Ladies and gentlemen, good day and welcome to the J. Kumar Infraprojects Limited Q2 H1 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. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. 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 results could materially differ from those in such forward-looking statements. I now hand the conference over to Mr. Kamal Gupta, MD at J. Kumar Infraprojects Limited.
Thank you, and over to you, sir.
Hello. Yeah. Good afternoon, everyone. This is Kamal Gupta. On behalf of J. Kumar Infraprojects Limited, I warmly welcome you all to our Q2 and H1 FY 2026 earnings conference call. Joining me today are Nalin Gupta, Managing Director, Mr. Vasant Savla, Chief Finance Officer, and our investor relation partner, Marathon Capital. I trust you all had the opportunity to review our earning presentations and press release available on the stock exchanges and our corporate website. As we close the first half of FY 2026, I'm encouraged by the steady progress we have made and the resilience our team continue to demonstrate. Despite a heavy and extended monsoon, this has been a period of balanced performance, one that has strengthened the foundation for a stronger second half and for the years ahead. Our order book remains solid. Execution velocity is improving, and our capabilities across key verticals continue to evolve.
In a demanding and a highly competitive industry, our continued success is a direct reflection of our resilience, agility and engineering excellence that defines J. Kumar. Where others see complexity, we see opportunity. Technically demanding, first-of-their-kind projects are not obstacles. They are catalysts that push us to innovate, adapt and lead. Our proven ability to consistently qualify for win and execute landmark projects speaks volumes about the strength of our technical teams and our organizational depth. With the strength of our people and the clarity of our vision, I'm confident that the best chapters of our growth story are still ahead. Now, coming to the financial performance. The consolidated performance highlights for H1 FY 2026 are the revenue from operations for H1 2026 grew by 10% to INR 2,826 crores as compared to INR 2,574 of the preceding year.
The operating margin for H1 2026 grew by 10% to INR 411 crores as compared to INR 373 crores in H1 of previous years and the EBITDA margin stood at 14.6% as compared to 14.5% in H1 of the previous year. PAT for H1 2026 grew by 10% to INR 195 crores as compared to INR 177 crores in H1 of 2025, and the PAT margin stood at 6.9%. Total order book as on September 30, 2025 stood at INR 20,160 crores. The order book includes metro projects contributing around 13%, elevated corridors flyovers contributing around 53%, road and tunnel projects contributing around 17%, and other building and civil works contributing around 17%. We can now begin the question and answers. Thank you.
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 Aditya Sen from Findoc. Please go ahead.
Hi, thank you for the opportunity. Hope I am audible.
Yes.
The first question is about the order inflows. Can you throw some light on the quantum of orders that is in the advanced stages or in the L1, and will we be able to sustain our target of approximately INR 4,000 crores-INR 5,000 crores of inflow for the financial year? Are we seeing any headwinds in terms of industry-level headwinds in terms of order inflows?
Aditya, we have already secured around INR 150 crores of projects. We are L1 in INR 1,200 crore of a convention center in Lucknow. We are expecting these orders very soon. Of course, we are very confident of the inflow of around INR 5,000 crores-INR 6,000 crores of projects in this FY 2026. Ensuring that we have a closing order book of around INR 20,000 crores-INR 23,000 crores by March 2026.
All right. It is a rather a macro level question that there is no industry level headwind that we are seeing. Is that correct?
We do not see anything.
All right. There was some decline in the execution. That is a miniscule. Was that because of the extended monsoon, or were there some other reasons for this?
Yeah. If you see, the monsoon this year has started so early and till October, the rains were there, that affected the top line of the organization for these people. That was the main reason. But overall, if you see, there is still a growth of around 10%-11% in H1. Yeah.
Understood. I will follow back with you.
Thank you.
Thank you. The next question is from the line of Diwakar Rana from Prudent Equity. Please go ahead.
Hello. My first question on the growth part only. Sir, are you maintaining the 15% growth guidance for FY 2026?
We are expecting a growth of, we had given a guidance of around INR 6,500 crore in our previous call. We would say that still we will be trying our best efforts to achieve that. But we expect that we should surely be able to achieve a target of around INR 6,200 crore- INR 6,300 crore, looking at the current situation of H1. But still it will be growth of around 11% on the overall year-on-year basis.
