Ladies and gentlemen, good day and welcome to the J. Kumar Infraprojects Limited Q4 and FY 2025 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 the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference call is being recorded. The presentation which J. Kumar Infraprojects Limited has uploaded on the stock exchange and their website, including the discussion 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, J. Kumar Infraprojects Limited.
Thank you, and over to you, sir.
Thank you. Good afternoon, everyone. On behalf of J. Kumar Infraprojects, I welcome everyone to the Q4 and FY 2025 earning conference call of the company. Joining me on this is Mr. Nalin Gupta, MD, Mr. Vasant Savla, CFO, and Marathon Capital, our IR team. I hope everyone had an opportunity to look at our results. The presentation and press release have been uploaded on the stock exchanges and our company's website. We are pleased to report another year of strong overall performance. Our healthy order book and proven execution capabilities continue to position us as the sustained success. The strategic focus on delivering high-quality projects and expanding our portfolio is yielding positive results, and we remain confident that this momentum will drive further momentum in margin and return ratios in the years ahead.
As a leading infrastructure construction company in India, we are well-positioned to leverage the sector's strong growth momentum. This position is for accelerated revenue expansion and improved visibility across the multi-layer horizon, reinforcing our long-term growth trajectory. Our continued success in a demanding and highly competitive industry stands as a testament to the enduring values that have shaped our organization since its inception. Delivering results amid complex challenges calls for resilience, adaptability, and unwavering commitment. We view technically demanding first-of-their-kind projects not as an obstacle, but an opportunity for growth, innovation, and differentiation. Our consistent ability to technically qualify for and secure such landmark projects underscores the strength of our engineering capabilities. We take great pride in our role as nation builders, contributing meaningfully to the development of critical infrastructure across the country. Now, taking you to the financial performances. The highlights for FY 2025.
The revenue from operations for FY 2025 grew by 17% to INR 5,693 crores, as compared to INR 4,879 crores in FY 2024. EBITDA for FY 2025 grew by 17% to INR 826 crores, and the EBITDA margin for FY 2025 stood at 14.5% as compared to 14.4% in the previous year. PAT for FY 2025 grew by 19% to INR 390 crores as compared to INR 329 of the preceding year, and the PAT margin of FY 2025 stands at 6.9% as compared to 6.7% of the previous year. Now, coming to the performance highlights of Q4 FY 2025. Revenue from operations has gone up by 15% to INR 1,633 crores. The operating margin has gone up by 16% to INR 235 crores, and the PAT for Q4 FY 2025 grew by 15% to INR 114 crores. The PAT margin for Q4 stood at 7%.
The order book as on 31st March 2025 stood at INR 22,238 crores. ]]] The order book includes metro projects contributing 16%, elevated corridor flyovers contributing 50%, and road tunnel projects contributing around 18%, and other building projects contributing 16%. We have been awarded projects worth INR 4,700 crores during the year FY 2025. We see further acceleration in award-winning in FY 2026. The board of directors has proposed a dividend of INR 4 for equity share, subject to approval of the shareholders in the AGM. Thank you, and now we can begin the question and answer.
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 your 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 Jainam Jain from ICICI Securities. You may proceed.
Good afternoon, management. Congratulations on great set of numbers. Sir, I actually wanted a couple of data points from the balance sheet. What would be advance to suppliers as of March 2025?
Can you be a little louder, Mr. Jain?
Hello, am I audible right now?
Yeah. Now it's good.
Sir, what's the advance we have given to suppliers as of March 2025?
Advance what we have given to supplier is INR 91 crores.
Okay, sir. And retention money?
Retention money.
Retention , what has been deducted from our billing?
Yeah.
INR 369 crores.
Sir, what about unbilled revenues and mobilization advances?
So unbilled revenue is INR 589 crores and m obilization advance is INR 621 crores.
Okay, sir. What is the kind of order pipeline which we are seeing in this FY 2026 ?
Yeah. We have already bidded for around INR 3,000- odd crores of projects. Hello?
And what is the quantum of amount which we are looking to bid for in this year?
We are looking to bid for around INR 20,000 crores-INR 25,000 crores of projects in the coming year. Yeah.
