JKILNSEMay 25, 2026

J.Kumar Infraprojects Limited

8,598words
130turns
13analyst exchanges
2executives
Management on call
Nalin Gupta
MANAGING DIRECTOR –
Vasant Savla
CHIEF FINANCIAL OFFICER
Key numbers — 40 extracted
INR4,500 crore
y been significant. Order intake has seen good. The company has so far booked orders in excess of INR4,500 crores in fiscal year, with an L1 of INR1,770 crores, totaling to around INR6,300 crores. Considering
INR1,770 crore
. The company has so far booked orders in excess of INR4,500 crores in fiscal year, with an L1 of INR1,770 crores, totaling to around INR6,300 crores. Considering a strong bid pipeline, we expect the momentum
INR6,300 crore
in excess of INR4,500 crores in fiscal year, with an L1 of INR1,770 crores, totaling to around INR6,300 crores. Considering a strong bid pipeline, we expect the momentum of order book to continue, which pr
1%
performance. Consolidated performance highlights for the FY26 is revenue from operations grew by 1% to INR5,723 crores as compared to INR5,693 crores in FY25. The EBITDA stood at INR823 crores as c
INR5,723 crore
rmance. Consolidated performance highlights for the FY26 is revenue from operations grew by 1% to INR5,723 crores as compared to INR5,693 crores in FY25. The EBITDA stood at INR823 crores as compared to INR826
INR5,693 crore
e highlights for the FY26 is revenue from operations grew by 1% to INR5,723 crores as compared to INR5,693 crores in FY25. The EBITDA stood at INR823 crores as compared to INR826 crores in FY25. The EBITDA ma
INR823 crore
rations grew by 1% to INR5,723 crores as compared to INR5,693 crores in FY25. The EBITDA stood at INR823 crores as compared to INR826 crores in FY25. The EBITDA margin stood at 14.4% as compared to 14.5% in F
INR826 crore
3 crores as compared to INR5,693 crores in FY25. The EBITDA stood at INR823 crores as compared to INR826 crores in FY25. The EBITDA margin stood at 14.4% as compared to 14.5% in FY25. The PAT for FY26 stood a
14.4%
he EBITDA stood at INR823 crores as compared to INR826 crores in FY25. The EBITDA margin stood at 14.4% as compared to 14.5% in FY25. The PAT for FY26 stood at INR387 crores as compared
14.5%
R823 crores as compared to INR826 crores in FY25. The EBITDA margin stood at 14.4% as compared to 14.5% in FY25. The PAT for FY26 stood at INR387 crores as compared to INR391 crores in
INR387 crore
TDA margin stood at 14.4% as compared to 14.5% in FY25. The PAT for FY26 stood at INR387 crores as compared to INR391 crores in FY25. PAT margin for FY26 stood at 6.8% as compared to 6.9% in F
INR391 crore
compared to 14.5% in FY25. The PAT for FY26 stood at INR387 crores as compared to INR391 crores in FY25. PAT margin for FY26 stood at 6.8% as compared to 6.9% in FY25. Consolidated performan
Guidance — 20 items
Nalin Gupta
opening
“Kumar Infraprojects Limited, I warmly welcome you all to our Q4 and FY26 earnings conference call.”
Nalin Gupta
opening
“Considering a strong bid pipeline, we expect the momentum of order book to continue, which provides us significant headroom to accelerate the execution.”
Nalin Gupta
opening
“Consolidated performance highlights for the FY26 is revenue from operations grew by 1% to INR5,723 crores as compared to INR5,693 crores in FY25.”
Nalin Gupta
opening
“The EBITDA stood at INR823 crores as compared to INR826 crores in FY25.”
Nalin Gupta
opening
“The EBITDA margin stood at 14.4% as compared to 14.5% in FY25.”
Nalin Gupta
opening
“The PAT for FY26 stood at INR387 crores as compared to INR391 crores in FY25.”