It will be around 10%?
Around 11% on a year-on-year basis.
Hmm. Okay.
Yeah.
So this is because of the bad Q2, right? The growth.
Because as you would appreciate that usually the Q2s are the lowest quarter of the year. In this year, we had a much heavy rainfall as compared to with the early start and getting extended till October end. Because of that, the execution, because it is totally on the job site, it is not a factory-based execution. So it has an implication on the top line. But we will be trying our best how we can cover up the growth in the top line in this coming H2.
Hmm, okay. And sir, what is the total amount of orders that we have bagged in H1 of this financial year?
So as we answered before, it was around INR 150 crores of orders that we have bagged in H1 till now. And there is around INR 1,200 crores of order, which we have recently won last week. And there are some orders that we are bidding, even today we are submitting a bid. So we are very hopeful that we should be able to achieve a target close to INR 5,000- INR 6,000 crore order book by the end of this closing year.
Okay. So because for the PC companies, the orders has been slowed in last financial year. So assuming.
Yeah, I would deny that, Mr. Diwakar. I'm with you on that. So there is some slowdown, but still working Pan India in seven states, we are still hopeful that we should be able to bag orders of around INR 5,000 crores-INR 6,000 crores in this year closing.
Okay. And sir, how much money you plan to raise in this QIP?
QIP is just an enabling resolution that we are taking approval of. We will take this call when the appropriate time comes and looking at the market situation. I would say this is like it would be little premature for me to reply to that.
We are expecting some new big orders. At that time, probably we will go for it.
Okay. As of now, there are no plans. It is just a resolution. I think you passed it last year also, right? In FY 2025.
We had passed it last year also.
Yeah.
It is just an enabling resolution to continue that. Being in preparedness, depending upon the order book and the requirements that the company has. As of now, no immediate plans.
If you get an inflow of INR 5,000 crores- INR 6,000 crores, then you will go for a QIP. Otherwise, you will not.
It all depends upon the nature of work that we bag. It means whether how CapEx-oriented it is, what is the working capital requirement. It is a very dependable discussion. We are keeping ourselves in preparedness to be ready for it, but with no immediate plans, to be precise.
Okay. Just two more questions on the balance sheet part only. There is a CWIP of INR 292 crore in this
Yeah.
Quarter. Can you explain the nature of this?
Basically, majority of it comes in from the GMLR tunnel boring machine that J. Kumar has purchased. The TBM is, as we had explained and clarified during the earlier calls as well, that we have purchased two tunnel boring machines, one in our books and one in NCC. J. Kumar's TBM has already reached the job site, and that's how that CapEx figure has gone up.
It is actually under assembling right now. Once it is assembled and put to use, it will be capitalized.
There is a cash outflow of around INR 385 crores. This is completely pertaining to this TBM?
No.
The cash flow statement. Yeah.
No, INR 385 crores is not fully for this because it is partly on a deferred credit basis.
Okay. Okay, sir. That's all from my side.
Thank you.
Thank you. The next question is from the line of Dhananjay Mishra from Sunidhi Securities. Please go ahead.
Yeah. Am I audible?
Yes, Dhananjay.
Just wanted to know, as you are maintaining this INR 5,000 crore orders inflow, can you tell what is the bid pipeline and which all order are expected to be finalized in this financial year?
Like recently, today we will be submitting a bid for a BMC flyover, and also a river bridge. That is around INR 2,250 crores approx, which will be submitted today by the end of the day. Again, Delhi Metro has come up for a project of metro, which is around INR 2,500 crores, which we will be submitting. The bid date will be somewhere by the end of this month. That is one tender again of INR 3,000 crore approx. that we will be submitting. And there are various flyovers, elevated corridors, and some water tunnel projects that we are expecting. Altogether, around INR 20,000, INR 25,000 crores worth of projects is what we are expecting to bid in H2.
Okay. These are all trade bid you are going to submit. As on today, any bid already submitted which has to be finalized?
Yeah. As we have told, we are L1 in one of them, in the INR 1,200 crore project. The INR 2,000 crores worth of project is what we have submitted, and we are waiting for the outcome of it.
Also this working capital, we have seen slight improvement in H1. How do you see it going ahead? Year closing basis, how do you see working capital?
