Good afternoon, everyone. This is Dr.

Nalin Gupta, Managing Director, J. Kumar Infraprojects Limited.

Firstly, on behalf of J. Kumar Infraprojects Limited, I warmly welcome you all to our Q4 and FY '26 earnings conference call.

Joining me today are Mr. Vasant Palve (CFO) and our investor relations partner, Marathon Capital.

I trust you all had the opportunity to review our earnings presentation and press release available in the stock exchanges and our corporate website. FY 2026 was a year of consolidation for the company, with operating and financial performance moderating compared to FY 2025.

The impact was largely operational and timing related, stemming from external factors that temporarily slowed execution. Through this phase, we maintained a strong balance sheet and an adequate liquidity, ensuring resilience and continuity of operations.

Importantly, this period has strengthened our foundation for the future. The current fiscal has already seen significant order intake.

The company has so far booked orders in excess of ₹4,500 crore in fiscal year, with an L1 of ₹1,770 crore, totaling to around 16 ₹6,300 crore. Considering a strong bid pipeline, we expect the momentum of order book to continue, which provides us significant headroom to accelerate the execution.

With a solid order book, improving execution velocity, and expanding capabilities across our core verticals, we are very positioned to translate this pipeline into sustained growth. Now coming to financial performance.

Consolidated performance highlights for the FY '26 is: Revenue from operations grew by 1% to ₹5,723 crore as compared to ₹5,693 crore in FY '25. The EBITDA stood at ₹823 crore as compared to ₹826 crore in FY '25.

The EBITDA margin stood at 14.4% as compared to 14.5% in FY '25. The PAT for FY '26 stood at ₹387 crore as compared to ₹391 crore in FY '25.

PAT margin for FY '26 stood at 6.8% as compared to 6.9% in FY '25. Consolidated performance highlights for Q4 FY '26: Revenue from operations for Q4 FY '26 moderated by 3% to ₹1,585 crore as compared to ₹1,633 crore in Q4 FY '25.

EBITDA for Q4 FY '26 moderated by 5% to ₹224 crore as compared to ₹235 crore in Q4 FY '25. EBITDA margin for Q4 '26 stood at 14.1% as compared to 14.4% in Q4 FY '25.

The PAT for Q4 FY '26 moderated by 5% to ₹110 crore as compared to ₹114 crore in Q4 FY '25. PAT margin for Q4 FY '26 stood at 7% as compared to 7% in Q4 FY '25.

The net debt as on 31st March 2026 stood as negative ₹264 crore, that is cash positive. Working capital for FY '26 stood at 99 days as compared to 112 days for FY '25.

Total order book as of 31st March 2026 stood at ₹18,554 crore. The order book inter alia includes metro projects, elevated and underground, contributing 11%; elevated corridors and flyovers contributing to around 51%; road and tunnel projects contributing to around 18%; and others contributing around 20%.

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

Hi. Thanks for the opportunity.

Sir, my first question is, what is the current bid pipeline for this fiscal?

Bid pipeline? You said bid pipeline, right, Jaynam?

Yeah.

Yeah. As mentioned by me, we have already bagged orders in tune of ₹4,500 crore with an L1 of ₹1,770 crore, totaling to around ₹6,300 crore plus, taking our order book to around 20 ₹25,000 crore approx.

For this current year, we expect a order book close to around ₹9,000 to ₹10,000 crore for the full year. There are projects worth around ₹15,000 to ₹20,000 crore which we expect to bid in this coming period of current financial year.

Sir. Are there any major opportunities which we are looking in Maharashtra this year in terms of bidding pipeline, especially for the metro segment or road or tunneling project?

If we see, firstly, we have recently bagged an order of ₹1,770 crore which comes from the Delhi Metro. These are D207.

There are tenders coming up of metro in Mumbai for metro line 5, metro line 13, metro line 10, which is Gaimukh to Belapur. There are a lot of metro opportunities which are available.

Of course, yes, Bombay, Delhi, Pune, these areas, they are coming up with metro projects. We'll be surely going for it.

Overall, there is a very positive mindset for the infra projects because last two years were quite slack, and we could see a big slowdown in terms of the order book coming in. That's how we just booked an order book of only ₹1,000 crore for the current fiscal year.

In Q1 itself, we have bagged orders of more than ₹6,300 crore. This year really looks to be quite positive.

That's how we are also very positive about it.

Okay. In terms of road, any opportunity?

Road per se is never J. Kumar's main area of focus.

We basically look at expressway or expressway corridors like even now there are some projects which are lined up where it's a combination of road and elevated combinations. That sort of project is what J.

Kumar focuses into. In the near pipeline, we can see certain projects coming up in the similar way, like [Lathishakti?]

and some other MSRDC projects which are there. We are quite positive about it.

Sir. Lastly on the working capital side, can you give the amount for retention money, unbilled revenues, and mobilization advances?

Okay. Unbilled revenue is ₹578 crore, mobilization advance is ₹706 crore, and retention is ₹464 crore.

