J Kumar Infraprojects Earnings Call for Q4FY26 & Full Year

Full Transcript

https://www.youtube.com/watch?v=nR3f0vcFf24

[00:00] 26 earnings conference call.
[00:03] As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes.
[00:12] Before we begin, a brief disclaimer.
[00:15] The presentation which Jkumar Infra projects has uploaded on the stock exchange and their website including the discussions during this call contains or may contain certain forward-looking statements concerning Jaykumar infra infra projects business prospects and profitability which are subject to several risks and uncertaintities and the actual results could materially differ from those in such forward-looking statements.
[00:44] Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone.
[00:52] Please note that this conference is being recorded.
[00:55] I now confidence to Dr. Nalin Gupta, MD Jkumar Infra Projects Limited.
[01:00] Thank you and
[01:02] Infra Projects Limited.
[01:02] Thank you and over to you sir.
[01:05] Over to you sir.
[01:05] Good afternoon everyone.
[01:07] This is Dr. Nalin Gupta, managing director Jumar Intra Projects Limited.
[01:09] Along with me.
[01:12] I um firstly on behalf of Jumar Infos Limited, I warmly welcome you all at uh to our Q4 and FI26 earning conference call.
[01:19] Joining me today are Mr. Vasim Savla, CFO and our investor relation partner Marathon Capital.
[01:24] I trust you all had the opportunity to review our earning presentation and press release available in the stock exchanges and our corporate website.
[01:30] FI 2026 was a year of consolidation for the company with operating and financial performance moderating compared to FI 2025.
[01:37] The impact was largely operational and timely related uh stemming from external factors that temporarily slowed execution.
[01:49] Through this phase we maintained a strong balance sheet and an adequate liquidity ensuring resilience.
[02:04] adequate liquidity ensuring resilience and continuity of operations.
[02:06] and continuity of operations.
[02:08] Importantly, this period has strengthened our foundation for the future.
[02:10] The current fiscal has already been significant order intake has seen considering strong bid pipeline.
[02:12] future. The current fiscal has already been significant order intake has seen considering strong bid pipeline.
[02:17] We expect the momentum of order booking to continue which provides a significant headroom to um the company has so far booked orders in excess of 4,500 cr in fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:19] considering strong bid pipeline. We expect the momentum of order booking to continue which provides a significant headroom to um the company has so far booked orders in excess of 4,500 cr in fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:21] expect the momentum of order booking to continue which provides a significant headroom to um the company has so far booked orders in excess of 4,500 cr in fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:23] continue which provides a significant headroom to um the company has so far booked orders in excess of 4,500 cr in fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:29] headroom to um the company has so far booked orders in excess of 4,500 cr in fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:32] booked orders in excess of 4,500 cr in fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:35] fiscal year with an L1 of 1,70 crores totaling to around 16 uh 6,300 crores.
[02:39] totaling to around 16 uh 6,300 crores.
[02:41] Considering a strong bid pipeline, we expect the momentum of order book to continue which provides us significant headroom to accelerate the execution.
[02:43] expect the momentum of order book to continue which provides us significant headroom to accelerate the execution.
[02:45] continue which provides us significant headroom to accelerate the execution.
[02:47] headroom to accelerate the execution.
[02:49] With a solid order book, improving execution velocity and expanding capa capabilities across our core verticals, we are very positioned to translate this pipeline into sustained growth.
[02:52] execution velocity and expanding capa capabilities across our core verticals, we are very positioned to translate this pipeline into sustained growth.
[02:54] capabilities across our core verticals, we are very positioned to translate this pipeline into sustained growth.
[02:58] we are very positioned to translate this pipeline into sustained growth.
[03:00] pipeline into sustained growth.
[03:02] Now coming to financial performance, consolidated performance highlights for
[03:04] consolidated performance highlights for the FI26s.
[03:07] Revenue from operations grew by 1% to 5,723 crores as compared to 5,693 crores in FI25.
[03:15] The AITA stood at 823 crores as compared to 826 cr in FI25.
[03:22] The AITA margin stood at 14.4% in FI25.
[03:27] The PAT for FI26 stood at 387 cr as compared to 391 cr in FI25.
[03:36] Pat margin for FI26 stood at 6.8% as compared to 6.9% in FI25.
[03:44] Consolidated performance highlights for six revenue from operations from for Q4 FI26 moderated by 3% to585 crores as compared to 1633 crores in Q4 FI25.
[04:00] AITA for Q4 FI26 moderated by 5% to 224
[04:05] AITA for Q4 FI26 moderated by 5% to 224 cr as compared to 235 cr in Q4 FI25.
[04:10] cr as compared to 235 cr in Q4 FI25.
[04:10] Evita margin for Q426 stood at 14.1%.
[04:14] Evita margin for Q426 stood at 14.1% as compared to 14.4% in Q4 FI25.
[04:19] as compared to 14.4% in Q4 FI25.
[04:19] The tax for Q4 FY26 moderated by 5% to 110 crores as compared to 114 crores in Q4 FI25.
[04:23] The tax for Q4 FY26 moderated by 5% to 110 crores as compared to 114 crores in.
[04:27] 110 crores as compared to 114 crores in Q4 FI25.
[04:29] Q4 FI25.
[04:29] Pack margin for Q4 FI26 stood at 7% as compared to 7% uh in Q4 FI25.
[04:33] Pack margin for Q4 FI26 stood at 7% as compared to 7% uh in Q4 FI25.
[04:38] The net debt as on 31st March 2026 stood at stood at -264 crores that is cash positive.
[04:43] debt as on 31st March 2026 stood at stood at -264.
[04:46] stood at -264 crores that is cash positive.
[04:49] crores that is cash positive.
[04:49] Working capital for FY26 stood at 99 days as compared to 112 days for FY25.
[04:53] Working capital for FY26 stood at 99 days as compared to 112 days for FY25.
[04:57] days as compared to 112 days for FY25.
[04:57] Total order book as of 31st March 2026 stood at 18,554 crores.
[05:00] Total order book as of 31st March 2026 stood at 18,554 crores.
[05:04] stood at 18,554 crores.
[05:04] The order booked inter area includes
[05:06] The order booked inter area includes metro projects elevated and underground.
[05:09] Metro projects elevated and underground contributing 11% elevated order uh.
[05:12] Contributing 11% elevated order uh corridors and flyws contributing to around 51%.
[05:14] Corridors and flyws contributing to around 51% road and tunnel projects contributing to around 18% and others.
[05:17] Around 51% road and tunnel projects contributing to around 18% and others contributing around 20%.
[05:20] Contributing to around 18% and others contributing around 20%.
[05:22] We can now begin with the questions and answers.
[05:24] Begin with the questions and answers. Thank you very much.
[05:26] Thank you very much.
[05:29] Thank you. We will now begin the question and answer session.
[05:32] Anyone who wishes to ask a question may press star and one on their touchstone telephone.
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[05:38] Question queue, you may press star and two.
[05:40] Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
[05:43] Two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
[05:45] Handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
[05:47] And gentlemen, we will wait for a moment while the question queue assembles.
[05:53] Our first question comes from the line of Janam Jin from Dam Capital. Please go ahead.
[05:55] Our first question comes from the line of Janam Jin from Dam Capital. Please go ahead.
[05:59] Of Janam Jin from Dam Capital. Please go ahead. Uh thank you for the opportunity.
[06:02] Ahead. Uh thank you for the opportunity. So my first question is what is the current build pipeline for this system called.
[06:03] So my first question is what is the current build pipeline for this system called.
[06:05] Current build pipeline for this system called.
[06:09] build pipeline?
[06:12] build pipeline? You said build pipeline right Jenna?
[06:14] You said build pipeline right Jenna?
[06:14] Yeah.
[06:16] Yeah.
[06:16] Yeah. So u as uh mentioned by me we have already backed orders of uh include 4,500 crores with an L1 of70 crores totaling to around 6,300 cr plus taking our order book to around 25 5,000 crores approx.
[06:33] approx. And um for this current year we expect a order book close to around 9 to 10,000 crores for the full year.
[06:39] And uh there there are projects worth around 15 to 20,000 crores which we expect to build in this coming period of uh current financial year.
[06:53] Okay sir. And are there any major opportunities which we are looking in my side this year in terms of building pipeline for especially for the metro segment or road tunneling projects?
[07:05] Well, so if we see uh firstly we have recently backed an order of 1770 crores
[07:11] Recently backed an order of 1770 crores which comes from the Delhi Metro D uh.
[07:13] Which comes from the Delhi Metro D uh D207.
[07:15] D207 and uh there are uh further there are tenders coming up of metro for in Mumbai.
[07:17] And uh there are uh further there are tenders coming up of metro for in Mumbai.
[07:20] Tenders coming up of metro for in Mumbai for metro line 5, metro line uh 13.
[07:24] For metro line 5, metro line uh 13, metro line uh 10 which is guy move to uh guy move to.
[07:28] Metro line uh 10 which is guy move to uh guy move to.
[07:31] Guy move to.
[07:31] So there are lot of metro opportunities which are available.
[07:34] So there are lot of metro opportunities which are available.
[07:36] So of course yes uh Bombay, Delhi, uh Pune, uh these areas they are coming up with metro projects.
[07:40] Bombay, Delhi, uh Pune, uh these areas they are coming up with metro projects.
[07:42] They are coming up with metro projects.
[07:42] So we'll be surely going for it.