Working capital will be at more or less this level of maybe another INR 50 crore here and there. If you see in financial year 2025, it was INR 696 crores, and now it is INR 775 crores. More or less it will be around this range, INR 700 crores, INR 800 crores also.
We intend to maintain a working capital of 120- 130 days.
Okay. Lastly, your CapEx till date and full year CapEx target.
CapEx for H1 is, as already mentioned before, INR 398 crores. As well, we have been saying, we require around INR 100 crores of maintenance CapEx every year. For these two projects of GMLR and Chennai, we intend to do a CapEx of INR 500 crores in two years. Let's say if INR 400 crores we have done this year, around two years next year. These couple of projects of new, like VDCR, GMLR and Chennai.
Overall CapEx for this year will be closer to INR 500 crores, including this INR 100 crores.
Correct.
Next year it may be about INR 350 crores.
No, next year it will be around INR 200 crores.
INR 200 crores?
Yes.
Okay, that is all from me. Thank you.
Thank you.
Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Yeah. Sir, wanted to get an update on few of the big-ticket projects. How is the execution going on in Chennai Elevated Corridor project?
Chennai Elevated is going on full swing. The casting yard is fully operational and the segments are going on well. The foundations piling, we have completed around 40%-45% of the piles. And the substructure pier cap, everything is on, it is in swing. There is no hindrance as such. Apart from the monsoon, Chennai has some extended monsoon of South, November and December. This October, November, December. So it is there. But the work apart from the river portion, we are doing on land. So the precast yards and all, you can go ahead, no problem. The work is going in full swing in Chennai.
Sir, broadly, how much would have been executed already?
Sorry?
About.
In Chennai?
How much?
In Chennai. Individually, I may not have the figure right now, but people will pass on you the figures. No worry, Mr. Vaibhav.
Okay. Sir, secondly, the projects that we have won recently in the last 12 odd months, have execution started in those projects? Like CIDCO project of INR 1,000 crores and MMRDA project we won last year in August. In those projects, execution has started? Also on NBCC, couple of projects.
Yeah. The CIDCO, the INR 1,020 crore project, that has not started yet. We are just awaiting for the environmental clearances, which is expected in this month only, November. I expect it to start by next month. The MMRDA project of Anand Nagar to Saket, which is INR 1,800 crores, is already started full swing, and the revenue has started pouring in. The piling has started, pile caps have started, the piers, all this work has already started in MMRDA project. The NBCC project of Aspire Silicon City in Noida, even that has started in full swing, and the revenue has started pouring in from that as well. The GMLR project of the tunneling that we are doing. The TBM has reached the job site. We have already casted close to 700 rings that we have already casted at the casting yard.
Also the excavation of the main shaft that's required to lower the TBM for driving it inside has also been happening on a regular basis on a full swing. We have already done the tree cutting, and the excavation is going on in full swing. The project is in proper control now as we speak.
Sir, in the Goregaon-Mulund Link Road project, can we?
Yeah.
Expect somewhere around 20% execution in the current year?
We cannot give you that exact number, but in the current year, we are only talking of four months as in balance. four to five months. In this, 20% would be too optimistic, I would feel. But yes, the work, because the main revenue comes in when the tunneling starts.
Okay.
As of now, expecting that huge figure would be unpractical, I would feel. But from the next year onwards, there will be a substantial revenue that should be contributing to the top line.
Okay. Thank you, sir. Those were my questions.
Thank you. Thank you very much.
Thank you. The next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead.
Hello. Hi, sir. Am I audible?
Yes, you are.
Hi, sir. Thanks a lot for the opportunity. I just wanted to get an update on the margin guidance. What are we guiding for the FY 2026 in terms of EBITDA margin?
In H1 also, as you must have seen, we have done EBITDA margin of 14.6%.
Right.
We will be able to maintain this 14%-15% of margin in this year as well. There is absolutely no issue. Going forward also, we are intending to go a percent notch higher, and trying to do it like 15%-16% in coming two years. Also, if you see the PAT, which is around 7%, we will be able to maintain that as well.
Okay. More or less, we are maintaining our guidance on the revenue, EBITDA, and the margin guidance that we had given in the Q1 and two.
Absolutely. 100%. Because these are also secured order book what we have, Aditya, which are the secured margins.
