Ladies and gentlemen, good day and welcome to the J. Kumar Infraprojects Limited Q1 FY 2026 earnings conference call hosted by Marathon Capital Advisory Private Limited. 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 touch-tone phone. Please note that this conference is being recorded. 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 prospectus and profitability, which are subject to several risks and uncertainties, and the actual result could materially differ from those in such forward-looking statements.
I now hand the conference over to Mr. Kamal Gupta, MD of J. Kumar Infraprojects Limited. Thank you, and over to you, sir.
Good morning, everyone. This is Nalin Gupta, Managing Director of J. Kumar Infraprojects. I warmly welcome you all to our quarter one FY 2026 earning conference call. Joining me today are Mr. Kamal Gupta, Managing Director, Mr. Vasant Savla, CFO, and our investor relation partner, Marathon Capital. I trust you have had the chance to review our earning presentations and press release, both of which are available on the stock exchanges and our corporate website. We are pleased to start FY 2026 on a strong note, continuing our trend of consistent performance and operational excellence. The performance once again validates our core strengths, a robust order book, efficient execution, and a clear strategic focus on delivering complex infrastructure projects with precision and quality.
Our bid pipeline remains healthy, our execution capabilities sharper than ever, and we are confident that this momentum will not only sustain but will further accelerate improvement in margins, return ratios, and capital efficiencies in the years ahead. As one of India's leading infrastructure construction companies, JKIL is ideally positioned to benefit from the sustained momentum in the sector. The government's unwavering focus on urban development, metro expansion, and transport infrastructure creates a strong multi-year runway for growth. We are fully geared to seize this opportunity with scale, speed, and confidence. We are deepening our presence in core verticals like metros, elevated corridors, tunnels, and water infrastructure, while also enhancing our execution frameworks to unlock even greater value from ongoing and future projects. In a demanding and highly competitive industry, our continued success is a direct reflection of the resilience, agility, and engineering excellence that defines JKIL.
Where others see complexity, we see opportunity. Technically demanding, first of their kind projects are not roadblocks, they are catalysts. They challenge us to innovate, adapt, and lead. Our proven ability to consistent quality for win and execute landmark projects speaks volumes and strength of our technical teams and our organizational depth. Now, coming to the financial performance.
Consolidated performance highlights for Q1 FY 2026. Revenue from operations for Q1 FY 2026 grew by 16% to INR 1,484 crore as compared to INR 1,281 crore in Q1 FY 2025. EBITDA for Q1 FY 2026 has grown by 18% to INR 217 crore as compared to INR 184 crore in Q1 FY 2025. EBITDA margin for Q1 FY 2026 stood at 14.6% as compared to 14.4% in Q1 FY 2025. The PAT for Q1 FY 2026 grew by 19% to INR 103 crore as compared to INR 87 crore in Q1 FY 2025.
The PAT margin for Q1 FY 2026 stood at 7% as compared to 6.8% in Q1 FY 2025. The total order book as on June 30, 2025 stood at INR 20,946 crore. Net debt as on June 30, 2025 stood at negative INR 159 crore. That's cash positive. We can now begin the question and answers. Thank you, everyone.
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 their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use answers 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 Jainam Jain from ICICI Securities. Please go ahead.
Thank you for the opportunity. My first question is, has the NHAI announced a strong road project pipeline of INR 3.4 trillion, where a majority consists of BOT and HAM projects. Given the fact we don't have much presence in those projects, are you looking to bid for this project?
Hello.
Hello.
Am I audible?
Yeah.
Yes, sir, you are audible.
Yeah. You are asking NHAI right now is going for more of BOT and HAM, right, Mr. Jain?
Yes.
Yes. We are right now focusing on EPC only and not on BOT projects. Maybe some of the HAM projects we may explore, where we see good opportunity and our strength is there. Not for the BOT for sure. I think our requirement, the EPC projects are good enough, what is coming in, Mr. Jain. There should not be any problem in the order flow of EPC as well.
Okay, sir. Sir, are we looking at any opportunities also in Maharashtra for metro projects? How is it?
Maharashtra metro, yeah, of course. Maharashtra metro, whatever projects will come, we will bid for that. That is for sure. Right now, the Thane Ring Road is there in place, so we will be bidding for that. Line 11 will be coming of MMRCL. We are already doing the underground metro of Line 3, INR 6,000 crore project. So that will be, of course, in our focus. Many other lines which are coming are like some of the lines they are planning to put on BOT probably. Let us see when it comes. Again, from Bombay to New Bombay Airport, the metro has to be connected. Even CIDCO, there will be some metro lines in and around the new airport, what is in proposals. Of course, we will be bidding for all these metros.
