management and sustainable profitability.
The objective is to support sustainable and profitable growth while maintaining appropriate controls over capital employed, working capital and liquidity.
Management Perspective
The immediate focus remains on strengthening execution, improving inventory conversion, developing international markets, building organisational capability, expanding the HexL brand and maintaining disciplined deployment of capital.
Management remains focused on sustainable and profitable growth, geographic diversification, prudent capital management and long-term value creation for all stakeholders.
Disclaimer:
This Press Release has been prepared by Jinkushal Industries Limited (“Company”) to provide general information on the Company (which term includes its subsidiaries) and does not purport to contain all the information. Forward-looking statements contained herein regarding past trends or activities or future business plans, strategy, financial condition, growth prospects or developments in industry, competitive or regulatory environment should not be taken as a representation that such trends or activities will continue in the future. There is no obligation to update or revise any forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors.
This Press Release does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any securities or instruments and nothing in this Press Release should be construed as advice or solicitation to invest in the Company or any of its instruments or securities or otherwise.
Neither the Company nor any of its affiliates, shareholders, directors, employees, agents or representatives makes any warranty or representation as to the completeness of the information contained herein (including statements of opinion and expectation) or as to the reasonableness of any assumptions contained herein and shall not be liable for any loss or damage (direct or indirect) suffered as a result of reliance upon any statements contained in, or any omission here-from.
