Ladies and gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q3 and nine-month FY26 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, which J. Kumar Infra Projects has uploaded on the stock exchange and their website, including the discussions during this call, contains or may contain certain forward-looking statements concerning J.

Kumar Infra Projects business prospects and profitability, which are subject to several risks and uncertainties, and the actual result could materially differ from those in such forward-looking statements. Should you need assistance during the call, please signal an operator by pressing star, then zero on your touch-tone phone.

I now hand the conference over to Mr. Nalin Gupta, MD, J.

Kumar Infra Projects Limited. Thank you, and over to you, sir.

Good afternoon, everyone. On behalf of J.

Kumar Infra Projects Limited, I warmly welcome you all to our Q3 and nine months FY26 earnings conference call. Joining me today on the call are Mr.

Vasanth Sabla, CFO, and our investor relation partner, Marathon Capital. I trust you all had the opportunity to review our earnings presentation and press release, available on the stock exchange and our corporate website.

During the quarter, the company reported a moderation in its operating and financial performance compared to the corresponding previous period. The decline was primarily on account of an extended monsoon season, which led to temporary disruption at multiple project sites, slower execution progress, and deferment of billing linked to milestone achievements.

The impact was largely operational and time-related in nature. The company maintained a stable balance sheet position with adequate liquidity to support ongoing operations.

While the first nine months has been a period of balanced performance, it has also strengthened the foundation for a stronger performance for the periods ahead. Our order book remains solid, execution velocity is improving after temporary moderation, and our capabilities across key verticals continue to evolve.

Each milestone, big or small, reflects the dedication of our people and the trust of our clients and partners. I take great pride in the role we are playing in shaping the future of infrastructure, delivering projects that not only support economic growth but also drive transformation at scale.

As we look ahead, our priorities remain clear: to build on our progress, remain agile in an evolving market environment, and continue to push boundaries with focus and conviction. Backed by the strength of our people and a well-defined strategic vision, I am confident that the most compelling chapters of our growth journey still lie ahead.

Now coming to financial performance, consolidated performance highlights for the nine months FY26: revenue from operations for nine months FY26 grew by 2% to 4,138 crores as compared to 4,061 crores in nine months FY25. EBITDA for nine months FY26 grew by 1% to 599 crores as compared to 591 crores in nine months FY25.

EBITDA margin for nine months FY26 stood at 14.5% as compared to 14.6% in nine months FY25. PAT for nine months FY26 stood at 277 crore as compared to 277 crore in nine months FY25.

PAT margin for nine months FY26 stood at 6.7% as compared to 6. 8% in nine months FY25.

Consolidated performance highlights for Q3 FY26: stands at revenue from operations for Q3 FY26 moderated by 12% to 1,311 crores as compared to 1,487 crores in Q3 FY25. EBITDA for Q3 FY26 moderated by 14% to 288 crores as compared to 219 crores in Q3 FY25.

EBITDA margin for Q3 FY26 stood at 14.3% as compared to 14.7% in Q3 FY25. PAT for Q3 FY26 moderated by 17% to 283 crores as compared to 200 crores in Q3 FY25.

PAT margin for Q3 FY26 stood at 6.3% as compared to 6.7% in Q3 FY25. Net debt as on 31st December 2025 stood at negative 250 crores, that is cash positive, and debt equity ratio is at 0.2x, reduced from 0.

238 in FY25. Working capital days nine months FY26 stood at 103 days as compared to 112 days for FY25.

Total order book as on 31st December 2025 stood at 19,212 crores. The order book inter alia includes metro projects, elevated and underground, contributing to 11%, elevated corridors, flyovers contributing to 53%, roads and road tunnels projects contributing 17%, and others contributing 18%.

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

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

Anyone who wishes to ask questions 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

To ask questions, please press star and 1. The first question is from Parikshit Khandelwal from HDFC Securities.

Please go ahead. Yes and hi.

This is from the execution. Now you highlighted the various factors for this.

Are the sites now mobilized and execution pace is back to normal? Parikshit, as we have said that, there were a lot of issues, operational issues, some land acquisitions which were there, but now everything is in place, and we are very positive that from FY26 to FY26-27 should be surely giving us a growth of around 15%.