Okay, sir. Are there any major specific infrastructure projects which we are looking to bid for and which have been announced by the government and which we are expecting to be awarded in this year?
Yeah. So there are a lot of projects, there are some Metro projects around Mumbai. Plus there are these Pune Metro rail projects which are coming up, and Thane Ring Road projects are there. This will be costing around INR 4,000 crores-INR 5,000 crores.
Right.
And like [audio distortion] In MMR, this project of Versova to....Dahisar to [Palghar] , this project will be coming up around [INR 18,000 crores]. That should get materialized this year only. Plus, we are also looking for some NHAI projects of roads and tunnels, around INR 12,000 crores of that project. Plus there are some [Bombay] projects as well.
Bombay is coming up with Metro Line 10 and Metro Line 13 and D elhi Metro is also going to close underground metro tunnels for [Indralok] area. There are a lot of opportunities in water segment, in sewage treatment plants, water tunnels. There are around INR 20,000 crores, INR 25,000 crores of projects that we are anticipating to bid in this financial year, and around INR 3,000 crores-INR 4,000 crores within one to two months' time.
Okay, sir. Sir, what is the status of L1, and when do we expect to receive the LOA for Virar-Alibaug Multi-Modal Corridor project?
Yeah. We are still L1 in that, and last week we got the letter from there to extend the validity. We have done that. We are still awaiting.
Yeah. But sir, it has been a very long time. Has the government been facing any issue with that project?
Yeah. They were working out the financial closure for that project. I think I just read in the paper yesterday also, like today also, they are planning to raise some INR 1 lakh crores more. We are looking forward for these orders, Mr. Jain.
Okay, sir. Thank you so much. All the best.
Thank you. The next question is from the line of Diwakar Rana from Prudent Equity. You may proceed.
Hello. Good afternoon, sir. Sir, what kind of revenue growth are you considering for FY 2026?
We are expecting a top-line growth of around 15% on FY 2025. That should be around INR 6,500- INR 6,600 crores for FY 2026.
Okay. And sir, do you plan to take any debt in this financial year?
So the regular working capital requirement we are meeting with debt. It is not any substantial number that we are looking at immediately. But it depends upon the requirement of the working capital and the other CapEx that is required for the project.
Okay. So sir, what will be the peak debt, if you can give a number?
Right now our debt is INR 700 crores.
Yeah.
Sir, peak debt should be around INR 900 crores or so, [inaudible] .
Okay. In this financial year, sir, or for FY 2027?
That's mainly due to the procurement of the tunnel boring machines and some CapEx that we'll be requiring. Other than the regular CapEx of INR 100 crores, we are expecting a CapEx of INR 450 crores- INR 500 crores, which will be coming in from GMLR and Chennai projects mainly, and BDCR, which will be spread over a period of two financial years, that is FY 2026 and FY 2027.
Okay. This peak debt we will reach in FY 2027, if I'm not wrong.
No, no. Peak will be in 2026.
Okay. 2026. And sir, as of today, in how many orders we are L1?
We are L1 in three orders. These two are MSRDC multi-modal corridor, and one is a small Mumbai Metro, some finishing work. So it is costing like total INR 4,250 crores.
In the amount, sir, what will it cost, the whole three orders?
INR 4,240 crores.
And these order will convert by when, sir?
We are just waiting for this. It should get converted in this coming quarter. We are looking for this. Yeah.
Okay. That is all from my side, sir. Thank you.
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Vaibhav Shah from JM Financial Limited. You may proceed.
Thank you, sir. Sir, there was some news in the media that the government is trying to cancel the bids for [Virar-Alibaug ]and likely to bid it under BOT model. So any update on that? Have you received any update on that?
Yes. We also saw this in the paper, like you know some news like [audio distortion]. But, as I told you, last week only, we have received a letter from MSRDC to extend our bid validity. Some of the tenders, other projects they have done for Pune-Shirur, for which they have come upon BOT, but this project, they have asked us to increase the bid validity. So we are hopeful that we should get it.
But in any condition, if you look at the order book of J. Kumar standing at more than INR 22,000 crores, we are quite comfortable with the existing order book for the next three years' top line to achieve very comfortably.
