Ladies and gentlemen, good day and welcome to the J. Kumar Infraprojects Limited Q1 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Before we begin, a brief disclaimer. The presentation that J. Kumar Infraprojects has uploaded on the stock exchange and their website, including the discussions during this call, contains or may contain certain forward-looking statements concerning J. Kumar Infraprojects' business prospects and profitability, which are subject to several risks and uncertainties, and the actual results could materially differ from those in such forward-looking statements. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Kamal Gupta, MD, J. Kumar Infraprojects Limited.
Thank you, and over to you, sir.
Good afternoon, everyone. This is Nalin Gupta, Managing Director of J. Kumar Infraprojects Limited. On behalf of J. Kumar Infraprojects Limited, I warmly welcome you all to our Q1 FY 2027 earnings conference call. Joining me today are Kamal Gupta, Managing Director, Mr. Vasant Savla, CFO, and our Investor Relations partner, Marathon Capital. I trust you have all had the opportunity to review our earning presentations and press release available on the stock exchange and our corporate website. Q1 FY 2027 has commenced on a positive note with the company recording revenue growth of 2% over the corresponding quarter of the previous year. While margins moderated during the quarter, this was primarily attributable to the timing-related factors and the evolving mix of projects under execution. Importantly, our balance sheet remains strong and liquidity continues to be adequate, ensuring operational resilience.
At the same time, growth during the quarter was tempered by external factors, including the U.S.-Iran war and most notably, the restrictions imposed by the BMC on water usage at construction sites. This temporary ban has slowed progress on certain projects, impacting near-term execution schedules. The quarter has also reinforced the strength of our order pipeline, with significant inflows already booked and a healthy bid pipeline. We are confident of sustaining momentum in order intake.
This positions us well to accelerate execution in the coming quarters, supported by expanding capabilities across our core verticals. Now coming to the financial performance. Consolidated performance highlights for Q1 FY 2027. Revenue from operations for Q1 FY 2027 increased by 2% to INR 1,511 crores as compared to INR 1,484 crores in Q1 FY 2026. EBITDA for Q1 FY 2027 moderated by 1% to INR 215 crores as compared to INR 217 crores in Q1 FY 2026.
EBITDA margin for Q1 FY 2027 stood at 14.1% as compared to 14.6% in Q1 FY 2026. Tax for Q1 FY 2026 moderated by 6% to INR 97 crore as compared to INR 103 crore in Q1 FY 2026. Tax margin for Q1 FY 2026 stood at 6.4% as compared to 7% in Q1 FY 2026. Net debt as on June 30, 2026, stood at negative INR 45 crore. Working capital days for Q1 FY 2027 stood at 103 days as compared to 99 days for FY 2026. Total order book as on June 30, 2026, stood at INR 22,246 crore. The order book comprises elevated corridors and flyovers of 48%, roads and road tunnels of 20%, metro projects, elevated and underground at 9%, others 23%. We can now begin with the questions and answers. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 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. The first question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Yeah, thanks for the opportunity. I wanted the execution status on few big ticket projects. How is the execution going on in Chennai project?
Yeah. Hi, Vaibhav. The Chennai project, we have four packages of central government and one package of state government. The state government project was costing INR 580 crore, which is almost 65% completed. We plan to hand over it by March 2027, the work will be completed. It is going in full swing. The four packages of National Highways Authority costing INR 3,517, even that projects are going very well, Mr. Vaibhav. The timeline has been extended than the initially stipulated time. We plan to complete that by December 28 now.
How much you have already done in terms of percentage execution?
Percentage execution of Chennai is around 20%.
We are confident to complete it by December 28th?
Yeah.
This extension was due to build-build extension?
Extension was basically due to the whole project is out of 25 km, 21 km is in the Cooum River. So in Cooum River, there are some restrictions by the state department. That was the reason it has gone ahead. The NHAI has already given us the extension for that.
Okay. Sir, secondly on the—
For the delayed thing, we have also taken prolongation cost from them, and they have paid us that as well.
Okay, so no impact on the margins.
No impact on the margins.
Sir, secondly, on the Anand Nagar project in Malad, how is the work going on over there? How much you have done, and what is our target completion date?