15%. For FY26 you revised guidance?

For FY26, we hope that we will be able to maintain or surpass the last year's top line that we did of around 5,700 crores. Okay.

On top of 15% growth for FY27? Yes.

Margin guidance, similar margin for FY26 and FY27? Yes.

If you look at the figures, Parikshit, all the jobs that we have secured are all within similar margin of 14 to 15%. There we don't see any sort of decline or anything happening.

Okay. For both the years, 26 and 27, FY26 and FY27, you will maintain that 14 to 15% band?

Ji, ji. Yes.

Okay. Now coming to order inflows.

What has been the order inflow for nine months and for this quarter? Also recently the Maharashtra government has announced the Golden Line metro line 8.

What are the other metros which are currently under work and how do you see the pipeline building out? Some of the key projects, large projects, if you can highlight in the pipeline, that will be helpful.

Firstly, with regards to nine months order book, we have received an order book to around 515 crores, and we have already bided projects worth around— we are already L1 in 1,728 crores worth of job, and there are around 13,000 crores worth of projects that we have already submitted the bids for. For the current fiscal year, I would say that we are hopeful of closing with an order book of around 4,000 crore by the end of March 26.

For FY27, we expect around 7 to 8,000 crores of order book because, as you rightly said, there are a lot of this current year, Parikshit, I would say that mainly FY25-26, the order inflow was very poor, and there were a lot of tenders which are in the pipeline but could not see the light of sun. In this coming year, we expect a lot of order inflows to happen.

Maybe last year it was due to this election issues that they did not have much projects in the order inflow. The coming year, I am expecting substantial orders to go for.

As you said, Metro Line 8, there is also Metro Line 5 extension, which is from Kanjurmarg to Badlapur, and Metro Line 10, which is from Gaimukh to Shivaji Nagar. This is for Bombay as we speak of, but also Delhi Pune Metro, there is a 1,000-crore another project which has come up.

Delhi Metro, we have recently submitted DC06 and DC07, which is close to like 3,500-crore-odd project, two projects of around 17-18 minutes crores. There are metro projects coming up, there are elevated corridors and road projects of MSRDC and MMRDA that's coming up.

There is an access control road from Ambernath to Kalyan and Ulhasnagar-Dombivli, which is around 10,000 crore, which we should see very shortly, these tenders to be published by the MMRDA, which is the implementing authority. Again Nagpur Gondia, Shirdi-Pet.

These are around 30,000 crores of projects which should be floated by MSRDC on EPC. Also CIDCO is coming up with Metro Line 1A and 1B, close to around 5,000 crores, and also the much awaited project of MMRDA for the Uttan Virar, which is the extension of the coastal road on the west side, which is around 35-40,000 crores, is also expected in this FY26-27.

I think overall FY26-27, we should see substantial order coming in throughout Maharashtra and pan India. All these projects which you highlighted, sir, you expect that these will all get awarded in FY27?

Starting from next financial year, early next financial year, we will start seeing momentum on all these projects, right? I am very, very hopeful on that, yeah.

Okay. Sure, sir.

Thank you, and those were my questions, and Rashidar. Thank you.

Thank you a lot. Thank you.

The next question is from Vaibhav Shah from JM Financial. Please go ahead.

Can you state the progress of few big-ticket projects? Firstly on Chennai elevated corridor, how has been the execution so far?

Chennai project, the project has fully been made up. The casting yard has been fully set up, and there is around, we have done a progress close to around 9 to 10 percent on that project financially, if you talk of.

Because there are also a lot of issues with regards to the maritime board, because it's by the sea. Because of that there are limitations in working periods that we get.

Now the casting yard has started generating revenue. There are these tenders being milestone-based, it is not really, exactly replicating in terms of the financial progress of the project.

That project is now under control, and we should see a decent top line coming in for the next financial year. Also timing issues, work time is not provided completely.

What was the challenge over there? It is because of the project being along the sea, along the Chennai port.

Because of that there are some limitations in the periods of months that we are supposed to work there. This will continue over the completion of the project, or this may, the time period may increase?