Sir, in case it comes under BOT mode, would we be interested in bidding for that?
We have not thought for that right now, but maybe we will take a call at the right time, yeah.
Okay. And sir, what is our order inflow guidance for FY 2026?
Order inflow?
Yeah.
INR 6,000 crores-INR 8,000 crores is what we are looking for FY 2026 as the new order inflow for the current year.
So that will include this INR 4,000 crores MSRDC package as well? Our INR 6,000 crores-INR 8,000 crores guidance. In case it gets canceled, then guidance will reduce, or how do we look at that?
No, no guidance won't reduce.
Overall, we are very sure that we should be bagging orders worth around INR 6,000 crores-INR 8,000 crores is what is our target. Whether we get it or not, irrespective of that, we will be having an order book of INR 6,000 crores-INR 8,000 crores inflowing now for this financial year.
Okay. And sir, secondly, when do we expect to receive the TBM for the GMLR project? And when are we targeting to complete the project?
We have already done the FAT test, that is the factory acceptance test, and the machine has started arriving in India. We have received some part of the consignment already at the job site. So it's coming in consignments. So within next two months' time, the first TBM will be in Mumbai, and before the December end, the second machine also will be at the job site. We will be having the FAT test in August for that machine.
And when do we target to complete the project?
We have a timeline of five years to complete the project, and we have already started the tunnel casting, some part excavation at the job site. So the work is on track, and we should be able to complete the work on the proposed timeline.
Okay. Any update on Chennai elevated project? How is the execution going on over there?
Chennai, the [Chennai Shoreline] project, the execution is going very good. And we have already casted, we have done almost 20% of the foundation work. And the superstructure work is also started. We have started casting of segments. Around 270 segments have been casted. So all the four projects are in line, and we expect good progress in these coming quarters from that.
Sir, are we on the timeline to complete it in three years, the 36-month timeline that we have?
Yeah. Initially, there was a delay of seven months because of the WRD approval. That is, it was in the reverse. So that we got after six, seven months. So probably the seven months additional will be there.
So it should get completed in some time around FY 2028?
Today is 2025. Yeah, six, s even. Yeah, yeah, yeah. It will be done by March 2028. You're right.
Okay. Thank you, sir. Those were my questions.
Thank you.
Thank you. The next question is from the line of Uttam Kumar Srimal from Axis Securities. You may proceed.
Yes, sir. Very good afternoon. Congratulations on good set of numbers. Sir, my question pertains to EBITDA margin. If you see, in FY 2022, we had an EBITDA margin of 14.3%. In FY 2025, it is 14.5%. So in last four years, our EBITDA margin has improved by only 20 basis points. How do you see, sir, the EBITDA margin going ahead? Because seeing we had a really oversubscribed book of INR 22,000 crores and above. Do you think that the EBITDA margin, we can be able to achieve an EBITDA margin of 15% or more in FY 2026 or FY 2027? Your take on this.
Yeah. If you look at the EBITDA margins, we were at 14.4% in FY 2024, and we have changed it to 14.5% in FY 2025. In the coming six to eight quarters, we expect to come into a band from 15%-16%, from the current 14%-15%. It is also pertinent to note that if you look at the ROE of the company, which was 10.2% in FY 2022, and which was 13.2% in FY 2024, has gone up to 13.8% in FY 2025.
Yeah, sir. Sir, with regard to NHAI project that you have just mentioned, that you will be looking to bid for NHAI projects. This will be basically for a BOT or HAM project? If you can put some light on this.
These are all EPC projects right now, what we are looking for, Mr. Uttam.
But sir, normally, what is happening in NHAI right now, there has been lot of competition for EPC projects. Margin there, sir, and what we are currently doing margin of 14%, between 14.5%- 14%. Those kinds of margins, sir, I don't think that would be there in EPC project. How will you balance that?
