Ladies and gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q1 FY27 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. Before we begin, a brief disclaimer: the presentation with J.

Kumar Infra Projects Limited uploaded on the stock exchange and our website, including the discussions during this call, contains or may contain certain forward-looking statements concerning J. Kumar Infra Projects business prospects and profitability, which are subject to several risks and uncertainties, and actual results could materially differ from those in such forward-looking statements.

Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr.

Kamel Gupta, MD, J. Kumar Infra Projects Limited.

Thank you and over to you, sir. Good afternoon everyone.

This is Nadeem Gupta, Managing Director, J. Kumar Infra Projects Limited.

On behalf of J. Kumar Infra Projects Limited, I warmly welcome you all to our Q1 FY27 earnings conference call.

Joining me today are Kamel Gupta, Managing Director, Mr. Vasanth Sawala, CFO, and our Investor Relations partner, Marathon Capital.

I trust you have all had the opportunity to review our earnings presentation and press release, available on the stock exchange and our corporate website. Q1 FY27 has commenced on a positive note, with the company recording a revenue growth of 2% over the corresponding quarter of the previous year.

While margins moderated during the quarter, this was primarily attributable to the timing-related factors and the evolving mix of projects under execution. Importantly, our balance sheet remains strong and liquidity continues to be adequate, ensuring operational resilience.

At the same time, growth during the quarter was tempered by external factors, including the U.S. -Iran war and most notably the restrictions imposed by the BMC on water usage at construction sites.

This temporary ban has slowed progress on certain projects, impacting near-term execution schedules. The quarter has also reinforced the strength of our order pipeline, with significant inflows already booked and a healthy bid pipeline.

We are confident of sustaining momentum in order intake. This positions us well to accelerate execution in the coming quarters, supported by expanding capabilities across our core verticals.

Now coming to the financial performance, consolidated performance highlights for Q1 FY27: revenue from operations for Q1 FY27 increased by 2% to 1,511 crores, as compared to 1,484 crores in Q1 FY26. EBITDA for Q1 FY27 moderated by 1% to 215 crores, as compared to 217 crores in Q1 FY26.

EBITDA margin for Q1 FY27 stood at 14.1%, as compared to 14.6% in Q1 FY26. Tax for Q1 FY27 moderated by 6% to 97 crores, as compared to 203 crores in Q1 FY26.

PAT margin for Q1 FY27 stood at 6. 4%, as compared to 7% in Q1 FY26.

Net debt as on June 30th, 2026 stood at negative 45 crores. Working capital days for Q1 FY27 stood at 103 days, as compared to 99 days for FY26.

Total order book as on 30th June 2026 stood at 22,246 crores. The order book comprises elevated corridors and flyovers of 48%, roads and road tunnels of 20%, metro projects elevated and underground at 9%, others 23%.

We can now begin with the questions and answers. Thank you.

Thank you very much. We will now begin the question and answer session.

Anyone who wishes to ask a question may press star and 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2.

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 Vaibhav Shah from J.M. Financial.

Please go ahead. Thanks for the opportunity.

Sir, on the execution status on few big ticket projects, how is the execution going on in Chennai project? Hi Vaibhav.

The Chennai project, we have four packages of central government and one package of state government. The state government project was for 5 crore, which is almost 66% complete.

We plan to hand over it by March 2027, the works should be completed. It is going in full swing, and the four packages of Nationalized Authority costing 3,770, even that project is going very well, Mr.

Vaibhav, and the timeline has been extended than the initially stipulated time. We plan to complete that by December 28th now.

How much we have already done in terms of percentage execution? Percentage execution of Chennai is around 20%.

We are planning to complete by December 28th. Yeah.

This extension was due to? Why has been extension?

Extension was basically due to the whole project is out of 25 kilometers, 21 kilometers is in the river, Kovam river. In Kovam river there are some restrictions by the state department.

That was the reason it has gone ahead, and NHI has already given us the extension for that. Okay.

For the delay, I am sorry, for the delayed thing, we have also taken a prolongation cost from them, and they have paid us that as well. No impact on the margins?

No impact on the margins, yeah. Secondly, on the Anandnagar project in Malad, how is the work going on over there?

How much you have done and what is our targeted completion date? Anandnagar project, the scheduled completion as per the government is October, November 28th, and we are well within time.

Of course, the initial two-and-a-half-kilometer stretch of initially was not handed over because of that between NHA and MMRD some decision to be taken for toll and all. We're meeting last week, and it is sorted now.

We have got that three kilometer also out of eight-and-a-half kilometer. All other places the work is going very good at very good pace.

We have completed around 15% in Anandnagar package, and we intend to complete the same in scheduled date of October 28th, this project. Sir, same for GMLR?