Sir. That answers my question.

Thank you so much and all the best.

Thank you, Jaynam.

Yeah. Sir, firstly, on the guidance side, what kind of revenue growth and margins are we looking for FY '27?

This year we are expecting a growth of around 15% in the top line. We should be crossing ₹6,500 crore with the current order book that we have and the projects which were a little bit on the slower side.

Now we have got approvals for them as well. So, 15% increase in top line and bottom line is what we are expecting.

Sir, on margins?

Similar, 15% increase. Bottom line, I said.

Sir, on EBITDA margins?

Yeah. EBITDA, we are around 14% to 15%, with the kind of order books that we have, our endeavor would be to increase it from 14%-15% to 15%-16%, and the PAT would be around 7%.

Okay. Sir, given the flatish year we had on FY '26 and a very strong order backlog, do you feel that 15% revenue guidance is a bit conservative and we can do even better?

There is possibility of doing better, but looking at last year's bad experience where we thought that we'll get orders, but we could unfortunately not get it. I would say that surely there is a scope of showing some better results.

As of now, I would like to commit myself with a 15% increase in top line and bottom line. I would say that, even last year, J.

Kumar's policy which we always never try to follow, that it was around ₹2,500 crore of order that we booked in '24 and around '25, I'm sorry, and around only ₹1,000 crore order that we booked in '26, was not by any mistake or default. It was a well-chosen thing that [we don't take?]

orders where we don't have good bottom lines. That's how now the order that the company has bagged is with a similar margins and we don't want to book orders just for the heck of booking orders.

That's how you can see last two years, we didn't get orders at our prices, we left it. Now we have got orders at the similar margins which is our target.

I think we are very comfortable that we'll be able to cross this 15% top line growth. As of now, we'd like to say 15% margin.

Okay. Sir, on CapEx, what are our plans for '27?

There are some CapEx which are still due for GMLR and Chennai, and the incremental CapEx that we do every year. Around ₹200 to ₹250 crore for the next coming 2 years, that is FY '27 and '28, is what we are expecting, including the incremental CapEx.

For FY '27, also to be ₹200 to ₹250?

Yeah.

Okay. Sir, including the new order book that we've done of ₹6,500 crore.

Okay. Sir, when do we expect these new orders to come on execution?

If you could just say some update on that regarding this Vadhavan project, then on West View, and Lucknow project, when do we expect to start the execution over there?

I think from Q2 or Q3, we'll be starting two contributions coming up because initial 6 months to 9 months you have to do the preparatory work, the soil investigation, survey, geology, and design approvals and all that stuff, but second to third quarter, we should start getting some contribution from these projects.

Okay. Sir, lastly, on any update on the Chennai NHAI project, how is the execution going on, and on GMLR as well?

Chennai, we have already started the work and our foundation and substructure work is there, which is in line. The casting yard is fully operational.

We have already started casting our segments in the huge casting yard that we have developed. As far as GMLR is concerned, we have already casted more than 3.5 km of tunnel in our casting yard.

We have got some COs also there of ₹800 crore, for that the new casting yard was required. That has also been developed.

The molds have been ordered. The tunnel boring machine, the shaft is already excavated, which is a, I would say, a spectacular work being done by the GMLR team.

Both the TBMs have arrived at the job site. One TBM is already in an advanced stage of assembly.

We expect by June end we will do the SAT, which is the site acceptance test, to start drilling the tunnels. The second machine 1 and 1/2 month difference, yeah.

We can see a 30% kind of execution for Chennai project, around 20% for GMLR in FY '27 ballpark?

Around 20% to 30% output we should be getting from both these projects.

Oh, okay. Thank you, sir.

Those were my questions.

Thank you very much, Vaibhav.

Yeah. Hi, sir.

Congratulations on a good quarter. My first question is, given the geopolitical issues, are we facing any slowness in execution in Q1?

Do you expect any slowing down of work, client-initiated slowdown in H1 because of high commodity prices?

I would say that there is zero impact due to the geopolitical changes, and, I would say, at least for Maharashtra, there is a positive push that's happening from the CM War Room where each and every important project, the flagship projects are being monitored on a fortnightly basis. The problem solution is becoming better.

I'm very positive about the whole change. There is no negative impact on any of the projects, I would say, from these changes.

Everything is in pipeline. Being EPC project, we don't have any implications of any sort.

Okay. Sir, some of the peers have highlighted that there has been a labor issue because of elections and they've significantly cut down, labors have not returned.

What is our current size labor, how much it was at the peak, if you can give some color whether delay in labors coming back has impacted execution? Also on the commodity side, if you can help us understand in our order book, what is fixed price, what is variable pass through commodity price, and how are you mitigating that?

Parikshit, firstly about the labor issue, yes, you're totally correct. There is a cut of around 10% to 15% of labor shortages there at all our sites.

This impact, I would say, is mainly due to the elections and these April and month May months, which is every year we face this shortage. It's nothing new in the industry because it's the time where people the labors go back to their home for marriages, for farming, and all other activities.