First of all, we quote at our numbers, number one, and we quote for niche projects. It's not the normal conventional road projects. What you're saying is about these normal roads projects. What we build is mostly structure-oriented projects where there's a lot of complexity. So they're special projects like the Dwarka Expressway, what we did. It was a INR 5,000 crores of projects, but mainly 80% structure-oriented, 70%. Chennai project is there of INR 4,000 crore. It is mainly structure project. So we are looking for such projects where our USP is there, and we can add value and because of our operational, because of our expertise, and we can maintain our margins of this profit.
Okay. And sir,
You-
Yeah. Okay. And sir, you have guided for 15% revenue growth in FY 2026. Don't you think, sir, this is very conservative considering the current order book of INR 22,000 crores plus L1 of INR 4,500 crores?
I would like to mention here, Uttam, that if you look at the growing numbers of the company, a 15% growth itself I would say is a decent growth because we intend not only to increase the top line of the company, but for us at J. Kumar, bottom line is very important. So if you look at the overall financial discipline that J. Kumar has with a just 0.23 debt equity ratio at gross level, and at net level, we are a debt-free company with almost a positive PAT. So I would say that in J. Kumar, 15% is what we have been saying. Even last year, we had mentioned around INR 5,400 crore- INR 5,500 crore, but we have surpassed it. And with the growing number, I think a 15% is a decent, stable growth, which we'll be surely looking at surpassing it.
Okay, sir. And last one, sir, what would be our finance call this year considering the increasing in debt? Savla, if you can put some light on that.
So debt increase will be at the same level of 2.7%, 2.8%.
On revenue?
Yes.
As a percentage of revenue?
Yes.
Okay. Okay, sir. That's all from my side, and wish you all the best.
Thank you.
Thank you.
Thank you. The next question is from the line of Hemant Soni, an individual investor. You may proceed.
Hello.
Sir, thank you for providing me the opportunity. Sir, just wanted to ask you one thing. Most of my questions have been answered. Just one query from my side. Sir, we had earlier guided for the order inflow of around for FY 2025, I am talking about.
Yeah.
Like, INR 6,000 crore.
We have told for INR 6,000 crores for FY 2025.
INR 6,000 crores for FY 2025.
Yeah.
And sir, the number I mean which-
We have-
We have got is INR 4,700 crores. So, I mean, have the few orders been canceled, or they have been spilled over to Q1?
Yeah. As we have told before also, there is INR 4,200 crores of projects where we are L1. We are expecting this to get materialized in the last fiscal year, but it could not be done. The department has asked us to extend our bid validity. We are expecting that to come in this fiscal year. This INR 4,700 crores is excluding that L1.
Okay.
Otherwise, it would have been INR 8,000 crores, yeah.
Okay. I mean, it has been spilled over in FY 2026, right?
Correct. You are right, Mr. Hemant.
Okay. And sir,
We have secured almost INR 5,000 crores of projects. Additionally, we are awaiting this. You are right.
And sir, what is the time duration for the order book? Is it 24 months?
Which one?
The order book which we are having. Total order book on a [audio distortion]
[Total 22] . Yes, it is around 3, 3.5 years. Correct.
[audio distortion]
Average.
And sir-
Because some projects are 4.5 years, some are 2.5 years. We consider an average decision period of around 3.5 years.
And sir, that aspiration of $1 billion company by FY 2027 and INR 25,000 crores of order book, is this status still intact, right?
Yeah. What you are saying is right. We have told this three years back when the dollar was INR 75, and fortunately today it is INR 85. But that gives again us a boost to run more. We are of course sure of achieving the 75,000 as per 75, but we will try for increase in that as well.
Sir, shall we work out with a number of INR 8,700 crores? Because we generally have the habit of under-promising and over-delivering, sir.
I like it, sir.
Yeah. Even we as an investor like it, sir.
We are very sure about crossing the INR 7,500 crores top line by FY 2027, which is what we had been expecting. But yes, as you are saying that it all depends upon the actual order inflows and the execution phase that we get, depending on the project availability. Let's hope for the best. [Non-English content]
[Non-English content] . Sir, shall we work out with INR 7,500 crores as the baseline and on the ceiling side as INR 8,500 crore?
Yeah, that is a consolidated figure, what we have already told you. And as you know, we believe to surpass the number. We are also hoping for, so you can take what you feel like.
