J. Kumar Infraprojects Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript J. Kumar Infraprojects Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
J. Kumar Infraprojects reported FY26 consolidated revenue of Rs 5,723 crore, roughly flat versus FY25, with EBITDA of Rs 823 crore and PAT of Rs 387 crore. Q4 FY26 revenue, EBITDA and PAT each moderated compared to Q4 FY25, and management attributed the year's slower performance to external operational and timing factors. Management said the company has booked orders in excess of Rs 4,500 crore in the current fiscal with an additional L1 of Rs 1,770 crore, and guided to revenue growth of around 15% for FY27.
Numbers mentioned
Revenue from operations: INR5,723 crores (FY26)
p. 3
“revenue from operations grew by 1% to INR5,723 crores as compared to INR5,693 crores in FY25”
Nalin Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR823 crores (FY26)
p. 3
“The EBITDA stood at INR823 crores as compared to INR826 crores in FY25.”
Nalin Gupta, page 3 of the filed PDF · View the filing
EBITDA margin: 14.4% (FY26)
p. 3
“The EBITDA margin stood at 14.4% as compared to 14.5% in FY25.”
Nalin Gupta, page 3 of the filed PDF · View the filing
PAT: INR387 crores (FY26)
p. 3
“The PAT for FY26 stood at”
Nalin Gupta, page 3 of the filed PDF · View the filing
PAT margin: 6.8% (FY26)
p. 4
“PAT margin for FY26 stood at 6.8%”
Nalin Gupta, page 4 of the filed PDF · View the filing
Revenue from operations: INR1,585 crores (Q4 FY26)
p. 4
“Revenue from operations for Q4 FY26 stood moderated by 3% to INR1,585 crores as compared to INR1,633 crores in Q4 FY25.”
Nalin Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR224 crores (Q4 FY26)
p. 4
“EBITDA for Q4 FY26 moderated by 5% to INR224 crores as compared to INR235 crores in Q4 FY25.”
Nalin Gupta, page 4 of the filed PDF · View the filing
EBITDA margin: 14.1% (Q4 FY26)
p. 4
“EBITDA margin for Q4 '26 stood at 14.1% as compared to 14.4% in Q4 FY25.”
Nalin Gupta, page 4 of the filed PDF · View the filing
PAT: INR110 crores (Q4 FY26)
p. 4
“The PAT for Q4 FY26 moderated by 5% to INR110 crores as compared to INR114 crores in Q4 FY25.”
Nalin Gupta, page 4 of the filed PDF · View the filing
Net debt: negative INR264 crores (cash positive) (as on 31st March 2026)
p. 4
“The net debt as on 31st March 2026 stood at negative INR264 crores, that is cash positive.”
Nalin Gupta, page 4 of the filed PDF · View the filing
Working capital days: 99 days (FY26)
p. 4
“Working capital for FY26 stood at 99 days as compared to 112 days for FY25.”
Nalin Gupta, page 4 of the filed PDF · View the filing
Total order book: INR18,554 crores (as of 31st March 2026)
p. 4
“Total order book as of 31st March 2026 stood at INR18,554 crores.”
Nalin Gupta, page 4 of the filed PDF · View the filing
Order booked this fiscal: INR4,500 crores with L1 of INR1,770 crores, totaling around INR6,300 crores (FY27 to date)
p. 3
“The company has so far booked orders in excess of INR4,500 crores in fiscal year, with an L1 of INR1,770 crores, totaling to around INR6,300 crores.”
Nalin Gupta, page 3 of the filed PDF · View the filing
Unbilled revenue: INR578 crores
p. 5
“Unbilled revenue is INR578 crores, mobilization advance is INR706 crores and retention is INR464 crores.”
Vasant Savla, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — around 15%, crossing INR6,500 crores · FY27
stated firmly by Nalin Gupta
p. 5
“So this year, we are expecting a growth of around 15% in the top line. So we should be crossing INR6,500 crores with the current order book that we have”
Nalin Gupta, page 5 of the filed PDF · View the filing
EBITDA margin — 15% to 16%
stated as an aspiration by Nalin Gupta
p. 5
“our endure would be to increase it from 14%, 15% to 15%, 16% and the PAT would be around 7%.”
Nalin Gupta, page 5 of the filed PDF · View the filing
Order inflow — INR9,000 crores to INR10,000 crores · FY27
stated firmly by Nalin Gupta
p. 4
“for this current year we expect order book close to around INR9,000 crores to INR10,000 crores for the full year.”
Nalin Gupta, page 4 of the filed PDF · View the filing
Capex — INR200 crores to INR250 crores · FY27 and FY28
stated firmly by Nalin Gupta
p. 6
“So around INR200 crores to INR250 crores for the next coming 2 years, that is FY27 and '28 is what we are expecting, including the incremental capex.”
Nalin Gupta, page 6 of the filed PDF · View the filing
Chennai and GMLR project execution output — 20% to 30% · FY27
stated conditionally by Nalin Gupta
p. 7
“Yes, around 20% to 30% output we should be getting from both these projects.”
