Ladies and gentlemen, good day and welcome to the J. Kumar Infraprojects Limited Q3 and nine-month FY 2026 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, which 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 result could materially differ from those in such forward-looking statements. Should you need assistance during the call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Nalin Gupta, MD, J. Kumar Infraprojects Limited.
Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of J. Kumar Infraprojects Limited, I warmly welcome you all to our Q3 and nine-month FY 2026 earning conference call. Joining me today on the call are Mr. Vasant Savla, Chief CFO, and our investor relation partner, Marathon Capital. I trust you all had the opportunity to review our earnings presentation and press release available on the stock exchange and our corporate website. During the quarter, the company reported a moderation in its operating and financial performance compared to the corresponding previous period. The decline was primarily on account of an extended monsoon season, which led to temporary disruption at multiple project sites, slower execution progress, and deferment of billing linked to milestone achievements. The impact was largely operational and time-related in nature. The company maintained a stable balance sheet position with adequate liquidity to support ongoing operations.
While the first nine months has been a period of balanced performance, it has also strengthened the foundation for a stronger performance for the periods ahead. Our order book remains solid. Execution velocity is improving after temporary moderation, and our capabilities across key verticals continue to evolve. Each milestone, big or small, reflects the dedication of our people and the trust of our clients and partners.
I take great pride in the role we are playing in shaping the future of infrastructure, delivering projects that not only support economic growth, but also drive transformation at scale. As we look ahead, our priorities remain clear: to build on our progress, remain agile in an evolving market environment, and continue to push boundaries with focus and conviction. Backed by the strength of our people and a well-defined strategic vision, I am confident that the most compelling chapters of our growth journey still lie ahead.
Now, coming to financial performances. Consolidated performance highlights for the nine-month FY 2026. Revenue from operations for nine months FY 2026 grew by 2% to INR 4,138 crore as compared to INR 4,061 crore in nine months FY 2025. EBITDA for nine months FY 2026 grew by 1% to INR 599 crore as compared to INR 591 crore in nine months FY 2025. EBITDA margin for nine months FY 2026 stood at 14.5% as compared to 14.6% in nine months FY 2025.
PAT for nine months FY 2026 stood at INR 277 crore as compared to INR 277 crore in nine months FY 2025. PAT margin for nine months FY 2026 stood at 6.7% as compared to 6.8% in nine months FY 2025. Consolidated performance highlights for Q3 FY 2026 stands at revenue from operations for Q3 FY 2026 moderated by 12% to INR 1,311 crore as compared to INR 1,487 crore in Q3 FY 2025.
EBITDA for Q3 FY 2026 moderated by 14% to INR 188 crore as compared to INR 219 crore in Q3 FY 2025. EBITDA margin for Q3 FY 2026 stood at 14.3% as compared to 14.7% in Q3 FY 2025. PAT for Q3 FY 2026 moderated by 17% to INR 83 crore as compared to INR 100 crore in Q3 FY 2025. PAT margin for Q3 FY 2026 stood at 6.3% as compared to 6.7% in Q3 FY 2025. Net debt as on 31st December 2025 stood at negative INR 250 crore, that is cash positive, and debt/equity ratio is at 0.2x, reduced from 0.23x in FY 2025. Working capital days, nine months FY 2026 stood at 103 days as compared to 112 days for FY 2025. Total order book as on 31st December 2025 stood at INR 19,212 crore.
The order book inter alia includes metro projects, elevated and underground contributing to 11%, elevated corridors, flyovers contributing to 53%, roads and road tunnels projects contribute 17%, and other contributing 18%. We can now begin with the questions and answers. Thank you very much.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. The first question is from Parikshit Kandpal from HDFC Securities. Please go ahead.
Yes, sir. Hi. This is on the execution. Are the sites now mobilized and the execution pace is back to normal?
Well, Parikshit, as we have said that there were a lot of issues, operational issues, some land acquisitions which were there, but now everything is in place and we are very positive that from FY 2026 to FY 2027 should be surely giving us a growth of around 15%.