Currently, already Thane Metro has floated tenders, which we are in the process of bidding. We have also submitted recently the Pune Metro elevated underground corridor. Mumbai Metro is already coming up with Line 10, 11, 13, by MMRDA. Delhi Metro has come up with an underground package which we are about to bid. There are a lot of EPC opportunities. Again, there is a lagoon bridge tender by BMC, which is an elevated corridor, which we are about to bid. There are a lot of EPC opportunities is what we would like to put, which does not make us a compulsion to think about BOT at all at this stage. Thank you.
Okay, sir. Sir, as per our calculations, we had an order inflow of INR 19 billion. Is it just a conversion of existing elements, or it is some LOI for new projects?
Our order book as of now is INR 21,000 crores.
Yeah. Have you received any new project in this quarter, or is it just a conversion of the existing elements that we had during the March month?
In Q1, we haven't received any new orders. Going forward, we are expecting some order inflows to happen because there are some, like we have submitted the Pune Metro and some other projects worth around INR 3,500 crores. We are very hopeful that we will pick up some order from this, close to INR 2,000 crores, in Q2.
Okay, sir. There are no further questions. Thank you so much, and all the best.
Thank you very much.
Thank you. Our next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Recently, you said that some BOT projects are coming in the metro side. Is that right?
Yeah. There are some projects like the Line 8, which is connecting International Airport to New Bombay Airport. That is still under discussion that we may come up on BOT. But it is very limited lines, not even 5% comes on BOT. Usually it is on, like Pune Metro came up, MMRDA had come up with an elevated corridor on BOT, which Tata had taken. It is like 5%-10% lines hardly come on BOT because metros are not profit-making ventures. It becomes obligatory on part of the government to make it a successful project to get it on EPC mode.
Which concern what will be the value of this Line 8, which is expected to come on BOT?
Well, I don't know the exact figure on that because still there are a lot of contemplations happening in terms of how much will be elevated and how much would be underground. So the figure cannot be mentioned at this stage.
If it does come on BOT, will we be bidding for that? As we are now not open to BOT on highway side, but are we open for metro or only EPC?
We are not open to BOT. Either it is metro or elevated corridors. Because as I mentioned, that we already have opportunities going forward for cash contracts. So even if there is a cash contract drying up, EPC, which is not the case at all in the present case, we may explore our HAM projects, but not BOT at all. That's our internal policy.
Okay. Secondly, what is our bid pipeline across the verticals?
Can you come back with the question? Sorry.
Bid pipeline across the verticals. Last time we had mentioned that it is around INR 25,000 crore.
Yeah. It is still INR 30,000 crore. It is still INR 30,000 crore, Mr. Vaibhav, and we are in different verticals of building elevated corridors, flyover roads, metro and water.
Okay. Sir, next is, what is status of GMLR project? Has the TBM arrived already, or what is the status?
For GMLR, we have already started the work and the first TBM is arrived, like around 60% of the TBM has already been received at the job site, and the main break bulk consignment should be reaching in first week of August to the job site. We will be going for the FAT test of the second TBM in the first week again. Both the machines should be available by, one in the month of August and the other in the month of January somewhere.
Okay. What is your CapEx guidance for the entire year, for 2026 and 2027?
For FY 2026 Q1, the CapEx of INR 107 crore has been done, and in addition to normal maintenance, CapEx of INR 100 crore is what we are expecting. This is in addition to the GMLR specific TBM requirement that we will be having. In the next two years, we should say around INR 450 crore- INR 500 crore of CapEx is what we are looking at.
Okay. And sir, in terms of guidance, do we maintain our guidance that we mentioned in the last quarter, 15% revenue growth and EBITDA margin of 15%-16%?
Yeah, absolutely. Very comfortably, Mr. Vaibhav.
Okay. And sir, what is our L1 position right now?
L1 position right now. I mean, the order book is INR 21,000 crore and L1, I won't say because we have this INR 4,000 crore of L1 book, but we have learned that we have not got some official communication from the department, but they are getting the project on BOT of this Virar-Alibaug. We are not considering that L1 for the moment.
Okay, we are confident of the INR 6,000 crore-INR 8,000 crore order inflow guidance, despite the cancellation of those Virar orders.