[07:44] So we'll be surely going for it.
[07:44] And overall um there is a very positive mindset for the infra projects because last two years were quite slack and uh.
[07:47] Overall um there is a very positive mindset for the infra projects because.
[07:50] Mindset for the infra projects because last two years were quite slack and uh.
[07:53] Last two years were quite slack and uh 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 1,000 cr for the current fiscal year.
[07:55] We could see a big slowdown in terms of the order book coming in and that's how.
[07:57] The order book coming in and that's how we just booked an order book of only.
[07:59] We just booked an order book of only 1,000 cr for the current fiscal year.
[08:01] 1,000 cr for the current fiscal year.
[08:01] But in Q1 itself we have backed orders of more than 6,300 crores.
[08:03] But in Q1 itself we have backed orders of more than 6,300 crores.
[08:07] So uh this year really looks to be quite uh positive and uh that's how we are also.
[08:09] Year really looks to be quite uh positive and uh that's how we are also.
[08:12] positive and uh that's how we are also very positive about it.
[08:13] very positive about it.
[08:15] Okay. And in terms of roads any opportunity
[08:17] uh road per se is never Jumar's main area of focus.
[08:23] So we basically look at uh express cor expressway corridors like uh even now uh there are uh you know uh some projects which are lined up where
[08:31] it's an ele uh it's a combination of road and uh elevated combinations.
[08:36] So that sort of projects is what Jumar focuses into and in the near pipeline we can see certain projects coming up in the similar uh similar way like Zati Shaki and some other MSRDC projects which are there.
[08:51] So we are quite positive about it.
[08:54] positive about it.
[08:56] Okay. So largely on the working capital side.
[08:59] Uh so can you give the amount for retention money unbuild revenues and mobilization advances?
[09:04] Yes sir.
[09:04] So uh unbuild revenue is 578 crores.
[09:11] Mobilization advance is 706 crores and
[09:15] Mobilization advance is 706 crores and retention is 464 crores.
[09:19] retention is 464 crores.
[09:19] Okay sir question.
[09:22] Thank you so much and all the best.
[09:23] all the best.
[09:23] Thank you J.
[09:25] Thank you J.
[09:27] The next question comes from the line of web of Sha with JM Financial.
[09:30] Please go ahead.
[09:32] Yeah sir.
[09:34] Firstly on the guidance side what what kind of uh revenue growth and margins are looking for FI27.
[09:39] margins are looking for FI27.
[09:42] So this year we are expecting a growth of around 15% uh in the top line.
[09:45] So we should be crossing 6,500 crores u with the current order book that we have and the projects which were little bit on the slower side but now we have got approvals for uh them as well.
[09:53] So uh 15% increase in uh top line and bottom line is what we are expecting.
[09:59] increase in uh top line and bottom line is what we are expecting.
[10:02] margins.
[10:04] similar uh 15% increase bottom line I said uh.
[10:07] similar uh 15% increase bottom line I said uh.
[10:08] no no.
[10:11] yeah so we have around 14 to 15 which as.
[10:15] yeah so we have around 14 to 15 which as we have with the type of order books.
[10:17] we have with the type of order books that we have our endeavor would be to that we have our endeavor would be to increase it from 1415 to 1516 and the pack would be around 7%.
[10:23] increase it from 1415 to 1516 and the pack would be around 7%.
[10:26] Okay. And sir, uh given the flattish year we had on FI26 and a very strong order backlog, so do you feel that 15% revenue guidance is a bit conservative and we can do even better?
[10:39] there is possibility of doing better but you know uh looking at last year's bad experience where you know we thought that we get orders but we could unfortunately not get it but I would say that surely there is a scope of uh showing some better results but as of now I would like to commit myself with a 15% increase in uh top line and bottom line and uh mean I would say that you know even last year uh jkumar's policy which We always Weber tried to follow that it was around 2,500 cr of order that we booked in 24 and around 25 I'm
[11:17] that we booked in 24 and around 25 I'm sorry and around only 1,000 crores order.
[11:19] sorry and around only 1,000 crores order that we booked in 26 was not by uh any mistake or default you know it was a well chosen thing that we don't want to book orders where we don't have good bottom lines and that's how uh now the order that the company has had is with the similar margins and We don't want to book orders just for the heck of booking orders.
[11:40] And that's how you can see last two years we didn't get orders at our prices.
[11:45] We left it. But now we have got orders at the similar margins where we are which is our target.
[11:49] So uh I think we are very comfortable that we'll be able to cross this 15% topline uh growth but as of now we'd like to say 15% my friend.
[12:04] Okay. Okay. Answer on Cape. So what are our plans for 27th?
[12:09] So uh there are some capeex which are still due for GMLR and uh Chennai.
[12:14] So there uh and the incremental capeex that we do every year.
[12:17] So around 200 to 250
[12:20] we do every year.
[12:22] So around 200 to 250 cr for the next coming two years that is cr for the next coming two years that is FI 27 and 28 is what we are expecting.
[12:25] FI 27 and 28 is what we are expecting including the incremental kex.
[12:28] including the incremental kex.
[12:28] So for FI27 also it will be 200 to 250.
[12:31] So for FI27 also it will be 200 to 250.
[12:33] Yeah.
[12:33] Okay.
[12:36] orders that I'm including the new order book that we have done of 6,500.
[12:40] order book that we have done of 6,500.
[12:41] Okay.
[12:41] And sir, when do we expect these new orders to uh uh come on execution?
[12:45] new orders to uh uh come on execution?
[12:48] If you could just uh say some update on that uh regarding this Vadwan project.
[12:51] that uh regarding this Vadwan project then on Westbule and uh Lucknau project.
[12:54] then on Westbule and uh Lucknau project when do we expect to start the execution.
[12:56] when do we expect to start the execution over there?
[12:57] over there?
[12:57] I think from Q uh Q2 or Q3 we should be starting uh we'll be starting uh.
[13:02] I think from Q uh Q2 or Q3 we should be starting uh we'll be starting uh.
[13:05] starting uh we'll be starting uh contributions coming up because initial.
[13:07] contributions coming up because initial 6 months uh to 9 months you have to do.
[13:10] 6 months uh to 9 months you have to do the preparatory works the joint uh the.
[13:12] the preparatory works the joint uh the solve investigation survey.
[13:15] solve investigation survey and design approvals and all that uh stuff.
[13:17] and design approvals and all that uh stuff.
[13:17] So but second to third quarter we
[13:20] stuff.
[13:20] So but second to third quarter we should start getting some contribution.
[13:22] should start getting some contribution from these projects.
[13:24] from these projects.
[13:24] Okay.
[13:27] Lastly on any update update on that Chennai NHI project how is the execution going on and on GMLR as well.
[13:34] execution going on and on GMLR as well.
[13:34] Chennai we have already started the work and uh our foundation and substructure work is in uh is there which is in line and the casting yard is fully operational.
[13:47] operational.
[13:47] So we have already started casting our segments in the huge casting yard that we have developed.
[13:51] yard that we have developed.
[13:51] As far as GMLR is concerned, we have already casted more than 3.5 kilometer of tunnel in our casting yard and we have got some cos also there and of 800 crores which is also for that the new casting yard was required that is also been developed.
[14:09] developed.
[14:09] The molds have been ordered.
[14:09] uh the uh tunnel boarding machine the shaft is already excavated which is a uh you know I would say a spectacular work been done by the GMLR team and both the
[14:20] been done by the GMLR team and both the TVMs have arrived at the job site.
[14:23] TVMs have arrived at the job site.
[14:23] One TVM has is already in an advanced stage
[14:26] TVM has is already in an advanced stage of assembly and we expect by June end we
[14:29] of assembly and we expect by June end we will start we will do the SAT which is
[14:31] will start we will do the SAT which is the site acceptance test to start
[14:34] the site acceptance test to start drilling the uh tunnel
[14:37] drilling the uh tunnel and the second
[14:38] and the second >> we can see one and a half month
[14:40] we can see one and a half month difference.
[14:41] difference. Yeah.
[14:41] So we can see a 30% kind of execution
[14:44] So we can see a 30% kind of execution for Chennai project around 20% for GML
[14:47] for Chennai project around 20% for GML in FI27 ballpark.
[14:49] in FI27 ballpark.
[14:49] Yeah.
[14:49] Now 20 to 30% output we should be
[14:51] Now 20 to 30% output we should be getting uh from both these projects.
[14:55] getting uh from both these projects.
[14:55] Okay.
[14:56] Okay. Thank you.
[14:56] So those are my questions.
[14:57] questions.
[15:01] Thank you very much.
[15:01] Thank you.
[15:03] Thank you. The next question comes from
[15:03] the line of Parikshit Kandpal with HDFC
[15:07] the line of Parikshit Kandpal with HDFC Securities. Please go ahead.
[15:09] Securities. Please go ahead.
[15:09] Yeah.
[15:11] Yeah. Hi sir, congratulations on a good
[15:11] quarter.
[15:14] quarter. So my first question is uh
[15:14] given the geopolitical issues so are we
[15:17] given the geopolitical issues so are we facing any Slowness in execution in Q1.
[15:21] facing any Slowness in execution in Q1.
[15:23] Do you expect any slow I mean slowing down of work?
[15:25] I mean client initiated slowdown uh in H1 because of high commodity prices.
[15:31] commodity prices.