15%. And for FY 2026, your revised guidance?
For FY 2026, we hope that we will be able to maintain or surpass the last year's top line that we did of around INR 5,700 crore.
Okay. On top of it, 15% growth for FY 2027.
Yeah.
And margin guidance, similar margin for FY 2026 and 2027?
Yes. If you look at the figures, Parikshit, all the jobs that we have secured are all with a similar margin of 14%-15%. So there we don't see any sort of decline or anything happening.
Okay. So for both the years, 2026 and 2027, FY 2026 and FY 2027, you maintain that 14%-15% band.
Ji. Yes.
Okay. Now coming to order inflow. What has been the order inflow for nine months and for this quarter? Also, recently, the Maharashtra government has announced the Golden Line, Metro Line 8. What are the other metros which are currently under work, and how do you see the pipeline building out some of the key projects, large projects, which can highlight in the pipeline that may influence?
Well, firstly, with regards to nine months order book, we have received an order close to around INR 515 crore, and we have already bidded projects worth around. We are already L1 in INR 1,728 crore worth of job, and there are around INR 13,000 crore worth of projects that we have already submitted the bids for. For the current fiscal year, I would say that we are hopeful of closing with an order book of around INR 4,000 crore by the end of March 2026. For FY 2027, we expect around INR 7,000 crore -INR 8,000 crore of order book because as you rightly said, there are a lot of. This current year, Parikshit, I would say that mainly FY 2025, 2026, the order inflow was very poor.
There were a lot of tenders which are in the pipeline but could not see the light of sun. In this coming year, we expect a lot of order inflows to happen. Maybe last year it was due to these election issues that they did not have much projects in the order inflow. But the coming year, I am expecting a substantial orders to go for. As you said, Metro Line 8, there is also this Metro Line 5 extension, which is from Kanjurmarg to Badlapur, and Metro Line 10, which is from Gaimukh to Shivaji Nagar. This is for Bombay as we speak of, but also Pune Metro, there is a INR 1,000 crore another project which has come up. Delhi Metro, we have recently submitted DC-06 and DC-07, which is close to INR 3,500 crore odd project.
Two projects of around INR 1,700 crore - INR 1,800 crore. There are Metro projects coming up. There are elevated corridors and road projects of MSRDC and MMRDA that is coming up. There is an access control road from Ambernath to Kalyan and Ulhasnagar, Dombivli, which is around INR 10,000 crore, which we should see very shortly these tenders to be published by the MMRDA, which is the implementing authority. Again, Nagpur Gondia, Shaktipeeth Expressway. So these are around INR 30,000 crore of projects which should be floated by MSRDC on EPC. And also CIDCO is coming up with Metro Line 1A and 1B, close to around INR 5,000 crore. And also the much awaited project of MMRDA for the Uttan-Virar, which is the extension of the coastal road on the west side, which is around INR 35,000 crore -INR 40,000 crore, is also expected in FY 2026-2027.
I think overall, FY 2026-2027, we should see substantial orders coming in throughout Maharashtra and Pan India.
All these projects which you highlighted, sir, you expect that these will all get awarded in FY 2027. So starting from next financial year, early next financial year, we will start seeing momentum on all these projects, right?
I am very hopeful on that. Yeah.
Okay. Sure, sir. Thank you. Those were my questions, and wish you the best.
Thank you. Thanks a lot.
Thank you. The next question is from Vaibhav Shah from JM Financial. Please go ahead.
Can you state the progress of few big ticket projects? Firstly, on Chennai Elevated Corridor, how has it been, the execution so far?
Chennai project, the project has fully been made up. The casting yards has been fully set up and we have done a progress close to around 9%-10% on that project financially, if you talk of. Because there are also lot of issues with regards to the Maharashtra Maritime Board, because it is by the sea. Because of that, there are limitations in working periods that we get. But now, the casting yards have started generating revenue. These tenders being milestone-based, it does not really exactly replicate in terms of the financial progress of the project. But that project is now under control, and we should see a decent top line coming in for the next financial year.