Yeah. We are expecting around INR 6,000 crore in this financial year.
Got you.
That's our target, and I think we should be able to achieve that. In Q2 itself, we are hopeful that we should be able to bag orders worth nearly around INR 2,000 crore.
Okay. And sir, lastly, on working capital side, we have seen a good amount of reduction in FY 2025. Do we expect a further reduction in FY 2026, or it should be at similar levels?
We have already given a guidance of around 120 days, Mr. Vaibhav. If you see, for this Q1, it's 115 days. I think we are well within the limits of that. Going forward also, we will maintain around 120- 125 days of working capital.
Okay. Thank you, sir. Those are my questions.
Thank you.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Nishit Jain from S&J Investments. Please go ahead.
Yeah, good afternoon. In last con call, you had mentioned that Virar-Alibaug tender validity bid was increased. Is there any update? Are they going to continue that, or will it be BOT model?
Yeah, Mr. Nishit, that is what I told right now. There were two projects costing around INR 4,000 crore where we were L1 of this Virar-Alibaug Multimodal Corridor. Right now, we have learned that they are getting this project on BOT. It is not sure. We are not considering that L1 for the moment. We have not got any official communication till now from the department.
Okay. The second thing, last year, I think company had invested some INR 100 crore in PSL Vizag. Is there any more such asset buying opportunity this year, or was that only one-off such incident?
Right now, it doesn't look like any more such purchases, and there also the work is going well. We have completed major amount of this thing, loan work we've taken.
Right.
It's all on track, sir.
Okay, and last thing. In last con call also, you had mentioned regarding the Versova-Dahisar project. Have the operations started for this project?
Versova-Dahisar, we have already got the LOI and the preparatory works because there are a lot of permissions that's required on these coastal roads where mangroves, CRZ—
Right.
—Pollution Control Board . We are in very advanced stage, and we have practically got the permission to start the works which are on the road portion. As far as J. Kumar is concerned, we have a substantial length on the road as well. Those GADs have been finally approved. We have started the trenching work and the physical piling work will be started at the job site next week. We have already completed soil investigation, test piles, GAD submission, design has been approved for almost 40 foundations. It's in an advanced stage, and physically, substantial work will be started from August 1.
Okay, so basically the permission for mangroves, some High Court and all, that is still pending, according to you?
That's on track, and as I mentioned, around 30% of the stretch is on the mangrove and these affected areas. 70% is on the road area where we have a elevated corridor. There, the work permission has been granted to us, and where all the preparatory works, including design approval, has been done.
Okay.
Physical work will start from this month.
This thing will also have an extension to Virar and Palghar, am I right in future?
Right now, this line has been designed till Bhayander.
Okay.
Till Dahisar-Virar road. This line has to be taken till Vasai-Virar, for which MMRDA and VMC both are. Most likely it will be by MMRDA. They are still working out the best techno commercially viable proposal.
Okay.
I think in a span of three to six months, that tender should also be there for bidding.
Okay. Thank you so much.
Yeah, thank you.
Thank you. Our next question is from the line of Dhvaneet from Savla Family Office. Please go ahead.
Am I audible, sir?
Yes, Mr. Dhvaneet.
Yes, sir. You are.
My question is with regards to Metro Line 4. How much of the order book is still under construction, and by when can we see the completion of this? My second question, I wanted to understand that was there any funding or something procured before we were L1 in this Virar-Alibaug project?
No, we were in the process of tying up with the banks for our bank guarantees and all, so there was no funding taken for that project till now. We had taken the approval for, as a standby, we do a preparatory preparation, which we had taken, but there is no reason of taking a single rupee till we get the LOI. So there is zero anything taken for that project. With regards to Line 4, we have a very small area available, a small portion of INR 500 crore for a project, which is called as, which is from Kasarvadavali to Gaimukh, which is J. Kumar's scope. Overall project timeline completion is what we are hearing and expecting is around one and a half years' time from now.
Our portion, we have already completed close to around 85% of the project, and that is the line they intend to commission on the priority basis. We have handed over a substantial portion of the project to the further contractors of track and OHE works.
Okay. Thank you.
As expected, they are targeting to open it within a year's time, that 5 km-6 km stretch.
Okay. Thank you very much.
Thank you.
Thank you. Our next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead.
Hi, sir. My only questions have been answered. Just one data point I wanted to confirm. This is with respect to the gross peak debt guidance that you had given earlier of INR 9 billion for FY 2026. Does that continue to be in place, or are we changing on that?