It's mainly during the foundation substructure stage that it has effect. Once the foundation and substructures are done, the superstructure won't have any effect because then you can carry on that work with an overhead launcher.

When do we target to complete the project? It was a three-year project.

Do we expect to complete it in FY28, or it will spill over to 29? The exact timeline for that project, to be honest, is looked after by my brother.

Unfortunately today he is not here, but around two years or so, more or less, the project should... two years more or less, I should say, for the project.

Okay. Sir, last time you mentioned that on the CIDCO order, from Kharghar to Nerul, around 1,000-crore project, you were targeting to start the project in December.

You see was awaited. Any update on that?

It's not started yet. It's ongoing, but not, we haven't received it yet.

When do we expect to start the work over there? We will receive it in Q4.

Not Q4. I think in FY26-27 we should start getting some revenue from that project.

Okay. Secondly, how do you see the debt moving ahead?

We have seen some reduction in the debt levels in the current quarter. Do we see it increasing once the execution picks up, or it will remain similar levels?

I think 600 to 700 crore is something that we can look at, because there will be, of course, an increase in the term loan that we'll be seeing. In terms of debt level, 600-700 is what we can expect.

Last time you mentioned that we would be revising the guidance for revenue, kind of flattish for 26 on a Y-O-Y basis. It implies a flat Q4.

Is that correct? Yeah.

Exactly because nine months, if you see, it's just one percent. Means nine months, we could not be really what we expected.

In this financial year, we should see a similar, top line as what we saw in FY25. While we are missing the number on 26, the base is lower compared to what we were earlier expecting.

Don't you feel that 27 can be a much higher number than 15 percent? See, because of the FY26 thing, we would like to keep our numbers by around 15 percent, though we'll put our best efforts and see that we get this number higher.

We are also a little bit disappointed with the FY26 top line that we were expecting, which was also due to the new order inflow that we could not see. If you look at the order book for the nine months, it is just 520 crores.

Basically the new projects also add somewhere or the other to the top line of the coming financial years. This year it has been almost nil till now.

520 crore is nothing much. Once the order books inflows are coming into the company, again the guidance can be revised in the subsequent quarters, is what I feel.

Lastly on the interest cost, we have seen some spike in the number from 38-39 crores to 44 crores on a QOQ basis, but the debt has reduced. What has been the reason for the increase?

The increase is basically because we have taken mobilization advance. Because of that there is a small increase in the interest cost.

What is the mobilization advance as of December? Mobilization advance is about 800 crores as of now.

The interest-bearing portion of that? Interest-bearing portion is about 650 crores.

The interest rate would be around 8.5-9%? No, each project has its variable.

If you look at those numbers, they are quite variable from 0 to 10% sort of thing. Averagely you can say, yeah, whatever, 8% you can say.

Okay. Thank you, sir.

Those are my questions. Thank you very much.

Thank you. The next question is from Yash Pothai from CFA Research.

Hello. Am I audible?

Yes, yes, you are very well audible. Yeah.

I just wanted to understand, obviously you have talked a lot about the order book execution, but I just wanted to understand what is the current order book execution timeline? Like what proportion of the order book is already under execution versus what is yet to commence?

I would say that 19,900 or 19,200 crore approximately is the order book as of 31st December 2025, and around three to four years is the timeline. Three years, I would say ideally, would be the timeline to complete these jobs.

Okay. Out of the 19,200 crore, is there, a rough percentage or an approximate that you can give me, which is already under work and what would probably come in FY27?

Is there a possibility to do that? I would say that 90%, 90-95% of the order...

I would... okay, let's put it like 90%.

Yeah, 90% of the order book is already into pipeline, which has started generating revenue. There were certain projects in FY25-26, which could not really, add much to the revenue, like our BMCR project and Anand Nagar Saket, and including GMLR as well.

We could have done much more had we got the key permissions because and some land acquisition issues. The launching shaft, like for GMLR, if we talk of, the project was, the shaft was in eco-sensitive zone, but outside the forest area.

There were some local adivasis who didn't want the shaft to be constructed because of their housing and the shanties which were there. There was a positive variation which was given by the BMC of 800 crores, where J Kumar's share stands at 400 crores, and the shaft, the tunnel length was increased by 600 meters.