This is a routine thing which happens every year without any change. It is a temporary issue and nothing alarming.

That's from my side. Talking about the other thing, I'm sorry, one more point you have made.

The commodity, on the

The commodity impact. All the contracts, without exception, are covered under price variation and escalation clauses.

There is no materialistic impact on the price increase due to crude or any other steel prices or something. It's regular increase and it's fully covered under price variation and escalation clause.

Zero impact on our bottom line.

In our order book, sir, whenever there's a commodity increase, do you reprice the orders or so how does it happen from the accounting side? How do you

There is no repricing that happens, Parikshit. It's basically when you make your monthly running bill that you submit to the department, there is a work done billing that is been done based on the milestones or quantities or whatever numbers, how the billing schedule has been distributed.

At the bottom of it, the last month's bill, whatever the price variation and escalation is there, it's been added at the bottom. Added or deducted, depending upon the increase and decrease.

It's a clear pass through, having no impact. Every month it is being generated along with the work done.

A plus B: A is work done, B is the price variation. It has no implication.

Any price escalation change or plus or minus, the approving authority is usually the same guy who's approving your regular bills, or it gets escalated to higher authorities for further budget approvals if there is a major escalation? Does it go back to the CM for approval, or how does it happen at the back end?

It's just like a regular running bill. Even the budgets that's been approved for any project, like आप अगर किसी प्रोजेक्ट को लेते हैं, तो उसके लिए देयर इज़ अ administrative approval, authority approval, or the government approval at state level.

Wherever the approval happens, the budget is for the project, and there is a wording that increase or in Marathi they say, भाव वाढ जे आहे means price variation, escalation. That point is written as an additional thing for which no approval is required even from the commissioner.

It is regularly the engineer passing the bill approves it along with the monthly bill. The approval is excluding escalation.

Sir. Just last question on some of the three projects, I think CM has earlier announced metro line 8, gold line, and metro line 14.

I think there was also talk of that Vikhroli to Kopar Khairane-Ghansoli connector, some large infra project. Any timeline, sir, how these projects are progressing in terms of getting awarded, whether in this financial year or next financial year, because these are large ticket size orders?

We missed one important project which is Uttan-Virar, [that is]

Yeah. My bad.

Uttan-Virar also is one project.

Yeah. It's not a metro corridor.

It's an elevated corridor similar to MTHL and like Coastal Road, because Coastal Road has been awarded till Bhayandar. Versova-Bhayandar is the last stretch.

From Bhayandar, which is also called as Uttan, from there, which will go till Virar. That elevated corridor tender would be floated by MMRDA in any time like 3 to 6 months time is what we are expecting, as per the information we have gathered.

Metro line 5, which is Kalyan-Taloja side, that project, metro line 10, which is from Gaimukh to Belapur, and metro line 13 and 14, these projects which is from Bhayandar to Virar, these metro lines are in advanced stage, and we should see the tender process in next 3 to 6 months time.

Okay. Any update on that Vikhroli to Kopar Khairane or Ghansoli connector?

Is that happening, or that's shelved now?

Honestly, I am not very sure about that. I wouldn't like to just make some false

Okay. All these metro projects put together, how big is the pipeline for all these projects?

5, 10, 13, 14, and Uttan-Virar, Dr. Nalin Gupta (Managing Director): There are large projects.

If we talk of Uttan-Virar alone, it is more than ₹50,000-₹60,000 crore. All together, ₹100,000 crore is what we should expect in this 1 year's timeline.

Okay. In 1 next 12 months, almost you think ₹1 lakh crore plus kind of awarding may happen in Maharashtra?

Yes.

Okay. Sure, sir.

That's only from Maharashtra I'm talking.

Only from Maharashtra. I know.

Other states also will contribute, but Maharashtra, you have a very significant market share. Just wanted to understand whatever you are guiding.

I think this year you said 9, ₹9,000 to ₹10,000 crore of inflows, right, in the guidance?

Honestly, when we speak of these projects, we're not even talking of Maharashtra whole as a per se, because in and around Mumbai we are talking of around ₹100,000 crore.

Yeah. Yeah.

The other guidance, you said is about ₹9,000 to ₹10,000 for this year, and you have already done close to about ₹6,300?

That's right. See, we already had a very bad experience last 2 years.

J. Kumar is very pessimistic when it comes to margin.

We don't want to bag orders without margin. It's a very adamant sort of mindset, you can say, because हम काम कर रहे हैं पैसा कमाने के लिए.

If there are no margins, I just don't want to block my capacity and miss the good opportunity going forward. That's how we waited for 2 years and we have hit an all-time high, lifetime high order book of ₹25,000 crore, as we speak now.

Going forward, we may do better than what we have committed, but as of now, I would just like to stick to ₹9,000 to ₹10,000 crore. Going forward in Q2 to Q3, we can keep revising these figures.

Yes, 9 to 10 Forget 9, ₹10,000 crore will cross this year.