Nalin Gupta
opening
“PAT margin for FY26 stood at 6.8% as compared to 6.9% in FY25.”
Nalin Gupta
opening
“Consolidated performance highlights for Q4 FY26.”
Nalin Gupta
opening
“Revenue from operations for Q4 FY26 stood moderated by 3% to INR1,585 crores as compared to INR1,633 crores in Q4 FY25.”
Nalin Gupta
opening
“EBITDA for Q4 FY26 moderated by 5% to INR224 crores as compared to INR235 crores in Q4 FY25.”
Risks & concerns — 3 flagged
And overall, there is a very positive mindset for the infra projects because last 2 years were quite slack and we could see a big slowdown in terms of the order book coming in and that's how we just booked an order book of only INR1,000 crores for the current fiscal year.
— Nalin Gupta
Do you expect any slowing down of work, I mean, client-initiated slowdown in H1 because of high commodity prices?
— Parikshit Kandpal
In fact, you have mentioned we have zero impact of the geopolitical changes on our construction material cost.
— Girija Ray
Q&A — 13 exchanges
Q
Thank you for the opportunity. Sir my first question is what is the current bid pipeline for the fiscal?
Nalin Gupta
Bid pipeline? You said bid pipeline, right, Jainam? Yes. So as mentioned by me, we have already bagged orders of -- into INR4,500 crores with an L1 of INR1,770 crores, totaling to around INR6,300 crores plus, taking our order book to around INR5,000 crores approx. and for this current year we expect order book close to around INR9,000 crores to INR10,000 crores for the full year. And there are projects worth around INR15,000 crores to INR20,000 crores, which we expect to bid in this coming period of current financial year. Okay, sir. And are there any major opportunities, which we are looking
Q
Sir, firstly, on the guidance side, what kind of revenue growth and margins are we looking for FY27?
Nalin Gupta
So this year, we are expecting a growth of around 15% in the top line. So we should be crossing INR6,500 crores with the current order book that we have and the projects which were a little bit on the slower side, but now we have got approvals for them as well. So a 15% increase in top line and bottom line is what we are expecting. And sir, on margins? Similar, 15% increase bottom line, I said. No, EBITDA margins? Yes. So EBITDA, we are around 14% to 15%, which as we have -- with the type of order books that we have, our endure would be to increase it from 14%, 15% to 15%, 16% and the PAT woul
Q
Hi, sir. Congratulations on a good quarter. Sir my first question is given the geopolitical issues, so are we facing any slowness in execution in Q1? Do you expect any slowing down of work, I mean, client-initiated slowdown in H1 because of high commodity prices?
Nalin Gupta
Well, I would say that there is zero impact due to the geopolitical changes. And things are -- whether, I would say, at least for Maharashtra, there is a positive push that's happening from the CM ward room, where each and every important project, the flagship projects are being monitored on a fortnightly basis. The problem solution is becoming better. So I'm very positive about the whole change. So there is no negative impact on any of the projects, I would say, from these changes. Everything is in pipeline, and it does not -- being EPC project, we don't have any implication in any sorts. Sir
Q
Hello, sir. Good afternoon. Thanks for taking my question. I have 3 questions. One, with regards to margin. Second one is to cost efficiency level and third one is with respect to your order book. So margin, we have been maintaining around 14% of margin, even yearly basis also, if I see the margin also, we stick with the margin 14%. So as you mentioned, 15% kind of margin we can see in FY '27. In fact, you have mentioned we have zero impact of the geopolitical changes on our construction material cost. So I can see if I'm not wrong, our construction cost as a percentage of revenue has increase
Nalin Gupta
Girija, somehow I am not very clear about what's your question because when I said that the geopolitical changes have increased the price of POL, diesel, the steel prices get impacted. There is certain increase in shipping costs. There is certain implication on the steel prices. So those impacts are basically getting covered somewhere or the other. Like our price escalation and variation clauses, it has four components, which is steel, cement, POL and others, so there are -- and labor. So there are 5 parts, I would say. So in these five parts, somewhere or the other those items they get covere
Q
Actually, most of my questions have been answered broadly, but I would additionally like to ask that, sir, in previous call, you had mentioned that the TBM capitalization is lowered into the shaft, which was expected around February end, and the useful life was guided at 3 to 4 years. Now that we are entering Q1 FY '27, can you quantify the incremental quarterly depreciation impact once the GMLR TBM becomes operational?