Right, sir. Understood. In the TBM, you have mentioned that enough, the TBMs are in place. I hope we are not expecting any more CapEx on the TBM front at least, or are we expecting any more CapEx on that front?
No, as I mentioned, the TBM is already here and we have.
All right.
Paid part of the money and the part money is on deferred payment system because we have taken a term loan on it. There is no major, other than some small ancillary equipment, there is no major CapEx as such which is expected.
Okay. What about CapEx that we are planning of about INR 500 odd crore, including the INR 100 crore maintenance CapEx that is going to be ex of all TBM in terms of the.
Yes. Because the other TBM will be in the books of NCC.
NCC. Yeah. Right.
Our part is more or less done, you can say.
Understood, sir. The CapEx that we planned, are we planning to fund it via debt too, or is it going to be completely from the internal accruals?
As we have mentioned, we have taken a term loan to fund that CapEx, and then we.
The previous one, yeah.
I am sorry.
The previous one, you are saying the TBM one, term loan that you have taken.
TBM Two will be the responsibility of NCC. J. Kumar has nothing to do with it.
Okay. Additionally, we are not planning any more debt for the CapEx that we are planning to do.
No.
Understood, sir. If you can help me with what would be the debt level that we are planning, the peak debt level, if I must say.
Around INR 775 crore is our current gross debt.
Right.
But at net level, we are -INR 124 crore .
Understood. Okay. Yes, I think I had other questions. I think those have been answered in terms of bid pipeline. Sorry, in case I've missed, if you can help elaborate the bid pipeline. What does it comprise in terms of the bid pipeline that we have?
So as we have mentioned that we are looking at an order book close to INR 5,000 crores-INR 6,000 crore in the current year, and out of which around INR 150 crore we have bagged till now, and INR 1,200 crore we are L1 for a project at Lucknow, which we have mentioned.
Right.
And there are some bids that are in pipeline. We have already submitted projects worth around INR 2,200 crore for which the financial bid has to open. And today also we are submitting a bid of INR 2,000 crore+ . So altogether, INR 4,000 crore will be till today that we have submitted. And another INR 20,000-INR 25,000 crore in coming six to nine months that we will be bidding in this bid.
Okay. So INR 20,000 crore-INR 25,000 crore would be the bid pipeline for the remaining H2 for FY 2026.
Very correct.
Understood, sir. Thanks a lot for the questions. Thank you.
Thank you.
Thank you. The next question is from the line of Shubham from RB Investments. Please go ahead.
Hi, sir. Am I audible?
Yes, Mr. Shubham.
Sir, I want to know what your order win ratio is. You have said that you will bid for INR 20,000 crore- INR 25,000 crore for order this year. Can I know the probability, what your past win ratio of orders is?
Around, as we told, if you consider it that way, 20%- 25% will be around 20%. Right?
Okay.
As we told before, this year we intend to take an order inflow of around INR 5,000 crore- INR 6,000 crore, thereby maintaining an order book of INR 22,000 crore- INR 23,000 crore by year-end.
Okay. Can I know what is your net debt target for the FY 2026 year-end?
Right now we are at INR 770 crores, so it will be similar to INR 800 crores.
Okay, sir. Thank you.
Yes.
Thank you. The next question is from the line of Venkatesh Subramanian from Organic Capital. Please go ahead.
Hi. I must congratulate the team for very consistent performances. I just had a couple of bookkeeping questions. We are sitting on almost about three years of order book. How do we maintain margins in a fairly inflationary atmosphere? What are the kind of things for which you will have escalation taken care of, and what are the kind of costs that we will need to bear?
Mr. Venkatesh, as you have rightly said, firstly, on the orders that we have bagged of around INR 21,000 crore is coming in from all EPC contracts, which are covered under the price variation and escalation clauses. Even if the tenure is three years, four years, or five years, the increase and decrease is fairly covered under the price variation clauses. That's how maintaining. And once you bag an order, the margins are already secure. It's the margin at which you have bid it. It's a secure job with a 14%-15% EBITDA margins on an overall basis. There is no chance of any major variation happening onto the already bagged orders.