What was the timing issue you said? Work time is not provided completely, so what was the challenge over there?
It is because of the project being along the sea, along the Chennai port. Because of that, there are some limitations in the periods of months that we are supposed to work there.
This will continue over the completion of the project? Or the time period may increase?
It's mainly during the foundation substructure stage that it has effect. Once the foundation and substructures are done, the superstructure won't have any effect because then you can carry on that work with an overhead launcher.
When do we target to complete the project? It was a three-year project. Do we expect to complete it in FY 2028 or it will spill over to 2029?
Well, the exact timeline for that project, to be honest, is looked after by my brother. Unfortunately, today he's not here. But around two years or so, more or less, the project should. Two years, more or less, I should say, for the project. Yeah.
Okay. Sir, last time you mentioned that on the CIDCO order from coastal Kharghar to Nerul, around INR 1,000 crore project. You were targeting to start the project in December. EC was awaited. Any update on that?
It's not started yet. It's ongoing. But we haven't received it yet.
When do we expect to start the work over there? We will receive it in Q4?
Not Q4. I think in FY 2026, 2027, we should start getting some revenue from that project.
Okay. Sir, secondly, how do you see the debt moving ahead? We have seen some reduction in the debt levels in the current quarter.
Yeah.
Do we see it increasing once the execution picks up or it should remain at similar levels?
I think INR 600 crore to INR 700 crore is something that we can look at because there will be, of course, an increase in the term loan that we will be seeing. But in terms of debt level, INR 600, INR 700 is what we can expect.
Okay. Sir, lastly, you mentioned that we would be revising the guidance for revenue.
Yeah.
Kind of flattish for 2026 on a year-over-year basis.
That is right.
It implies a flat Q4. Is that correct?
Yeah, exactly. Because nine months, if you see, it is just 1%. Means nine months, we could not do really what we expected. So in this financial year, we should see a similar top line as what we saw in FY 2025.
No, while we are missing the number on 2026, so the base is lower compared to what we were earlier expecting. Do not we feel that 2027 can be a much higher number than 15%?
Well, see, because of the FY 2026 thing, we would like to keep our number by to around 15%, though we will put our best efforts and see that we get this number higher. But we are also a little bit disappointed with the FY 2026 top line that we were expecting, which was also due to the new order inflow that we could not see. If you look at the order book for the nine months, it is just INR 520 crore. Basically, the new projects also add somewhere or the other to the top line of the coming financial years. This year it has been almost nil till now. INR 100 crore is nothing much. Once the order books inflows are coming into the company, again, the guidance can be revised in the subsequent quarters, is what I feel.
Sir, lastly, on the interest cost, we have seen some spike in the number from INR 38 crore-INR 39 crore to INR 44 crore on a quarter-over-quarter basis, but the debt has reduced. What has been the reason for the increase?
The increase is basically because we have taken mobilization advance. Because of that, there is a small increase in the interest cost.
What is the mob advance as of December?
Mob advance is about INR 800 crore as of now.
And the interest-bearing portion of that?
Interest-bearing portion is about INR 650 crore.
And the interest rate would be around 8.5%-9%?
No, each project has its. It is variable. If you look at those numbers, they are quite variable from 0%- 10% sort of thing. Averagely, you can say, yeah, whatever, 8% you can say.
Okay. Thank you, sir. Those are my questions.
Thank you very much.
Thank you. The next question is from Yash Kothari from CRK Equity Research.
Hello. Am I audible?
Yes. You are very well audible.
Just wanted to understand, obviously, you have talked a lot about the order book execution, but I just want to understand what is the current order book execution timeline? Like, what proportion of the order book is already under execution versus what is yet to commence?
I would say that INR 19,200 crore approximately is the order book as of December 31, 2025, and around three to four years is the timeline. Three years, I would say, ideally, would be the timeline to complete these jobs.
Okay. Out of the INR 1,900 crore, is there a rough percentage or an approximate that you can give me, which is already under work and what would probably come in FY 2027? Is it possible to do that?