[15:33] uh well I would say that there is zero impact due to the geopolitical uh changes and u things are rather I would say uh at least for Maharashtra um there is a positive push that's happening from the CM war room where each pro each and every important project the flagship projects are being monitored on a uh fortnightly basis and uh uh means there is the problem solution is becoming better.
[16:02] So I'm very positive and positive about the whole change and uh so there is no uh 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 sort of some of the peers have highlighted that there has been a labor issue
[16:21] that there has been a labor issue because of elections and the because of elections and the significantly cut down I mean labors significantly cut down I mean labors have not returned so what is our current have not returned so what is our current sight labor how much it was at the peak.
[16:30] So if you can give some color whether the labor uh delay in labors coming back has impacted execution and also on the commodity side if you can help us understand what kind of in our order book what is fixed price what is variable pass through commodity price and what how are you mitigating it.
[16:45] Well, Parik is firstly about the labor issue.
[16:47] Yes, you are totally correct.
[16:49] There is a cut of around uh 10 to 15% of labor shortages there at all our sites and this uh impact I would say is mainly due to the elections and these uh April and May month which is every year we face this shortage.
[17:05] It's nothing new in the industry because uh it's the time where people the labors go back to their home for marriages for farming and all other activities.
[17:13] So this is a routine thing which happens every year without any change.
[17:15] So it is uh a temporary issue and nothing alarming.
[17:17] That's from
[17:22] issue and nothing alarming.
[17:24] That's from my side.
[17:24] Talking about uh the other my side.
[17:26] Talking about uh the other thing I'm sorry uh one more point you thing I'm sorry uh one more point you had made the commodity.
[17:29] So on the commodity impact so all the contracts without exception are covered under price variation and escalation clauses.
[17:36] So uh there is no materialistic impact on uh the price increase due to crude or any other steel prices or something.
[17:47] It's regular increase and it's uh fully covered under price variation and escalation clause.
[17:51] So zero impact on our bottom line.
[17:55] So in our order books whenever there's a commodity increase so do you repric the orders or so how does it happen from the accounting side?
[18:01] So how do you so there is no repricing that happens per issue.
[18:05] It's basically uh there are when you make your uh monthly running bill that we submit to the department there is a work done billing that has been done based on the milestones or quantities or whatever numbers uh how the billing schedule has been distributed and at the bottom of it the last month's bill whatever the price
[18:24] last month's bill whatever the price variation and escalation is said it's been added at the bottom added or deducted depending upon the increase and decrease.
[18:30] So uh it's a clear pass through having no impact on the and every month it has been generated along with the work done.
[18:37] So a plus b a is work done b is the price variation.
[18:40] So it has no implication >> and any price escalation change or plus or minus.
[18:44] So uh the approving authority is usually the same guy who is like approving your regular bills or it gets escalated to higher authorities for further budget approvals if there is a major escalation.
[18:50] So does it go back to uh the CM for approvals?
[18:57] So how does it happen in the back end?
[19:02] So >> there is it's just like a regular running bill.
[19:04] Even the budget that's been approved for any project like you know there is administrative approval authority approval or the government approval at state level.
[19:13] Wherever the FML happens, the budget is for the project.
[19:20] And there is a wording that
[19:26] project. And there is a wording that increase or the in Marati they say B increase or the in Marati they say B means price variation escalation.
[19:35] That point is written as an additional thing for which no approval is required even from the commissioner.
[19:41] It is regular. The engineer passing the bill approves it along with the monthly bill.
[19:45] So there is the approval is excluding escalation.
[19:49] Yes. Then just ask question on some of the key projects.
[19:53] I think CMS has earlier announced metro line 8 gold line and metro line 14 and I think there was also talk of that vicron to uh copy or console connector some large infra projects.
[20:04] So any timelines on how these projects are progressing in terms of getting awarded whether in this financial year or next financial year because these are last site orders.
[20:14] So one is I would you missed one important project which is uh this which is utan vir.
[20:17] Yeah. Yeah. Sorry my bad also.
[20:21] Yeah. So it's not a metro corridor. It's an elevated corridor similar to MTHL and
[20:26] an elevated corridor similar to MTHL and like coastal road because coastal road
[20:28] like coastal road because coastal road has been avoided till Bahendar.
[20:30] has been avoided till Bahendar. >> Yeah.
[20:31] >> Yeah. >> Bender is the last stretch. So from
[20:33] >> Bender is the last stretch. So from Bahinda which is also called as Utan.
[20:36] Bahinda which is also called as Utan. From there it will go to Vir and that
[20:39] From there it will go to Vir and that elevated corridor tender would be
[20:40] elevated corridor tender would be floated by MMRDA in any time like 3 to
[20:43] floated by MMRDA in any time like 3 to six months time is what we are expecting
[20:46] six months time is what we are expecting as per the information we have gathered
[20:48] as per the information we have gathered and metro line 5 metro line which is
[20:52] and metro line 5 metro line which is Kalyan Taloja side that project uh metro
[20:57] Kalyan Taloja side that project uh metro line 10 which is from Daimok to Biser
[21:00] line 10 which is from Daimok to Biser and metro line uh 13 and 14 these
[21:03] and metro line uh 13 and 14 these projects which is uh from Bangar to Vir
[21:07] projects which is uh from Bangar to Vir These metro lines are in advance stage
[21:09] These metro lines are in advance stage and we should see the tender process in
[21:12] and we should see the tender process in next 3 to 6 months time.
[21:15] next 3 to 6 months time. >> Okay. And any update on the withdrawal
[21:17] >> Okay. And any update on the withdrawal to Coper Kenya or Hansoli connector is
[21:19] to Coper Kenya or Hansoli connector is that happening or that's now
[21:22] that happening or that's now >> honestly I'm not very uh sure about
[21:24] >> honestly I'm not very uh sure about that. So I I wouldn't like to just uh
[21:26] that. So I I wouldn't like to just uh make some false.
[21:27] make some false. >> Okay. So all these metro projects put
[21:29] >> Okay. So all these metro projects put together how big is the pipeline for all
[21:31] together how big is the pipeline for all these projects? 5 10 13 14 and Utan Var.
[21:34] these projects? 5 10 13 14 and Utan Var. So if you work so uh this if you talk of
[21:38] So if you work so uh this if you talk of utan vir alone it is more than 50 60,000
[21:40] utan vir alone it is more than 50 60,000 crores. So altogether 100,000 crores is
[21:44] crores. So altogether 100,000 crores is uh what we should expect in this one
[21:47] uh what we should expect in this one year's timeline
[21:48] year's timeline >> in one next 12 months. All of you think
[21:50] >> in one next 12 months. All of you think one lakh cr plus kind of awarding may
[21:52] one lakh cr plus kind of awarding may happen from Maharashtra.
[21:54] happen from Maharashtra. >> Yes.
[21:55] >> Yes. >> Okay. Sure sir.
[21:56] >> Okay. Sure sir. >> That's only from Maharashtra I'm
[21:58] >> That's only from Maharashtra I'm talking.
[21:59] talking. >> Yeah. Yeah. Only from Maharashtra I know
[22:00] >> Yeah. Yeah. Only from Maharashtra I know I mean and other states also will
[22:02] I mean and other states also will contribute but Maharashtra you have a
[22:03] contribute but Maharashtra you have a very significant market share. So just
[22:05] very significant market share. So just wanted to understand whatever you are
[22:07] wanted to understand whatever you are guiding. I think this year you said 9
[22:09] guiding. I think this year you said 9 9,000 to 10,000 crores of infl right in
[22:11] 9,000 to 10,000 crores of infl right in the guidance.
[22:13] the guidance. Honestly when we speak of these projects
[22:15] Honestly when we speak of these projects we are not even talking of Maharashtra
[22:17] we are not even talking of Maharashtra whole as a per say because in and around
[22:20] whole as a per say because in and around Mumbai we are something of around
[22:21] Mumbai we are something of around 100,000.
[22:23] 100,000. >> Yeah but the other guidance you said is
[22:25] >> Yeah but the other guidance you said is about 9 to 10,000 for this year and you
[22:27] about 9 to 10,000 for this year and you have already done close to about 6,300.
[22:30] have already done close to about 6,300. >> That's right. See it's like you know we
[22:33] >> That's right. See it's like you know we already had a very bad experience last
[22:35] already had a very bad experience last two years.
[22:35] two years. >> Yeah.
[22:37] >> Yeah. >> Kumar is very uh you know pessimistic
[22:39] >> Kumar is very uh you know pessimistic when it comes to margin. We don't want
[22:42] when it comes to margin. We don't want to bag orders without margins. He's very
[22:46] to bag orders without margins. He's very adamant sort of mindset you can say
[22:48] adamant sort of mindset you can say because
[22:51] because if there are no margins I just don't
[22:53] if there are no margins I just don't want to block my capacity and miss the
[22:56] want to block my capacity and miss the good opportunities going forward. So
[22:58] good opportunities going forward. So that's how we waited for two years and
[23:00] that's how we waited for two years and we have it hit an all-time high lifetime
[23:04] we have it hit an all-time high lifetime high order book of 25,000 cr as we speak
[23:06] high order book of 25,000 cr as we speak now and uh going forward uh you know we
[23:11] now and uh going forward uh you know we may do better than what we have
[23:12] may do better than what we have committed but as of now I would just
[23:14] committed but as of now I would just like to stick to 9 to 10,000 cr we are
[23:17] like to stick to 9 to 10,000 cr we are going forward in Q2 to Q3 we can uh keep
[23:20] going forward in Q2 to Q3 we can uh keep revising these figures but yes 9 to 10
[23:23] revising these figures but yes 9 to 10 forget 9 10,000 cr will cross this year
[23:27] forget 9 10,000 cr will cross this year >> sure sir Thank you sir. I wish you all
[23:28] >> sure sir Thank you sir. I wish you all the best.