Yes, sir.
Yeah.
Thanks a lot. And sir, congratulations to you all once again for a great set of numbers and doing fantastic work, sir.
Thank you very much, Hemant.
Okay.
Thank you. The next question is from the line of Devang Shah from Asit C Mehta Investment. You may proceed.
Yeah, hi. Good afternoon, sir. Congratulations for a good set of numbers. Sir, just to reconfirm, the earlier participant asked about the order inflow. So you are anticipating INR 6,000 crores-INR 8,000 crores of new order inflow in FY 2026. That includes the L1, that means you are into around INR 4,200 crores or it is excluding? Just to reconfirm, sir.
Yes. That, of course, includes that. But if at all, 5% chances it may not come, still we are sure of achieving the INR 6,000 crores-INR 8,000 crores of order inflow.
Okay.
Yeah.
That will add on to your order book. That is a good one, sir.
Right.
Second thing, sir, any kind of execution headwinds that you see in terms of order execution, because the order book is growing very well, as you are saying, EBITDA margin also going to increase, your debt level is also at a comfort level. So execution, any kind of risk that you feel that can potential possibility or you're comfortable?
One project in Delhi of around INR 700 crores is not started. That was the NBCC project. We are expecting this to start in another two months, that project. Apart from that, all the projects of INR 22,000 crores are going very well and have taken up good speed. We don't foresee any other issues in any other project apart from this one.
Okay. Last question, sir. As you are taking a lot of orders and the way the government is also focused in infrastructure push.
Correct.
Definitely there will be a new order inflow and you will get a momentum in this year also. But sir, one more thing, do you want to expand further into other states the way geographic diversification now we are seeing. Do you see any kind of growth strategy in which you can expand to other state as well? Or your share of quantum will increase in the other states, t hat's it, sir.
If you see, last year, we already expanded in terms of geography as well as vertical, Mr. Shah. South is where we entered in a big way. All right?
Yeah.
Right now we are already working in south, west like Maharashtra, Gujarat, then UP, NCR, Delhi. Okay? Given an opportunity, of course, we are open for venturing to any state in India. We are already comfortable. We have worked in Rajasthan, we have worked in other parts of India also. We are just looking for the right opportunity. There is absolutely no obstacle for us to not to go to any state. If we get a right project of the right numbers, we will go anywhere in India.
The focus will-
Top line is important. Order inflow has to come. If it comes from the existing state, we give it a priority. Other than that, if the order book requirement is there, we will open up other states also for EPC projects.
Okay. So that possibility can be open up in our future as well. Nothing to, that way penetration can expand in other geographies.
Yeah, yeah, absolutely.
We have already a proven track record of working in seven states. It's totally dependent upon the order inflow from which state it is coming and at our numbers.
Okay. Thank you, sir. Thank you so much, sir.
Thank you, Mr. Devang.
Thank you. The next question is from the line of Varun from Equity capitals. You may proceed.
Hello. Sir, just one question. Is there any issues in receivables or payments in Maharashtra? Mainly-
We don't see any sort of problems in terms of receivables and t hat's how we can, I mean, if there is any variations or escalations, where there is any approvals required, it delays the project, delays the payment. Otherwise, on a regular basis, we are getting the payments. So there is nothing, I think, that needs to be concerned about as overall Maharashtra.
How much CapEx was done this year, FY 2025? It was mainly on this tunnel boring machine?
So CapEx for the current financial year was INR 241 crores, but it was not for the tunnel boring machine, it is for other equipment for the purpose of new projects.
Okay.
TBM capitalization will arrive in this financial year.
Book it in this year.
The CapEx will happen in this financial year for the TBM.
Okay, sir. Thank you.
Thank you, Mr. Varun.
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Shravan Shah from Dolat Capital. You may proceed.
Hi, sir. Congratulations on a good set of numbers. Couple of points just to clarify because most of the questions has been answered.
Yes.
Sir, this INR 4,100 crores L1. If, let's say in the worst case, if this gets converted into BOT, then obviously it will be removed from our L1. Then only they are also comfortable for INR 6,000 crores-INR 8,000 crores order inflow. But sir, if, let's say, this continues, then we should be getting additional INR 6,000 crores-INR 8,000 crores. That is the way one can look at?