INR 9 billion?
INR 900 crore.
INR 900 crore. Okay. I thought you were talking in terms of dollars.
No, apologies, sir.
What we were talking about is that total, there are two TBMs required for GMLR, but our requirement is only one.
Yes.
The one TBM is bought by NCC. J. Kumar never intended to take INR 900 crore CapEx for this project. Ours was 50%. That we have already mentioned that in the span of two years period, we expect to book CapEx close to around INR 500 crores, including the maintenance CapEx.
Understood, sir. The overall debt, what are we expecting for 2026 and 2027?
We have, as guided before also, it is around INR 700 crores- INR 800 crores for 2026.
Okay.
Yeah.
Understood, sir. Thanks a lot. No more questions. Thank you.
Thank you very much.
Thank you. Our next question is from the line of Devang Shah from Asit C. Mehta Investment Intermediates Private Limited. Please go ahead.
Yeah, hi. Good afternoon, sir. Sir, I wanted to just ask, the way we earlier discussed, over the next two, three years, the way we have our existing order book, we continue to maintain the same revenue CAGR, somewhere 15%+ kind of growth and same EBITDA margin. You are just maintaining the same guidance, sir?
Well, if you talk about the growth rate and the EBITDA margin, we are very sure of maintaining growth rate of 15%-16% in terms of top line and around 14%- 15%, we are trying to take our EBITDA margin to 15%-16% going forward six to eight quarters that we had mentioned, and we are confident that due to the operational efficiency and leverage that we will be getting, we should be able to maintain that. We still maintain that we should be able to achieve it.
In this particular financial year, you are expecting some kind of INR 6,000 crore kind of order inflow, new order inflow, by considering the tender and the way you have been now bidder for many projects. By considering these facts, you feel that your outstanding order book more or less remains somewhere close to INR 21,000 crore, because you already aspiration to have some kind of INR 25,000 crore order book in our next two years kind of thing. I am just asking, what would be your outstanding order book possibility at the end of this particular financial year? I am talking about 31st March 2026.
Yes.
Because this year you are ending with close to INR 21,000 crore. Just to get that particular idea.
Yeah. As you rightly mentioned, our continuous effort is to ensure that the top line that the company is making, we book that amount of order book on an average and with some add-ons depending upon some good opportunities that we can get at our margins. That is how, if you see, we have not been very aggressive in terms of Q1 where you could not see any order book because we are already sitting at a comfortable order book of INR 21,000 crore, which takes care of my three to four years top line going forward. Still, it will be like, as we have mentioned, in Q2 itself, we should be seeing around contracts worth around INR 2,000 crore that we should be more or less bagging. In the whole year, we will be able to bag around INR 5,000 crore- INR 6,000 crore for sure.
Maintaining our order book close to like INR 22,000 crore, INR 23,000 crore is minimum is what we are targeting at.
We can assume that in the FY 2025, you were having a top line somewhere close to INR 5,700 crore. As you were saying, if you are maintaining a 15% kind of revenue top line CAGR growth in this year, that much amount of at least order inflow you want to have, so your order book at the end to be maintained. Am I right, sir? What I understood?
You got it right. Perfectly right.
That way you want to grow ahead, that it should be compensated and more or less remain incrementally, or more or less remain at the same level kind of thing, at least.
Very right.
And sir, last question. What about the industry outlook? What are you perceiving the way we have a government push and everything. What do you feel the pace as far as concerned, it is going to be more on a second half of the financial year. What you are perceiving, sir, by considering the tendering and the bidding that is being floated by the government or any private project that you are dealing into. What is the industry you are making sense of?
Overall, if you see the government, I would say Q1 or Q2 overall, we could not see a huge order book or order inflow or tendering process that was going on because, with the new government formation, they are trying to take control over the existing commitments. But, with the information that we have, we feel that the H2 should be having some good amount of orders coming in. Overall, the government is very pushy about infrastructure. I think we should be having a healthy order book going forward in this two to three years' time, on a regular basis.
You mean to say H2 will be a possibility of a more order inflow from the government side. From the private side, sir? From the private side.
As I mentioned, in three to six months' time, which will be floated. That is how I am very hopeful about H2.
Okay.
Because all the departments are planning to come up with floating of new tenders for metros, elevated corridors, road tunnels. The opportunity looks to be quite strong according to my view.