Mr. Gupta, on things like material, steel, et cetera, you probably can have escalation clause because you can kind of index it. But there are things that probably may not be covered like manpower cost and a few other things, et cetera. What has been your past experience and how do you kind of cover it?
Firstly, let me explain you, the price variation clause is not only for steel and cement. It is having a overall percentage distribution where it covers the steel part of it, cement part of it, labor, POL and others.
Okay.
It is not only on the steel and cement, but labor and even the fuel, the POL part of it is also being covered.
Okay.
Our overall experience has been in this past 45 years of our company's experience and our experience of more than 30 years, that it is fairly covered with the price variation and escalation clause.
Your numbers kind of reveal it. Fair enough. Fair. As against your gross debt of about INR 750 crores-INR 800 crores.
Yes.
What is the quantum of mobilization advance that we are sitting on, and what part of it is interest-bearing?
It's around INR 900 crores.
In addition to INR 800 crores, you have INR 900 crores of mobilization?
Yes.
All of it is interest-bearing, and at what cost?
No, not all is interest-bearing. About INR 500 crores is interest-bearing mobilization advance.
Did we hear you say that our net debt is - INR 150? What did we?
Yeah, that is right.
Okay.
INR 124 crores.
Right. Just a follow-up on that. If this is the kind of debt that we are sitting on, why would we want to dilute with this level of valuation? I mean, you would realize that we are not getting valued well enough. Why would you want to dilute at this kind of valuation? We have enough headroom for borrowing, right?
Mr. Venkatesh, that is the reason why last year also, we had a QIP approval that we had taken from the EGM and from the board, but we did not go for it. It totally, depending upon the order book, the nature of work, like the huge CapEx that we had for GMLR Chennai and the coastal road projects. That is how we could manage, so we did not go for the QIP. This is just an enabling resolution that we are getting it passed. Even one of our previous friends had asked this question, wherein we have clearly replied that we do not have any immediate plans to go for it. It would be based on the opportunities of the orders we bag of the working capital requirement, based on which we will take that call. Immediately, there are no such plans.
We fully agree with you, and that is how we have not planned anything immediately.
Fair enough. Thanks a lot.
Thank you, sir.
It is all good.
Thank you very much, Mr. Venkatesh.
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi. Thank you, sir. Sir, first off, though we are broadly saying that we are maintaining our revenue guidance, but slightly, in a way, we are lowering. So previously from INR 6,500 crore- INR 6,600 crore to now INR 6,200 crore- INR 6,300 crore. So if I broadly calculate that in the second half, we are looking at 11%-12% kind of a growth. So till now, are we facing in terms of monsoon or labors-related delays or any project-specific delay? What is the probability that we can reach towards INR 6,500 crore kind of a number?
Shravan, as you are aware, this year, the monsoon has extended till October, in fact. Okay? We just want to give a conservative figure. Okay? As you know, we always intend to do more than what we say. That's why we are giving a target of 11% growth, around 11%, that is INR 6,200 crore- INR 6,300 crore. All the projects, there is absolutely no worry of whether labor or equipment. Of course, this external factor of rains and all. Because of that, the targets are lower, but if you see, we are going year-on-year basis, it is 7% upside only.
Got it. Then, let's say, going forward, previously we were looking at. If this year base itself is a low 11%, then from next year onwards, can we look at 16%-17% kind of a growth for at least. Obviously, that also has to be supported by the order inflow. Broadly, that broader thought of growing 16%-17% for a couple of years is intact.
That is our aim also, Shravan. We intend to grow at 16%-17% going ahead. I think because of these GMLR tunnels and all, the inflow will be much faster, so that will help us to do this.
Okay. On the order inflow front, sir, already INR 1,350 odd crore we have received, and still even we were previously looking INR 6,000 crore, now we are saying INR 5,000 crore -INR 6,000 crore. Even there, I would have expected we could have even said INR 7,000 crore+ , rather we have lower INR 2,000 odd crore. Just trying to understand. Is there any big. Also you can specify this INR 20,000 crore-INR 25,000 crore, which other major big project, Dahisar- Versova, Dahisar- Virar project or any where we are looking at, and what could be the size?