Such type of things could not make the project fully into flow. It's very pleasing for me to inform everyone that we have got the land for the shaft for GMLR in August 25, and in just a span of six months, today we are doing the first PCC beam concrete where the TBM will be lowered into the shaft.

By this month end, we should be starting loading the TBM into the shaft. It was a very quick and brave job that the team has done, and we should be putting the...

both the tunnel boring machines are... they have reached the job site.

That project will now start generating a decent top line. Again, BDCR, there were some changes in the drawings, which was...

there were a lot of clashes between the different elevated metros and flyovers that we were crossing, and there is also some change in scope, on the positive side that we are expecting. That GMLR was just yesterday being cleared by IIT, because it was a third-party check that had to be done.

Similarly, there were some pitting issues in Anand Nagar Saket, BDCR, GMLR, which has been sorted. FY26-27, that's why we are very hopeful that we should be crossing this 15% top line that we are expecting.

Okay. Just to, bounce off this, was there any unbilled revenue in Q3 that we can expect to still over in Q4?

Is that a possibility? There is an overall unbilled revenue of 600 crores.

Which is okay, not that significant. Yeah.

Just one last question. As our projects mature, should we see mobilization advances trend down as a percentage of order book, or will there not be that significant a change in that?

No, of course the mobilization advances, they start getting deducted as soon as the project reaches 20% of its total project value. It is a scientific way where it starts getting deducted.

It has to lower down. Would you say by Q2 of next year will we see this, or earlier?

No, actually it is already happening. If you see Q2, certain projects have already started.

GMLR will start. We have taken a mobilization advance of close to around 200 crores.

That will start from Q1, and there are certain projects where already the recoveries have started, and some old projects where the mobilization advances were there, we have completed or are on the fag end of the last installments or so on. If you see Q2, in Q2 the mobilization advance was 900 crores, and in one quarter it has got reduced to 800 crores.

Okay. Okay.

Similarly it can be expected in the coming quarters. Yes.

Okay. Thank you so much, sir.

Those are my questions. I think the operator's voice is not so audible.

It's very slow. I'm sorry.

The next question is from Alok Deora from Motilal Oswal. Please go ahead.

Yeah. Hi.

Good afternoon. Just had one question.

Till the last quarter we were targeting some 6,300 crore of revenue. I just wanted to understand what has actually happened in this quarter that, the full-year number also we are keeping it kind of flattish now as against 10-11% kind of growth rate.

Because we had the order book in place. We understand that the new orders could not come through because of election and other reasons.

What really impacted the execution that we are kind of in a way reducing the full-year guidance for execution? See, we already spoke about when you are talking about the project, when we spoke about GMLR, we spoke about BDCR.

These projects, BDCR is almost like two years. The project is around 2,500 crore worth of project, and we have done only 100 crore out of it.

The other projects, there were seven projects that were being awarded at the same time, package A to F, where EPCO, L&T, J Kumar, all these companies which bagged the orders could not even start 100 crore worth of order book from that. We were on our toes trying to give whatever drawings were being...

there were various revisions, because this is not a standalone project. It is comprising of seven projects where the in and out traffic movements, the levels, the land acquisition issues depends on any change in one project affects the alignment of the other project.

We had been submitting all the required details quite on a prompto basis. The approval from the third party, because it has our designer, then LDC, and then GC, and then LDC, this third party IIT approval.

We have got those things in place now. These things which we thought that it would be approved, because we are from our end of J Kumar, we were ready to execute the project, and we have already completed around nine to ten foundations on the film city side, near the highway at east.

Such kind of things which we expect, the project is given, we are mobilized, the drawings have been submitted, but it's a government process. That took time more than what we expected.

That's the reason where these projects have taken a lot of time, though we had a lot of support from the government. Even the GMLR, when we talk of, all the lands were being acquired for the area, but the tree cutting permission, which was also being awarded by BMC, which is the standing committee is supposed to approve.

Under the administrative powers, the commissioner gave the approval, but unfortunately it falls under RA. There is a general order being given by the High Court and Supreme Court, where the Supreme Court has mentioned that any tree cutting in RA should be informed to the Supreme Court and approval has to be taken.