[23:30] the best. >> Thank you.
[23:32] >> Thank you. >> The next question comes from the line of
[23:34] >> The next question comes from the line of Giri Jare with Nirmal Bank Securities.
[23:37] Giri Jare with Nirmal Bank Securities. Please go ahead.
[23:40] Please go ahead. >> Hello sir and good afternoon. Thanks for
[23:43] >> Hello sir and good afternoon. Thanks for taking my question. So I have three
[23:46] taking my question. So I have three questions. uh one with regards to margin
[23:49] questions. uh one with regards to margin second one is to you know cost uh
[23:53] second one is to you know cost uh efficiency level and third one is
[23:55] efficiency level and third one is respect to your order so margin uh we
[23:59] respect to your order so margin uh we have been maintaining around 14% of
[24:01] have been maintaining around 14% of margin
[24:03] margin I see the margin also we are you know
[24:06] I see the margin also we are you know stick with the margin 14% so as
[24:08] stick with the margin 14% so as mentioned you know 15% margin we can see
[24:12] mentioned you know 15% margin we can see next five
[24:15] next five uh so so you In fact, you have mentioned
[24:18] uh so so you In fact, you have mentioned uh we have zero impact of the
[24:20] uh we have zero impact of the geopolitical energy in our construction
[24:22] geopolitical energy in our construction material cost. So I can see if I if I'm
[24:25] material cost. So I can see if I if I'm not wrong, our construction cost uh as a
[24:28] not wrong, our construction cost uh as a percentage of revenue has been changed
[24:30] percentage of revenue has been changed in uh fourth quarter as 526.
[24:34] in uh fourth quarter as 526. So you know kind of free depreciation
[24:37] So you know kind of free depreciation and uh you know so so do you think this
[24:41] and uh you know so so do you think this if this has impacted this you're
[24:44] if this has impacted this you're mentioning it is no impact but I can see
[24:47] mentioning it is no impact but I can see there is a cost increase as a percentage
[24:50] there is a cost increase as a percentage of your total residence
[24:53] of your total residence so how is that mean what is happening
[24:55] so how is that mean what is happening there
[24:57] there I somehow I I'm not very uh you know
[25:02] I somehow I I'm not very uh you know clear about what's your question Because
[25:05] clear about what's your question Because uh when I said that the geopolitical uh
[25:08] uh when I said that the geopolitical uh changes have increased the price of P
[25:10] changes have increased the price of P diesel uh the steel prices get impacted
[25:14] diesel uh the steel prices get impacted some there are certain uh increase in
[25:16] some there are certain uh increase in shipping cost there is certain uh
[25:19] shipping cost there is certain uh implication on the steel prices. So
[25:22] implication on the steel prices. So those impacts are basically getting
[25:24] those impacts are basically getting covered somewhere or the other like our
[25:27] covered somewhere or the other like our price escalation and variation clauses
[25:29] price escalation and variation clauses it has four components which is steel,
[25:32] it has four components which is steel, cement, p and others. So there are uh
[25:37] cement, p and others. So there are uh and labor. So there are five parts I
[25:40] and labor. So there are five parts I would say. So in past parts made
[25:42] would say. So in past parts made somewhere or the other those items they
[25:44] somewhere or the other those items they get covered. So uh this uh means we have
[25:48] get covered. So uh this uh means we have done this matrix of uh increase decrease
[25:52] done this matrix of uh increase decrease many a times what is the actual increase
[25:55] many a times what is the actual increase and what is the percentage increase
[25:57] and what is the percentage increase because we have been paid on the basis
[25:59] because we have been paid on the basis of indices. So the
[26:02] of indices. So the indices do not increase uh exactly
[26:05] indices do not increase uh exactly proportionate to that. It does not
[26:06] proportionate to that. It does not decrease proportionately to the actual
[26:09] decrease proportionately to the actual increase or decrease. But when you see
[26:11] increase or decrease. But when you see as a overall picture in the year's time
[26:14] as a overall picture in the year's time even when there was steep price increase
[26:16] even when there was steep price increase postcoid we could see we thought that we
[26:18] postcoid we could see we thought that we will be putting a claim on the
[26:20] will be putting a claim on the department for an additional increase in
[26:22] department for an additional increase in the steep increase in prices of the
[26:24] the steep increase in prices of the steel but when we calculated tabulated
[26:26] steel but when we calculated tabulated the whole thing on a yearly basis we
[26:29] the whole thing on a yearly basis we found that there is no 5% year and there
[26:32] found that there is no 5% year and there increase which was like really not uh
[26:35] increase which was like really not uh even discussible so we let that point so
[26:37] even discussible so we let that point so there is no impact when I pay for the
[26:40] there is no impact when I pay for the contracts which are on ECC basis having
[26:42] contracts which are on ECC basis having price variation and escalation clauses
[26:46] price variation and escalation clauses that not have this clause or which are
[26:48] that not have this clause or which are on DOT those projects are different so
[26:51] on DOT those projects are different so this is irrelevant for us
[26:54] this is irrelevant for us >> yes sir yes sir thank you very much and
[26:55] >> yes sir yes sir thank you very much and the last question will be on order book
[26:57] the last question will be on order book so if I see from 1st of April 2026 to
[27:01] so if I see from 1st of April 2026 to 19th May 2026 the order book this is
[27:05] 19th May 2026 the order book this is what you are saying it is 6,000 cr of
[27:07] what you are saying it is 6,000 cr of order inflow new order inflow which is
[27:09] order inflow new order inflow which is ETC project in Maharashtra, ETC project
[27:12] ETC project in Maharashtra, ETC project in you know Uttar Pradesh MicroL and MC.
[27:18] in you know Uttar Pradesh MicroL and MC. Yeah. So the these are the you are
[27:20] Yeah. So the these are the you are saying this is excluding our GST right
[27:23] saying this is excluding our GST right 6,000 something you're saying
[27:24] 6,000 something you're saying >> excluding GST all the order book that we
[27:26] >> excluding GST all the order book that we are discussing is without GST 18,500 of
[27:29] are discussing is without GST 18,500 of kill date till March was also excluding
[27:32] kill date till March was also excluding GST and 25,000 cr as of today including
[27:35] GST and 25,000 cr as of today including the N1 of 1770 that we speak of is
[27:38] the N1 of 1770 that we speak of is excluding here
[27:40] excluding here >> done thank you very much thank you and
[27:43] >> done thank you very much thank you and all the best
[27:45] all the best >> thank you
[27:47] >> thank you the next question comes from the line of
[27:49] the next question comes from the line of Janvi Mishra with green portfolio.
[27:52] Janvi Mishra with green portfolio. Please go ahead.
[27:55] Please go ahead. >> Hi, good afternoon sir. Actually most of
[27:57] >> Hi, good afternoon sir. Actually most of my questions have been answered broadly
[27:59] my questions have been answered broadly but I would additionally like to uh ask
[28:02] but I would additionally like to uh ask that uh sir in previous call you had
[28:05] that uh sir in previous call you had mentioned that the TBN capitalization
[28:09] mentioned that the TBN capitalization chain is lowered into the shaft which
[28:12] chain is lowered into the shaft which was like expected around February end
[28:15] was like expected around February end and the useful life was guided at 3 to
[28:17] and the useful life was guided at 3 to four years. Now that we're entering uh
[28:20] four years. Now that we're entering uh Q1 FY7, can you quantify the incremental
[28:24] Q1 FY7, can you quantify the incremental quarterly depreciation impact once the
[28:27] quarterly depreciation impact once the GMLR TBMs become operational?
[28:31] GMLR TBMs become operational? >> So firstly I would like to clarify that
[28:33] >> So firstly I would like to clarify that we had not mentioned that the TBM would
[28:35] we had not mentioned that the TBM would start uh in February. We had uh but you
[28:38] start uh in February. We had uh but you are partly right because we had
[28:40] are partly right because we had mentioned we'll start luring the machine
[28:42] mentioned we'll start luring the machine in the shaft from February which we have
[28:44] in the shaft from February which we have already started the jungi and uh the
[28:46] already started the jungi and uh the machine is in as I had mentioned the
[28:48] machine is in as I had mentioned the machine is uh in a advanced stage of
[28:51] machine is uh in a advanced stage of assembly and by next month end we will
[28:54] assembly and by next month end we will start drilling. So uh the machine is
[28:57] start drilling. So uh the machine is running well on time and in fact I would
[29:00] running well on time and in fact I would say before schedule because it's just u
[29:03] say before schedule because it's just u 7 months we started the machine which
[29:05] 7 months we started the machine which usually as per the contract period also
[29:07] usually as per the contract period also it was one year and we are doing it in
[29:10] it was one year and we are doing it in less than 9 months we are starting the
[29:11] less than 9 months we are starting the machine as far as depreciation is
[29:14] machine as far as depreciation is concerned uh we we will be doing as per
[29:16] concerned uh we we will be doing as per the uh rules of uh income
[29:19] the uh rules of uh income >> depreciation will be as for books of
[29:21] >> depreciation will be as for books of accounts only thing is this machine has
[29:24] accounts only thing is this machine has been costed into the project.