Shravan, as we told before also, if at all this does not get converted or it gets converted, we are giving a lower band of INR 6,000 crores and upper band of INR 8,000 crores, and we are sure to achieve this. That depends, the aggression we have to go with. If at all this gets converted to beauty, the aggression is different. Like, by the end of the year, we are sure to maintain this intake of INR 6,000 crores- INR 8,000 crores.
But sir, if it retains, then additional, we are looking only at INR 2,000 crores- INR 4,000 crores inflow. To achieve, let's say this INR 4,100 crores is there, then additionally we are only just looking at, despite that we are saying INR 20,000 crores, INR 25,000 crores we are bidding. Then we should be aiming this number, INR 6,000 crores- INR 8,000 crores additional. This INR 4,100 crores retains plus additional INR 6,000 crores- INR 8,000 crores, so that we should be aiming. Net-net, it should be close to INR 10,000 crores- INR 12,000 crores, should be the kind of a number.
So Dolat, I'm sorry, Shravan. Basically, what we are intending is the order book that the company wants to maintain. Our focus is to maintain an order book close to around INR 23,000 crores, more or less by end of FY 2026. INR 1,000 crores, INR 2,000 crores here and there depends upon the total opportunity matter, the pricing, the complexity of the projects, and if we are getting it at our numbers. Last year, if you see, we have bagged orders in FY 2024, projects worth around INR 11,000 crores. You cannot have a fixed number set in a mind. It all depends upon the opportunity if, as Mr. Kamal has already mentioned, that if we bag this order still we'll be looking at around INR 4,000 crores- INR 6,000 crores worth of project.
If it doesn't materialize, we'll look for fresh orders of INR 6,000 crores-I NR 8,000 crores. So o ur objective is the total order book as of FY 2023, for which the aggression, going in for different states, different diversified orders. It all depends upon what orders we keep bagging every quarter. It has nothing to do with if we bag this, we have to bag INR 8,000 crores more or only INR 2,000 crores. INR 6,000 crores- INR 8,000 crores is the company's focus. I hope that point I could make it clear for you.
Yes sir. Got it. Second, sir, in terms of the, you mentioned the total CapEx for two years, that is FY 2026, FY 2027, including the TBM for GMLR and Chennai Shoreline corridor projects, everything would be INR 450 crores- INR 500 crores.
Yeah. That is in addition to the INR 100 crores of maintenance CapEx that we have mentioned earlier also.
Okay, so total would be INR 550 crores- INR 600 crores that the CapEx that we would be looking. Largely would be the TBM that would be maybe a INR 300 crores kind of a number would be there this year. So this year the CapEx would be slightly on the higher side, INR 400+ crores kind of a number should be there.
Yeah.
Yeah. Given that, in terms of the depreciation, just to understand from when the TBM depreciation will start. This year, FY 2025, we were having a INR 168 odd crores, INR 169 crores depreciation. So how one can look at the depreciation in 2026 and 2027?
So, as Nalin Ji has already told that the TBM is right now under shipment. Once the shipment comes to Bombay, then we have to lower the machine and then get it assembled so that the machine starts. The depreciation will start around Q4 of the current financial year.
Okay. So till then, broadly, the current run rate of depreciation should remain the same.
Yes, yes.
Okay. Got it. And last, sir, in terms of the, we were previously looking at the fundraising, so equity fundraising. Anything, any update on that part, sir?
We have taken an enabling resolution for this from the board and for doing a QIP. But it will totally depend upon the situation. And there are a lot of opportunities, as we have mentioned, that there are a lot of order inflows that is being expected. We totally don't want to depend upon the debt, and that's why we are keeping it as an open picture. We haven't concluded anything immediately.
Or sir, is it like that this, the Dahisar- Palghar, which is our INR 80,000- odd crores kind of a project. If you can help us in terms of the individual package size and when the actual awarding can start. Let's say if we get one odd big large ticket, maybe INR 8,000 crores, INR 10,000 crores there, then we would be needing a kind of equity. Is the way one can look at?