Sure, sir. Thank you, sir, and wish you all the best.

Thank you, Parikshit.

Hello, sir. Good afternoon.

Thanks for taking my question. I have three questions.

One is with regards to margin, second one is with cost efficiency level, and third one is with regards to the order book. Margin we have been maintaining around 14% of margin.

Even we are not seeing the margin also. We are sticking to the margin 14%.

As you mentioned, 15% kind of margin we can see in FY '27. In fact you have mentioned we have zero impact of the geopolitical issues now on the safety and raw material cost.

I can see if I'm not wrong, our construction cost as a percentage of our revenue has increased in our fourth quarter of FY '26. Kind of we see depreciation and raw materials.

Do you think this has impacted this, as you're mentioning it is no impact, but I can see there is a cost increase in the percentage of our total revenue in this fourth quarter? What is factoring there?

Girija, somehow I am not very, clear about what's your question, because when I said that the geopolitical changes have increased the price of fuel, diesel, the steel prices get impacted from There are certain increase in shipping cost, there is certain increase in implication on the steel prices. Those impacts are basically getting covered somewhere or the other, like our price escalation and variation clauses, it has four components, which is steel, cement, POL, and others.

There are and labor. There are five parts, I would say.

In पांच पार्ट्स में somewhere or the other, those items they get covered. This means we have done this matrix of increase, decrease many a times.

What is the actual increase and what is the percentage increase, because we are being paid on the basis of indices. The indices do not increase exactly proportionate to that, it did not decrease proportionately to the actual increase or decrease.

When you see as a overall picture in a year's time, even when there was steel price increase post-COVID, we could see we thought that we will be putting a claim on the department for an additional increase of in the steel, Rupees in value of the steel. When we calculated tabulated the whole thing on a yearly basis, we found that there is no 0.5% here and there increase, which was like really not even discussable.

We left that point. There is no impact when I say for the contracts which are on EPC basis having price variation and escalation clauses.

Contracts which do not have this clause or which are on BOT, those projects are different. This is irrelevant for us.

Yes, sir. Thank you very much.

The last question will be on the order book. If I see from 1st of April 2026 to 19th May 2026, the order book, this is what you are saying, ₹6,000 crore of order intake, a new order inflow, right?

This is EPC project in Maharashtra, EPC project in Uttar Pradesh, then metro rail and NHAI. Yeah.

You are saying this is excluding our GST, right? 6,000 something you are saying?

All the order book that we are discussing is without GST. ₹18,500 of till date in March was also excluding GST, and ₹25,000 crore as of today, including the L1 of 1770 that we speak of, is excluding GST.

Done. Thank you very much, sir, and all the best.

Thank you, Girija.

Hi. Good afternoon, sir.

Actually, most of my questions have been answered broadly. I would additionally like to ask that, sir, in previous call, you had mentioned that the TBM capitalization machine is lowered into the shaft, which was expected around February end.

The useful life was guided at 3 to 4 years. Now that we are entering Q1 FY '27, can you quantify the incremental quarterly depreciation impact once the GMLR TBMs become operational?

Firstly, I would like to clarify that we had not mentioned that the TBM would start in February. You are partly right, because we had mentioned we'll start lowering the machine in the shaft from February, which we have already started from January.

As I have mentioned, the machine is in a advanced stage of assembly. By next month end, we'll start drilling.

The machine is running well on time and, in fact, I would say before schedule, because it's just 7 months we started the machine, which usually, as per the contract period also, it was 1 year, and we are doing it in less than 9 months we are starting the machine. As far as depreciation is concerned, we will be doing as per the rules of Income Tax.

Depreciation will be as per books of accounts only. Only thing is, this machine has been costed into the project.

What we would like to say is that the real depreciation would be more because this is a special machine where we are to amortize majority of the portion on the project, but it will be depreciated as per the requirement of the book. The profit and loss would be seen little differently when you see the books.

Yes, sir. There is no number to quantify what would be the incremental value?

We'll have to really work out that number, Jhanvi. Yes, as we understand what you're saying, and within 3 years, 2, 2 and 1/2 years is what is our internal target.

As per contract, I'm entitled for 4 years, but our internal target is to complete the project in 3, 3 and 1/2 years. The TBM would be amortized over this 3 years, but when you see in the books, it would be as per the rules, 8 years or whatever it is.

We will amortize it in 3 years with faster depreciation, whatever is allowed in the books.

Sir. Similarly, how would the finance cost look in coming quarters, any incremental value?

The TBM installments that we are supposed to pay because we have taken a period of 3 years as a term loan for this huge machine, and we'll be paying it and we'll be booking it under expense.

Sir.

Along with the progress of work, the TBM will be fully repaid. Once the tunnel is complete, the term loan will also be completed.

We have an option to early repay the amount that we have kept with the bank. Because we don't want to keep the loan outstanding and a headache to us for the coming years.

We'll be fully repaying the machine along with the execution.

Sir.

Thank you, Jhanvi.

Thank you, sir.