GMLR project is in full swing. We have yesterday we completed 2,000 rings of casting.

That's around three— four kilometer of tunnel has been casted in the casting yard, and the first TBM is ready for launch for drilling in the ground physically. We are just waiting for a confirmation from the political team, Chief Minister and ACM.

As soon as we get a go-ahead, any time Monday or Tuesday, whatever date they give, we are ready from 31st to launch. The machine is fully ready, and the second tunnel boring machine is also in advanced stage of getting assembled.

In the next two months' time we should be able to launch that machine also. We are only targeting closer to 25% execution in 27.

Where are we on that side? The project got initially delayed because of the tree cutting permission and land acquisition issues, which is now fully obtained and everything is in control.

With that, we are eligible for two years extension, but still our internal target when we speak of is June 29th. By June 29 we intend to complete the project internally, but say December 29 max is what we will be going ahead.

That two years delay has been brought down to one year, in short. By the client, the completion would be completion date is June 29, December 29, according to client, after extension?

The original contract, it is November 28th. Okay.

As the client didn't hand over the site and the requisite permission for the tree cutting, which is beyond control of the contractor, because it was requiring Supreme Court permission, we got the permission in August 25th, just 10-11 months back, and the team has done a commendable job of getting the DVM ready and will be drilling. We are entitled for two years extension, but we won't be requiring it, is what I'm trying to say, that we are following the schedule, and by June 29th is what we are, which is seven months extension, we intend to complete the project and max December 29th.

It will be two years timeline delay has been reduced to at least one year we have already covered, and we are trying our best to do it in the original time period. Sir, in worst case, the timeline would be November 30th, as per the allocation of two years of extension.

No, no. November 29th, sorry.

November 29th, max. No, no.

If the client, if we take the two years that they are willing to give, then the completion date would be November 30th. Yes, yes, but we won't be requiring it any case.

We have made a crash program, and that's how because we have the work which had to be done in 18 months, we have done in 10 months. The DVM was as per the PDS, it had to be done 18 months from the date of site handing over, which we are completing in 10-11 months, and the DVM will be launched.

It's ready to launch. Yeah.

Okay. Last year on order inflow side, the first quarter has been very strong.

Even yesterday we announced the order. Our roughly announced orders till date are roughly around 5,500.

For the entire year, what are we targeting? Currently, as you can see for the Q1, we are standing at a number of 5,500 crores till today.

There is an L1 position of 1,500 crores for the Delhi Metro underground project. That makes it 7,000 crores.

That we expect in because it is having some international funding from the World Bank. There is some clearances which is expected.

Currently standing at, say, 7,000 crores, we are given a target of 8 to 10,000 crores for this year, which we are quite optimistic that we'll achieve that target for sure. When do DMRC order is likely to be converted in Q3?

I see in Q2, not even Q3. We have just gone with Q1.

Q2 you will surely get that order. Lastly on guidance for revenue growth for this year?

We are expecting a revenue growth, which is target that we have given of 15% on the last year's top line. That's close to around 6,500 crores.

That we are quite optimistic that we will achieve this target. Okay.

Thank you, I have all my questions. Thank you very much, Mayur.

Thank you. The next question is from the line of Aditya Sahu from HDFC Securities Limited.

Please go ahead. Hi, sir.

Hi, I hope I'm audible. Yes, yes.

Thank you, sir. Thanks a lot for your question.

I just had a few queries. The L1 1,500 crore, which we have, that would be excluding the order book that we have right now?

Yeah. So 5,500, it does not include the Delhi Metro 1,500 crore job that we are speaking of.

Adding that makes it 7,000 crores. Order book right now is 21-22,000 is order book as on June 30th, plus we have 5,500 crores, sorry 1,000 crores where we have already got the order day before yesterday, yesterday, and 1,500 additional L1.

Understood, sir. The revenue guidance is 15%, close to around 6,500 crores, and order inflow guidance should be 10,000 crores, just confirming that on the front.

You're right. On the EBITDA margin front, what sort of margins are we expecting over here?

We will doing 14 to 15% of EBITDA margin. 14 to 15% margin, understood.

If I have to defend this pipeline, what would be the best pipeline that you have right now? If you just throw some color on how that is, in terms of segment or region, what are you targeting?

We already bided for around 2,000 crores of projects. In the near future there is around 50,000 to 1 lakh crore job of work of jobs that is coming, which is mainly from MSRDC, the Shastri-Paid corridors, the Uttan-Virar corridor that the MMRD is going to come up with around 50-60,000 crores, and various others NHAI and the other flyovers and DMRC contracts and metro jobs.

There is around close to 50,000 to 1 lakh crore work of jobs that we should be able to explore in the coming nine months to twelve months. Understood, sir, understood.