[29:27] been costed into the project. >> So, uh what we would like to say is that
[29:30] >> So, uh what we would like to say is that uh the real depreciation would be more
[29:33] uh the real depreciation would be more because uh this is a special machine
[29:35] because uh this is a special machine where we we have to amortize uh a
[29:37] where we we have to amortize uh a majority of the portion on the project
[29:40] majority of the portion on the project but it will be depreciated as per the
[29:42] but it will be depreciated as per the requirement of the book. So the profit
[29:44] requirement of the book. So the profit and loss would be seen little
[29:46] and loss would be seen little differently when you see uh the books.
[29:50] differently when you see uh the books. >> Yes. Also there's no number to like
[29:52] >> Yes. Also there's no number to like quantify what would be the incremental
[29:55] quantify what would be the incremental value.
[29:57] value. >> So we'll have to really work out that
[29:59] >> So we'll have to really work out that number generally. Uh but yes as we
[30:02] number generally. Uh but yes as we understand what you are saying and
[30:04] understand what you are saying and within 3 years we have we have to uh two
[30:06] within 3 years we have we have to uh two two and a half year is what what is our
[30:08] two and a half year is what what is our internal target as far as as per
[30:11] internal target as far as as per contract I'm entitled for four years but
[30:13] contract I'm entitled for four years but we will our internal target is to
[30:15] we will our internal target is to complete the project is in three three
[30:17] complete the project is in three three and a half years. So the TDM will be
[30:19] and a half years. So the TDM will be emotized over this three years instead
[30:21] emotized over this three years instead of like you know but when you see in the
[30:23] of like you know but when you see in the books it will be as per the rule 8 years
[30:24] books it will be as per the rule 8 years or whatever it is. So but we will
[30:27] or whatever it is. So but we will emotize it in three years with first
[30:29] emotize it in three years with first year depreciation if whatever is allowed
[30:31] year depreciation if whatever is allowed in the uh books.
[30:34] in the uh books. >> Okay sir. And similarly like how would
[30:36] >> Okay sir. And similarly like how would the finance cost look in coming quarter
[30:38] the finance cost look in coming quarter like any incremental value?
[30:42] like any incremental value? So the the uh CBM uh installments that
[30:45] So the the uh CBM uh installments that we are supposed to pay because we have
[30:47] we are supposed to pay because we have taken a period of 3 years as the term
[30:49] taken a period of 3 years as the term loan for this huge machine and we want
[30:51] loan for this huge machine and we want to we'll be paying it and we'll be
[30:53] to we'll be paying it and we'll be booking it under expense.
[30:57] booking it under expense. >> Okay sir.
[30:59] >> Okay sir. >> Along with the progress of work the CBM
[31:01] >> Along with the progress of work the CBM will be fully repaid.
[31:03] will be fully repaid. >> Okay.
[31:03] >> Okay. >> Once this channel is complete the term
[31:05] >> Once this channel is complete the term loan will also be completed. we'll we
[31:07] loan will also be completed. we'll we have an option to uh early repay the
[31:10] have an option to uh early repay the amount that we have kept with the bank.
[31:12] amount that we have kept with the bank. So because we don't want to keep the
[31:14] So because we don't want to keep the loan outstanding and you know a headache
[31:16] loan outstanding and you know a headache to us for the uh coming years. So we'll
[31:19] to us for the uh coming years. So we'll be fully repaying the machine along with
[31:20] be fully repaying the machine along with the education.
[31:24] >> Okay sir.
[31:27] >> Okay sir. >> Thank you.
[31:29] >> Thank you. >> Thank you.
[31:29] >> Thank you. >> Thank you sir.
[31:31] >> Thank you sir. The next question comes from the line of
[31:33] The next question comes from the line of Sedant Loa with Sanhi fund. Please go
[31:37] Sedant Loa with Sanhi fund. Please go ahead.
[31:42] A clarifying question. Uh when we say
[31:45] A clarifying question. Uh when we say order book of 10,000 in FI27, is it the
[31:48] order book of 10,000 in FI27, is it the order intake or is it something you're
[31:50] order intake or is it something you're envisaging that the order book would be
[31:52] envisaging that the order book would be at the end of the year?
[31:54] at the end of the year? No, no, it is new order in pay because
[31:58] No, no, it is new order in pay because 25,000 cr. You say a topline deduction
[32:00] 25,000 cr. You say a topline deduction of 6,500 with zero order intake will
[32:04] of 6,500 with zero order intake will also stand at around 19,000 crores.
[32:07] also stand at around 19,000 crores. >> Correct. And this 10,000 includes the
[32:09] >> Correct. And this 10,000 includes the existing 4500, right?
[32:12] existing 4500, right? >> Yes.
[32:13] >> Yes. >> Okay. Thank you. 6,300 4,500 is the uh
[32:17] >> Okay. Thank you. 6,300 4,500 is the uh LO that we have already and L1 is 1700
[32:20] LO that we have already and L1 is 1700 >> we should receive within 15 days to 30
[32:23] >> we should receive within 15 days to 30 days max and um so additional over and
[32:26] days max and um so additional over and above 6300 around 3700 cr is
[32:30] above 6300 around 3700 cr is approximately uh 3,000 cr except is what
[32:34] approximately uh 3,000 cr except is what we have to book more is our target.
[32:37] we have to book more is our target. >> Thank you.
[32:38] >> Thank you. >> Thank you.
[32:40] >> Thank you. The next question comes from the line of
[32:42] The next question comes from the line of Nishit Jen with SNJ Investments. Please
[32:46] Nishit Jen with SNJ Investments. Please go ahead.
[32:48] go ahead. >> Yeah, good afternoon. Uh can you throw
[32:50] >> Yeah, good afternoon. Uh can you throw some light on the progress of uh Versawa
[32:52] some light on the progress of uh Versawa Desa Coastal Road?
[32:56] Desa Coastal Road? So Wasawa coastal road package B uh
[32:59] So Wasawa coastal road package B uh which is from Guring Bangunagar to mine
[33:02] which is from Guring Bangunagar to mine space and from mines space we have a
[33:05] space and from mines space we have a long connector of 67 kilometers that
[33:08] long connector of 67 kilometers that goes up till film street film city
[33:09] goes up till film street film city connecting our GMLR project. So uh the
[33:13] connecting our GMLR project. So uh the approvals of most of the portions have
[33:16] approvals of most of the portions have been received there are there are some
[33:18] been received there are there are some minor approvals that are required from
[33:20] minor approvals that are required from the environmental issues. Uh we have
[33:22] the environmental issues. Uh we have already started the mangrove cutting. We
[33:25] already started the mangrove cutting. We have done 10% mangrove cutting but uh
[33:27] have done 10% mangrove cutting but uh that mangru has been cut in such a way
[33:29] that mangru has been cut in such a way that the temporary excess excess bridge
[33:32] that the temporary excess excess bridge which is called as tab the steel bridge
[33:34] which is called as tab the steel bridge through which we enter the sea uh the
[33:37] through which we enter the sea uh the material has already been procured the
[33:38] material has already been procured the labor contractor is in place and we are
[33:41] labor contractor is in place and we are starting the tab work so that we can
[33:42] starting the tab work so that we can continue our work even in mansul so
[33:45] continue our work even in mansul so those works are already started uh we
[33:48] those works are already started uh we have already completed more than 100
[33:49] have already completed more than 100 files around 14 15 foundations around 7
[33:52] files around 14 15 foundations around 7 eight peers has been casted Okay. So the
[33:55] eight peers has been casted Okay. So the work is uh started now and because it
[33:59] work is uh started now and because it was earlier two years were mainly uh
[34:02] was earlier two years were mainly uh there were lot of revisions in the
[34:04] there were lot of revisions in the alignment some additional uh variation
[34:06] alignment some additional uh variation will also be getting attracted because
[34:08] will also be getting attracted because of these changes positive variations.
[34:11] of these changes positive variations. There are some u there were some level
[34:13] There are some u there were some level changes that uh they were hitting the
[34:15] changes that uh they were hitting the metro line 7 and metro line 2A. So all
[34:18] metro line 7 and metro line 2A. So all those things required entire overhauling
[34:20] those things required entire overhauling of the project alignment and levels. So
[34:22] of the project alignment and levels. So that has been done. Work has physically
[34:25] that has been done. Work has physically started. Foundation works, foundations
[34:27] started. Foundation works, foundations and substructure works have already
[34:29] and substructure works have already started. So now it's in uh the proper
[34:31] started. So now it's in uh the proper alignment. Traffic permissions have also
[34:33] alignment. Traffic permissions have also been obtained. So this year we should
[34:36] been obtained. So this year we should see a uh decent amount of uh top line
[34:40] see a uh decent amount of uh top line coming in from that project as well.
[34:42] coming in from that project as well. >> Okay. And this is more of a on-site work
[34:45] >> Okay. And this is more of a on-site work or for this even the casting yard setup
[34:47] or for this even the casting yard setup and already is done and
[34:49] and already is done and >> these are on from the on-site job and
[34:52] >> these are on from the on-site job and casting is also being been under setup
[34:56] casting is also being been under setup stage. So now we are setting up the
[34:58] stage. So now we are setting up the casting as well.
[35:00] casting as well. >> Okay. Okay. Okay. Okay. Thank you so
[35:02] >> Okay. Okay. Okay. Okay. Thank you so much.