Sir, you feel whatever the CapEx they have already guided, so they have to make some kind of allocation also quicker basis in H2, as far as tendering is concerned, because the way they have guided for the CapEx, they have to that much at least to be floated on a deliverable basis.
You rightly said it, and that's why I said that we are very bullish about the infrastructure segment in this two years' time, and including H2. There should be good amount of works that we should be expecting.
As far as private side is concerned, so this is your government you have spoken. Any kind of private projects or something?
As of private, if you speak of, you would appreciate that J. Kumar only works into the government sector, and we don't focus onto the private area because we have enough potential and opportunities to grow in the government sector. We have historically been focusing only on the government.
Okay. Thank you, sir, and wishing you all the best, sir.
Thank you, Mr. Devang.
Thank you. Our next question is from the line of Lokesh Kashikar from SMIFS Institutional Equities. Please go ahead.
Sure. Hi, sir. Congratulations on the good set of numbers. My first question is basically on the metro segment. My analysis basically looks at the percentage of metro rail towards the overall order mix has been considerably declining over the period and has now dropped to around lesser than 15%. Is it a more kind of a strategy of the company wherein we are getting more opportunities on the other segment, or how one should look at, is there any competition in the metro segment that is basically declining the mix of the segment? That's my first question.
Mr. Lokesh. If you see, we basically concentrate more on structure work. Whether it's metro, whether it's elevated corridors. In recent times, if you see, we have added new verticals of road tunnels, water. These are the new segments where we have entered. We are taking more projects on these verticals also. Now coming to whether it's metro, whether it's elevated or some other vertical, our focus is always on bottom line. We ensure that the company gets the required bottom line, whether it's a metro project or an elevated corridor. In between, initially we had a major percentage was non-metro. Then, when we got some good opportunities of good projects of metro, INR 5,000 crores of line underground, Metro 3, and also here, so percentage of metro was much higher.
Now when we got good opportunity of the GMLR, which is a road tunnel, some new Bombay tunnels we took, the elevated corridor in Chennai we took, the Dwarka Expressway we took. Then the percentage of metro has gone down. Again, going forward also, if we get good opportunities with our margins in metro, we'll go for metro. If we get it in road tunnels or elevated or water, we'll go for that. It's basically about the right opportunity with our numbers. Basically, you have to understand, metro project is a complex nature of job. When we talk about the elevated corridors, like whether you talk of Bombay Coastal Road, you talk of Chennai Elevated Corridor, which is India's first of its kind, with 20 km with double-decker cloverleaf cable stays. Similarly, is the coastal road at Bombay.
Again, there are a lot of cable stays, multiple loops. These type of works are specialized jobs which is a core competence area. That is the area where we get some extra mileage in terms of profit. That so we have been focusing and we will continue to focus there.
Sure, sir. Just a clarification on the margins front. You said 15%-16% margins you are targeting over the next six to eight quarters. Is it fair to assume that 14.7%-14.8% for FY 2026 and around 15% for FY 2027? Is it fair to assume?
Yeah. Right now we are doing around 14%-15%, and we intend to go one notch percentage higher in the coming eight quarters, six to eight quarters. Going forward by 2027, we should see that 15%-16% margins will be there into it.
Fine. Sir, last one on the Chennai Elevated Corridor. Just wanted to know what is the progress on it and outstanding order value in that project.
Yeah. We have four packages in Chennai, and all the four packages are going very well. The progress is we have, in fact, established one of the biggest casting yard of India there. The casting of segments has started, the superstructure what we call. The foundations in the river are going in full-fledged. We have completed almost 40% of the piling there, and subsequently the substructure other works are in progress.
What is the outstanding value of the total, say, INR 1,200 crores?
Outstanding order book?
Order value of Chennai Elevated for total four packages.
We will get that to you, all the exact figure separately. We do not have this handy right now. We will get back.
Sure. Okay, fine. That is all from my side. Thank you.
Thank you. Our next question is from the line of Diwakar Rana from Prudent Equity. Please go ahead.
Hello.
Yes.
Hi, sir. Sir, out of this INR 21,000 order book, do we have any slow-moving legacy order?
No, there is one project of NBCC, building project, which is like INR 300 crores. That is not started in full pledge, only the preparatory work is there. Apart from that, all the projects are going well.
When do we expect this order to start?
By September.
September.
September, October. There is another INR 350 crores project.
Okay. And sir, are you planning to bid in waste management?