On the capex front, what would be the capex done in Q1? What sort of guidance are you sort of expecting for the capex of every 7 to 28?

Yes. Capex, period done for Q1, we have done capex of 34 crores.

34 crores, okay. And 27-28, what any number that you have in mind for the capex that you are expecting?

100 crores for one year. 100 crores for one year.

Never in this year. Yeah.

It's like, as we were told before also, including this Chennai GMR, we were saying like 250 crores for these two years, 100 crores per year of maintenance capex. For this coming two years also it will be exactly only 100 crores maintenance capex will be there, and of which 250 we have already done part of it last year.

Under 100 crores for these two years. Say 150 for each year.

Understood. Just only what would be the gross debt and the debt equity ratio over here?

Gross debt to equity is 0.24. Pardon, sir?

Gross debt equity is 0.24. 0.24, understood, sir.

The net working capital days, what would be that for the June month? Net working capital, 103 days.

103 days. Understood, sir, understood.

Thanks so much. Thank you.

Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1.

A reminder to all the participants to press star and 1 to ask a question. The next question is from the line of Vedant Kabra from AVN Capital.

Please go ahead. Hello?

Am I audible? Yes, Vedant.

Yes, Mr. Vedant.

Yes, thank you for giving me the opportunity. I just had one question.

Given the strong wins, you have given a revenue guidance of 15% for this fiscal. I wanted to know if there are any specific bottlenecks, be it in terms of approvals, working capital, manpower, that have to clear for us to hit that target.

I wanted to understand what has changed operationally in the last year to fix whatever that caused the FY26 flat net. We don't see another year of a growing order book but flat revenue.

The reason why I am asking this is because the order book is roughly 22,000 crores, and last year quarter one concall guidance was of 15% top-line growth as well, and yet revenue was flat 10% this quarter. I just wanted to understand your take on this.

Sumedh, I would like to highlight on this that as you are rightly saying that we had a strong order book, but unfortunately the new orders that we bagged in 2024 by March 24. In that year it was basically the two years, that is GMLR, VDCR, Chennai Elevated Corridor, these projects which we had bagged, including Orange Gate which got cancelled.

There were some big-ticket-size projects which did not take off due to the land acquisition issues, tree cutting permissions, and finalization of GAD. Like in the current year also if you see we have bagged in the current quarter, we have bagged orders of nearly around 5,500 crores.

Out of that the initial period where the GAD finalization has to happen, utility land acquisition issues, unfortunately this takes, sometimes it happens faster, sometimes it takes a bit longer time. Last year and 25 and 26, in this period this process took a hell lot of time, and that's how we could not get the revenue, like GMLR, Chennai, VDCR, all these projects could not see the light of sun.

Now all these projects, we can see that GMLR has gone to 26%, and in next two years will finish the whole tunneling. Close to around 3,000-4,000 crore worth of top line will be achieved from that project.

It is a very momentary thing which happens, and currently there is VDCR, which is a little bit slow, and we expect that in a month or two months' max time we may be able to push that project also fully on track because the GAD is finalized, the land acquisition processes are done. It should be taking off in a month or two months.

From quarter three we should be able to see good push in that project as well. Got it, sir.

Basically all in all it was a temporary issue in terms of execution? Yes, because you can see that all the projects are live, intact, and it's just a matter of time for starting those projects.

Kabhi kabhi bahut it happens in a six-month span, and sometimes it has taken, like in the current two years, Q1 and the last year's time, we lost because of the approvals and clearances from the government. There is a positive upside, like GMS also that is happening in VDCR.

Such kind of things they take a little bit time where the projects are in the conception stage, are not fully done as what was required. When the public hearings and all other opinions are taken, the project is for ages, for 100 years ahead.

They take some time to finalize, but there is no insecurity involved in those order books. That's what I'm just trying to put.

Sir. Thank you so much.

That's all from my side. Thank you, Vidansh.

Thank you. The next question is in the line of Dhanjay from Centrum Broking, Mumbai.

Please go ahead. Thanks for the opportunity.

Sir, our depreciation in this quarter has come down from Q4 level. In last quarter we have indicated that due to capex which we have done, we have done will be about 65 crore each quarter.

Depreciation has come down in this quarter again. See, depreciation has not gone down at the year end when we took the stock taking of the second all the plant and machinery, there were certain machineries which were not usable.

We have depreciated that at the year end. That is why in Q4 the depreciation is higher.

However, if you see the other quarters, it is steady. What will reflect for the full year in terms of depreciation, is it 50 crore or 60 crore quarterly?

No. Right now it is at 50 crore.