[35:03] much. >> Thank you Nish.
[35:06] >> Thank you Nish. >> The next question comes from the line of
[35:07] >> The next question comes from the line of Bhavin Modi from Anand Rati Group.
[35:10] Bhavin Modi from Anand Rati Group. Please go ahead.
[35:12] Please go ahead. >> Hi sir, thank you for the opportunity.
[35:14] >> Hi sir, thank you for the opportunity. So just wanted to know how much money
[35:17] So just wanted to know how much money you know we have spent on the TBM and
[35:19] you know we have spent on the TBM and how much more capex we are going to do
[35:20] how much more capex we are going to do on TBM and how much we have paid and you
[35:23] on TBM and how much we have paid and you know what is the loan amount that is we
[35:25] know what is the loan amount that is we have taken and what is the you know
[35:26] have taken and what is the you know balance draw down which is spending. So
[35:28] balance draw down which is spending. So if you can help with that,
[35:30] if you can help with that, >> can we talk about these numbers
[35:32] >> can we talk about these numbers separately because I I wouldn't be very
[35:34] separately because I I wouldn't be very comfortable talking about the price of
[35:36] comfortable talking about the price of my TBM because this is a uh price
[35:38] my TBM because this is a uh price sensitive issue. But uh there is no uh
[35:42] sensitive issue. But uh there is no uh additional major capeex to be done with
[35:44] additional major capeex to be done with regards to TBM. Uh TBM has already been
[35:47] regards to TBM. Uh TBM has already been procured. Uh it has been financed and we
[35:50] procured. Uh it has been financed and we have paid part of the money. Um around
[35:52] have paid part of the money. Um around 10% uh is already repaid. So uh there is
[35:57] 10% uh is already repaid. So uh there is no major uh impact and the 10%
[36:01] no major uh impact and the 10% approximately has already been repaid
[36:02] approximately has already been repaid out of that loan from the receivables
[36:05] out of that loan from the receivables and uh within a period of uh 2 and a
[36:07] and uh within a period of uh 2 and a half to 3 years what I earlier mentioned
[36:10] half to 3 years what I earlier mentioned we'll be as along with the progress of
[36:12] we'll be as along with the progress of the work it will be fully uh paid back
[36:16] the work it will be fully uh paid back >> okay got second sir you know there was a
[36:19] >> okay got second sir you know there was a uh tree cutting permission you know that
[36:21] uh tree cutting permission you know that was required for GML or from RA so has
[36:24] was required for GML or from RA so has the approval been received
[36:26] the approval been received Yes, we have received the 100%
[36:29] Yes, we have received the 100% permission. It was not from RA but it
[36:31] permission. It was not from RA but it was from Supreme Court and uh as I had
[36:33] was from Supreme Court and uh as I had mentioned that uh the CM war room really
[36:36] mentioned that uh the CM war room really supported us and uh the uh the
[36:39] supported us and uh the uh the permission has been received tree
[36:41] permission has been received tree cutting and transplantation is already
[36:43] cutting and transplantation is already completed and that's how we have
[36:44] completed and that's how we have excavated the shaft and the cut and
[36:46] excavated the shaft and the cut and cover is also being executed. So we are
[36:49] cover is also being executed. So we are out of the three issue totally and that
[36:51] out of the three issue totally and that two in uh uh some mean we were done by
[36:55] two in uh uh some mean we were done by December. So it's already in progress in
[36:58] December. So it's already in progress in a good speed.
[37:00] a good speed. >> Okay. Got it. Thank you sir.
[37:02] >> Okay. Got it. Thank you sir. >> Thank you Bab.
[37:05] >> Thank you Bab. The next question comes from the line of
[37:07] The next question comes from the line of Shraan Sha with Dollar Capital. Please
[37:11] Shraan Sha with Dollar Capital. Please go ahead.
[37:12] go ahead. >> Uh hi sir. Uh thank you. Uh most of the
[37:15] >> Uh hi sir. Uh thank you. Uh most of the questions has been answered. uh just a
[37:17] questions has been answered. uh just a couple of things to uh clarify uh sir
[37:20] couple of things to uh clarify uh sir when we are saying that we are looking
[37:22] when we are saying that we are looking at a 15% uh revenue growth for this year
[37:25] at a 15% uh revenue growth for this year and given obviously the inflow most
[37:28] and given obviously the inflow most likely would be of more than 10,000 K
[37:30] likely would be of more than 10,000 K for this year for next year can we see a
[37:33] for this year for next year can we see a even a higher rate 18% plus kind of a
[37:38] even a higher rate 18% plus kind of a rate because the F26 whatever we have
[37:41] rate because the F26 whatever we have lost 5 600 K uh because normally we we
[37:44] lost 5 600 K uh because normally we we are we are growing at 15 16% so to cover
[37:47] are we are growing at 15 16% so to cover it up uh that's the way one can look at
[37:51] it up uh that's the way one can look at >> you can look at that way Sean but I
[37:53] >> you can look at that way Sean but I wouldn't commit right now I just want
[37:55] wouldn't commit right now I just want this uh things to start moving and going
[37:58] this uh things to start moving and going forward Q2 or Q3 we'll be able to really
[38:02] forward Q2 or Q3 we'll be able to really comment on that but yes you are not
[38:04] comment on that but yes you are not wrong in a way uh one can look at uh in
[38:07] wrong in a way uh one can look at uh in the way you are saying yes
[38:10] the way you are saying yes >> yeah uh second uh for this FY 27 for 15%
[38:16] >> yeah uh second uh for this FY 27 for 15% to achieve uh so that means from Q1 from
[38:19] to achieve uh so that means from Q1 from this quarter itself uh can we can we
[38:22] this quarter itself uh can we can we will be seeing at least 10% plus kind of
[38:25] will be seeing at least 10% plus kind of a growth because when I'm looking at a
[38:28] a growth because when I'm looking at a number uh at least it should be there
[38:30] number uh at least it should be there else the second half particularly third
[38:32] else the second half particularly third and fourth quarter we need to have a 20%
[38:35] and fourth quarter we need to have a 20% kind of a growth needed given whatever
[38:38] kind of a growth needed given whatever as but you have highlighted that the
[38:39] as but you have highlighted that the whatever the geopolitics is there it is
[38:42] whatever the geopolitics is there it is not impacted on the margin front and on
[38:44] not impacted on the margin front and on the execution but just trying to get a a
[38:46] the execution but just trying to get a a confidence again.
[38:48] confidence again. >> Well, I would say I'm not very sure
[38:50] >> Well, I would say I'm not very sure about Q1. I wouldn't like to comment at
[38:53] about Q1. I wouldn't like to comment at this stage because honestly I have not
[38:55] this stage because honestly I have not looked at the inflows as of now. But Q2
[38:58] looked at the inflows as of now. But Q2 uh onwards yes you will be seeing this
[39:00] uh onwards yes you will be seeing this increase in uh uh in the similar lines
[39:03] increase in uh uh in the similar lines to achieve this 15% top line.
[39:06] to achieve this 15% top line. >> Okay. Okay. Uh got it. and and uh uh uh
[39:10] >> Okay. Okay. Uh got it. and and uh uh uh uh in terms of the inflow you
[39:12] uh in terms of the inflow you highlighted the opportunity one lakh k
[39:14] highlighted the opportunity one lakh k uh so so the bigger projects
[39:18] uh so so the bigger projects uh obviously it would be in the
[39:20] uh obviously it would be in the different packages so are there any any
[39:23] different packages so are there any any particular specific projects because now
[39:25] particular specific projects because now it is a 3 six months that you are saying
[39:27] it is a 3 six months that you are saying the tender will come uh will be alone
[39:30] the tender will come uh will be alone will be bidding or have we already
[39:32] will be bidding or have we already finalized if you want to have a kind of
[39:34] finalized if you want to have a kind of a GMLR we can go with a JV also
[39:39] a GMLR we can go with a JV also So uh shan this will be a project uh
[39:42] So uh shan this will be a project uh specific calls depending on the size of
[39:45] specific calls depending on the size of the project and need
[39:49] the project and need jkumar qualifies independently surely
[39:51] jkumar qualifies independently surely we'll be going independently there are
[39:54] we'll be going independently there are where joint venture will be required
[39:56] where joint venture will be required from financial or technical uh point so
[40:00] from financial or technical uh point so there if joint venture is required we'll
[40:02] there if joint venture is required we'll be going in JV so it would be a very
[40:04] be going in JV so it would be a very project specific call so generalizing it
[40:07] project specific call so generalizing it wouldn't be from my side.
[40:09] wouldn't be from my side. >> Yeah. No, my my point I was trying to
[40:11] >> Yeah. No, my my point I was trying to understand that uh because we are
[40:14] understand that uh because we are already 6,300 K inflow is there. Uh why
[40:17] already 6,300 K inflow is there. Uh why can't we have I I think we should be
[40:21] can't we have I I think we should be having at least 13 to 15,000 K kind of
[40:23] having at least 13 to 15,000 K kind of an inflow given the opportunity and as
[40:25] an inflow given the opportunity and as you are saying the tendering most likely
[40:27] you are saying the tendering most likely would be happening avoiding though it
[40:29] would be happening avoiding though it may be a maybe a third quarter or fourth
[40:31] may be a maybe a third quarter or fourth quarter but uh uh uh that should be
[40:34] quarter but uh uh uh that should be there. So we should not be minding even
[40:37] there. So we should not be minding even even going for a 15,000 cr kind of an
[40:39] even going for a 15,000 cr kind of an inflow.