I would say that 90%, 90%-95% of the order. Let's put it like 90%.
Yeah.
90% of the order book is already into pipeline, which has started generating revenue. There were certain projects in FY 2025, 2026, which could not really add much to the revenue, like our VDCR project and Anand Nagar- Saket. Including GMLR as well, we could have done much more had we got the key permissions, and some land acquisition issues. The launching shaft, for GMLR, if we talk of, the project was, the shaft was in eco-sensitive zone, but outside the forest area. But there were some local Adivasis who didn't want the shaft to be constructed because of their houses and the shanties which were there. There was a positive variation which was given by the BMC of INR 800 crore, where J. Kumar's share stands at INR 400 crore. The tunnel length was increased by 600 m.
Such type of things could not get the project fully into flow. But it's very pleasing for me to inform everyone that we got the land for the shaft for GMLR in August 2025, and in just a span of six months, today we are doing the first PCC, the lean concrete, where the TBM will be lowered into the shaft. By this month end, we should be starting lowering the TBM into the shaft. It was a very quick and great job that the team has done. We should be putting the, both the tunnel boring machines, they have reached the job site. That project will now start generating a decent top line. Again, VDCR, there were some changes in the drawings. There were a lot of clashes between the different elevated metros and flyovers that we were crossing.
There is also some change in scope on the positive side that we are expecting. That GAD was just yesterday being cleared by Indian Institute of Technology. Because it was a third-party check that had to be done. Similarly, there were some teething issues in Anand Nagar- Saket, VDCR, GMLR, which has been sorted. FY 2026, 2027, that is why we are very hopeful that we should be crossing this 15% top line that we are expecting.
Okay. Just to bounce off this, was there any unbilled revenue in Q3 that we can expect to spill over in Q4? Is that a possibility?
Yeah. There is an overall unbilled revenue of INR 600 crore.
Okay. Not that significant.
Yeah.
Okay. Just one last question. As our projects mature, should we see mob advances trend down as a percentage of order book, or will there not be that significant a change in that?
No, of course, the mobilization advances, they start getting deducted as soon as the project reaches 20% of the total project value.
Okay.
It is a scientific way where it starts getting deducted. So it has to lower down.
Okay. Would you say by Q2 of next year, will we see this or earlier?
No. Actually, it is already happening. If you see Q2, certain projects have already started.
Yeah.
Like GMLR will start, we have taken a mob advance of close to around INR 200 crore. That will start from Q1. There are certain projects where already the recoveries have started. Some old projects where the mobilization advances were there, they have completed or are on the back end of the last installments or so on. If you see Q2, in Q2, the mobilization advance was INR 900 crore, and in one quarter it has got reduced to INR 800 crore.
Okay. A similar rate can be expected in the coming quarters.
Yes.
Okay. Thank you so much, sir. Those are my questions.
The next question is from Alok Deora from Motilal Oswal.
I think the operator's voice is not so audible. It's very slow.
I'm sorry. The next question is from Alok Deora from Motilal Oswal. Please go ahead.
Yeah. Hi. Good afternoon.
Good afternoon.
Just had one question. Till the last quarter, we were targeting some INR 6,300 crore of revenue.
Yeah.
Just wanted to understand what has actually happened in this quarter that the full year number also, we are keeping it kind of flattish now as against 10%, 11% kind of growth rate. We had the order book in place. We understand that the new orders could not come through because of election and other reasons. But what really impacted the execution that we are kind of, in a way, reducing the full year guidance for execution?
See, we already spoke about when you are talking about a project, like when we spoke about GMLR, we spoke about VDCR. These projects, VDCR is almost two years. The project is around INR 2,500 crore worth of project, and we have done only INR 100 crore out of it. The other projects, there were seven projects that were being awarded at the same time, package A to F, where APCO, Larsen & Toubro, J. Kumar Infraprojects, all these companies which bagged the orders could not even start INR 100 crore worth of order book from that.