It will increase to 60 crore because once the TBM is starting in the next two-three days or so, the TBM of 300 crore will be capitalized, which right now is being shown as capital work in progress. That will be capitalized and this will add to the depreciation for the year.

Plus if you see last year we have done capitalization of almost 480 crore. The full impact of that also will be reflecting in current year.

Got it. Sir what is the status of Wadgaon project?

Is starting from next quarter? Mr.

Sanjay. Wadgaon project, already mobilization is going on in full swing, but because of rains not much can be done, and there are some land acquisition to be done by the government.

That land acquisition is going on, our mobilization of offices is going on, the surveys are being done, tree cutting permissions have been obtained from forest. We have started with tree cutting, a lot of trees to be cut, a lot of trees to be transplanted.

All these activities are started full swing. After rains the actual excavation and this work will be started only in October.

Okay. In the time we will have clearance from government to start the project?

Government clearance is like government is to acquire some location, some land, so that acquisition is going on. We have got the permission from Forest Department for tree cutting, the permissions are going on, utility shifting work we have started.

All these things will be going parallel, and actual excavation and other work will be starting in October. On capex part you said 100 crore will be maintenance capex and 250 crore additional capex for the new order.

For about two years. For one year it is done, another 100 crore for this, 150 crore in each year.

150 plus 100. So 150 plus 100, total 250 each year for next two years, right?

No, no, no. 150 each year for next two years.

Including the maintenance capex? Including the maintenance capex, yeah.

Okay. Another allocation, one of the big projects where the capex department is higher.

Whatever we have got till day, including this L1 and all that, we are comfortable with the current level of machinery, right? Yes, you are right.

Sir, what is the working capital position in terms of overall receivables, debtor, inventory and all that? Working capital is 103, right?

We have said it is 103 is working capital. What is your fund-based limit, sir fund-based non-fund-based limit?

Fund-based limit is 1,300 crores, out of that 550 crore is term loans and balance 800 crore is CC. On non-fund-based?

Non-fund-based is 5,000 crores. How much we have applied on non-fund-based?

Fund-based is 39% utilized, non-fund-based 65%. Okay.

That's all from my side. Thank you.

Thank you. A reminder to all the participants to press star and 1 to ask a question.

The next question is in the line of Shavan Shah from Solid Capital. Please go ahead.

Hi, sir. Most of the questions have been answered.

Just to check in terms of now the first quarter is muted and still we are maintaining a 15% growth on the revenue front for this year. Kind of in next three quarters we need close to around 20% kind of execution growth.

Just wanted to confirm that in Q2 itself we can start seeing that kind of a run rate, or maybe the second half could be, then the requirement will go to 23-24%. That way one can look at.

It's like, as articulated by you, H2 will be more visible because even the new projects what we have got, as I told you, even the 1-1 project, the revenue will start picking up only from quarter three, that is H2. The new projects what we have bagged, even that will add to the top line.

From Q2, H2. H2 will see more, but even Q2 will be better.

It's not that Q2 will be flat. Even Q2 the growth should be there.

Overall by the year end, 15% plus is very much achievable. Okay.

Even for FY28, kind of 7,500 crore kind of revenue that we were looking at, so that is also can be doable? Yeah, 27 also we will achieve 15% growth year on year because as you see, we have sufficient order book on hand now.

All these works are started, in fact this top line of 15% growth is 27 expected, 28 also. Okay.

Roughly the 5,500 crore-odd that we have got this year, this year in terms of the broadly, if I have to look at maybe 500 crore kind of a revenue can contribute the new orders that we have bagged this year, and then next year will be the full-fledged revenue can start. It can be 500 or 400 crore.

It depends, but a good revenue will come out of these new orders also in this year. On the margin front, can the next year, can we see a kind of approach to 15%?

Because we were looking at it can inch up to 15% to 16% maybe in one to two years. FY28 can we start seeing a progress to 15% kind of a margin?

Shivan, if you see, we don't work without margins. In this last year also when there was no growth also, we ensured that margins of 14% EBITDA is maintained.

Going forward our focus is also to increase by another basis point more, like instead of 14 to 15, 15 to 16%. We are on that and we of course intend to improve our EBITDA margin by 1% or 0.5% going ahead, no doubt.

Shivan, this particular next 6 to 6 months, by March, can we see whatever the opportunity that we are seeing close to kind of 50,000-100,000 crore, how much out of that likely to be awarded? I was trying to understand that 7,000 crore including L1 we are there.

Is it a higher probability that this number in terms of the inflow for us could be 12-13,000 crore this year? Yes, given we have a figure of 10,000 crore, which we have told that yes, we are quite optimistic that we'll cross this figure.

Exactly we don't restrict ourselves to not bag orders above 10,000 crore. Last year we didn't have a very great number that we could book in terms of order book.