[40:41] inflow. >> So if you remember remember in 2024
[40:44] >> So if you remember remember in 2024 Shant we had bagged orders worth around
[40:47] Shant we had bagged orders worth around 11,000 crores. So it's not the capacity
[40:50] 11,000 crores. So it's not the capacity that the company uh whether like we
[40:52] that the company uh whether like we don't have a capacity to bag orders more
[40:54] don't have a capacity to bag orders more than 10,000 cr. I just want to be very
[40:56] than 10,000 cr. I just want to be very realistic and uh little bit on the safer
[41:00] realistic and uh little bit on the safer side because last two years u our we
[41:04] side because last two years u our we just made 2,500 and,000 cr which was
[41:07] just made 2,500 and,000 cr which was much much lower uh as compared to our
[41:10] much much lower uh as compared to our expectation. So that's how I just want
[41:12] expectation. So that's how I just want to be very realistic of talking right
[41:15] to be very realistic of talking right now till uh as I said that this we have
[41:18] now till uh as I said that this we have not even completed Q1 and we have bagged
[41:20] not even completed Q1 and we have bagged orders worth around 6,300 crores but
[41:23] orders worth around 6,300 crores but again the question comes in where there
[41:25] again the question comes in where there are lot of talks happening that these
[41:27] are lot of talks happening that these projects will come in 3 to 6 months or 9
[41:29] projects will come in 3 to 6 months or 9 months or 12 months but if it slips
[41:32] months or 12 months but if it slips again the timing the orders are placed
[41:35] again the timing the orders are placed and orders are being issued and secondly
[41:39] and orders are being issued and secondly at the you know the quantum of for
[41:41] at the you know the quantum of for coming in together because depending on
[41:43] coming in together because depending on the aggression people have uh and the
[41:46] the aggression people have uh and the mentality that Jaykumar has that we
[41:48] mentality that Jaykumar has that we don't want to bag orders without our
[41:51] don't want to bag orders without our margin. I just want to I'm very uh you
[41:54] margin. I just want to I'm very uh you know optimistic that yes we'll cross
[41:56] know optimistic that yes we'll cross 10,000 crores because I have mentioned
[41:58] 10,000 crores because I have mentioned when I started I think I I have
[42:00] when I started I think I I have mentioned 9 to 10,000 crores but I'm
[42:03] mentioned 9 to 10,000 crores but I'm sure that we'll be able to cross this
[42:06] sure that we'll be able to cross this 10,000 mark even this year given an
[42:08] 10,000 mark even this year given an opportunity we can even back 20,000
[42:10] opportunity we can even back 20,000 crores so it is not that we are not
[42:12] crores so it is not that we are not restrict uh that we have a mindset of
[42:15] restrict uh that we have a mindset of staying at 10,000 cr. I hope this
[42:17] staying at 10,000 cr. I hope this clarifies your question. Yeah, lastly
[42:19] clarifies your question. Yeah, lastly sir, this 100 cr investment that we have
[42:24] sir, this 100 cr investment that we have done investment property in Vizag just
[42:26] done investment property in Vizag just wanted to get a clarity when this will
[42:28] wanted to get a clarity when this will be we will be getting back by Q2 itself
[42:31] be we will be getting back by Q2 itself and broadly will it kind of a 70 80 cr
[42:35] and broadly will it kind of a 70 80 cr kind of a profit that we will be having
[42:37] kind of a profit that we will be having on that
[42:39] on that >> so I don't want to comment on the exact
[42:42] >> so I don't want to comment on the exact number that we'll be making but to
[42:43] number that we'll be making but to clarify out of the 106 cr of the loan
[42:46] clarify out of the 106 cr of the loan that we taken for PSL 90 cr has already
[42:49] that we taken for PSL 90 cr has already been paid back uh by selling the plant
[42:52] been paid back uh by selling the plant and machinery as well as the internal
[42:53] and machinery as well as the internal acrals and still the majority the land
[42:56] acrals and still the majority the land uh sale amount is still pending which is
[43:00] uh sale amount is still pending which is very close to the looking at the high
[43:02] very close to the looking at the high demand in that area of Chennai for new
[43:04] demand in that area of Chennai for new data center coming up. I think that
[43:06] data center coming up. I think that should we should be able to make uh
[43:08] should we should be able to make uh inacc
[43:10] inacc we expect a good profitability and ROI
[43:13] we expect a good profitability and ROI on this overall asset.
[43:15] on this overall asset. So broadly by Q2 this should be out of
[43:18] So broadly by Q2 this should be out of our balance sheet whatever the 100 or
[43:22] our balance sheet whatever the 100 or it should be out.
[43:24] it should be out. >> Okay. Okay. Thank you and all the best
[43:25] >> Okay. Okay. Thank you and all the best sir.
[43:26] sir. >> Thank you Shan.
[43:28] >> Thank you Shan. >> A reminder to all participants you may
[43:30] >> A reminder to all participants you may press star and one to ask a question.
[43:36] The next question comes from the line of
[43:38] The next question comes from the line of Chandra Modi Jaganat an individual
[43:41] Chandra Modi Jaganat an individual investor. Please go ahead.
[43:44] investor. Please go ahead. Hello sir, how is the Chennai flyover
[43:47] Hello sir, how is the Chennai flyover projects are going now sir? Because why
[43:51] projects are going now sir? Because why I'm asking this question is there is a
[43:53] I'm asking this question is there is a new government formation happened. I
[43:55] new government formation happened. I believe it is a state government
[43:56] believe it is a state government project.
[43:58] project. Well, so the project is in advanced
[44:00] Well, so the project is in advanced stage and um mean I I you know my
[44:04] stage and um mean I I you know my brother looks after that project to be
[44:06] brother looks after that project to be honest. So I just don't want to make any
[44:08] honest. So I just don't want to make any loose comments but yes the project is uh
[44:10] loose comments but yes the project is uh well online uh it's online uh going on
[44:14] well online uh it's online uh going on well and uh you know I'll just say one
[44:17] well and uh you know I'll just say one thing if a project is to be started the
[44:21] thing if a project is to be started the change of government can have an impact
[44:23] change of government can have an impact whether it should it will it can have
[44:25] whether it should it will it can have some negative impact or not but once the
[44:27] some negative impact or not but once the project is already started on the ground
[44:29] project is already started on the ground physically and a substantial portion has
[44:32] physically and a substantial portion has already been completed there is no uh no
[44:35] already been completed there is no uh no negative impact that it can have or any
[44:38] negative impact that it can have or any government wouldn't like to you know in
[44:40] government wouldn't like to you know in the middle of the road you have already
[44:42] the middle of the road you have already dug and you have completed foundation
[44:44] dug and you have completed foundation substructure and stuff like that and you
[44:46] substructure and stuff like that and you stop it that's I think uh that's a very
[44:49] stop it that's I think uh that's a very very uh negative thing any state any
[44:52] very uh negative thing any state any changing political party can do so
[44:54] changing political party can do so unless the project is not started it can
[44:56] unless the project is not started it can have an impact but this project of 500
[44:59] have an impact but this project of 500 cr is uh there is no question of any
[45:02] cr is uh there is no question of any impact that we can see from that area.
[45:05] impact that we can see from that area. >> Okay. How's it progress? Is there when
[45:07] >> Okay. How's it progress? Is there when it is how much time will it take to
[45:11] it is how much time will it take to >> uh it's going on well? Uh we have
[45:14] >> uh it's going on well? Uh we have already completed 50% of the project
[45:16] already completed 50% of the project progress in that project. So it's on
[45:18] progress in that project. So it's on time. Uh and we are not uh delayed in
[45:21] time. Uh and we are not uh delayed in that project at all.
[45:24] that project at all. >> Then sir when it comes to a working
[45:26] >> Then sir when it comes to a working capital you have done a great job last
[45:28] capital you have done a great job last financial year. Is there is any further
[45:29] financial year. Is there is any further scope for improvement?
[45:32] scope for improvement? uh as we have mentioned that we uh
[45:34] uh as we have mentioned that we uh expect of expect to increase our AITA by
[45:38] expect of expect to increase our AITA by 1%.
[45:39] 1%. That's from 1415 to 15 to 16 is what our
[45:43] That's from 1415 to 15 to 16 is what our endure is because if you look at our
[45:46] endure is because if you look at our employee cost and other factors it's
[45:48] employee cost and other factors it's still remaining within the same
[45:50] still remaining within the same percentage. So uh as a overall thing I
[45:54] percentage. So uh as a overall thing I think we should be able to improve this
[45:55] think we should be able to improve this going forward.
[45:57] going forward. >> Okay. Okay. Great. Since then when you
[45:59] >> Okay. Okay. Great. Since then when you are talking about 15% topline growth and
[46:02] are talking about 15% topline growth and also talking about 15% bottom line
[46:04] also talking about 15% bottom line growth when there is efficiency and
[46:06] growth when there is efficiency and things like that comes in the bottom
[46:08] things like that comes in the bottom line should go up slightly above than
[46:11] line should go up slightly above than the top line right
[46:12] the top line right >> that you're very right chole and that's
[46:14] >> that you're very right chole and that's how we have mentioned that we expect in
[46:17] how we have mentioned that we expect in six to eight quarters we should be able
[46:19] six to eight quarters we should be able to further uh increase some basis point
[46:21] to further uh increase some basis point in terms of the beta
[46:24] in terms of the beta >> okay okay and your valuation right now
[46:27] >> okay okay and your valuation right now is so attractive
[46:28] is so attractive comparative and the cash flow. Why don't
[46:31] comparative and the cash flow. Why don't you think of some buyback plans and
[46:33] you think of some buyback plans and things like that since you have a cash
[46:35] things like that since you have a cash surplus?