We are looking for the opportunity. We are a bit cautious about doing that, because it is a new vertical, but we are exploring it. Given the right opportunity, we go for it. Yeah.
Okay. Okay, sir. Thank you and good luck.
Thank you, Mr. Diwakar.
Thank you. The next question is from the line of [Ashwin Kumar], an individual investor. Please go ahead.
I just needed to understand something. Can you provide me with the revenue breakup this quarter? How much you earned from metros and expressways and all? Maybe can you also give me the status of the biggest projects? What is it? Is it like 10% done, 15% of either the metro, Chennai Elevated Corridor? Can you give me that to understand it better?
Yeah. This quarter, the revenue breakup will be around 40% from the metro, and rest will be from these flyovers and tunnels. The bigger projects, if you see, you want particular projects or the verticals you are talking, my dear?
Vertical. Vertical wise. Maybe for the status of the project, how much is done, 10%, 15%?
Elevated metro, we have got around INR 340 crores of inflow, and underground metro, we have got around INR 250 crores. The elevated flyovers corridors, we have got around INR 300 crores of inflow. The road tunnels, we have got around INR 270 crores of inflow. Water, we have got around INR 65 crores of inflow. Other civil building line projects, we have got INR 270 crores of inflow, my dear.
Okay. Can you give me the status of each project, the big projects mainly?
Yeah. The big project like Dwarka Expressway, Delhi is on the verge of completion. The other big project of Chennai Metro, Chennai Elevated 4,000, that is going full-fledged. The casting of the superstructure is also started. The other big project of GMLR, that is Goregaon-Mulund Link Road, as my brother already told, we have received part of the TBM, and by next month we will receive the first TBM also. We will start the tunneling in another couple of months after that.
Casting yard is also fully functional. We have casted around 200 tunnel rings already.
The other big projects are the New Bombay Coastal Road, which is also going very well and full speed. Secondly, we have started a new project of Thane. That is the Anand Nagar-Thane East Elevated Corridor of 8 km by MMRDA. Even that is, we have completed 55 piles also there.
All these projects are going very well.
Okay. Is there any delay in any payments or?
Any delay in payment?
Yeah.
Regular flows on a regular course. Only the variations and things, they take some time for the approval, so that gets delayed. Old are submitted, new are coming up. We get some payment of old, so variations take little time. Otherwise, the regular work payments, we are getting on a timely basis.
Okay. Okay, fine. Thank you.
Thank you, Mr. [Ashwin].
Thank you. Our next question is from the line of Ankita Shah. Please go ahead.
Yeah. Hi, thank you. This is Ankita Shah from Elara Capital. Sir, what kind of projects are you expecting in Q2, the INR 3,000 crores of projects that you are hopeful to get? What segment would these be?
It is basically from elevated corridors and elevated metro is something, the bids that we have already submitted. We have submitted a bid of around INR 2,000 crores for the Pune Metro, which should be opened in the month of August, as per our information, before 15th of August or so. We are hopeful about that. And there are some elevated projects that we are submitting very soon. With this elevated line, elevated corridor, and this underground metro is what we are expecting this order book to come from.
Got it. You mentioned about the payments from MSRDC coming through, but how is the funding tied up for the future projects also going forward?
We have not mentioned any project of MSRDC, Ankita, because we do not have any order book from MSRDC, so we have not read about that, I have said.
Or the state government or Maharashtra State Government.
Maharashtra, all the orders that we have received is a very standard procedure, Ankita, that till the orders, the EPC contract funding is approved, they do not float tenders. The existing INR 21,000 crore entire order book is funded well, and that is why the payments are not an issue with regards to regular month-to-month release.
Got it. That is helpful. Thank you so much, and wish you all the best.
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our next question is from the line of Uttam Kumar Srimal from Axis Securities Limited. Please go ahead.
Yeah, sir. Very good afternoon and congratulations on the set of numbers. Sir, my question pertains to the labor issue since most of the operators are facing these labor issues in construction. How is this in your case? Are you also facing some major labor issues in your sites and construction work currently?
Mr. Uttam, it seems like, of course, there are so many infra projects being floated and going on around India. So labor issues, it is not that we are not getting labor, but of course, labor situation will be a bit tight. But as with J. Kumar, since we are good paymasters, we have good set of tied-up people along with us since years, so they are continuing with us. That is number one. Number two, we at J. Kumar believe in lot of automation. So we do lot of mechanized work wherein the labor dependency is reduced and machineries are used more. A lot of precasting is being adopted by these companies, so that again, the labor requirement goes down. So because of this, we usually don't face issues of labor, Mr. Uttam.