Especially the AG was being instructed to plead the case, and we got all the approvals. We did the tree cutting in just one month time, and the new plantation is going on, and still we have executed the entire shaft.

Such type of things which are not under fully our control has led to such situation. Now, looking at the current position, Alok, I would say that we are very, very positive that we should be able to achieve a 15% growth for the coming year.

Got it. In fourth quarter also we have got those approvals moving and we will do the balance revenue for the fourth quarter.

If we talk of VDC, just one example so that I don't waste everyone's time. VDC, the approval from IIT has come, that this is the GAD how we are supposed to construct, because it's a 27-kilometer elevated corridor along the coastal road and perpendicularly going to Film City.

That approval has come now. Based on that, the design submissions will happen, the exact location soil investigation will be done based on that GAD.

The financial revenue contribution, it is even come from Q1. That's how with one example, I hope I could explain where these things are.

Yeah. Sure.

Net net we could do slightly more than 15% also, because this would be basically little spillover of this year also could be there in the 27. Hopefully we should.

We will try our best, Alok, and J Kumar, we don't usually like to show such numbers. I will tell you one thing is also the order inflow.

Our always, our aim is to see that we bag projects which adds to the bottom line of the company. Like, 500 crore का order book, कभी J Kumar में 500 crore का order book हमने कितना low कभी book नहीं किया है, but we want to keep our the horses under control and not to go aggressively bidding where we don't make bottom lines, and just for the heck of today if I am coming with some top lines where my margins are intact and where I am able to grow at the similar profit margin and PAT and EBITDA levels, that is more acceptable than just increasing the top line and not making good bottom lines.

We don't want to compromise there. Hopefully this year also we should book around 4,000 crore by the end of the financial year and around 7-8,000 crore for the next year.

Hopefully we should be doing better than what we are expecting. Got it.

Got it. Thank you and all the best, sir.

Thank you very much, Alok. Thank you.

Next question is from Siddhant Lodhaya from Sashi Fund. Please go ahead.

Sorry, I could not get you, please. Siddhant Lodhaya from Sashi Fund?

Siddhant. Please go ahead.

Just a clarifying question, we've mentioned that our order book currently is 19,200 crores, and when we say that we will book another 4,000 crores in March 26, does that add onto the 19,200, or how does that calculation work? You could add 4,000 crore to the top line minus the revenue that we'll be doing for Q4.

Sorry, 19,000 will add to 4,000 and then minus the revenue, correct? That's right.

You got it right. Sure.

Thank you. Thank you.

Before we take the next question, a reminder to participants that you may press star and 1 to join the question queue. Ladies and gentlemen, to ask questions, please press star and 1.

The next question is from Shravan Shah from Doda Capital. Please go ahead.

Hi. Thank you, sir.

Before asking a question, just on a strategy front, wanted a clarification. All the mid pipeline that we have, Souraj mentioned at the start of the call in response to Parixit's reply, all these projects are on the EPC, or are there any projects which are on the BOT mode also?

All the projects, Shravan, that we have mentioned here, they come in only from EPC, and J Kumar we are not bidding for any BOT or such projects. All the projects that I have mentioned comes in from EPC.

Yeah. My question is that only, because we have bided in, sorry, about BOT project that was a 7,000-odd crore.

I am wondering, though we did not get, we were L4, but just trying to understand your strategy if we would have won, let's say, are we ready, kind of a 1,800-2,000 crore kind of an equity commitment, because 25-30% of 7,000 crore comes that. Wanted to understand in future also can we also even think of bidding BOT projects?

What's the strategy there? Shravan, that was a very, very specific call that we had taken, and this is, if you look at these many years, we haven't bid, and we don't have any future plans to bid for it.

That was a very strategically, because we are well-established in Pune, and that one project had some specific reason why we bid for it. We bid it at our price.

You can see where we are, means quoting highest. It was a very strategic call that we had taken for a particular moment.

We don't have any future plans to bid for BOT. Got it.

Just to again clarify, given what we are saying, 5,700 crore revenue for this FY26, I am just doing a math. It means in the fourth quarter also we are looking at 3-4% kind of a degrowth on a Y-o-Y basis.