Just clarify one question. When you say order book of 10,000 in FY '27, is it the order intake, or is it something you're envisaging that the order book would be at the end of the year?

No. It is new order intake, because 25,000 crore, you say top line reduction of 6,500 with zero order intake will also stand at around ₹19,000 crore.

Correct. This 10,000 includes the existing 4,500, right?

Yes.

Okay. Thank you.

6,300, 4,500 is the LOA that we have already received.

Correct, and L1 is 1,700.

We should receive within 15 days to 30 days max. Additional over and about 6,300, around ₹3,700 crore is approximately ₹3,000 crore approx is what we have to book more is our understanding.

Understood. Thank you.

Thank you.

Yeah. Good afternoon.

Can you throw some light on the progress of Versova-Bhayandar Coastal Road?

Versova-Bhayandar Coastal Road Package B, which is from Goregaon, Bangur Nagar to Mindspace, and from Mindspace, we have a long connector of 6-7 km that goes up to Film City connecting our GMLR project. The approvals of most of the portions have been received.

There are some minor approvals that are required from the environmental issues. We have already started the mangrove cutting.

We have done 10% mangrove cutting, but that mangroves have been cut in such a way that the temporary access bridge, which is called as tab, the steel bridge through which we enter the sea, the material has already been procured, the labor contractor is in place, and we are starting the tab work so that we can continue our work even in monsoon. Those works are already started.

We have already completed more than 100 piles, around 14-15 foundations, around 7-8 piers has been casted. The work is started now.

Because earlier 2 years there were a lot of revisions in the alignment. Some additional variation will also be getting attracted because of these changes, positive variations.

There were some level changes that they were hitting the metro line 7 and metro line 2A. All those things required a entire overhauling of the project alignment and levels.

That has been done. Work has physically started.

Foundation and substructure works have already started. Now it's in the proper alignment, traffic permissions have also been obtained.

This year, we should see a decent amount of top line coming in from that project as well.

Okay. This is more of a on-site work or for this even the casting yard setup and all is done and

This are most of the on-site job. Casting yard is also being under setup stage.

Now we are setting up the casting yard as well.

Then. Thank you so much.

Thank you, Nishit.

Hi, sir. Thanks for the opportunity.

Sir, just wanted to know, how much of money we have spent on the TBM, and how much more CapEx we are going to do on TBM? How much we have paid and what is the loan amount that is still taken?

What is the balance drawdown which is pending? If you can help with that.

Can we talk about these numbers separately, because I wouldn't be very comfortable talking about the price of my TBM, because this is a price-sensitive issue. 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. There is no major impact, and the 10% approximately has already been repaid out of that loan from the receivables.

Within a period of 2 and 1/2 to 3 years, what I have earlier mentioned, along with the progress of the work, it will be fully paid back.

Got it. Second, sir, there was a tree cutting permission that was required for GMLR from Aarey.

Has that approval been received?

Yes, we have received the 100% 100% permission. It was not from Aarey, but it was from Supreme Court.

As I had mentioned that the CM War Room really supported us, and the permission has been received, tree cutting and transplantation is already completed, and that's how we have excavated the shaft, and the cut and cover is also being executed. We are out of the tree issue totally, and that too we were done by December end.

It's already in progress in a good speed.

Got it. Thank you, sir.

Thank you, Bhavin.

Hi, sir. Thank you.

Most of the questions have been answered. Just a couple of things to clarify.

Sir, when we are saying that we are looking at a 15% revenue growth for this year, and given obviously the inflow most likely would be more than ₹10,000 crore for this year, for next year, can we see a even higher rate, 18% plus kind of a rate, because the FY '26, whatever we have lost, ₹500-₹600 crore, because normally we are going at 15%-16%, to cover it up, that's the way one can look at?

You can look at that way, Shravan, but I wouldn't commit right now. I just want this things to start moving, and going forward Q2 or Q3, we'll be able to really comment on that.

Yes, you are not wrong in a way. One can look at in the way you are saying, yes.

Yeah. Second, for this year FY '27, for 15% to achieve, so that means from Q1, from this quarter itself, we'll be seeing at least 10% plus kind of a growth, because when I'm looking at a number, at least it should be there, else the second half, particularly third and fourth quarter, we need to have a 20% kind of a growth needed.

You have highlighted that whatever the geopolitics is there, it is not impacted on the margin front and on the execution, but just trying to get a confidence again.

I would say I'm not very sure about Q1. I wouldn't like to comment at this stage, because, honestly, I've not looked at the inflows as of now.

Q2 onwards, yes, you will be seeing this increase in the similar lines to achieve this 15% top line.

Okay. Got it.

In terms of the inflow, you highlighted the opportunity ₹1 lakh odd crore. The bigger projects obviously, it would be in the different packages.

Are there any particular specific projects, because now it is a 3-6 months that you are saying the tender will come, will be bidding, or have you already finalized if we want to have a kind of a GMLR, we can go with a JV also?

