J Kumar Infraprojects Ltd Q4 FY26 Earnings Analysis

- FY ’26 revenue expected to be flattish around INR5,700 crores, similar to FY ’25, due to delayed execution and order inflows. - For FY ’27, management targets approximately 15% growth in top line, with hope to exceed this figure. - Order inflow expected to improve significantly in FY ’27 with INR7,000 to INR8,000 crores of new orders anticipated. - Current order book stands at ~INR19,200 crores, with INR4,000 crores additional orders expected by March 2026. - Execution pace set to quicken from Q4 FY ’26 and into FY ’27, leading to scaling up delivery and revenue recognition. - Focus on profitable orders to maintain EBITDA margins of 14-15% while growing revenue. - New project pipelines include various metro, elevated corridors, and road projects across Maharashtra and other states, supporting volume growth.

- FY’26 is expected to be flattish in revenue (~INR5,700 crores), similar to FY’25, with no degrowth. - FY’27 is projected to grow around 15% in revenue due to improved execution momentum and new order inflows. - EBITDA margins are expected to remain stable in the 14% to 15% range for both FY’26 and FY’27, with no anticipated margin decline. - Profit after tax (PAT) margins are stable around 6.7% for nine months FY’26, similar to previous periods. - Working capital and balance sheet remain healthy, supporting growth and execution. - No immediate plans for fund raising (QIP), but enabling resolution in place for project-specific requirements. - With strong order book (~INR19,200 crores) and additional INR4,000 crores expected in new orders, growth visibility is positive. - Execution improvements and political stability are expected to drive top-line and profit growth in FY’27.

- Capex of INR433 crores has been done in the first 9 months of FY’26, with an expected additional INR100 crores in Q4. - For FY’27, expected capex is estimated at around INR200-300 crores. - TBM (Tunnel Boring Machine) capitalisation will begin from Q1 or Q2 of FY’27 as it gets installed, with depreciation over 3-4 years. - Future fund raising via QIP (Qualified Institutional Placement) for up to INR800 crores is only an enabling resolution, with no immediate plans; if undertaken, it would be project-specific (for capex or debt repayment). - Capex is focused on project execution scaling, including the TBM for tunneling works. - No plans to pursue BOT (Build-Operate-Transfer) projects; focus remains on EPC (Engineering, Procurement, and Construction) projects. Overall, capex and investment activities are aligned to support order book execution and selective project requirements.

- No immediate plans for fundraising through QIP or equity; only an enabling resolution passed as a preparatory measure. - Any future QIP would be project-specific, dependent on funding needs for new projects or capex, but no immediate call to proceed. - The previously discussed INR800 crore QIP is not currently planned or expected in the near future. - Debt levels are expected to be around INR600-700 crores going forward with some increase in term loans but no indication of large new debt raising. - Fundraising decisions will depend on actual order inflows and project funding requirements. - The company remains cautious about aggressive bidding and prefers maintaining margins over top-line growth through funding.

- Current order book stands at approximately INR 19,200 crores as of December 31, 2025. - Around 90-95% of this order book is already under execution and generating revenue. - In the current fiscal year (FY ‘26), expected order inflow is around INR 4,000 crores by end of March 2026. - For FY ‘27, anticipated order inflow is INR 7,000 to INR 8,000 crores. - The order book includes: - Metro projects (elevated and underground) contributing 11%. - Elevated corridors/flyovers contributing 53%. - Roads and road tunnels contributing 17%. - Other projects contributing 18%. - The company is L1 (leading bidder) in projects worth INR 1,728 crores expected to convert into orders soon. - Bid pipeline includes projects totaling around INR 13,000 crores awaiting outcomes. - Major upcoming projects: Metro Lines 8, 5 extension, 10 in Mumbai; Delhi Metro projects; elevated corridors; and other large road projects.