Just wanted to clarify that. On a year-on-year basis, if we talk of FY26 numbers, it would be flattish around with 5,000 crore, 5,700 crore top line, as compared to FY25.

That's what we are trying to say. Last time we were looking at that maybe we can see some improvement in the margin to 15-16% over next two to three years.

Will that remain same, or no? Now only for 15% margin that we can retain?

As we have mentioned that this year we were flattish, next year we are looking at similar or better margins, but no degrowth in margins for sure. Got it.

A couple of balance sheet data points I just wanted to get retention money, inventory, debtors and payable. Retention money is 415 crores, and debtors is 1,507 crores.

1,407? 1,407.

Okay, 1,407. Yeah.

Debtors. Yeah.

Inventory? Inventory is 908 crores.

Sorry, sir. The way we report in the balance sheet, in September it was 327 crores.

Okay. Now it is 286 crores raw material inventory.

Okay, 286. Trade payable?

Trade payable is 750 crores. 750 crores.

Okay. Yeah.

The capex for nine months, how much we have done, and for full year. Last time we said 500-odd crores that we were looking at.

We have already done 433 crores for nine months. Okay.

How much more can be done in fourth quarter? More or less another 100 crores or so.

Okay. For next year, then it would be 200-300 crores.

That's the way one can look at it? Yeah.

That's right. Okay.

On the working capital front, the current, whatever the days we have 103, so that number broadly will remain here? We, as we have said that this is right now, this year we had a flattish top line, so that's how it just dropped 203, but as the work progresses, will increase, we intend to keep, we expect that it should be around 115 to 120 days.

Okay. This TBM depreciation will start from the Q4 itself, or from Q1, Q2 for 27?

It will start from Q1 or Q2. Okay.

Because we start capitalizing it after the TBM is installed. We have received both the TBMs, but it will start getting capitalized once it is lowered in the shaft.

Okay. Sir, last time we were L1 in for Lucknow Convention Center, 1,200-odd crores.

Was that canceled, or? No, it still stands, sir.

I had mentioned that 1,728 crores, we are L1 in the project, which includes one project of Lucknow, which is 1,206 crores, and one project of NBCC, which is 522 crores. This 1,728 crores worth of project is still L1, and it should be getting converted into order book.

By March, it should be, L1 should be there? We expect so.

Okay. Yeah.

That's the only thing. The hope is that we should do a better execution, try to recoup whatever we lost in this year in next year.

That's the... Positively showing this year.

We are also very hopeful and will work on it. Okay.

Thank you, sir. All the best.

Thank you very much. Thank you.

Participants who wish to ask questions, please press star and 1. Ladies and gentlemen, to ask a question, please press star and 1.

The next question is from Thomas, who is an individual investor. Please go ahead.

Yes, hi. I just wanted to know, you had talked about a fundraise of 800 crores, and you had also, why is it being delayed?

Why have you not executed? Or you have invested?

Can you be a little more louder? Unfortunately, you are not very clearly audible.

Yeah. You had initially mentioned that you were planning to do a fundraise of 800 crores, and it's been delayed for this time period.

It's been now over a year since it was initially planned. Do you have, what is the rationale for this delay, if I may understand?

Because it was for the TBMs, right? No, well, it was wasn't for the TBM, but for the upcoming new projects that we were expecting that to.

We had made an enabling resolution, and immediately we don't have any plans to do so. Right now there is no plans for fundraise in the next year?

Is that right? Not means immediately.

Though we have kept an enabling resolution approved, we may also get it approved for the next financial year, just to be on the readiness in case we require to face it. As, because as I mentioned that we are expecting some good order inflows to happen, and when it happens and the financial requirements are there, then we will take a call whether to really go for it or just forget it.

Will it be a rights issue or a preferential issue? What would it be most likely?

It will be a normal QIP like we have done before, but we don't intend immediately anything to do so. Okay.

You had mentioned since it's, there's been a delay in a lot of these projects, I just want to know, is there any penalties that J Kumar could face or no penalties? Zero penalties because the delays are not from our end, but it is from the client side.

Yeah. Okay.

Just two follow-up questions. I've been reading up on these huge projects happening in South India, from Trivandrum to Coimbatore.