Shravan, this will be a project-specific call, depending on the size of the project and nature of the project, wherever J. Kumar qualifies independently, surely we'll be going independently.

There are certain projects where joint venture would be required from financial or technical point. There, if joint venture is required, we'll be going in JV.

It will be a very project-specific call. Generalizing it wouldn't be right from my side.

No. My point, I was trying to understand that because we are already ₹6,300 crore inflow is there, I think we should be having at least ₹13,000 to ₹15,000 crore kind of an inflow, given the opportunity, and as you're saying, the tendering most likely would be awarding, though it maybe a third quarter or fourth quarter.

We should not be minding even going for a ₹15,000 crore kind of a inflow.

If you remember in 2024, Shravan, we had bagged orders worth around ₹11,000 crore. It's not that the company we don't have a capacity to bag orders more than ₹10,000 crore.

I just want to be very realistic and a little bit on the safer side, because last 2 years we just made ₹2,500 and ₹1,000 crore, which was much, much lower as compared to our expectation. That's how I just want to be very realistic.

As I said, that we have not even completed Q1, and we have bagged orders worth around ₹6,300 crore. Again, the question comes in where there are a lot of talks happening that these projects will come in 3 to 6 months or 9 months or 12 months, but if it slips, again, the timing, orders are being issued.

Secondly, the quantum of work coming in together, because depending on the aggression people have, and the mentality that J. Kumar has, that we don't want to bag orders without our margin, I'm very optimistic that yes, we'll cross ₹10,000 crore, because I have mentioned when I started, I think I have mentioned ₹9,000 to ₹10,000 crore, but I'm sure that we'll be able to cross this 10,000 mark even this year.

Given an opportunity, we can even bag ₹20,000 crore. It is not that we have a mindset of staying at ₹10,000 crore.

I hope this clarifies your question.

Yeah. Lastly, sir, this ₹100 crore investment that we have done investment property in Vizag, just wanted to get a clarity when this will be we will be getting back by Q2 itself, and broadly, will it kind of a ₹70-₹80 crore kind of a profit that we will be having on that?

I don't want to comment on the exact number that we'll be making, but to clarify, out of the ₹106 crore of the loan that we've taken for PSL, ₹90 crore has already been paid back by selling the plant and machinery as well as the internal accruals, and still the majority the land, same amount is still pending with us, which is very close to the looking at the high demand in that area of Chennai for new data center coming up, I think there should we should be able to make In Vizag, sorry. We should we expect a good profitability and ROI on this overall asset.

Broadly by Q2, this should be out of our balance sheet, whatever the 100 odd crore?

In this financial year, it should be out.

Okay. Thank you and all the best, sir.

Thank you, Shravan.

Hello, sir. How is the Chennai flyover projects are going now, sir?

Because why I am asking this question is there is a new government formation happened. I believe it is a state government project.

The project is in advanced stage, and my brother looks after that project, to be honest. I just don't want to make any loose comments.

Yes, the project is online, going on well. I will just say one thing.

If a project is to be started, the change of government can have an impact whether it can have some negative impact or not. Once the project is already started on the ground physically and a substantial portion has already been completed, there is no negative impact that it can have, or any government wouldn't like to in the middle of the road you have already dug and you have completed foundation, substructure, and stuff like that, and you stop it.

I think that's a very, very negative thing any state, any changing political party can do. Unless the project is not started, it can have an impact.

This project of ₹500 crore, there is no question of any impact that we can see from that area.

Okay. How is the progress in that?

How much time will it take to

It's going on well. We have already completed 50% of the project progress in that project.

It's on time, and we are not delaying that project at all.

Okay. Then in that case, when it comes to working capital, you have done a great job last financial year.

Is there any further scope for improvement?

As we have mentioned that we expect to increase our EBITDA by 1%, that's from 14-15 to 15 to 16 is what our endeavor is, because if you look at our employee cost and other factors, it's still remaining with the same percentage. As a overall thing, I think we should be able to improve this going forward.

Okay. Then when you're talking about 15% top line growth and also talking about 15% bottom line growth, when there is a efficiency and things like that comes in, the bottom line should go slightly above than the top line, right?

You're very right, Chandramouli ji, and that's how we have mentioned that we expect in six to eight quarter, we should be able to further increase some basis point in terms of the EBITDA.

Okay. Sir, your valuation right now is so attractive compared to your EBITDA and the cash flow, wouldn't you think of some buyback plans and things like that since you have a cash surplus?

It will be great for you and as a shareholder as well.

Your point is well noted, and that's on our cards. Just waiting for some financial comfort that we need, because if you see that even with the increase in the order book and top line, we haven't increased our debts, but, in fact, we have reduced our debts.

Firstly, we are trying to cover up the financial requirements of the company. Yes, as you rightly mentioned, that's on our cards and we are very positively looking towards it.

Generally, this is my humble request, because more than giving a dividend, now the tax has become little attractive for you guys as well. No.

Maybe you can think of buyback. Just suggestion, sir.

Okay?