Nalin Gupta
So firstly, I would like to clarify that we had not mentioned that the TBM would start in February. We had -- but you are partly right because we had mentioned we will start moving the machine in the shaft from February, which we have already started for January. And the machine is -- as I mentioned, the machine is in an advanced stage of assembly. And by next month end, we will start drilling. So the machine is running well on time. And in fact, I would say before schedule because it's just 7 months, we started the machine, which usually as per the contract period also, it was 1 year, and we
Q
Sir clarify three questions. When we say order book of INR10,000 crores in FY27, is it the order intake? Or is it something you're envisaging that the order book would be at the end of the year?
Nalin Gupta
No, it is new order intake because currently INR25,000 crores, you see a top line reduction of INR6,500 crores with 0 order intake will also stand at around INR19,000 crores. Correct. And this INR10,000 crores includes the existing INR4,500 crores, right? Yes. In INR10,300, INR4,500 crores is the LOA that we have already received. Correct and L1 is INR1,700 crores. We should receive within 15 days to 30 days max. And so additional over and above INR6,300 crores, around INR2,700 crores to approximately INR3,000 crores except approx. is what we have to book more. Is our target.
Q
Can you throw some light on the progress of Versova-Dahisar Coastal Road?
Nalin Gupta
So Versova-Dahisar Coastal Road Package B, which is from Goregaon Bangur Nagar to Mindspace. And from Mindspace, we have a long connector of 6, 7 kilometers that goes up Filmcity connecting our GMLR project. So the approvals of most of the portions have been received. There are some minor approvals that are required from the environmental issues. We have already started the mangrove cutting. We have done 10% mangrove cutting, but that mangrove has been cut in such a way that the temporary access bridge, which is called a TAB the steel bridge through which we enter the sea. The material has alr
Q
Just wanted to know how much money we have spent on the TBM and how much more capex we are going to do on TBM? And how much we have paid and what is the loan amount that is taken? And what is the balance drawdown which is pending? So if you can help with that?
Nalin Gupta
Can we talk about these numbers separately because I wouldn't be very comfortable talking about the price of my TBM because this is a price-sensitive issue. But there is no additional major capex to be done with regards to TBM. TBM has already been procured. It has been financed and we have paid part of the money around 10% is already repaid. So there is no major impact and the 10% approximately has already been repaid out of that loan from the receivables -- and within a period of 2 to 3 years, what I earlier mentioned, we'll be -- along with the progress of the work, it will be fully paid ba
Q
Most of the questions have been answered. Just a couple of things to clarify. Sir, when we are saying that we are looking at a 15% revenue growth for this year and given obviously, the inflow most likely would be more than INR10,000 crores for this year. For next year, can we see even higher rate, 18% plus kind of a rate because the FY26, whatever we have lost INR500 crores, INR600 crores because normally, we are going at 15%, 16%. So to cover it up, that's the way one can look at?