Anand Nagar project, the scheduled completion as per the government is November 2028, and we are well within timeline. Of course, the initial 2.5 km stretch of NHAI was not handed over because of that, between NHAI and MMRDA, there is some decision to be taken for toll and all. We had a meeting last week, and it is sorted now. We have got that 3 km also out of 8.5 km. All other places, the work is going very good, at very good pace. We have completed around 15% in Anand Nagar package, and we intend to complete the same in scheduled date of October 2028, this project.
And, sir, same for GMLR.
GMLR project is in full swing. Yesterday, we completed 2,000 rings of casting. That is around 4 km of tunnel has been casted in the casting yard. The first TBM is ready for launch, for drilling in the ground physically. We are just waiting for a confirmation from the political teams, Chief Minister, and DG M. As soon as we get a go ahead, anytime, Monday or Tuesday, whatever date they give, we are ready from 31st to launch. The machine is fully ready, and the second tunnel boring machine is also in advanced stage of getting assembled. In the next two months' time, we should be able to launch that machine also.
Earlier you were targeting closer to 25% execution in 2027. Where are we on that front?
The project got initially delayed because of the tree cutting permission and land acquisition issues, which is now fully obtained and everything is in control. With that, we are eligible for two years extension, but still, our internal target when we speak of, is June 29th. By June 29th, we intend to complete the project internally, but say, December 29th max is what we will be going ahead. That two years delay has been brought down to one year, in short.
By the client, the completion date is December 29th, according to client, after extension?
As per the original contract, it is November 28.
Okay.
But as the client didn't hand over the site and the requisite permission for the tree cutting, which is beyond control of the contractor, because it was requiring Supreme Court of India permission. We got the permission in August 25, just 10, 11 months back. The team has done a commendable job of getting the TBM ready and will be drilling. We are entitled for two years extension, but we won't be requiring it, is what I'm trying to say. We are preponing the schedule, and by June 29 is what we are with a seven-month extension, we intend to complete the project, and max December 29. It will be less than two years timeline delay, has been reduced to at least one year we have only covered, and we are trying our best to do it in the original time period.
Okay. Sir, so in worst case, the timeline would be November 30 as per the—
Worst case.
—addition of two years of extension.
November 29th. Sorry, November 29th, max.
If we take the two years that they are willing to give, then the completion date would be November 30th.
Yes. But we won't be requiring in any case.
Okay.
We have made a crash program, and that's how, because the work which had to be done in 18 months, we have done in 10 months. The TBM was, as per the T days, it had to be done 18 months from the date of site handing over, which we are completing in 10, 11 months, and the TBM will be launched. It's ready to launch.
Okay.
Yeah.
Okay. And sir, lastly, on order inflow side, the first quarter has been very strong.
Yeah.
Even yesterday we announced the order. The roughly announced orders till date are roughly around INR 5,500. For the entire year, what are we targeting?
Currently, as you can see, for the Q1, we stand at a number of INR 5,500 crores till today. There is an L1 position of INR 1,500 crores for the Delhi Metro underground project. That makes it INR 7,000 crores. That we expect in, because it is having some international funding from the World Bank, so there is some clearances which is expected. Currently standing at, say INR 7,000 crores, we are given a target of INR 8,000-INR 10,000 crores for this year, which we are quite optimistic that we'll achieve that target for sure.
When this DMRC order is likely to be converted? In Q3?
I think in Q2, not even Q3. We have just gone with Q1, so Q2, you will surely get that order.
The last one, guidance for revenue growth for this year.
We are expecting a revenue growth with the target that we have given of 15% on the last year's top line. That's close to around INR 6,500 crores. We are quite optimistic that we will achieve this target.
Okay. Thank you, that was all my questions.
Thank you very much, Vaibhav.
Thank you. The next question is on the line of Aditya Sahu from HDFC Securities Limited. Please go ahead.
Hi, sir. I hope I'm audible.
Yes. Yes, Mr. Aditya.
Thank you, sir. Hi, sir. Thanks a lot for the opportunity. I just have a few queries. The L1 INR 1,500 crore which we have, that would be excluding the order book that we have right now.
Yeah. INR 5,500 does not include the Delhi Metro INR 1,500 crore job that we are speaking of.
