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Mexico tariff uncertainty
View Risks →Jinkushal Industries Ltd — Q3 FY26
Jinkushal Industries reported Q3 FY26 standalone revenue of ₹91.79 crore, up 107% YoY, and PAT of ₹4.17 crore, up 34% YoY.
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Jinkushal Industries reported Q3 FY26 standalone revenue of ₹91.79 crore, up 107% YoY, and PAT of ₹4.17 crore, up 34% YoY. The sharp revenue jump reflects strong export execution, though consolidated results showed a loss due to strategic overseas inventory buildup of ₹70 crore—the highest ever—as part of a shift from wholesale to retail distribution. Management emphasized this is a timing issue, with inventory expected to convert to revenue in coming quarters. The Hexel brand contributed 8.6% of 9M revenue, up from 1% last year. Guidance remains aspirational: management targets multiple times revenue growth over 2-3 years, but provided no near-term quantitative targets. Key risk: Mexico tariff uncertainty and concentration, though management claims their product is not covered and demand is rising.
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Overseas Inventory
₹70 crore
+400% YoY
Highest ever inventory at overseas subsidiary, up from ₹10-15 crore, to support retail execution.
Hexel Brand Revenue Share
8.6%
+7.6pp YoY
Hexel contributed 8.6% of 9M FY26 revenue vs 1% in 9M FY25, reflecting brand scaling.
Repeat Customer Share
70%
flat
Approximately 70% of revenue from repeat customers, indicating strong retention.
Revenue Mix: New vs Used vs Hexel
49% / 42% / 9%
New -12pp, Used +4pp, Hexel +8pp YoY
Shift towards higher-margin refurbished and own-brand Hexel equipment.
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Guidance and risk preview
Management reiterated aspiration to achieve multiple times current revenue over the next 2-3 years, supported by overseas distribution, Hexel brand...
Mexico, a key export market, imposed a 50% tariff on Indian exports, though management claims their product is not covered.
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