And sir, next one is as far as depreciation and finance cost is concerned. How this will pan out for the full year depreciation and full year finance cost for the FY 2026?
Finance cost in the last con call also we have said that we will be able to keep it around 2.75% of the overall revenue.
Sir, depreciation, because since we will also be getting the TBM, so how we are going to depreciate the TBM?
Depreciation will be marginally up. Right now it is around 3%. It may marginally go up to 3.5%.
Okay, sir. That is all from my side, and wish you all the best.
Thank you.
Thank you. Our next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi. Sir, most of the questions has been answered. A couple of data points on the balance sheet front. Mobilization advance, retention money, unbilled revenue as on June.
Shravan, mobilization advance is at INR 789 crores.
Yeah.
What else you said?
Retention money and unbilled revenue.
Retention is INR 386 crores. Unbilled revenue—
Yeah.
Unbilled revenue is at INR 650 crores.
INR 650 crores. Okay. In terms of absolute inventory, trade receivable and trade payable, what are the numbers?
Overall inventory is at INR 967 crores. Trade credit is at INR 795 crores.
Sorry, sir. Trade receivable, how much?
Trade receivable is INR 1,697.
INR 1,697, okay.
Credit is at INR 795.
Fine. Sir, this inventory, which was at around INR 500 crore in March, now you said INR 967 crore.
No, total inventory means inventory is raw material plus unbilled revenue.
Okay. So apple-to-apple , which was INR 503 crore in March, what will be the number?
INR 315 crores.
INR 315 crore. Okay. So it has decently come down.
Yes.
Okay. Yeah. And then sir, just to clarify this CapEx that you are saying that for this year and next year, both put together, the maintenance CapEx will be INR 100 crore, or it will be INR 100 crore each year?
To maintain, apart from maintenance capacity of INR 100 crores, there will be INR 400 crores- INR 500 crores of your additional CapEx for TBM and other equipment.
Okay. Put together would be INR 550 crores- INR 600 crores would be for both the years.
Yes.
Okay. Got it. This one, Virar-Versova, that you are saying that the tender can come in next two, three quarters. There, the value last time we have talked about could be INR 80,000 crores. There, will we be participating individually or with a JV?
First of all, it's not Versova to Virar. It's from Dahisar to Virar or Uttan to Virar, and now the cost is around INR 50,000 crores, INR 55,000 crores for the total project. Of course, we'll be participating that. Let's see what size of project they are splitting and what will be the qualification criteria. Accordingly, we will decide that time whether to go for a JV or individually.
Okay. Got it. Why we will still keep on saying only just a INR 6,000 crore order inflow, though Suresh mentioned that whatever the revenue we will do, we will replace with the new order inflow. But to maintain the growth momentum 15%, and that too, most of these orders will be two to three years execution. So we ideally should be getting even a different higher number versus what we are planning. So this year, if we are taking the 15%, it will be INR 6,600 crores plus kind of a revenue should be there, then we should be easily targeting minimum should be INR 8,000 crore plus kind of a number in terms of the order inflow.
Shravan, as we have already mentioned, it cannot be a mechanized method that every year you can bag INR 8,000 or INR 6,000 or INR 4,000. It depends. For us, the bottom line of the company is the most important factor. We don't want to have a growth which is not supported with a strong bottom line. That financial discipline of our company has made us a net cash flow positive company. As we have mentioned, if you look in FY 2024, we bagged orders worth more than INR 10,000 crores. So it is totally an opportunity-based thing. We are targeting INR 6,000 because we want to keep topping up the turnover that we will be consuming in this year. That doesn't mean that we don't look at good opportunities, but we don't want to underbid. That's the point.
Looking at the Q1 position, we are giving a safe side figure of INR 5,000-INR 6,000 crore, which we'll surely bag. That doesn't mean that we are not open to INR 10,000 crores. So that is the type. We always want to give investors a very safe figure where we do not disappoint anyone, and we don't want to underbid and take projects at wrong prices. So that's the reason we are giving you this figure. But we are surely open to even INR 20,000 crores worth of order if we get it at our price.
Got it. Sir, in terms of when we say we can explore the HAM in the road, any rough in terms of internally, we are looking at this much kind of equity that we can commit?