Nalin Gupta, page 7 of the filed PDF · View the filing
Revenue growth for FY28 relative to prior target — INR7,500 crores top line · FY28
stated as an aspiration by Nalin Gupta
p. 18
“instead of '27 in '28 we will achieve that target giving an increase of 15% on a year-on-year basis.”
Nalin Gupta, page 18 of the filed PDF · View the filing
Order intake target — more than INR10,000 crores, potentially up to INR20,000 crores · FY27
stated as an aspiration by Nalin Gupta
p. 15
“I'm sure that we'll be able to cross this INR10,000 mark even this year. Given an opportunity, we can even bag INR20,000 crores.”
Nalin Gupta, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said orders worth INR4,500 crore plus L1 of INR1,770 crore have already been booked, and projects worth INR15,000-20,000 crore are expected to be bid in the current year.
Answered by Nalin Gupta
Asked by Jainam Jain: What is the current bid pipeline for the fiscal?
p. 4
“there are projects worth around INR15,000 crores to INR20,000 crores, which we expect to bid in this coming period of current financial year.”
Nalin Gupta, page 4 of the filed PDF · View the filing
Management guided to 15% growth in both top line and bottom line, with EBITDA margin improving toward 15-16%.
Answered by Nalin Gupta
Asked by Vaibhav Shah: What revenue growth and margin guidance for FY27?
p. 5
“So this year, we are expecting a growth of around 15% in the top line.”
Nalin Gupta, page 5 of the filed PDF · View the filing
Management said there was zero geopolitical impact, but acknowledged a temporary 10-15% labor shortage due to elections, calling it routine and not alarming.
Answered by Nalin Gupta
Asked by Parikshit Kandpal: Is there any execution slowdown from geopolitical issues or labor shortages?
p. 7
“there is a cut of around 10% to 15% of labor shortage is there at all our sites.”
Nalin Gupta, page 7 of the filed PDF · View the filing
Management said all contracts have price variation and escalation clauses covering steel, cement, POL, others and labor, so there is no material bottom-line impact.
Answered by Nalin Gupta
Asked by Parikshit Kandpal: How is commodity price inflation being managed in the order book?
p. 7
“So there is no materialistic impact on the price increase due to crude or any other steel prices or something.”
Nalin Gupta, page 7 of the filed PDF · View the filing
Management clarified it refers to new order intake, not the year-end order book.
Answered by Nalin Gupta
Asked by Sidhant Lodaya: Does the INR10,000 crore FY27 figure refer to order intake or year-end order book?
p. 12
“No, it is new order intake because currently INR25,000 crores, you see a top line reduction of INR6,500 crores with 0 order intake will also stand at around INR19,000 crores.”
Nalin Gupta, page 12 of the filed PDF · View the filing
Management declined to share exact figures citing price sensitivity but said no major additional TBM capex is required and about 10% of the loan has been repaid.
Answered by Nalin Gupta
Asked by Bhavin Modi: How much capex has been spent on the TBM and what is the remaining loan drawdown?
p. 13
“But there is no additional major capex to be done with regards to TBM. TBM has already been procured. It has been financed and we have paid part of the money around 10% is already repaid.”
Nalin Gupta, page 13 of the filed PDF · View the filing
Management said the billion-dollar target was based on a Rs 75/dollar exchange rate reference and that the company is now running about one year behind that original target, expecting to reach it in FY28 rather than FY27.
Answered by Nalin Gupta
Asked by Dinesh: How does the earlier $1 billion revenue target reconcile with the current 15% growth guidance?
p. 18
“In the next year, that is FY28, we are one year behind I would say, from the target that we had given, instead of '27, in '28 we will do INR7,500 crores.”
Nalin Gupta, page 18 of the filed PDF · View the filing
Risks flagged
Temporary labor shortage at sites due to elections
p. 7
“there is a cut of around 10% to 15% of labor shortage is there at all our sites.”
Nalin Gupta, page 7 of the filed PDF · View the filing
Company chose not to book orders in prior two years due to inadequate margins, reducing order intake
p. 6
“It was a well-chosen thing that we don't want to book orders where we don't have good bottom line.”
Nalin Gupta, page 6 of the filed PDF · View the filing
Uncertainty on timing of Q1 FY27 growth due to unclear inflow visibility
p. 14
“Well, I would say I'm not very sure about Q1. I wouldn't like to comment at this stage because honestly, I have not looked at the inflows as of now.”
Nalin Gupta, page 14 of the filed PDF · View the filing
Risk of project tender timelines slipping
p. 14
“But if it slips, again, the timing of these orders are placed and orders have been issued.”
Nalin Gupta, page 14 of the filed PDF · View the filing
Potential negative impact on projects from change in state government if work has not yet started on ground
p. 15
“If a project is to be started, the change of government can have an impact whether it should -- it can have some negative impact or not.”
Nalin Gupta, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.