It's an extension phase. Is J Kumar looking at participating in those projects too?

It totally, when the projects come, Mr. Thomas, it's on the project-to-project basis, the nature of work, the geography where it is, and the value of the job, based on which we take these shots.

I would say it's too early for me to comment on something which has not been published yet. Yes, we are open to bid for any sizable project which comes under our forte of specialization.

We'll be surely looking at all projects pan India. Okay.

Just for my understanding, when I've been reading up about TBMs, there's been some discussion that because these TBMs, they are so huge, after you finish a job, some part of it is probably left behind and you'll have to purchase a new one. Is that correct?

Is my understanding correct? Or is it the entire TBM is reusable for another project?

It depends upon the type of TBM that is being used. Like if it is a metro TBM, the metro TBMs are standardized diameters which are used throughout the country.

The diameter remains same and also internationally. Many times the Indian TBMs are bought by people abroad and taken up for the cross-border projects.

As far as, and when you talk of projects like GMLR, those are tailor-made TBMs which we try to amortize the maximum TBM on that same project and there is nothing which is left behind when you talk of TBM. It is fully recovered.

The TBM is used in another project because it's standardized. Thank you.

One final question. Lately I've been seeing these videos about this Meera Bayanda flyover metro line.

They were saying it's a J Kumar construction. Is that correct?

Was it a J Kumar project, the metro line? You are very right.

It is constructed by J Kumar and I am personally looking after that project. It's under my control.

This project is, it's something which people love to make a mockery of every situation. This project is being constructed as per the requirements of the client.

Also I would like to mention that there is no flaw in the construction that has been done, because people, they have people make an issue out of nothing. The flyover which is constructed right now is being done with a four-lane, two-plus-two four-lane, and currently which is getting dropped down to Bhender side by one-plus-one lane.

The construction which is there, where we see a 90-degree cut, is basically an offset for future expansion. Today, before we open the flyover, it will be made in a skew manner by making metal crash barriers, which we see on expressways and various flyovers, which will be deployed on that flyover on that offset location with a suitable length, which is as per the traffic safety norms.

There is nothing which is wrongly constructed. It's a well-planned thing that has been done with future extension in keeping in mind.

For that, MMRDA has also been replying on it, and you can take my word, there is no technical wrong thing that has been done. It is only looking odd because of the future expansion which is being awaited.

If you don't do it today, extending that bridge would have technical complications. Keeping that in mind, wherever we could make four-lane, we have made it four-lane.

You made it four-lane, and eventually it will become a four-lane in the next extension. Four.

When the balance area, but to give ease to the traffic, it has been made two-lane, as already been dropped, wherever we could construct four-lane, we have done four-lane, and in the balance area two-lane. Understood.

Fine. Thank you, sir.

Thank you so much. Thank you.

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

Please go ahead. Thanks for the follow-up.

Sir, other income seems quite high at 21 crores in Q3. Any one-off impact?

Sorry, can you repeat your question, please? Other income is at 21 crores in the third quarter, which is higher than our normal run rate of around 9 to 10 odd crores.

Any one-off in that number? No, no.

It is because, see, we have got 22,000 crores of projects, we have to give bank guarantees for that, for which we have to keep fixed deposit with the banks for margin. Definitely when we keep the deposits, we earn interest on that.

It doubled on a quarter-on-quarter basis. Is this a normalized number going forward, or it should come down to the 10-11 crore?

The other income will remain in this range only, because margins will remain fixed with the banks, since it is project-specific. This will be more or less the same.

Okay. Sir, once we start the usage of TBM, maybe in Q1 or Q2, and it hits the depreciation, the current quarterly run rate of around 42-45 odd crores, where can it go on a quarterly basis once the TBM hits the depreciation?

The depreciation will go up to that extent. What is the number?

It could go up to 55, around, can it go on a quarterly basis? The exact number, I think Yashri can provide it to you subsequently, Vaibhav, because we need to work out that number exactly and we can give it to you.

See, the depreciation will always be charged on the cost incurred till the date of operation. Till the time the TBM does not become operational, the cost incurred will get added to that.