[46:36] surplus? >> It' be great for you and that's a
[46:38] >> It' be great for you and that's a shareholders, right?
[46:40] shareholders, right? uh your point is well noted and that's
[46:43] uh your point is well noted and that's on our cards just waiting uh for some
[46:47] on our cards just waiting uh for some financial comfort that we need because
[46:50] financial comfort that we need because uh if if you see that even with the
[46:52] uh if if you see that even with the increase in uh uh the order book and
[46:55] increase in uh uh the order book and topline we haven't increased our debts
[46:57] topline we haven't increased our debts but in fact we have reduced our debts.
[46:59] but in fact we have reduced our debts. So firstly we are trying to cover up the
[47:02] So firstly we are trying to cover up the financial requirements of the company
[47:04] financial requirements of the company and yes as you rightly mentioned that's
[47:07] and yes as you rightly mentioned that's in on our cards and uh we are very
[47:10] in on our cards and uh we are very positively looking towards it
[47:12] positively looking towards it >> and and generally this is just my humble
[47:14] >> and and generally this is just my humble request because more than giving a
[47:17] request because more than giving a dividend buyback now the tax has become
[47:19] dividend buyback now the tax has become little attractive for you guys as well
[47:21] little attractive for you guys as well as us no so maybe you can think of
[47:24] as us no so maybe you can think of buyback I mean this my just suggestion
[47:27] buyback I mean this my just suggestion sir okay
[47:28] sir okay >> I'll tell you one
[47:30] >> I'll tell you one Now like uh paying dividend has been a
[47:33] Now like uh paying dividend has been a historical thing of jkumar. So there was
[47:36] historical thing of jkumar. So there was a discussion even in this board meeting
[47:38] a discussion even in this board meeting that instead of paying the dividend
[47:39] that instead of paying the dividend should we think of doing a buyback. But
[47:42] should we think of doing a buyback. But uh we thought that you know it's okay
[47:44] uh we thought that you know it's okay sharing 10% approximately of your bottom
[47:47] sharing 10% approximately of your bottom line uh the investors should be
[47:49] line uh the investors should be benefited first. So
[47:59] you know they do the buyback and not pay
[48:02] you know they do the buyback and not pay dividend this year. So it was a
[48:04] dividend this year. So it was a double-sided sword. Some investors
[48:06] double-sided sword. Some investors wouldn't like it and some investors
[48:09] wouldn't like it and some investors would see it as a positive change
[48:10] would see it as a positive change because the stock market prices would be
[48:13] because the stock market prices would be on a positive side. Uh so but we decided
[48:16] on a positive side. Uh so but we decided to go paying with the dividend but going
[48:18] to go paying with the dividend but going forward this is on our cards.
[48:21] forward this is on our cards. >> Okay. Thank you sir. Thanks. Thank you
[48:23] >> Okay. Thank you sir. Thanks. Thank you sir.
[48:25] sir. >> Not from you. Thank you.
[48:27] >> Not from you. Thank you. >> The next question comes from the line of
[48:29] >> The next question comes from the line of web of Sha with JM Financial. Please go
[48:32] web of Sha with JM Financial. Please go ahead.
[48:33] ahead. >> Yeah, thanks for the followup. There's
[48:35] >> Yeah, thanks for the followup. There's one question on depreciation. So, it was
[48:37] one question on depreciation. So, it was around uh 66 crores in Q4 which was a
[48:40] around uh 66 crores in Q4 which was a sizable jump from roughly 40 45 cr
[48:43] sizable jump from roughly 40 45 cr quarterly trend. So, how do you say it
[48:45] quarterly trend. So, how do you say it going forward?
[48:47] going forward? So going forward it will be more or less
[48:50] So going forward it will be more or less on the same line because if you see in
[48:53] on the same line because if you see in financial year 25 we have made capex of
[48:57] financial year 25 we have made capex of about 280 crores and in current year we
[49:00] about 280 crores and in current year we have done capex of about 400 crores. So
[49:02] have done capex of about 400 crores. So in last two years if you see 600 crores
[49:05] in last two years if you see 600 crores capex has been done. So going ahead
[49:08] capex has been done. So going ahead little bit and uh to a certain extent
[49:13] little bit and uh to a certain extent >> so of 65 should be a number now.
[49:17] >> so of 65 should be a number now. >> Yes correct. Yes.
[49:19] >> Yes correct. Yes. >> Oh okay. Thank you.
[49:22] >> Oh okay. Thank you. >> Thank you.
[49:24] >> Thank you. >> The next question comes from the line of
[49:26] >> The next question comes from the line of DH with Kiri Creation. Please go ahead
[49:34] Dish. Please go ahead with your question
[49:36] Dish. Please go ahead with your question and then mute your line.
[49:42] Are you there?
[49:49] Yes, you are audible.
[50:09] 23 24,000 years.
[50:26] NBC
[50:53] almost
[50:56] depth. Foreign
[51:27] Billionvenue
[51:38] FI27 top line expect
[51:50] from the target that we had given.
[51:55] So
[51:57] So increase.
[52:01] So that was we when we spoke of we were
[52:04] So that was we when we spoke of we were considering we were talking with the
[52:06] considering we were talking with the dollar value as 75
[52:14] giving a increase of% on a year onear
[52:17] giving a increase of% on a year onear basis.
[52:37] catch up.
[52:42] We should be able to match the 7,500 top
[52:46] We should be able to match the 7,500 top line that we had. But let's see.
[52:55] So maybe
[52:58] positive site. me.
[53:24] Thank you.
[53:32] billion dollar
[53:41] billionce.
[53:56] Second point in prices increase dollar
[54:00] Second point in prices increase dollar price increase
[54:04] dollar
[54:06] dollar Japanese yen Chinese R&B
[54:25] component.
[54:29] Because we have lot of
[54:36] positive
[54:38] positive effect.
[54:44] So
[54:54] 8 billion
[54:55] 8 billion That was surely with reference to theion
[55:03] statement
[55:06] statement calls.
[55:14] Thank you ladies and gentlemen. That was
[55:16] Thank you ladies and gentlemen. That was the last question for today. I would now
[55:18] the last question for today. I would now like to hand the conference over to Dr.
[55:20] like to hand the conference over to Dr. Nalin Gupta for the closing comments.
[55:25] Nalin Gupta for the closing comments. Thank you everyone. We remain committed
[55:27] Thank you everyone. We remain committed to disciplined execution, agility in
[55:30] to disciplined execution, agility in dynamic market environment and
[55:32] dynamic market environment and delivering transforming transformative
[55:34] delivering transforming transformative infrastructure projects that support
[55:36] infrastructure projects that support economic progress at scale backed by the
[55:38] economic progress at scale backed by the strength of our people and a clear
[55:40] strength of our people and a clear strategic vision. I'm confident that the
[55:44] strategic vision. I'm confident that the year ahead will mark the beginning of a
[55:46] year ahead will mark the beginning of a stronger growth uh trajectory and uh
[55:49] stronger growth uh trajectory and uh create lasting value for all the
[55:52] create lasting value for all the stakeholders. Please feel free to reach
[55:55] stakeholders. Please feel free to reach out to our IR team for any
[55:57] out to our IR team for any clarifications or feedback. Thank you
[55:59] clarifications or feedback. Thank you everyone and have a great day.
[56:02] everyone and have a great day. >> Thank you sir. On behalf of Jkumar Infra
[56:05] >> Thank you sir. On behalf of Jkumar Infra Limited that concludes this conference
[56:07] Limited that concludes this conference call. Thank you for joining us and you
[56:09] call. Thank you for joining us and you may now disconnect your lines.

https://www.youtube.com/watch?v=nR3f0vcFf24

Summary

TL;DR — J Kumar Infraprojects experienced a year of consolidation in FY26 due to external factors impacting execution, but maintained a strong balance sheet and liquidity. The company has seen significant order intake in the current fiscal year, with a strong bid pipeline and expectations of continued momentum, positioning it for accelerated execution and sustained growth.

Key points

• FY26 was a year of consolidation with moderated operational and financial performance, though the company maintained a strong balance sheet and liquidity.

• Significant order intake has been achieved in the current fiscal year, with over ₹4,500 crore booked and an L1 status of ₹1,700 crore, totaling approximately ₹6,300 crore.

• The company expects continued momentum in order booking, providing significant headroom for accelerated execution and sustained growth.

• Financial performance for FY26 saw a marginal 1% growth in revenue to ₹5,723 crore, with EBITDA and PAT remaining stable compared to FY25.

• The total order book as of March 31, 2026, stood at ₹18,554 crore, with key contributions from metro projects, elevated corridors, flyovers, and road/tunnel projects.

• For FY27, the company is projecting a 15% revenue growth, aiming to cross ₹6,500 crore, with a target EBITDA margin of 14-15% and PAT margin of around 7%.

Takeaway — J Kumar Infraprojects is well-positioned for future growth, driven by a robust order book and an improving execution velocity, despite a challenging FY26.