But we were on our toes trying to give whatever drawings were being There were various revisions because this is not a standalone project. It is comprising of seven projects where the in and out traffic movements, the levels, the land equation issues depends on any change in one project, affects the alignment of the other project.
But we had been submitting all the required details quite on a prompt basis. The approval from the third party, because it has our designer, then LDC, and then GC, and then this third party IIT approval. We have got those things in place now. These things which we thought that it could be approved because we are from our end of J. Kumar Infraprojects, we were ready to execute the project and we have already completed around 9- 10 foundations on the Film City side near the highway at east. Such kind of things which we expect, the project is given, we are mobilized, the drawings have been submitted, but it's a government process. That took time more than what we expected. That's the reason where these projects have taken a hell lot of time, though we had lot of support from the government.
Even the GMLR, when we talk of, all the lands were being acquired for the areas, but the tree cutting permission, which was also being awarded by Brihanmumbai Municipal Corporation, which is the standing committee is supposed to approve. Under the administrative powers, the commissioner gave the approval, but unfortunately, it falls under Aarey. There is a general order being given by the High Court and Supreme Court, where the Supreme Court has mentioned that any tree cutting in Aarey should be informed to the Supreme Court and approval has to be taken. Especially the AG were being instructed to plead the case, and we got all the approvals. We did the tree cutting in just one month time, and the new plantation is going on, and still we have executed the entire shaft.
Such type of things which are not under fully our control has led to such situation. But now looking at the current position, Alok, I would say that, we are very positive that we should be able to achieve a 15% growth for the coming year.
Got it. In fourth quarter also, we have got those approvals moving and we'll do the balance revenue for the fourth quarter.
Yeah, if we talk of VDCR, just with one example so that I don't waste everyone's time.
Sure.
VDCR, the approval from IIT has come, that this is the GAD how you are supposed to construct, because it's a 7 km elevated corridor along the coastal road and perpendicularly going to Film City. That approval has come. Now, based on that, the design submissions will happen. The exact location soil investigation will be done based on that GAD. The financial revenue contribution will come from Q1. That's how, with one example, I hope I could explain where the things are. Yeah.
Sure. Net-net, we could do slightly more than 15% also because this would be basically little spillover of this year also could be there in 2027.
Hopefully we should. We'll try our best, Alok. At J. Kumar Infraprojects we don't usually like to show such numbers, but I will tell you one thing is also the order inflow. Always our endeavor is to see that we bag projects which adds to the bottom line of the company. Like INR 500 crore order book, we have never booked such a low order book in J. Kumar Infraprojects. But we want to keep the horses under control and not to go aggressively bidding where we don't make bottom lines and just for the heck of today, if I'm coming with some top line where my margins are intact and where I'm able to grow at the similar profit margin and PAT and EBITDA levels, that is more acceptable than just increasing the top line and not making good bottom lines. We don't want to compromise there.
But hopefully this year also we should book around INR 4,000 crore by the end of the financial year and around INR 7,000 or INR 8,000 crore for the next year. So hopefully we should be doing better than what we are expecting.
Got it. Thank you and all the best, sir.
Thank you very much, Alok.
Thank you. The next question is from Siddhant Lodha from Sanshi Fund . Please go ahead.
Sorry, I could not get the name, please.
It is Siddhant Lodha from Sanshi Fund .
Yeah. Siddhant, please go ahead.
Just a clarification question. We have mentioned that our order book currently is INR 19,200 crore, and when we say that we will book another INR 4,000 crore in March 2026, does that add on to the INR 19,200, or how does that calculation work?
We could add INR 4,000 crore to the top line minus the revenue that we will be doing for Q4.
Sorry, INR 19,000 will add to INR 4,000 and then minus the revenue, correct?
That is right. You got it right.
Okay, sure. Thank you.
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue.
Hello.
Ladies and gentlemen, to ask questions, please press star and one. The next question is from Shravan Shah, from Dolat Capital. Please go ahead.
Hi. Thank you, sir. Before asking a question, just on a strategy front, I wanted a clarification. All of bid pipeline that we have, sir has mentioned at the start of the call, in response to Parikshit reply. Are all these projects are on the EPC or are there any projects which are on the BOT mode also?