We have already mentioned that because we can see lot of cash projects coming in, EPC projects. As of now, there is no HAM project that is into the pipeline.
Okay, got it. Lastly on the equity fundraising that we have a resolution QIP. Any thought process this year, can we look at that?
It will totally depend upon the opportunity and market scenario. We are not desperate or anything to do it immediate or not to do it immediate. If the opportunity is available and if we get the fundraising at our price, and if the market is suitable, we will go for it. We haven't taken any call immediately on that, but we have passed the resolution, if you are aware.
Okay, got it, sir. Thank you and all the best, sir.
Thank you, Mr. Shravan.
Thank you. Our next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Thanks, sir, for the follow-up. Only one question on the PSL land. It was around INR 100 crores of loan we had taken as of March. We mentioned that we have done some payment. What will be the outstanding value as of now, as of June?
I think out of 90, we have already paid INR 70 crores, so INR 20 is balance. That's it.
Okay. When do we expect to complete the transaction of monetizing the land?
By next June, we are expecting to complete it.
Okay. Yeah. Lastly,
We will pay off the debt by receiving this thing, whatever the inflows will be there. That will be done by this December only. By June, we will be completing the entire transaction.
Sir, payment has been largely done through the receipts from monetizing the machines in the factory or also from internal accruals?
No. There, it is absolutely all from the equipment and the machineries, plus some land bank what we had from that asset. It is all from that.
Okay. Sir, lastly, what is the exact value of the Chennai order? I heard you mentioning it around INR 4,000 odd crores.
I was under the impression that it is around INR 3,500 crores. No, it is INR 3,600 crores plus another INR 550 crores. So it is like INR 4,200 crores in all.
It is entirely ours, sir?
Yeah, it is entirely ours.
Okay. Thank you, sir.
Sure. Thank you so much.
Thank you. Our next follow-up question is from the line of Nishit Jain from S&J Investments. Please go ahead.
Yeah, thank you so much. Just now you had mentioned about some biggest casting yard set up done for Chennai Metro. For this GMLR project also, is there a casting yard set up?
Of course, for GMLR also, we have taken a casting yard. Even that setup is already done. The crushing plants are installed and everything. Even that is started.
For the Versova-Dahisar also you may need one or this will be sufficient?
Sorry?
For Versova-Dahisar, one package you just mentioned, which is about to start, for that also you may need this yard or it is without that yard.
Right now what we have taken for GMLR is specifically for GMLR.
Okay.
We have already casted 200 rings and the casting yard is fully established. With regards to Coastal Road, Package B that we have bagged, we are going to set up a new casting yard. We are finalizing the land and very soon we will be closing that casting yard line.
Okay. This normally is bought on lease or the company invests in the asset?
Always on lease.
Okay. Got it. Thank you.
Thank you.
Thank you very much.
Thank you. Our next follow-up question is from the line of Diwakar Rana from Prudent Equity. Please go ahead.
Yeah. Hi, sir. Sir, over the years, our promoter pledge stood at around 22%. Do we have any plan to release this pledge?
This was initially done with our main banker of the Bank of India. That pledge was for the initial or whatever we have taken these bank guarantees and all. It was basically by Bank of India at that time. So there is no new pledge that we have done, and we are trying to get this pledge released.
Any timeline, sir?
We are trying, but the bankers have their own timelines, so you cannot commit exactly onto that. But yes, we are trying for it.
Okay. Thank you, sir.
Thank you, Mr. Diwakar.
Thank you. Our next question is from the line of Dinesh Maheshwari from Kirti Creations. Please go ahead.
Hello.
Yes, Mr. Dinesh.
Sir, can I speak in Hindi? I am not so comfortable in English.
Yeah, please feel free.
[Non-English content] INR 500 crore [Non-English content]
500 [Non-English content]
500 EBITDA. [Non-English content] INR 300 something crores. [Non-English content] 500 [Non-English content]
[Non-English content] , Mr. Dinesh, [Non-English content]
[Non-English content] 400.
Yes, sir. 400 plus. An exact number, we would not like to mention any figures now, but it will be a good growth. [Non-English content]
Okay.
That will be the profit.
Thank you.
Thank you. Ladies and gentlemen, this was the last question for today, and I now hand the conference over to the management and to Mr. Kamal Gupta for closing comments.
FY 2025 was a year of consolidation and momentum. FY 2026 will be a year of scaling up and moving ahead with the greatest 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 and 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.