Jinkushal Industries is a machine trader that became a manufacturer - India’s largest non-OEM exporter of construction and mining equipment, holding a 6.9% share of that export market. Born from a family with a 50-plus-year legacy in mining and equipment rental, the company pivoted in 2017 from services to exporting refurbished machinery, then again in 2024 when it launched HexL, its own brand of backhoe loaders made through contract manufacturing. The recurring approach is an inventory-led, asset-light model: source machines from over 220 suppliers, refurbish them in a hub-and-spoke network, stock them near ports, and sell to repeat B2B buyers across 35-plus countries - then use the same platform to cross-sell parts, service, and now its own branded equipment. # Business segments Three engines built on one platform - a new-equipment trading business that generates the bulk of revenue, a refurbished-machinery business that extends machine lifecycles, and a young proprietary brand under contract manufacturing - all sharing the same sourcing network, refurbishment hubs, and export channels. ## 1. New equipment trading: the multi-brand export engine **The company buys new construction machines from over a dozen global OEMs, customises them to each importing country’s rules, and sells them to repeat B2B buyers - an inventory-led model where the machine is ready before the order arrives.** - **Choice of brands, not tied to one factory** - JKIPL sources from Volvo, Komatsu, Hyundai, Hitachi, JCB, CAT, Kobelco, CASE, Terex, Wirtgen, HAMM, DYNAPAC and others, so a buyer in Mexico or South Africa can compare excavators, backhoe loaders, bulldozers, cranes, motor graders, compactors and asphalt pavers in one place. - **Machines adapted before they ship** - every export-ready unit is fitted with auxiliary hydraulics, air conditioning, performance add-ons, and modifications for local fuel and emission norms, with documentation and testing aligned to the importing country’s regulations. - **Inventory sits near the port, not in a pipeline** - the company stocks machines at two yards near Nhava Sheva (Mumbai) and Jebel Ali (Dubai), so it sells from stock rather than waiting for an order to trigger procurement; it does not operate on an order pipeline. - **Deep relationships with a concentrated customer base** - 85-plus customers have been served to date, the top five account for roughly 85% of revenue, and over the last three fiscal years 84.15% of revenue came from repeat buyers, with many relationships exceeding five years. ## 2. Used and refurbished equipment: the lifecycle-extension business **Where competitors sell only new machines, JKIPL buys used ones, re-engineers them with new attachments and configurations, and exports them with service support - turning five-to-ten-year-old machines into a second revenue stream.** - **Refurbishment is the moat** - a 30,000 sq. ft. in-house centre in Raipur staffed by 42 skilled technicians, plus seven designated refurbishment centres across India and the UAE with 77-plus workshop personnel, re-engineer used machines so they perform closer to new. - **Inventory deliberately pushed closer to the end customer** - overseas subsidiary inventory was raised to roughly Rs. 70 crores, the highest in the company’s history, to shorten delivery times, expand direct retail sales, and increase the share of higher-margin refurbished machines. - **Service support makes the difference** - unlike unorganised dealers who sell used machines as-is, JKIPL backs its refurbished equipment with spare parts availability, technical support, and operator training, which builds buyer confidence in a second-hand purchase. - **India’s cost advantage, global demand** - the global used construction equipment market is projected to grow from USD 132.4 billion in 2024 to USD 177.2 billion by 2029, and India’s tactical cost advantage in capital goods supports the refurbish-and-export model. ## 3. HexL: the own-brand bet under contract manufacturing **Launched in 2024, HexL is JKIPL’s proprietary brand of backhoe loaders - designed to its specifications, built by third-party manufacturers, and sold through the same export channels as the multi-brand trading business.** - **Bought, not built** - HexL machines are produced through strategic contract manufacturing arrangements with third-party manufacturers, with JKIPL setting the technical specifications and quality benchmarks and conducting regular onsite quality checks. - **First product, then platform** - the initial offering is the HexL 420x backhoe loader, a dual-function machine for excavation and loading used in roadworks, urban infrastructure and agriculture, with plans to add electric backhoe loaders, electric loaders and advanced pavers to the lineup. - **Early orders validate the model** - in November 2025, the UAE subsidiary secured a repeat export order from a North American B2B customer for 100 units at roughly USD 50,000 each, to be supplied over three years; a month earlier, an exclusive distributor agreement was signed with one of Africa’s largest equipment dealers for South Africa and neighbouring territories, with minimum annual sales commitments and after-sales obligations. - **Cross-sold on the same platform** - HexL rides on the existing sourcing network, refurbishment hubs, and export channels that already serve the new and used equipment businesses, forming part of an end-to-end solutions platform where each vertical reinforces the others. # Group structure and partners **A Raipur-headquartered parent with two overseas subsidiaries that act as regional trade hubs - one in Dubai covering the Middle East and Africa, one in the US covering the Americas - plus a contract-manufacturing network for the HexL brand.** - Hexco Global FZCO, 80% held by JKIPL, is the UAE-based subsidiary that leverages Dubai’s free-trade environment and global connectivity as the primary trade node for the group. - Hexco Global USA LLC, a step-down subsidiary 90% held by Hexco Global FZCO, was acquired in 2024 and provides presence and credibility in the US market while covering the Americas. - The Board has six members including three independent directors; key leadership comprises Anil Kumar Jain (Chairman), Abhinav Jain (Managing Director and CEO), and Sumeet Kumar Berlia (Executive Director and CFO). - The company is recognised as a Three-Star Export House by India’s Directorate General of Foreign Trade, operates three global offices, and partners with six refurbishment centres across India and one in the UAE.