Okay.
Adding that makes it INR 7,000 crore. So order book right now is—
That is L1.
INR 22,000 crore is the order book as on June 30. Plus, we have INR 5,500 crore. Sorry, INR 1,000 crore where we have already got the order day before yesterday, and INR 1,500 additional L1.
Understood, sir. The revenue guidance here 15%, close to roughly INR 6,500 crore and order inflow guidance could be INR 10,000 crore. Just confirming, sir, on that front.
Yeah. You are right.
On the EBITDA margin front, what sort of margins are you expecting over here?
We will be doing 14%-15% of EBITDA margin.
14% to 15%, sir. Understood. If I have to differentiate the pipeline, what would be the pipeline that you have right now? Maybe throw some color on how that is spread in terms of segment or region. What are you targeting?
We have already bidded for around INR 2,000 crores of projects.
In the near future, there is around INR 50,000- INR 1 lakh worth of jobs that is coming, which is mainly from MSRDC, the Shaktipeeth corridors, the Virar-Alibaug corridor, that the MMRDA is going to come up with around INR 50,000-INR 60,000 crores, and various others, NHAI and the other flyovers and Delhi Metro Rail Corporation contracts and metro jobs. There is around close to INR 50,000-I NR 1 lakh worth of jobs that we should be able to explore in the coming 9- 12 months.
Understood, sir. On the CapEx part, what would be the CapEx done in the Q1 and what sort of guidance are you expecting on the CapEx for 2027 and 2028?
CapEx we have done for Q1, we have done CapEx of INR 34 crores.
INR 34 crores. Okay.
Yeah.
Okay. In 2027, 2028, any number that you have in mind for the CapEx that you are expecting?
INR 250 crores and INR 100 crores.
That is this year. One year.
INR 100 crores per year.
That was in this year. So, Mr. Aditya, it's like, as we had told before also, including this Chennai GMLR, we were saying like INR 250 crores for these two years, plus INR 100 crores per year of your maintenance CapEx. So for these coming two years also, it will be that way only. So INR 100 crores maintenance CapEx will be there, and out of INR 250, we have already done part of it last year. So another INR 100 crores for these two years. So say INR 150 for each year.
Okay. Understood, sir. And just on the, what would be the gross debt and the debt equity ratio over here?
Gross debt.
Gross debt equity is 0.24x.
Pardon, sir.
Gross debt equity is at 0.24x.
0.24x. Understood, sir. And the net working capital days, what would be that for the June month?
Net working capital is 103 days.
103 days. Understood, sir. Thank you so much.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. A reminder to all the participants to press star and one to ask a question. The next question is from the line of Vedant Kabra from ABN Capital. Please go ahead.
Hello, am I audible?
Yes, Vedant.
Yes, Mr. Vedant.
Yes. Thank you for giving me the opportunity. I just had one question. Given the strong wins, you have given a revenue guidance of 15% for this fiscal. I wanted to know if there are any specific bottlenecks, be it in terms of approvals, working capital, manpower, that have to clear for us to hit that target. I wanted to understand what has changed operationally in the last year to fix whatever that caused the FY 2026 flatness, so we do not see another year of a growing order book but flat revenue. The reason why I am asking this is because the order book is roughly INR 22,000 crores, and last year quarter one con call guidance was of 15% top-line growth as well, and yet revenue was flat and 2% this quarter. I just wanted to understand your take on this.
Vedant, I would like to highlight on this that as you are rightly saying that we had a strong order book, but unfortunately, the new orders that we bagged in 2024, by March 2024, in that year, it was basically the two years, that is GMLR, VDCR, Chennai Elevated Corridor, these projects which we had bagged, including Orange Gate, which got canceled. There were some big ticket size projects which did not take off due to the land acquisition issues, tree cutting permissions, and finalization of GAD. Like in the current year also, if you see, in the current quarter, we have bagged orders of nearly around INR 5,500 crores. Out of that, the initial period where the GAD finalization has to happen, the utility line acquisition issues. Unfortunately, sometimes it happens faster, sometimes it takes a bit longer time.