Nalin Gupta
You can look at that way, Shravan. But I wouldn't commit right now. I just want the things to start moving. And going forward, Q2 or Q3, we'll be able to really comment on that. But yes, you are not wrong in a way, one can look at in the way you are saying, yes. Yes. Second, for this year, FY27 for 15% to achieve, so that means from Q1, from this quarter itself, can we will be seeing at least 10% plus kind of a growth because when I'm looking at a number, at least it should be there as the second half, particularly third and fourth quarter. We need to have a 20% kind of a growth needed given w
Q
Well so the project is in advanced stage. And my brother looked after that project to be honest. So I just don't want to make any loose comments. But yes, the project is -- it's online going on well. And I'll just say one thing. If a project is to be started, the change of government can have an impact whether it should -- it can have some negative impact or not. But once the project has already started on the ground physically and a substantial portion has already been completed, there is no negative impact that it can have or any government would like in the middle of the road, you have alre
Nalin Gupta
It's going well. We have already completed 50% of the project progress in that project. So it's on time, and we are not delayed in that project at all. Chandramouli Jagannath: And sir, when it comes to working capital, you have done a great job last financial year. Is there any further scope for improvement? As we have mentioned that we expect to increase our EBITDA by 1% that's from 14%, 15% to 15% to 16% is what our endeavor is, because if you look at our employee cost and other factors, it still remaining the -- in the same percentage. So, as an overall thing, I think we should be able to i
Q
Just one question on depreciation. So, it was around INR66 crores in Q4, which was a sizable jump from roughly INR40 crores, INR45 crores quarterly trend. So how do you see it going forward?
Nalin Gupta
So, going forward, it will be more or less on the same line because if you see in financial year '25, we have made capex of about INR280 crores. And in current year, we have done capex of about INR400 crores. So, in last 2 years, if you see INR600 crores capex has been done. So going ahead, it will be a little bit elevated to a certain extent. So quarterly run rate of INR65 crores should be a record number now? Yes, correct, yes.
Q
Sir, my point is that in the August '24 con call, you had set a target of 1 billion in revenue. There is a lot of difference between the situation then and today. So many positive points like political stability have also come, you have the order book -- right now approx 23,000, 24,000 here you are saying that this year approx orders of INR10,000 crores will come, so if those come total if the new orders we already have, then the order book will be approx INR30,000 crores. And somewhere we are seeing improvement in margins too and our business expansion which you mentioned that it is going tow
Nalin Gupta
Dinesh ji, first of all, to begin with, I would like to tell you that when we had told you this target of a billion-dollar revenue top line, at that time the dollar rate was at INR75. Today when we are talking in FY26, we are expecting the top line of FY27 to be INR6,500 crores which happens with a 15% increase. In the next year, that is FY28, we are one year behind I would say, from the target that we had given, instead of '27, in '28 we will do INR7,500 crores. So now this dollar increase that is there, according to that if you see it should be INR10,000 crores. So that was, we, when we spok
Q
Thank you, everyone. We remain committed to disciplined execution, agility in dynamic market environment and delivering transformative infrastructure projects that support economic progress at scale backed by the strength of our people and a clear strategic vision. I'm confident that the year ahead will mark the beginning of a stronger growth trajectory and create lasting value for all the stakeholders. Please feel free to reach out to our IR team for any clarifications or feedback. Thank you, everyone, and have a great day.
Management
Speaking time
Nalin Gupta
59
Moderator
15
Parikshit Kandpal
13
Vaibhav Shah
12
Shravan Shah
7
Jainam Jain
6
Girija Ray
3
Jahnvi Mishra
3
Sidhant Lodaya
3
Vasant Savla
2
Opening remarks
Nalin Gupta
Good afternoon, everyone. This is Dr. Nalin Gupta, Managing Director of J. Kumar Infraprojects Limited. Firstly, on behalf of J. Kumar Infraprojects Limited, I warmly welcome you all to our Q4 and FY26 earnings conference call. Joining me today are Mr. Vasant Savla, CFO; and our Investor Relations partner, Marathon Capital. I trust you all had the opportunity to review our earnings presentation and press release available in the stock exchanges and our corporate website. FY 2026 was a year of consolidation for the company, with operating and financial performance moderating compared to FY 2025. The impact was largely operational and timely related, stemming from external factors that temporarily slowed execution. Through this space, we maintained a strong balance sheet and an adequate liquidity, ensuring resilience and continuity of operations. Importantly, this period has strengthened our foundation for the future. The current fiscal has already been significant. Order intake has seen
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