I'll tell you one thing. Paying dividend has been a historical thing of J.

Kumar. There was a discussion even in this board meeting that instead of paying the dividend, should we think of doing a buyback.

We thought that it's okay sharing 10% approximately of your bottom line. The investors should be benefited first.

The direct benefit we didn't wanted to restrict. Otherwise, as I said, this was a discussion in our board meeting yesterday that we do the buyback and not pay dividend this year.

It was a double-sided sword. Some investors wouldn't like it, and some investors would see it as a positive change because the stock market prices would go on a positive side.

We decided to go paying with the dividend. Going forward, this is on our cards.

Okay. Thank you, sir.

Thanks a lot. That's it from me.

Thank you.

Yeah. Thanks for the follow-up.

Just one question on depreciation. It was around ₹66 crore in Q4, which was a sizable jump from roughly ₹40-₹45 crore quarterly trend.

How do you see it going forward?

Going forward, it will be more or less on the same line, because if you see in financial year '25, we have made CapEx of about ₹280 crore, and in current year, we have done CapEx of about ₹400 crore. In last 2 years, if you see, ₹600 crore CapEx has been done.

Going ahead, it will be a little bit elevated and to that extent.

Quarterly run rate of ₹65 crore should be a right number now?

Yes, correct. Yes.

Oh, okay, sir. Thank you.

Thank you, Vaibhav.

धन्यवाद सर. I am audible?

सुनाई दे रहा है मुझे?

Yes, Dinesh, you are audible.

सर, मेरा यह है कि आपने अगस्त '24 में concall था, उसमें टारगेट रखा था 1 बिलियन रेवेन्यू का. उस उस समय और आज की सिचुएशन में काफी डिफरेंस है.

सो मच पॉजिटिव पॉइंट, जैसे पॉलिटिकल स्टेबिलिटी भी आ गई. आपने आर्डर बुक भी अभी अप्रोक्स 23,000-24,000 ईयर आप बोल रहे हैं कि इस साल ₹10,000 करोड़ और अप्रोक्स हो जाएंगे, तो अगर वह आ गए टोटल अगर अह जो भी ऑलरेडी आर्डर अपने पास हो, तो ₹30,000 करोड़ भी अप्रोक्स आर्डर बुक हो जाएगी.

और अपने कहीं न कहीं महाराष्ट्र से पैन इंडिया की तरफ भी जा रहे हैं. कुछ हाई मार्जिन के जो बिजनेस हैं सन-द-सन जैसे हैं या एनबीबीसी के तहत वो भी आप बना रहे हैं.

और ये मतलब कई पॉजिटिव जो पॉइंट हैं, उनको आप अपने जो '24 में concall में 1 बिलियन रेवेन्यू का जो टारगेट रखा था, उसको कोरिलेट करके मुझे बता सकते हैं, क्योंकि अभी आप जो बता रहे हैं ना, वो 15% का बता रहे हैं टारगेट. उसके हिसाब से तो वो होगा नहीं, क्योंकि आपको यहां से कम से कम 40% की जंप रेवेन्यू में चाहिए.

लेकिन इतने सारे प्लस हैं और इस हिसाब से आर्डर बुक है और अह ऑलमोस्ट अह डेप्ट फ्री है, वो भी रिड्यूस हो रहा है. कहीं न कहीं अह डेप्ट हाई नहीं है अगर अपने पास जो बैंक में पड़े हैं जो आप अह FD वगैरह करके जो भी जो लोन के हिसाब से दिया जाता है अगेंस्ट वो, और जो अपने पास कैश इन हैंड है, वो अपनी वर्किंग कैपिटल से उस वे है.

तो इस हिसाब से एज़ ए मैं रिटेल इन्वेस्टर से पूछना चाहता हूं कि आप मुझे उस 1 बिलियन जो रेवेन्यू है, उसके उससे कोरिलेट करके बता सकते हैं कि वो फाइनेंसियल इयर 2007 अह '37 में जो टारगेट रखा था, अचीवेबल है?

दिनेश जी, सबसे पहले मैं इसको शुरुआत करने के लिए बताना चाहूंगा कि आप अगर हमारा जो जिस वक्त हमने यह बिलियन डॉलर रेवेन्यू का टॉप लाइन का जो हमने आपको टारगेट बताया था, उस समय डॉलर रेट ₹75 पे था. आज के तारीख में अगर हम जब FY '26 में हम बात कर रहे हैं, FY '27 की टॉप लाइन हम एक्सपेक्ट कर रहे हैं ₹6,500 करोड़, जो 15% इनक्रीस से होता है.

उसको नेक्स्ट इयर यानी FY '28, 1 साल हम पीछे हैं I would say, from the target that we had given, 27 के जगह हम 28 में ₹7,500 करोड़ करेंगे. सो, अब अपनी जो डॉलर इनक्रीस है, उसके हिसाब से आप देखेंगे तो ₹10,000 करोड़ होना चाहिए.