This will take two quarters to get materialized, first of all. Okay?
Yeah.
And we always believe in ourself in augmenting, keeping ourself augmented for future growth. Okay? So at the right time, the right opportunity, we'll take this call, Shravan.
Okay. Yeah, sir. Got it. Thank you, and all the best, sir. Sir, last one. Sir, this INR 100 crores investment property, what is that for?
We have taken this property of PSL for [Vizag] INR 100 crores. We have taken a loan of INR 90 crores specially for this, without disturbing the liquidity of the company. The employer started and we have already started repaying the money also. We see upside of 30%, 40% in that. That is why we have taken that from NCLT, and in coming one year to 15 months, it will be winded up.
In next 1.5 year, we will be selling and we are looking at 30%, 40% kind of a-
You are right, sir.
Okay. Got it, sir. Thank you, sir.
Thank you.
Thank you. The next question is from the line of Bhavin Modi from Anand Rathi. You may proceed.
Yeah, hi. The question was regarding the investment property, and I think it has been answered.
Okay. All right, Bhavin.
Thank you, Bhavin.
Thank you.
Yeah.
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Vaibhav Shah from JM Financial Limited. You may proceed.
Sir, out of the total [inaudible] advance of INR 620 crores, what would be the interest-bearing portion?
Around INR 350 crores- INR 400 crores will be, I think, INR 350 crores will be interest-bearing. Rest are interest free.
Sir, last time you indicated that the number is quite less, so incremental [inaudible ] will come at interest-bearing?
INR 200 crores.
Can you say again? Sorry?
Around INR 200 crores roughly.
Interest-bearing, you are talking, right?
Yeah.
Yeah, interest-bearing.
INR 200 crores, a round INR 200 crores.
Okay. And sir, secondly, what would be the restricted cash of the total cash number? Total cash was INR 839 crores for March 2025. Of that, what would be the restricted cash?
Restricted cash will be around INR 325 crores.
Okay. Sir, one more thing, are there any challenges in clearance from the government for TBM? Are we confident to meet the timeline of December 2025?
Sorry. Can you come back again, please?
Any challenges in getting clearances from the government for the TBM? Are we confident to meet the timeline of December 2025?
There is clearances in terms of what? In clearance of the TBM or in clearance of the project, you want to say?
For the TBM. To install TBM and get the work started.
Yeah. There is no issue at all in clearance of the TBM. As I mentioned, the first TBM FAT, that is the factory acceptance test, is already been done. Some consignment of the TBM has already reached the job site. It is coming in parts and in different consignments, as it is a very huge consignment of largest dia of TBM in India. It is coming in various parts. Within the next two months, the machine should be at the job site. The second machine will be doing the FAT test in the month of August. Absolutely, there is no problem for clearance.
Sir, what is the total value of both the TBMs put together?
It is around INR 650 crores- INR 700 crores approximately for two TBMs. J. Kumar, we are buying one, and the other joint venture partner, NCC, will be buying the second machine.
Okay. Sir, you mentioned earlier that there is an NBCC project where the work is yet to start. Which one is it, the Silicon City one or Hari Nagar one?
The Hari Nagar one.
Okay. Rest all projects are underway of the total [book]?
Yeah. All going at very good pace.
Okay. Lastly, on the Sewri project, we had seen in media that there were some issues, and delay in the work, especially in the Prabhadevi area. Any update on that?
Yeah. For Sewri Worli connector, they have to demolish this Elphinstone ROB. Some buildings are getting affected, nine. They have changed the alignment, and only one building is getting affected. They are in the process to get its permission to start demolition. You are right.
When do we expect to complete the project?
After the demolition is done, it will take 15-18 months to complete the project.
Okay, so FY 2027 end, we should complete it?
Yes. If we get the permission in coming one or two months, we should be able to complete next year. You are right.
Okay. Thank you, sir.
Right.
Thank you. The next question is from the line of Ashish Shah from HDFC AMC. You may proceed.
Good afternoon, sir.
Good afternoon.
Just one query. I wasn't very clear about the response on the investment property. Can you just please repeat and explain what is that?