We really don't want to overcommit. We want to overdeliver and then speak.

So 7,000 crore you can see is the result of Q1, with of course the L1. So 10,000 crore is what we are giving as of now.

Yes, J Kumar has the potential to take orders up to 15,000-20,000 crore also, given at our margin. It's all a very relative number.

Let's talk, I think after Q2 it would be a better time when we can speak about it. Thank you.

Yeah. No, I was trying to understand that whatever the big projects are there, 50,000 to 100,000 crore.

Like this project, there is in pipeline, waiting for right now for Virar, they got this clearance from MORTH about the merging locations and all. They had a meeting last week only along with this Anandnagar package.

All these things are there. This pipeline, this works are going to come, but it can depend by three months, six months.

That's not in our hands, right? All these projects in pipeline, we have to focus on that.

It can only get converted when the project comes in with it and when we get it. It takes some time, maybe not in this year.

Maybe both in next year. I think right now the company has bagged a very decent order of 7,000 crores, and we are very optimistic that we'll reach 10,000-plus sort of picture.

I think let's keep this point here, and as we reach Q2 or Q3, we'll be in a better position to speak. Yeah.

Lastly on the working capital and debts front, can we see this quarter obviously slightly the debtor days may have increased, but overall there is how much one can look at in terms of the working capital level and even the gross debt also this quarter we have seen kind of a 200 crore-plus kind of increase versus March. For the gross debt also will remain here, or it will again come back to a 600-odd crore kind of a number?

Shivan, you asked me about what is the first one? Working capital.

Working capital, TT. We have been always saying we maintain a working capital days of 120, but you see now we are at 103.

We have improved. There will be charge.

You see, we do improve ourselves. Instead of 120, it's like 103 now.

I think it will be like 110, not much going forward it looks like. Secondly on the gross debt, our gross debt right now is 840, which is basically because of mainly because of the tunnel.

We have bought this big TBM and, like, the CAPEX for the Chennai. Similarly TBM, CAPEX are also being there.

That is the major reason. We are not increasing our working capital much.

Going forward as we remain this tunnel, it keeps reducing. We don't expect it to go further above from this 840.

Lastly, vis-à-vis monetization, when can we see this 100-600 crore kind of a number that we will be realizing? Whenever it will get realized, let's say in Q3 or Q4, how one can look at in terms of the P&L kind of will we be booking how much kind of exceptional gain in that particular quarter?

We are expecting good upside on this Visakh project what we have taken. We have already done a deal, but money is yet to flow.

We have already done a deal of 180 crore of 30 acres land. Like, this should be done in this Q2, Q3 only.

I think we are then above the break-even point. There is no problem point, no issues.

Okay. Thank you and all the best.

Thank you. Thank you.

Thank you. The next question is from the line of Vaibhav Shah from JM Financial.

Please go ahead. Thanks.

Thanks for the follow-up. Last year as of March 26, our gross block, if you look at gross block, it was around 24-50, and there was CWIP of 300 crores.

This year that will be converted entirely plus we adding another 150 crores, right? Yes, yes.

Yes, the CWIP of 300, as I said, in a week or so the TBM will start. That 300 crore CWIP will get capitalized, and then whatever during the year maintenance CAPEX has to be done, that will be done, so that will add to that.

Okay. Secondly, if you look at our other income in first quarter, it was 519 crores versus last year's number.

Could this be a recurring number, or do we see some reduction? No, this will be a recurring number going ahead.

This higher other income is driven by higher cash level? See, what has happened is that whatever surplus money we have, we have invested back in debt securities in the time the money is put into use.

This revenue, one is the margin we have to keep with the bank for our non-fund-based facility. That margin is kept in the form of FD, which provides interest income.

Bulk of it is that only. Okay.

Last year, tax rate was higher at 30% in first quarter, 29.7%. How do you see it for the entire year?

Sorry, can you repeat the question, Mehul? Tax rate was higher at 29.7% in first quarter.

How do you see it for the entire year? For the entire year it will be reduced saying because it is at this point of time based on available information we have done it, and as I said, 300 crores TBM once we capitalize, it will give shelter to the tax, and the rate will automatically come down.

It will be similar to last year's rate, FY22? More or less, more or less.

Okay. The last year borrowing roughly 840-odd crores as of June.

It has increased from March levels, from 380-odd crores. How do you see it by March end?

Do we see some reduction or it will be at similar levels? Yes, as Kamalji has already said, that as we go on repaying this term loan, the debt level will be coming down, and even capital debt level will also be coming down.

This is because of the TBM in the last week of June only, TBM last installment was paid and term loan has risen because of that. There is no further material term loan that we are going to take during this coming period.

We foresee this like less than 800 crores by the year end, not more. Okay.