Well, all the projects, Shravan, that we have mentioned here, they come in only from EPC and J. Kumar, we are not bidding for any BOT or such projects. All the projects that I have mentioned comes in from EPC.
Yeah. My question is that only because we have bidded in Hadapsar-Yewat BOT project, that was a INR 7,000 odd crore. I am wondering, though we did not got, we were L4. Just trying to understand your strategy, if we would have won, let's say, are we ready kind of a INR 1,800, INR 2,000 crore kind of a equity commitment? Because 25%, 30% of INR 7,000 crore comes to that. Wanted to understand, in future also, can we also even think of bidding BOT projects or what's the strategy there?
Well, Shravan, that was a very specific call that we had taken. If you look at these many years, we haven't bidded and we don't have any future plans to bid for it. That was a very strategically, because we are well-established in Pune, and that one project had some specific reason why we bidded for it. But we bidded at our price. You can see where we are, means sitting highest. It was a very strategic call that we had taken for a particular moment. But we don't have any future plans to bid for BOT.
Okay, got it. Just to again clarify, given what we are saying, INR 5,700 crore revenue for this year, FY 2026, I am just doing a math. It means in the fourth quarter also we are looking a 3%- 4% kind of a degrowth on a year-on-year basis. Just wanted to clarify that.
On a year-on-year basis, if we talk of FY 2026 numbers, it could be flattish around with a INR 5,700 crore top line, as compared to FY 2025. That's what we are trying to say.
Okay. Last time we were looking at that, maybe we can see some improvement in the margin to 15%-16% over next two to three years. Will that remain same or now only 14%-15% margin that we can expect?
As we have mentioned that this year we were flattish. Next year we are looking at similar or better margins, but no degrowth in margins for sure.
Okay, got it. A couple of balance sheet data points. Just wanted to get retention money, inventory, debtors, and payable.
Retention money is INR 415 crore and debtors is INR 1,407 crore.
INR 1,507?
INR 1,407.
Okay, INR 1,407. Yeah.
Debtors.
Yeah. Inventory?
Inventory is INR 908 crore.
Sorry, sir. The way we report in the balance sheet, in September it was INR 327 crore.
Okay. That is now it is INR 286 crore, raw material inventory.
Yeah. Okay, 226. And trade payable?
Trade payable is INR 750 crore.
INR 750 crore. Okay. Yeah. The CapEx for nine months, how much we have done? For full year, last time we said INR 500 odd crore that we were looking at so far.
We have already done INR 433 crore for nine months.
Okay. How much more can be done in fourth quarter?
More or less another INR 100 crore or so we book.
Okay. For next year, then it would be INR 200, INR 300 crore, that is the way one can look at?
Yeah. That is right.
Okay. On the working capital front, the current, whatever the days we have, 103, so that number broadly will remain here.
As we have said that this year we had a flattish top line, so that's how it has dropped to 103. But as the work progress will increase, we expect that it should be around 115- 120 days.
Okay. And this TBM depreciation will start from the Q4 itself or from Q1, Q2 for 2027?
It will start from Q1 or Q2.
Okay.
Because we start capitalizing it after the TBM is installed. We have received most of the TBMs. But it will start getting capitalized once it is lowered in the shaft.
Okay. And sir, last time we were L1 in Lucknow Convention Center, INR 1,200 odd crore. Was that canceled?
No, it still stands that. I had mentioned that INR 1,728 crore is we are L1 in the project, which includes one project of Lucknow, which is INR 1,206 crore, and one project of NBCC (India) Limited, which is INR 522 crore. This INR 1,728 crore worth of project is still L1 and it should be getting converted into order book.
By March, L1 should be there?
We expect so.
Okay. Got it. Yeah. That's the only thing. The hope is that we should do a better execution or try to recoup whatever we lost in this year, in next year. That's the-
Positively, Shravan. We are also very hopeful, and we'll work on it.