Last year, 2025 and 2026, in this period, this process took a hell lot of time, and that's how we could not get the revenue. GMLR, Chennai, VDCR, all these projects could not see the light of sun. Now all these projects, we can see that GMLR has grown to 26%, and in next two years we'll finish the whole tunneling. Close to around INR 3,000-4,000 crores worth of top line will be achieved from that project. It is a very momentary thing which happens, and currently there is VDCR, which is little bit slow, and we expect that in a month or two months max time, we will be able to push that project also fully on track because the GAD is finalized, the land acquisition processes are done. It should be taking off in a month or two months.
From quarter three, we should be able to see good push in that project as well.
Okay. Got it, sir. Basically, all in all, it was a temporary issue in terms of order books.
Yes. Because you can see that all the projects are live, intact, and it's just a matter of time for starting those projects. Sometimes it happens in a six-month span, and sometimes it has taken, like in the current two years, Q1 and the last year's time, we lost because of the approvals and clearances from the government. There is a positive upside COS also that is happening in VDCR. Such kind of things, they take little bit time, where the projects in the conception stage are not fully done as what was required. When the public hearings and all other opinions are taken, the project is for ages, for 100 years ahead. They take some time to finalize. But there is no insecurity involved in those order books. That's what I'm just trying to put.
Okay, sir. Got it. Thank you so much. That is all from my side.
Thank you, Vedant.
Thank you. The next question is in the line of Dhananjay from Centrum Broking, Mumbai. Please go ahead.
Yeah, thanks for the opportunity. Sir, our depreciation in this quarter has come down from Q4 level. I mean, last quarter you had indicated that due to the CapEx which you have done, it will be about INR 65 crore each quarter. So why it has come down this quarter again?
See, the depreciation has not gone down. At the year-end, when we took the stocktaking of all the plant and machinery, there were certain machineries which were not usable. So we have depreciated that at the year-end. So that is why in Q4 the depreciation is higher. However, if you see the other quarters, it is steady.
So what will you replicate for the full year in terms of depreciation, is it INR 50 crore or INR 60 crore, the quarterly revenue?
No. Right now it is at INR 50 crore. It will increase to INR 60 crore because once the TBM is starting in the next two, three days or so, the TBM of INR 300 crore will be capitalized, which right now is being shown as capital work in progress. So that will be capitalized, and this will add to the depreciation for the year.
Okay.
Plus, if you see, last year we have done capitalization of almost INR 480 crore. So the full impact of that also will be trending currently.
Got it. And sir, what is the status of Vadhavan project? It is starting from next quarter?
Yeah. Vadhavan project, already our mobilization is going on in full swing, but because of rains, not much can be done, and there are some land acquisition to be done by the government. So that land acquisition is going on. Our mobilization of offices is going on. The surveys are being done. Tree cutting permissions have been obtained from forest. We have started with tree cutting. Lot of trees to be cut and lot of trees to be transplanted. So all these activities are started full swing. So after rains, the actual excavation and this work will be started only in October.
Okay. So between that time you will have clearance from government to start the project.
Yeah. Government has to acquire some location, some land. So that acquisition is going on. We have got the permission from forest department for tree cutting, so the permissions are going on. Utility shifting work we have started. So all these things will be going parallel. And actual excavation earthwork will start in October.
Okay. On CapEx part, you said INR 100 crore will be maintenance CapEx and INR 200 crore- INR 250 crore additional CapEx for the new order.
That was for two years. Yes. So one year it is done, so another INR 100 crore for it, INR 150 crore in each year.
INR 150 plus INR 100. So INR 150 plus INR 100, so INR 250 each year for next two years, right?
No, no. INR 150 each year for next two years.
Including the maintenance CapEx?
Including the maintenance CapEx.
Okay.
Then we get some another big projects where the CapEx requirement is high.
Whatever we have got till date, including this L1 and all that, we are comfortable with the current level of machinery, right? We don't have to add.
Yes, you are right.
What is the working capital position in terms of overall receivable, debtor, inventory and all that?
Working capital, right now is at 103 days, right?
We have said that it is 103 days working capital.
Then what is your fund-based limits, sir? Non-fund-based limit.
Fund-based limit is INR 1,300 crores. Out of that INR 530 crores is term loans and balance INR 800 crores is CC.
Okay. Non-fund-based?