We were talking with the dollar value as 75. आज ₹75 पे अगर आप देखते हैं, तो 27 की जगह 28 में हम वो टारगेट पूरा करेंगे giving a increase of 15% on a year-on-year basis.

लेकिन जैसे आपने कहा कि इस साल का आर्डर इनफ्लो हम जो गैप है, पिछले 2 साल का जो गैप भी हमें कवर करना है, जो करीब ₹3,500 करोड़ जो कि हमें ₹10,000 करोड़ एटलीस्ट करना चाहिए था. तो इस साल अगर हम 10,000 करते हैं, तो इस साल का और अगले साल का आर्डर का हम कैच अप करेंगे जिससे हम 2028 में we should be able to match the ₹7,500 crore top line that we had guided.

Let's see, अब ये इस साल कैसा जाता है और अगले इस साल में आर्डर बुक और अगले साल का आर्डर बुक. Maybe, हम ये 8,500 ₹7,500 करोड़ को और पॉजिटिव साइड में अपनी तरफ से रिवाइज कर पाएंगे.

As of now, हम अपने टारगेट से 1 साल पीछे चल रहे हैं, ऐसा आप हमें बोल सकते हैं ऐसा.

नहीं, मेरे को थोड़ा सा यहां समझना है, जैसे आप इसको डॉलर से कनेक्ट कर रहे हैं, तो अपनी तो कोई जीएसटी कंपनी है और आप तो महाराष्ट्र बेस्ड ही पूरे मतलब आपके पूरे इन्फ्रा बेस्ड हैं. ठीक है, आप पैन इंडिया में जाएंगे.

क्या आपका इम्पोर्ट वगैरह जो भी टीबीएम वगैरह जो भी आपका है, उसमें पोस्ट वगैरह जो भी है वो नहीं कहने का मतलब मार्जिन पे जो पोस्टिंग इफ़ेक्ट पड़ता है, क्या मुझे थोड़ा समझा पाएंगे?

दिनेश जी, सबसे पहले मैं आपको यह बताऊंगा कि बिलियन डॉलर रेवेन्यू हमने यह जो एक आपको टारगेट दिया था, हमारे रेवेन्यू डॉलर वाली नहीं है. बट उस समय ₹75 का डॉलर होने की वजह से हमने 1 बिलियन डॉलर जो रेफरेंस में आप जब भी किसी से बात करते हैं, तो उस समय डॉलर जो है उसके रेफरेंस में हमने 1 बिलियन डॉलर का ₹7,500 बोलने की जगह हमने 1 बिलियन डॉलर रेवेन्यू का टारगेट दिया था.

यह पहला पॉइंट मैं आपको क्लेरिफाई करूंगा. सेकंड पॉइंट कि इनके जो प्राइसेस इनक्रीस डॉलर के प्राइस इनक्रीस डिक्रीज से हमारे इम्पोर्ट्स अह यस, डॉलर डॉलर्स में होते हैं, यूरो में होते हैं, जापानी येन में होते हैं, चाइनीस आरएमबी में होती है, तो ये जो चीज़ें जो हम हमारी होती हैं वो प्राइस एस्केलेशन के उसके अंदर में वो कवर होती हैं.

That is how हमारे कुछ कॉन्ट्रैक्ट्स में हमने डॉलर भी बिड किए हुए हैं. जिस तरीके से आप अगर दिल्ली मेट्रो देखेंगे, तो हमारे उधर के कामों में जितना डॉलर का कॉम्पोनेंट होता है, जो हम डॉलर में स्टाफ्स बिकॉज़ वी हैव लॉट ऑफ़ करीब 200-250 एक्सपैट्स हमारी कंपनी में काम करते हैं, तो उतना डॉलर भी हम कोट करते हैं.

तो वो पॉजिटिव या नेगेटिव दोनों साइड में जीरो इफ़ेक्ट देता है हमको. क्योंकि डॉलर आते रहते हैं, हम कन्वर्ट करते हैं और डॉलर को पे कर देते हैं.

So, उसमें किसी तरीके का अह हिट या बेनिफिट हमें नहीं मिलता है. और मतलब आप इसको अह जो ₹7,500 या 1 बिलियन बार-बार हम जो बात कर रहे हैं, that was surely with reference to the और यह हमने बाकी के जो कॉल्स आपने जो हमने जब 1 बिलियन डॉलर का ये जो स्टेटमेंट दिया था, उसके बाद जो सब्सीक्वेंट कॉल्स हुए उनमें हमने यह पॉइंट कई बार क्लेरिफाई भी किया है और अभी वापस हम आपको क्लेरिफाई कर रहे हैं सर.

Thank you, everyone. We remain committed to disciplined execution, agility in dynamic market environment, and delivering transformative infrastructure projects that support economic progress at scale.

Backed by the strength of our people and a clear strategic vision, I'm confident that the year ahead will mark the beginning of a stronger growth trajectory and create lasting value for all the stakeholders. Please feel free to reach out to our IR team for any clarifications or feedback.

Thank you, everyone, and have a great day.