Yeah. Lastly, what will be the mobilization advance right now when the interest bearing portion?

Mobilization advance interest bearing portion is 470 crores. The total amount?

Total is 470. It is interest bearing?

Yes, yes. Okay.

What will be the ballpark interest rate? Interest rate is varying interest rate from 8.

5% to 11%. It's like, usually 10-11 plus 3%, plus so it comes around 8.5 to 9.5, 10.

I don't think anything is above 10. Nothing above 10.

Okay. It is quite higher.

What would be our interest rate on the borrowings? 9 to 10 percent.

Okay. Thank you.

That was my question. Thank you.

Thank you. The next question is on the line of Varun Agarwal, a private investor.

Please go ahead. Thank you for taking my question.

I just wanted to ask, apart from the Vadinar project, of the six new projects that we have bagged, which of the projects have substantial land acquisition? Land acquisition, I don't think any project apart from Vadinar.

Vadinar is a project because it's a greenfield project, this land acquisition issue is there. Otherwise I don't think any other project apart from that.

This also has some land acquisition issues, but it's like a part portion of it, not even like 20 percent. All right, sir.

Thank you. That's all.

One also, it's like, after this, rail will be starting the tunneling and all, because we have some tunnel portion also. It's not that land acquisition is in the entire stretch, but initial stretch of it's a 32-kilometer long, initial I think around six, seven kilometer stretch from the port, there is some land acquisition issue, not in the entire stretch.

Thank you. Yes, yes.

Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1.

The next question is on the line of Chandramouli, individual investor. Please go ahead.

Hello, sir. I asked you the same question last time also.

You are a market cap of the company is about 3,800 crores, which is present. You also have a net cash, your balance sheet is very strong.

We don't need to think of some buyback. It gives value to you as a stakeholder.

Currently, Chandramouli, if you see that we have been, we have bagged certain orders, and there is a lot of capital infusion that the company is doing, and for the CapEx. Currently, we also understand and we know that it's a highly lucrative thing to going for, gripping or acquisition or whatever you call it.

Currently, we are just waiting for some time. Yes, it's on our cards.

Okay. What is your net debt, sir?

Net debt is minus 45. Minus 45?

0.01%. 0.01%.

Okay. Thank you, sir.

Thank you. Please consider that to be possible.

Thank you. Thank you.

The next question is in the line of Thomas, an individual investor. Please go ahead.

Hi. I want to ask you, we invested in the PVM center.

The last capex. Has that capex spend ended now?

What is the expected capex for the next three, four years? Mr.

Thomas, if like as we told before also, like we have some maintenance capex, like, 100-200 per year. It's a routine maintenance capex.

Whenever we get any big project now, like this GMLR project required a big capex of like, 42, because of this 50 PM. Also the Chennai project, which was the first office sign in India, first road on road project, we required special gantries and special launchers.

We had a capex of around 354 crores there. Apart from this, if you see all other projects does not require big capex because they are repeat things and we already have the capex or the equipment and stuff like that for the company.

Going forward also for coming two years, we don't foresee any big capex coming in apart from this 150 crores per year, as we told before. Until we get some big other project wherein some new equipment are to be utilized, maybe then that time bigger capex will be required.

Okay. Also you had also initiated like a fundraising.

Is that now you are not looking at that anymore? Not for the moment.

Okay. Not for the moment.

Okay. I was over the call, I've been hearing that all the last year was the capabilities that you needed and all that you have received.

Hello? We have lost you, Mr.

Thomas. Hello?

The line for Thomas has dropped. We move on to the next participant.

The next question is in the line of Dinesh Karwa from Keeti Creation. Please go ahead.

Mr. Dinesh.

Good afternoon, sir. Good afternoon.

Sir, I have two questions. The first one is what is the exact status for MMRDA, जो आठ-odes का building project जो we are telling.

The second one is possible... आपकी आवाज ब्रेक हो रही थी, दिनेश जी, तो आप वापिस थोड़ा रिपीट करेंगे?

MMRDA का क्या status? सर, MMRDA में जो अपना, जो February में मतलब जैसे आया था, तो order है ना, मतलब आठ-odes का कुछ उसमें alloy ही मिला, मतलब अभी तक क्या उसमें से दिक्कत हुई है, क्या वो cancel over क्या हो गया?

वहाँ पे... आपका आवाज break हो रही है, MMRDA के...

सर, जो order है ना, जिसमें कुछ 22-ton का था और कुछ ऐसे 8-odes में project, मतलब जो metal होता है ना, जो आप देते हैं, उसमें में देख रहा हूँ उसका alloy अभी तक नहीं मिला. alloy का...