Non-fund-based is INR 5,000 crores.
Okay. How much we have utilized on the non-fund-based?
So—
39%.
Fund-based is 39% utilized, non-fund-based 65%.
Okay. That is all from my side. Thank you.
Thank you. A reminder to all the participants to press star and one to ask a question. The next question is in the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi, sir. Most of questions has been answered. Just to check, in terms of now, the first quarter is muted, and still we are maintaining a 15% growth on the revenue front for this year. So kind of in next three quarters, we need a close to a 20% kind of execution growth. Just wanted to confirm that in Q2 itself we can start seeing that kind of a run rate or maybe the second half could be then the requirement may go to a 23%-24%. So that way one can look at it.
Yes, Shravan. It's like, as rightly told by you, H2 will be more visible because even the new projects what we've got, as I told you, even the Vadhavan project, the revenue will start picking up only from quarter three, that is H2. So the new projects what we have bagged, even that will add to the top line from H2. So H2 we'll see more, but even Q2 will be better. It's not that Q2 will be flat. Even Q2, the growth should be there. So overall, by the year-end, 15%+ is very much achievable.
Okay. Even for FY 2028, kind of a INR 7,500 crore kind of revenue that we were looking at, so that also can be doable.
Yes.
Maybe.
Remember, FY 2027 also, we will achieve a 15% growth year on year on year. Because as you see, we have sufficient order book on hand now. All these works are started to get this top line of 15% growth in 2027 and 2028 also.
Okay. Roughly the INR 5,500 crore odd that we have got this year. This year in terms of the broadly, if I have to look at maybe a INR 500 crore kind of a revenue can contribute the new orders that we have bagged this year, and then next year will be the full phase our revenue can start.
Yeah, it can be INR 500 or INR 400, also it depends. But of course, good revenue will come out of these new orders also in this year as well.
Yeah. On the margin front, can we see a kind of a close to a 15% next year, because we were looking at it can inch up to 15%-16%, maybe in one to two years. FY 2028, can we start seeing a closer to a 15% kind of a margin?
Shravan, if you see, we don't work without margins. In this last year also, when there was no growth also, we ensured that margins of 14%, 15% EBITDA is maintained. Going forward, our focus is also to increase by a notch, 100 basis points more, like instead of 14%- 15%, 15% - 16%. We are on that, and we of course intend to improve our EBITDA margin by 1% or 0.5% going ahead, no doubt.
And sir, this year particularly, next six months, by March, can you see whatever the opportunity that we are seeing a close to a kind of a INR 50,000 crore-INR 1 lakh crore , how much out of that likely to be awarded? I was trying to understand that INR 7,000 crore including L1 we are there. Is it a higher probability that this number, in terms of the inflow for us, could be INR 12,100 crore-INR 13,000 crore this year?
We have actually given you a figure of INR 8,000 crore-INR 10,000 crore, which we have told that yes, we are quite optimistic that we'll cross this figure. Exactly, we don't restrict ourselves to not bag orders above INR 10,000 crore. Last year, we didn't have a very great number that we could book in terms of order book. We really don't want to overcome it. We want to over-deliver and then speak. INR 7,000 crore, you can see is the result of Q1 with, of course, the L1. INR 10,000 crore is what we are giving as of now. But yes, J. Kumar has the potential to take orders up to INR 15,000 crore, INR 20,000 crore also, given at our margin. It's all a very relative number. Let's talk, I think after Q2, it would be a better time when we can speak about it. Thank you.
Yes, true. No, I was trying to understand that whatever the big projects are out there, INR 50,000 crore- INR 1 lakh crore.
Yeah, Shravan.
Yes.
These projects, they are in pipeline. We are waiting for like right now, for Virar, they got this clearance from MMRDA about the merging locations and all. They had a meeting last week only along with the Anand Nagar. All these things are there. This pipeline, these works are going to come, but it can defer by three months, six months. That is not in our hands, right? All these big projects in pipeline, we are focused on that. It can only get converted when the project comes with it and when we get it. It takes some time. Maybe not in this year, so maybe it goes in next year.
I think right now, the company has bagged a very decent order of INR 7,000 crore, and we are very optimistic that we will reach INR 10,000 crore plus sort of picture. I think let us keep this point here, and as we reach Q2 or Q3, we will be in a better position to speak.
