Jinkushal Industries Limited reported an 88.69% increase in total income to ₹13,306.26 lakh for Q4FY26, driven by strong export performance, while Profit After Tax (PAT) declined by 68.12% to ₹95.73 lakh due to higher costs. The company, which operates as an asset-light entity specializing in the export of refurbished and customized construction equipment, held its Q4FY26 earnings call on June 12, 2026, to discuss the results. Management highlighted that the fourth quarter achieved the highest quarterly standalone and consolidated revenue in the company's history, reflecting strong execution across geographies despite global volatility.

The financial performance for the quarter was impacted by a significant rise in expenditure, which totaled ₹12,992.05 lakh compared to ₹6,509.27 lakh in Q4FY25. EBITDA fell by 42.12% to ₹314.21 lakh, and the Cost of Goods Sold increased to ₹11,735.60 lakh. Despite the top-line growth, the bottom-line pressure was evident with Earnings Per Share dropping by 75.25% to ₹0.25. On a consolidated basis, revenue from operations for Q4 FY26 stood at INR192 crores versus INR78 crores in Q4 FY25, while consolidated profit after tax for the full year was INR12.76 crores.

Strategic Outlook and Operations

Jinkushal Industries continues to focus on its core export business, which accounts for approximately 99% of its total revenue, serving over 35 countries across the Middle East, Europe, Africa, and Latin America. The company reported a 5-year revenue CAGR of 36.09% and a debt-to-equity ratio of approximately 0.50 for FY26. Management is enhancing its own brand, HexL, launched in 2024, and diversifying into electric construction machines.

The company's net worth stood at ₹19,407.85 lakh as of March 31, 2026, a substantial increase from ₹8,581.94 lakh in the previous year. Total assets reached ₹36,085.47 lakh, supported by robust trade receivables and inventories, while cash and bank balances were maintained at ₹3,307.29 lakh. During the earnings call, management guided for a revenue target of INR600 to INR700 crores over the next 2.5 to 3 years, driven by expansion in international markets and the HexL brand, which contributed approximately 5% to consolidated revenue in FY26.

Management Commentary

During the earnings call, Managing Director and CEO Abhinav Jain stated that the company is targeting a revenue of INR600 to INR700 crores over the next 2.5 to 3 years. He noted that the limiting factor for multi-fold expansion is capital availability. The HexL brand contributed 4.9% to 5% to consolidated revenue in FY26 and 7% on a standalone level. Management targets increasing this contribution to 11% to 12% in FY27 with sales of approximately 150 units. Geographically, Mexico contributed 46% of FY26 revenue, followed by UAE at 19%, and South Africa and Australia at approximately 10% each. The company maintains strategically positioned inventory in excess of INR50 crores as of March 31, 2026, to improve delivery timelines.

Jinkushal Industries Limited reported a 48% year-on-year increase in standalone revenue to ₹31,337.61 lakhs for the financial year ended March 31, 2026. The company achieved its highest-ever quarterly standalone revenue of ₹13,305.64 lakhs in Q4 FY26, driven by strong execution in export markets across Latin America, Africa, and the Middle East. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, at a meeting held on May 29, 2026. The company disclosed these results in a newspaper advertisement published in The Business Line and Amrit Sandesh on May 31, 2026, pursuant to Regulation 30 and Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Snapshot

The company's standalone revenue for Q4 FY26 stood at ₹13,305.64 lakhs, a significant increase from ₹7,037.76 lakhs in Q4 FY25. For the full year, standalone revenue grew from ₹21,185.92 lakhs in FY25 to ₹31,337.61 lakhs in FY26. Consolidated revenue for Q4 FY26 was ₹19,199.54 lakhs, while full-year consolidated revenue was ₹35,756.15 lakhs.

Consolidated Financial Performance

Business Performance

Growth during the year was supported by stronger execution across export markets and improved operational throughput. The company focused on geographic diversification, with increasing contributions from South Africa and other international markets helping to offset moderation from certain geographies like Mexico. The Group maintained strategic inventory positioning in excess of ₹50 crore as of March 31, 2026, to improve delivery timelines and execution capability.

Profitability and Margin Movement

At the consolidated level, Q4 FY26 profitability benefited from the realization of inventory positioned in earlier quarters. However, full-year profitability was impacted by strategic investments in organizational strengthening, international market development, and brand-building initiatives. Key factors impacting profitability included a 35% increase in employee benefit expenses, higher logistics and freight costs due to geopolitical developments, and one-time listing and IPO-related expenses.