Okay. Thank you, sir. All the best.
Thank you very much.
Thank you. Participants who wish to ask questions, please press star and one. Ladies and gentlemen, to ask a question, please press star and one. The next question is from Thomas, who is an individual investor. Please go ahead.
Yes. Hi. I just wanted to know, you had talked about a fundraise of INR 800 crore. You have to understand, why is it being delayed? Why have you not executed it, or you have investors lined up?
Can you be a little more louder? Unfortunately, you are not very clearly audible.
Yeah. So you had initially mentioned that you were planning to do a fundraise of INR 800 crore, and it has been delayed for this time period. It has been now over a year since it was initially planned. So what is the rationale for this delay, if I may understand? Because it was for the TBM, right?
No. Well, it was not for the TBM, but for the upcoming new projects that we were expecting that to. We had made an enabling resolution, and immediately we do not have any plans to do so. It will not be going.
For right now, there is no plan for fundraise in the next year. Is that right?
Yeah. Not means immediately. Though we have kept an enabling resolution approved, we may also get it re-approved for the next financial year just to be on the readiness in case we require to face it. But because as I mentioned that we are expecting some good order inflows to happen, and when it happens and if the financial requirements are there, then we will take a call whether to really go for it or just forget it.
Will it be a rights issue or a preferential issue? What would it be most likely?
It will be a normal QIP like we have done before.
QIP.
We've not intend immediately anything to do so.
Okay. You had mentioned since there's been a delay in a lot of these projects, I just want to know, is there any penalties that J. Kumar could face or no penalties?
Zero penalties because the delays are not from our end, but it is from the client side. Yeah.
Okay. Just two, three follow-up questions. I am reading up on the huge projects happening in South India, from Thiruvananthapuram to Coimbatore. It is an extension phase. Is J. Kumar looking at participating in those projects too?
When the projects come, Mr. Thomas, it is on the project-to-project basis, the nature of work, the geography where it is, and the value of the job based on which we take these shots. I would say it is too early for me to comment on something which has not been published yet. Yes, we are open to bid for any sizable project which comes under our forte of specialization. We will be surely looking at all projects pan-India.
Okay. Just for my understanding, when I have been reading up about TBMs, there has been some discussion that because these TBMs, they are so huge, after you finish a job, some part of it is probably left behind and you will have to purchase a new one. Is that correct? Is my understanding correct, or is it the entire TBM is reusable for another project?
Well, it depends upon the type of TBM that is being used. Like if it is a metro TBM, the metro TBMs are standardized diameters which are used for throughout the country, the diameter remains the same, and also internationally. Many times these Indian TBMs are bought by people abroad and taken up for the cross-border projects. When you talk of projects like GMLR, those are tailor-made TBMs, which we try to amortize the maximum TBM on that same project, and there is nothing which is left behind when you talk of TBM. It is fully recovered. Yeah.
Fully recovered. It will be reused in another project.
Yeah.
Standardized. One final question. Lately, I have been seeing these videos about this Mira-Bhayander flyover, Metro 9. They were saying it is a J. Kumar construction. Is that correct? Was it a J. Kumar project, the Metro 9?
You are very right. It is constructed by J. Kumar, and I am personally looking after that project. It is under my control. This project is something which people love to make a mockery of every situation. This project is being constructed as per the requirements of the client. Also, I would like to mention that there is no flaw in the construction that has been done because people make an issue out of nothing. The flyover which is constructed right now is being done with a 2+2 four lane, and currently, which is getting dropped down to Bhayander site by 1+1 lane. The construction which is there, where we see a 90-degree cut, is basically an offset for future expansion.
Today, before we open the flyover, it will be made in a skewed manner by making metal crash barriers, which we see on expressways and various flyovers, which will be deployed on that flyover on that offset location with a suitable length, which is as per the traffic safety norms. There is nothing which is wrongly constructed. It is a well-planned thing that has been done with future extension keeping in mind. For that, MMRDA has also been replying on it. You can take my word, there is no technical wrong thing that has been done. It is only looking odd because of the future expansion, which is been awaited.