Yeah. Sir, lastly, on the working capital and debt front, can we see this quarter, obviously slightly, the debtor days may have increased, but overall, how much one can look at in terms of the working capital level and even the gross debt also, this quarter we have seen a kind of a INR 200 crore plus kind of increase versus March. Does gross debt also will remain here or it will again come back to a INR 600 crore odd kind of a number?
First of all, Shravan, you asked me about. What was the first one?
Working capital.
Working capital. Basically, we have been always saying, we maintain a working capital base of 120. But if you see now, we are at 103. So we have improved. Wherever we get a chance, you see we do improve ourselves. So instead of 120, it is like 103 now. So I think it will be like 110, not much, going forward, it looks like. Secondly, on the gross debt. So gross debt right now is INR 840, which is basically mainly because of the term loan. We have bought this TBM and the CapEx for the Chennai project.
Other related TBM projects CapEx are also being done.
That is the major reason. We are not increasing our working capital much. Going forward, as we keep repaying this term loan, it keeps reducing. We do not expect it to go further above from this INR 840.
Lastly, Vizag monetization, when can we see this INR 106 odd crore kind of a number that we will be realizing? Whenever it will get realized, let us say in a Q3 or a Q4, how one can look at in terms of the P&L kind of a, we will be booking how much kind of an exceptional gain in that particular quarter?
We are expecting good upside on this Vizag project, what we have taken. We have already done a deal, but money is yet to flow. We have already done a deal of INR 180 crores of 30 acres land. This should be done in this Q2, Q3 only. I think that we are then above the breakeven point, so there is no issues.
Okay. Thank you, and all the best, sir.
Thank you.
Thank you. The next question is in the line of Vaibhav Shah from JM Financial. Please go ahead.
Yeah, hi, sir. Thanks for the follow-up. Sir, last year as of March 26, our gross block, if you look at gross block, it was around INR 2,450, and there was CWIP of INR 300 crores. This year, that will be converted entirely, plus we will be adding another INR 150 crores, right?
Yes.
Yes, the CWIP of INR 300, as I said, in a week or so, the TBM will start. So that INR 300 crores CWIP will get capitalized, and then whatever during the year maintenance CapEx has to be done, that will be done, so that will add to that.
Okay. Secondly, if you look at the other income in first quarter, it was quite higher, INR 19 crores, versus last year's number. Could this be a recurring number or we may see some reduction?
No, this will be a recurring number going ahead.
This higher other income is driven by higher cash level?
See, what has happened is that whatever surplus money we have, we have invested that in debt securities till the time the money is put into use. This revenue, one is the margin we have to keep with the bank for our non-fund-based facility. That margin is kept in the form of FD, which provides interest income. Bulk of it is that only.
Okay. And sir, lastly, tax rate was higher at 30% in first quarter, 29.7%. How do you see it for the entire year?
Sorry, can you repeat the question, Vaibhav?
Tax rate was higher at 29.7% in first quarter.
Yes.
How do you see it for the entire year?
For the entire year, it will be reducing because it is at this point of time, based on available information, we have done it. As I said, INR 300 crores TBM, once we capitalize, it will give shelter to the tax and the rate will automatically come down.
It should be similar to last year's rate, FY 2023?
Yeah, more or less it will be like that. Yes.
Okay. Lastly, gross debt is roughly INR 800 crore, INR 840 odd crores as of June.
Yes.
It has increased from March levels—
Yes.
—from INR 580 odd crores.
Yes.
How do you see it by March end? Do we see some reduction or it should be at similar levels?
Yes, as Kamal has already said that as we go on repaying this term loan, the debt level will be coming down and even working capital debt level will also be coming down. This is because of the TBM in the last week of June only, TBM last installment was paid and term loan has risen because of that. So there is no further material term loan that we are going to take during this coming period. So we foresee this like less than INR 800 crores by the year-end, not more.
Okay.
Yeah.
Yeah. Sir, lastly, what will be the mobilization advance right now and the interest bearing portion?
Mobilization advance interest bearing portion is INR 470 crores.
And the total amount?
Total is INR 470 only.