Sir, मैंने उन पर अभी तक क्या हो गया? नहीं, वो, बात की बात करने आएंगे, आपकी आवाज ब्रेक हो रही है.

NMRD के कॉन्स्टेबल... Sir, वो जो order है ना, जिसने कुछ 20-24 था और कुछ 6-8 करोड़, पर जो प्रोजेक्ट...

मतलब जो metro में होता है ना, जो आप देते हैं, उसमें मैं देख रहा हूँ उसका alloy अभी तक नहीं मिला, alloy था intended, लेकिन alloy नहीं मिला. Sir, there is no any order of MMRDA which is on hold from our...

it may be for somebody else. अभी यही order बाकी है, MMRD की 1500 करोड़ की जो हमने last year में पहले मिला था.

Sir, वो Delhi Metro का काम भी 1500 करोड़ है, लेकिन ज़्यादातर उस समय था ना 1700 करोड़ कुछ declaration. That, that, this...

70 crores, which is including GST. I think GST...

वो थोड़ा सा लिखने में गलती हो गई थी, for including GST का, because, like 90% of the contract comes GST. It was a typo error.

It is 60 crores including GST. Sir.

The second question is, अभी हम लोग metro और, इसके अलावा pan India में मैं देख रहा हूँ, जैसे Lucknow में convention center है और Delhi में भी... अभी आप जैसे Karnataka में भी experience.

तो ये कुछ ऐसे order हैं जिनका शायद ज़्यादा से margin से effect नहीं होगा. जैसे second part हम लोग, उसमें कहीं न कहीं है, आप change कर रहे हैं क्या?

मतलब कुछ ऐसे है वही type के margin में भी अच्छे margin देने वाले project हैं. तो क्या आप उसके बारे में हमे पर थोड़ा discuss करेंगे?

हम इसी रूट के company, Chatra ji, sorry Dinesh ji, we have been taking orders in the area where the company strengths lies. अगर आज भी आप company का order को देखेंगे तो जो structures, metros और road and road tunnels में हमारा फोकस है.

और ये वाला 1500 करोड़ का जो काम है, ये CMR का एक exclusive work है, जिसके अंदर जो sports के अंदर जिस तरीके की आगे government focus कर रही है, if we get this certificate, we will have opportunity to bid for similar projects in future also. This is an exclusive work, we have taken at a margin which will be able to maintain our margins that we have given.

तो सर कहीं न कहीं है, तो सर कहीं न कहीं है, महाराष्ट्र से expand होके pan India की तरफ जाना होगा ना? कहीं न कहीं आप मतलब by default...

इंडिया में देख रहा हूँ. पहले आप महाराष्ट्र पर ज़्यादा centralized हैं, लेकिन last time से मैं देख रहा हूँ पिछले साल को 500 करोड़ का order.

If you see. अगर आप देखेंगे, तो...

50% of the order को goes outside Maharashtra. Currently for last seven years, हमारा सात-से- दस साल से company pan India काम ले रही है.

We are currently also working in seven states. It is not that we have started it now.

Maharashtra is our preference if we get some good margin works in Maharashtra. That's our primary focus.

बाकी हमारे margin पे हमको कहीं भी काम में कोई नया shade खोलने पड़े तो we are open. We are willing for jobs, हमारे margins से हमको काम मिलेगा, हम नहीं.

तो सर जो आप 10 million का target दिया था, वो उस समय के हिसाब से साढ़े सात हज़ार करोड़, तो आपको लग रहा है कि इस बार वो achieve... सर, जैसे ये सारी बात बता चुके हैं, साढ़े सात हज़ार करोड़ जो डॉक्यूमेंट के वजह से जो change हुआ है और अगर इतना साल अगर लास्ट में डाउन हुआ, तो हम इस साल अपना साढ़े सात हज़ार करोड़ का top line achieve कर ही देंगे.

तो last one year healthy है, वो एक साल नहीं होगा. Company को market, हमारी company...

unless we make margins. हमको growth नहीं चाहिए.

We don't want to become a smaller company where we don't have margins and we are just doing top line, making everybody a rosy picture. आपके पास जब तक margin नहीं है, धंधा करके फायदा क्या है, sir?

मैं slide... तो मैंने data सर आपको ये तो intended है, क्योंकि इस साल सबसे best example है, छह साल...

500 करोड़ के order. क्योंकि सर आप pure EPC से और आप कोई भी, जैसे हम वो उसके...

order नहीं, EPC clear करते हैं और अपने sectors की funding से उसमें margin. ये तो मैंने देखा है, इतना...

मैंने किया, तो इस साल का order book उससे पहले साल का order book हमें अगर हमारे margin से काम नहीं मिलेगा, हम हमारे investors के पास हाथ जोड़ते आ जाएंगे कि साहब हमें हमारे margin पे काम नहीं मिला. But हम जाके सिर्फ investors को गलत picture portray करके गलत rates पे काम नाम नहीं लिया है, नाम नहीं देंगे.