Yeah. We had taken one asset of PSL Limited from NCLT. That was costing around INR 100 crores. We have taken a loan from them, a loan towards that of INR 90 crores. This project was a factory. It was a pipe rolling machine factory. That project already we have started. We have already repaid around INR 30 crores, INR 40 crores of that by monetizing that project, selling that machine. In coming 15- 18 months, we plan to completely repay this loan and complete the project, s ell this asset.
Basically, just to be clear, was this an asset which had any use in any of our project activity, or it was purely sort of an investment opportunity where we saw that we can liquidate the machines and get some value, or the end product, is that of any use in our project work?
Basically, it was an investment opportunity where we see upside of 40%, 50%. That was the main thing, and of course, some of the parts we are also utilizing in our projects where it comes at a very competitive price to us. We are using some of the materials for our Chennai project out of that. Basically, it is an investment opportunity, what we saw, and we are seeing good returns on that, Mr. Ashish.
Okay.
Yeah. It is 40% completed also, so in the coming 15 months, 18 months, we will complete the entire project. We will sell the entire asset.
All right, sir. Thank you.
Thank you.
Thank you.
Thank you. The next question is from the line of Ashwin Kumar, an individual investor. You may proceed.
Yeah, hi. I just want to know, have you started collecting revenue on the GMLR or the [Chennai elevated express]? Have you started collecting revenue, and what is the status of this project?
We have already started booking revenue. We already booked revenues in FY 2025 as well. From FY 2026, it will be going full steam.
How much have we started recognizing for this year? Can you be able to give a breakup?
We will have to work out the actual numbers to give it to you, but we have already started generating is what I can say. We can provide you separately on a one-to-one basis that number.
Okay, sure. A follow-up question. Just looking, you have a very huge order book. You are looking at INR 20,000 crores, INR 22,000 crores. [audio distortion]
Sir, your voice is cracking.
Yeah. Your order book is really large. You are talking about a INR 22,000 crores order book, and it can go up to maybe INR 23,000 crores, INR 24,000 crores. I am just wondering about the execution of it because if there is any delays, as we understood, the GMLR is delayed by seven, eight months. Wouldn't that-
We are not able to hear you. It is cracking a lot, sir.
Okay. Can you-
There's some problem in your audio.
Can you hear me now? Is this better?
Yeah. You just speak slowly. Yeah. Yeah. I think it will be.
You have a very large order book of around INR 22,000 crores, and it can go up even more to maybe INR 23,000 crores, INR 24,000 crores. I'm concerned about this execution because if there's any delay, there is a time factor that the government would place. Because not all INR 22,000 crores worth of projects will be executed at the same time, correct?
Yes.
Would this, any delay lead to maybe some cancellation of orders, maybe?
No. This order book of INR 22,000 crores, as I told you, apart from the INR 700 crores project of Delhi, all the projects are going in full steam. There is no chance of cancellation of any order which is INR 22,000+ crores .
And we have already started booking revenues on those projects, some through preliminaries activities and some on execution. And we have separate teams for taking up these projects. As far as if we are having INR 22,000 crores, it does not mean that the same set of people are working. We have separate resource allocated to each project, whether it is staff, project heads, project directors, project managers, your equipment. So every project is treated as a separate company, as a separate project. All the resources are dedicated to each project. And of course, some machinery which we can keep moving around for optimum utilization is always there.
There is no reason of any delay. And we having so many projects in a concentrated area, there is no risk in terms of margins or in terms of overhead loss in case of any delays also, though all the projects are on time.
Okay. And one last question. This INR 22,000 crores would be executed over a timeframe of maybe three years. Is that right?
Yeah, 3, 3.5 years, y ou are right.
3, 3.5 years . Okay. Thank you. That is all.
Thank you.
Thank you, Mr. Ashwin.
Thank you. As there are no further questions, I now hand the conference over to Mr. Gupta for his closing comments.
Yes. I would like to thank once again to all of you for joining us on this call today. We hope we have been able to answer your queries. Please feel free to reach out to our IR team for any clarifications or feedback. Thank you all.
Thank you. On behalf of J. Kumar Infraprojects Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.