The entire debt is interest-bearing?
Yes.
What would be the ballpark interest rate?
Interest rate is varying from 8.5% to 11%.
Eleven.
It's usually MCLR plus 3%, so it's around 8.5% to 9.5%, 10%. I don't think anything is above 10%.
Nothing above 10%.
Okay. Sir, it is quite higher. So what would be our interest rate on the borrowings?
9% - 10%.
Okay. Thank you, sir. Those are my questions.
Thank you.
Thank you. The next question is in the line of Varun Aggarwal, a private investor. Please go ahead.
Hi, sir. Thank you for taking my question. I just wanted to ask, apart from the Vadhavan project of the six new projects that we have bagged, which of the projects have substantial land acquisition?
Land acquisition, I don't think any project apart from Vadhavan, Mr. Varun. Vadhavan is a project, because it's a greenfield project, this land acquisition issue is there. But otherwise, I don't think any other project apart from that.
Vadodara also has some land acquisition issues, but it's part of the portion of it, not even 20%.
All right, sir. Thank you. Best of luck. That's all.
Vadodara also, after these rains, we'll be starting the tunneling and all, because we have some tunnel portion also. It's not that land acquisition is in the entire stretch, but initial stretch of, it's 32 km long. So initial, I think around six, 7 km stretch from the port, there is some land acquisition issue, not in the entire stretch.
Thank you.
Yes, Mr. Varun.
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question is from the line of Chandra Mori, individual investor. Please go ahead.
Hello sir. I asked you the same question last time also. Your market cap of the company is about INR 3,800 crores, which is less than NAV. You also have a net cash. Your balance sheet is very strong. Why don't you think of some buyback? It gives value to you as well as the stakeholder.
Currently, Chandraji, if you see that we have bagged certain orders, and there is a lot of capital infusion that the company is doing, and for the CapEx. Currently, we also understand and we know that it's a highly lucrative thing to go in for, creeping or acquisition or whatever you call it. But currently, we are just waiting for some time. But yes, it's on our cards.
Okay. What is your net debt, sir?
Net debt is -45.
- 45.
0.01%.
Okay. Thank you, sir. Please consider sir, if it is possible. Thank you.
Thank you. The next question is in the line of Thomas, an individual investor. Please go ahead.
Hi. Over the last few years, we invested heavily in TBMs and there was a lot of CapEx. Has that CapEx spend ended now? What is the expected CapEx over the next three, four years?
Mr. Thomas, as we told before also, we have some maintenance CapEx, that is INR 100 crore per year. It's a routine maintenance CapEx. But whenever we get any big project now, like this project required a big CapEx of INR 400 crores because of this big TBM. Also, the Chennai project, which was the first of its kind in India, first road on road project, we required special gantries and special launchers. So we had a CapEx of around INR 300, INR 350, INR 400 crores there. Apart from this, if you see all other projects does not require big CapEx because they are repeat things and we already have that CapEx or the equipment and stuff like that with the company. Going forward also for coming two years, we don't foresee any big CapEx coming in apart from this INR 150 crores per year, as we told before.
Unless and until we get some big other projects wherein some new equipment are to be utilized, maybe then that time the CapEx will be required.
Okay. So you had also initiated a funding. Is that now you are not looking at that anymore?
Not for the moment.
Okay. So not the moment. Okay, thanks. Lastly, over the call, I have been hearing that all the last year there was a lot of clearances that you needed, and all that you received.
Hello? We have lost you, Mr. Thomas. Hello?
The line for Thomas has dropped. We move on to the next participant. The next question is in the line of Dinesh Karwa from Kirti Creation . Please go ahead.
Yes, Mr. Dinesh.
Good afternoon, sir.
Good afternoon.
Sir, I have two questions. The first one is, what is the exact LOI status for MMRDA Goregaon-Mulund Link Road, the [Santacruz-Vashi network] project which we are talking about? The second one is, transport
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Sir, there is no any order of MMRDA which is on hold for us. It may be for somebody else. [Non-English content].
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Yes, so that job is INR 1,770 crore, which is including GST. So including GST is the figure. [Non-English content] including GST [Non-English content]. Because 90% of the contract comes with GST. So it was a typo error. So it is INR 1,770 crore without GST.