हम top line flat रखेंगे या थोड़ा minus हो जाए, वो हमें चलेगा. लेकिन opportunity इतनी है कि भगवान के उससे हमें वो दिन देखने की ज़रूरत नहीं है.

सात हज़ार करोड़ का order book हम book कर चुके हैं और आने वाले period में और तीन हज़ार करोड़ आराम से हम book कर लेंगे. So हमने कब कहा और उसमें साल दो साल अगर हम अपने vision से, जब तक आपका कोई vision नहीं है, आप कभी achieve नहीं करेंगे.

We had a vision of 7500, जो हमारा एक साल दो साल आगे पीछे हो रहा है. That's okay.

बिना margin के हमको धंधा नहीं करना, and that's our philosophy we are sticking to. Sorry to interrupt you, Mr.

Dinesh, I would request you to rejoin the queue for a follow-up question. The next question is from the line of Dhvanit Saldanha from Savla Family Office.

Please go ahead. Hi sir.

Welcome back to the call. I have two questions.

The first is on the March. During the March call, I think we had a working capital days, which was sub-100, and are we planning to improve further working capital days from that point?

We can see further reduction. My second question is actually from a wrong discussion which is there on the call of a 7500 crore order book at the top line, which we are targeting.

Okay. Since we are such a margin-focused business, isn't it better that we start projecting it everything on the basis of kind of profitability or EBITDA, which kind of we want to achieve going forward rather than focusing too much on the top line?

Ahead, first of all, the working capital, the working capital cycle as of right now is 100. We have always been saying we will maintain around 120 and we'll be able to improve it in these two years if you see.

Right now also we intend to keep it in this range only of 100 and 110, 100, 110, not more than that. This is about the working capital.

About the top line, the profit, as you see, we are always focused on bottom line growth only. It's not like top line growth, as what you are also saying.

The thing, our target of 7500 crores for FY27 has shifted to FY28. We'll be doing a 7500 crore by FY28 now with similar margins of 14 to 15% EBITDA.

Yes. Going by that logic, it's more like we are saying that we'll have like a 1000-1500 crore EBITDA kind of for the FY28, right, given the current pipeline, correct?

Sir. All right.

Just a small question, right now there are monsoons, you have mentioned the estimates based on a certain level of monsoon. Can you say that what kind of monsoon season are you expecting for that this kind of work can continue?

Because if the monsoon keeps running through, anyway we had a delayed start, if it keeps running through October or something like that, then we might have a further delay in execution of our current projects, correct? Right now we have our projects spread out throughout India.

It's not only Mumbai, correct? It's Delhi also, Chennai also.

The monsoons are differently in different states. Right now, like in July if you see, of course the first 10 days was very bad, no work could have been done.

Now work is going on in all other sites also, apart from some particular projects where like, because of monsoon you cannot do like this Wadwan and all, where the work cannot be done in rains. All other projects of us are going on in rains also, no problem.

Okay. Thank you very much.

Yes, Dinesh. Thank you.

The next question is from the line of Rahul Kumar from Baikaraya Fund. Please go ahead.

Hi, just one question. I think you mentioned the irrigation challenges because of the water supply issues from BMC.

How has that situation been now? It was a temporary issue, Rahul.

It's already sorted and things are on track. Absolutely there is no issue right now.

It was just about the rains that it was bothering. Now we have sufficient rains, absolutely there is no problem with it.

Okay. Second question was, I think we have heard from some construction companies that there are some cash flow issues for the contractors from the Maharashtra government.

Has your been, experienced in, let's say, last six-nine months in terms of cash flow? Rahul, that is basically the litigation and PWD people that they are having issues.

For us, with DMRC, MMRDA, MSRDC, BMC, NHAI, there is absolutely no issue and we are getting prompt payments from them. It's quite regular cash flow and absolutely no problem with regards to that.

Okay. Understood, got it.

Thank you. Thank you, Rahul.

Thank you, Rahul. Thank you.

Due to time constraints, we take that as the last question. I now hand the conference over to Mr.

Kamal Gupta for closing comments. Looking ahead, we remain focused on disciplined execution, agility in navigating market dynamics, and delivering transformative infrastructure projects that contribute meaningfully to economic progress.

Backed by the strength of our people and a clear strategic vision, I am optimistic that FY27 will mark the beginning of a stronger growth trajectory, creating enduring value for all stakeholders. Please feel free to reach out to our IR team for any clarifications or feedback.

Thank you all and have a great day. On behalf of J.

Kumar Infra Projects Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.