Shravan, if you see, we are giving a tentative range of INR 5,000-INR 6,000 crores. What happens, these are in DPR stage. The projects, if it comes immediately, you bid immediately, you can get more also of that. If these projects are like for a couple of months, they are pushed ahead in bidding. It goes to next year. The whole thing is, it's not that we are giving a range of this, INR 5,000 crores-INR 6,000 crores. Maybe it is up to INR 5,000, maybe it is more than INR 6,000. It depends if we have this Uttan-Virar Sea Link, that project is coming, so it comes on time, it's bidder on time, and they do it on a fast-forward thing, the order inflow will be much faster. Understand.
For us, what is important is profit and bottom line, and we are trying to maintain that. We always want to take orders at our own margins. That's more important to us.
Okay. That, just wanted to understand where we think these all, whatever the big projects which are talked in the newspapers, if you can highlight, and in terms of the timeline, when can you see the tenders coming for them?
See, as you see now, we have diversified in multiple geography also and multiple verticals also. As we have already bidded for around INR 2,100 crores and we are today bidding for a river bridge of around INR 2,000 crores+, and we are intending to bid for another INR 20,000 crores-INR 25,000 crores in various vertical of building flyovers, metros in different geography.
Okay, got it. Lastly, sir, just a data point on the balance sheet front, retention money and unbilled money.
One minute. There is lot of disturbance in the background. I do not know where is it coming from.
Sorry. Sorry, sir. It is from my side. Wanted a retention money and unbilled revenue number as on September.
Unbilled is about INR 695 crores and retention.
Okay.
Is about INR 389 crore.
INR 389 crore?
Yes.
Okay. Mobilization you said it is INR 900 crore.
INR 900 crore.
Okay.
Mobilization INR 695 crore. Mobilization advance you have asked or what you have asked?
Yeah. No, mobilization advance, just wanted an exact figure. Is it at INR 900 odd crore or it is INR 920, crore, INR 930 odd crore?
Mobilization advance is INR 900 crore.
Okay. Got it. In terms of the current finance cost and the depreciation, once this TBM, for TBM, depreciation will start in the books from the Q4 itself or from 1Q 2027?
Depreciation should start from Q2 or so. Q2.
Next year.
Next year Q2. Not this Q4. Next year it will start. That's why Q4 not.
Okay.
It will be on a pro rata basis, so there will not be much impact.
Okay. Current run rate of this INR 42 crore, INR 43 odd crore will continue.
Yeah, around INR 45 crore should continue.
Okay. In terms of the finance cost also, as you said, that you will be maintaining that date at INR 800 crore.
INR 100 crore.
The current run rate, yeah, INR 38 crore, INR 39 crore, INR 40 crore, that run rate should continue.
Correct.
Okay.
You are right. Sure.
Okay. Got it, sir. Thank you, and all the best.
Thank you.
Thank you. The next question is from the line of Nishit Jain from SNJ Investments. Please go ahead.
Yeah. Hi, good afternoon, everyone.
Good afternoon.
Can you tell me what is the current status of Versova-Dahisar coastal road of BMC? Has the department received the High Court NOC?
There are various permissions. Stage one we have received, and stage two is also at the final verge of getting it. We have got the MPCB permission. We have got the CRZ permission. Now there are some tree-cutting permissions which are awaited. We have already completed six foundations also in the stretch which was on the roadside. There are some additions and changes happening in the alignment, in the arms, because it's similar to the Haji Ali if you have seen in Mumbai, which has multiple arms. The IIT has suggested one more addition of a ramp in that, which we have submitted. It's on the final stages where we should get the approval. In the meantime, we have started foundation work in part of the areas.
Okay. For this casting yard set up, everything is already started, you mean to say.
The casting yard land is identified, and the preliminary works has started there.
Okay. Thank you.
We are pushing for the approval from BMC for it.
Okay. Thank you.
Thank you very much.
Thank you. The next question is from the line of Saurabh from Banyan Capital. Please go ahead.
Hi. Just one question. What is the current non-fund based limits and the utilization?
The non-fund based limit is around INR 5,000 crores right now, and utilization is about 75%.
Okay. Thank you.
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Kamal Gupta for closing comments.
Yeah. H1 FY 2026 was a period of consolidation and balanced performance. H2 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 continued trust and support. Please feel free to reach out to our IR team for any clarification or feedback. Thank you all.
On behalf of J. Kumar Infraprojects Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.