Clear.
If you do not do it today, extending that bridge would have technical complications. Keeping that in mind, wherever we could make four lane, we have made it four lane.
Okay, so you have made it four lanes, and eventually it will become a four lane in the next extension.
That is right. Four lane when the last phase are sorted on the balance area. To give ease to the traffic, it has been made two lane, has already been dropped. Wherever we could construct four lane, we have done four lane, and in the balance area, two lane.
Okay, understood. Okay, fine.
Thank you.
Thank you so much. Thank you. Bye.
Thank you. The next question is from Vaibhav Shah from JM Financial. Please go ahead.
Sir, thanks for the follow-up.
Yeah.
Sir, other income seems quite high at INR 21 crore in Q3. Any one-off impact?
I am sorry, can you repeat your question, please?
Other income is at INR 21 crore in the third quarter.
Yeah
which is higher than our normal run rate of around INR 9 to INR 10 odd crore. Any one-off in that number?
No, it is because, since we have got INR 22,000 crore of project, we have to give bank guarantees for that, for which we have to keep fixed deposit with the banks for margin. So definitely, when we keep the deposits, we earn interest on that.
Yeah, but it doubled on a quarter-on-quarter basis. Is this a normalized number going forward, or it should come down to the INR 10, INR 11 odd crore?
The other income will remain in this range only because the margins will remain fixed with the banks since it is project-specific. So this will be more or less the same.
Okay. And sir, once we start the usage of TBM, maybe in Q1 or Q2, and it hits the depreciation. So the current quarter run rate of around INR 40 to INR 45 odd crore, where can it go on a quarterly basis once the TBM hits the depreciation?
Yeah, the depreciation will go up to that extent.
What is the number? It could go up to 55 around? Can it go up to that on a quarterly basis?
The exact number, I think, Yash, we can provide it to you subsequently, Vaibhav, because we need to work out that numbers exactly, and we can give it to you.
See, the depreciation will always be charged on the cost incurred till the date of operation. Till the time the TBM does not become operational, the cost incurred will get added to that. The crystallization of figure once it happens, then we can provide you the details.
And the time frame usage for TBM would be. So it will depreciate over three to four years?
For the GMLRT TBM you are talking of?
Yeah.
Yeah. That would be three to four years. Yeah.
Okay. And then lastly, on tax rate, what would be annual tax rate that we should factor in?
It is around 26.5%.
Okay. Thank you, sir.
Thank you.
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Dinesh Karwa from Kirti Creations. Please go ahead.
Hello, sir.
Hello.
Hello.
Yeah, Dinesh, you are audible.
Sir, my question is about the promoter pledge that has increased. Is this due to taking shares or due to taking any particular loan against it? I wanted to ask about this.
Dinesh, it has not increased. It is constant. For many years, it is the same. 80 lakh shares we have pledged.
No, sir. From last time to this time, 51 points of your percentage holding has been halved. That is why I am asking. Is this for your personal loan or due to share price?
We have not pledged any shares, Dinesh.
There is no change in the pledge.
There is no change in pledging that we have done.
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[Non-English content] Your pledging question is over, right?
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Dinesh, I think you must be referring to GMLR project for which we are talking about pledge.
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[Non-English content] But 100% there is no increase. Okay, what's your next question Dinesh?
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Okay sir. Thank you so much.
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Thank you very much. That was the last question in queue. I would now like to hand the conference over to Mr. Nalin Gupta for closing comments.
Nine months FY 2026 was a period of consolidation and balanced performance. Q4 FY 2026 will be a period of building momentum, scaling up execution and moving ahead with greater speed and focus. We remain fully committed to creating sustainable value for our shareholders, partners and stakeholders. Thank you for your consideration, trust and support. Please feel to reach out to our IR team for any clarifications or feedback. Thank you all.
Thank you very much. On behalf of J. Kumar Infraprojects Limited, that concludes the conference. Thank you for joining us ladies and gentlemen. You may now disconnect your lines.