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If you look at company thing Dinesh , we have been taking orders in these areas where the company spends likes. [Non-English content]. So if we get this certificate, we will have opportunity to bid for similar projects in future also. This is an exclusive work, so we have taken at a margin which will be able to maintain our margins that we have given.
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Sorry to interrupt you, Mr. Dinesh. I would request you to rejoin the queue for a follow-up question. The next question is on the line of Dhwanit Salwala from Sabnav Family Office. Go ahead.
Hi sir. First of all, welcome back to the call. I have two questions. The first is on the March. During the March call, I think we had a working capital day, which was sub-100. Are we planning to improvement in further working capital days from that point, and we can see further reduction? My second question is actually from a long discussion which is there on the call that of a INR 7,500 crore order book and the top line, which we are targeting. Since we are such a margin-focused business, isn't it better that we start projecting everything on the basis of profitability or EBITDA, which we want to achieve going forward, rather than focusing too much on the top line?
Yeah. Hi, Dhwanit. First of all, about the working capital. The working capital cycle as of right now is 103. We have always been saying we will maintain around 120, and we have improved it in these two years, if you see. Right now also, we intend to keep it in this range only of 100 and 110, 112 and 110, not more than that. This is about working capital. About the top line, the profit, as you see, we are always focused on bottom line growth only. It is not like top line growth, as what you are also saying. The thing, our target of INR 7,500 crores for FY 2027 is now shifted to FY 2028. We will be doing a INR 7,500 crores by FY 2028 now, with similar margins of 14% - 15% EBITDA.
Yeah. Going by that logic, it is more like we are saying that we will have INR 1,000 crore-INR 1,500 crore EBITDA for the FY 2028, right? Given the current pipeline, correct?
Yeah.
Correct. Just a small question. Right now, there are monsoons. You have made the estimates based on a certain level of monsoon. Can you say that what kind of monsoon season are you expecting for that this kind of work can continue? Because if the monsoon keeps running through, anyway, we had a delayed start. If it keeps running through October or something like that, then we might have a further delay in execution of our current projects, correct?
Right now, we have our projects spread out throughout India. It is not only Mumbai, correct? It is Delhi also, Chennai also. The monsoons are differently in different states. Right now, like July, if you see, of course, the first 10 days were very bad. No work could have been done. But now work is going on in all other sites also. Apart from some particular projects where, because of monsoon, you cannot do, like this Vadhavan and all. Where the earthwork cannot be done in rains. All other projects, the works are going on in rains also. No problem.
Okay. Thank you very much, sir.
Yes, Dhwanit.
Thank you. The next question is the line of Rahul Kumar from Vaikarya Fund. Please go ahead.
Yeah, hi. Just one question. I think you mentioned the execution challenges because of the water supply issues from BMC. How has that situation been now?
It was a temporary issue, Rahul. It's already sorted, and things are on track. Absolutely there is no issue right now.
Okay.
It was just before the rains that it was bothering.
Okay.
Now we have sufficient rains, so absolutely there is no problem with it.
Okay. Second question was, I think we have heard from some construction companies that there's some cash flow issues for the contractors from the Maharashtra government. How has your experience been over, let's say, last six to nine months in terms of cash flow as well?
Rahul, that is basically with irrigation and PW people that they are having issues. For us, with DMRC , MMRDA, MSRDC, BMC, NHAI, there is absolutely no issue, and we are getting prompt payments from them. It is quite regular cash flow and absolutely no problem with regards to that.
Okay. Understood. Got it. Thank you.
Thank you, Rahul.
Thank you, Rahul.
Thank you. Due to time constraints, we take that as the last question. I now hand the conference over to Mr. Kamal Gupta for closing comments.
Looking ahead, we remain focused on disciplined execution, agility in navigating market dynamics, and delivering transformative infrastructure projects that contribute meaningfully to economic progress. Backed by the strength of our people and a clear strategic vision, I am optimistic that FY 2027 will mark the beginning of a stronger growth trajectory, creating enduring value for all stakeholders. Please feel free to reach out to our IR team for any clarifications or feedback. Thank you all, and have a great day.
On behalf of J. Kumar Infraprojects Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.