The crystallization of figure once it happens, then we can provide you the details. The time frame usage of TBM would be, should it depreciate over three to four years?

For the GMLR TBM you are talking of? Yeah.

That would be three to four years. Yeah.

Okay. Last year on tax rate, what would be the annual tax rate that you have factoring?

It should around 26. 5%.

Okay. Thank you, sir.

Thank you. Thank you.

Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Dinesh Karwa from Kirti Creation.

Please go ahead. Hello, sir.

Hello. Hello.

Dinesh, you are on. Sir, मेरा ये पूछना था, एक तो अपना promoter pledge बढ़ गया, तो क्या ये safe category है, या कोई particular zone है उसके against?

इसके बारे में पूछना था. ये से बड़ा नहीं है, ये तो constant है, बहुत सारे सालों से यही है, 80 lakh shares we have pledged.

नहीं sir, इस बार 51 point, जो आपका जितना percentage holding है, उस पे से मतलब हद हो गया. इसलिए पूछ रहा हूँ.

ये मतलब आप ये personal loan के लिए, या due to share… हमने कोई shares pledge ही नहीं किया, Dinesh ji. There is no change in pledging that we have done.

तो सर वो दिखा रहा तो मैं बोल रहा हूँ कि इसमें pledge बढ़ा है सब. अच्छा sir, एक second मेरा question, जो 800 crore का QBR board है, जो भी basis रहे, preferential हो रहा, तो ये क्या आपने loan और जो working capital की requirement है, नए project का कुछ, मतलब जैसे 19,000 crore का order बोल रहे हैं, 22,000 crore ये हो रहा, 4,000 crore इस बार बढ़ जाएंगे, वो उसमें से 1,600-1,500 crore जो भी sale आई, वो ले, तो फिर 22,000 crore करेगा.

next year आप 7-8,000 crore की बोल रहे हैं, airborne हो जाएगा. तो मैं उससे सबको बता रहा हूँ कि क्या इस, जो आप capex ला रहे हैं, क्या उस पे थोड़ा light डाल पाएंगे, जैसे political भी अब जैसे BJP का center है, यहाँ भी government है, और project में कोई delay नहीं होना, और आपने project में कोई claim सुविधा है, तो क्या वो जो sale आप board है सामने supply बढ़ेगी, उसके हिसाब से ये अगर 800 crore का QBR है तो ये दोनों पैसे यूज़ किया जा सकता है loan को कम करने के लिए, कहीं-कहीं debt कम होगा, borrow का interest कम होगा, तो profits नीचे से बढ़ेगा, और जैसे working capital easy होने से नए project में अपने claims आएगा sale बढ़ेगी, topline बढ़ेगी.

Dinesh ji, first I would like to clarify कि हमने आपको कहा कि ये QIP का हमने सिर्फ एक enabling resolution पास किया है, जो हमने पिछले साल भी किया था, and इसका current order book से या कोई मतलब अभी ये 4,000 करोड़ का अगर order आ जाता है तो हमें QIP की ज़रूरत पड़ेगी, ऐसा बिल्कुल नहीं है. It is a...

we don't have any immediate plans to go for QIP. अभी कोई recent future में हम expect नहीं कर रहे हैं इसको और ये जिस दिन हम लाएंगे वो project specific होगा कि भई जहाँ हमें ऐसा दिख रहा है कि जहाँ अपने projects के लिए हमें fund की requirement है, उसका nature of work क्या है, किस type का capex required है, it is just enabling resolution, we don't have any immediate plans to reply you in short that we want to go for QIP.

So आप QIP को पास कर दें, that would be better, I would say. Thank you so much.

Thank you, Dineshji. Thank you very much.

That was the last question in queue. I would now like to hand the conference over to Mr.

Nalin Gupta for closing comments. Nine months FY26 was a period of consolidation and balanced performance.

Q4 FY26 will be a period of building momentum, scaling up execution and moving ahead with greater speed and focus. We remain fully committed to creating sustainable value for our shareholders, partners and stakeholders.

Thank you for your consideration, trust and support. Please feel free to reach out to our IR team for any clarifications or feedback.

Thank you all. Thank you very much.

On behalf of J Kumar Infra Projects Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen.

You may now disconnect your lines.