J.Kumar Infraprojects Limited (NSE: JKIL) Q1 2026 Earnings Call dated Jul. 30, 2025
Corporate Participants:
Unidentified Speaker
Nalin J. Gupta — Managing Director
Kamal J. Gupta — Managing Director
Vasant Savla — Chief Financial Officer
Analysts:
Unidentified Participant
Jainam Jain — Analyst
Vaibhav Shah — Analyst
Nishit Jain — Analyst
Aditya Sahu — Analyst
Devang Shah — Analyst
Lokesh Kashikar — Analyst
Diwakar Rana — Analyst
Ankita Shah — Analyst
Uttam Srimal — Analyst
Shravan Shah — Analyst
Dinesh Maheshwari — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q1FY26 earnings conference call hosted by Marathon Capital Advisory Private Limited. 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. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded. Before we begin. A brief disclaimer. The presentation with 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 Project’s business prospectus and profitability which are subject to several risks and uncertainties and the actual result could materially differ from those in such forward looking statements. I now hand the conference over to Mr. Kamal Gupta, M.D. of J. Kumar Infra Projects Ltd. Thank you. And over to you, sir.
Nalin J. Gupta — Managing Director
Good morning everyone. This is Nalin Gupta, managing director of JKumar Infra Projects. I warmly welcome you all to our quarter one FY26 earning conference call. Joining me today are Mr. Kamal Gupta, managing director, Mr. Vasanth Sawa, CFO and our investor Relations Partner, Marathon Capital. I trust you have had the chance to review our earning presentations and press release, both of which are available on the stock exchanges and our corporate website. We are pleased to start FY26 on a strong note, continuing our trend of consistent performance and operational excellence. The performance once again validates our core strengths.
A robust order book, efficient execution and a clear strategic focus on delivering complex infrastructure projects with precision and quality. Our bid pipeline remains healthy, our execution capabilities sharper than ever, and we are confident that this momentum will not only sustain but will further accelerate improvement in margins, return ratios and capital efficiencies in the years ahead. As one of India’s leading infrastructure construction companies, JKIL is ideally positioned to benefit from the sustained momentum in the sector. The government’s unwavering focus on urban development, Metro expansion and transport infrastructure creates a strong multi year Runway for growth. We are fully geared to seize this opportunity with scale, speed and confidence.
We are deepening our presence in core verticals like Metros, elevated corridors, tunnels and water infrastructure, while also enhancing our execution frameworks to unlock even greater value from ongoing and future projects in a demanding and highly competitive industry. Our continued success is a direct reflection of the resilience, agility and engineering excellence that defines jki. Where others see complexity, we see opportunity. Technically demanding, first of their kind projects are not roadblocks. They are catalysts. They challenge us to innovate, adapt and lead. Our proven ability to consistent quality for win and execute landmark projects speaks volumes and strength of our technical teams and our organizational depth.
Now coming to the Financial Performance Consolidated Performance highlights for Q1FY26 Q1FY26 Revenue from operations for Q1FY26 grew by 16% to 1,484 crores as compared to 1281 crores in Q1FY25. EBITDA for Q1FY26 has grown by 18% to 217 crore as compared to 184 crores in Q1FY25. EBITDA margin for Q1FY26 stood at 14.6% as compared to 14.4% in Q1FY25. The PAT for Q1FY26 grew by 19% to 103 crores as compared to 87 crores in Q1FY25. The PACK margin for Q1FY26 stood At 7% as compared to 6.8% in Q1FY25. The total order book as on 30th June 2025 stood at 20,946 crores.
Net debt as on 30th June 25th stood at minus 159 crores. That’s cash positive. We can now begin the question and answers. Thank you everyone.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press STAR and two 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 Janam Jain from ICICI Security. Please go ahead.
Jainam Jain
Thanks for the opportunity. So my first question is has the NHS announced a strong road project pipeline of 3.4 trillion wherein majority consists of BOT, BOT and HAM projects? Given the fact we don’t have any much presence in those projects, are we looking to bid for this project? Hello. Hello. Am I audible?
Nalin J. Gupta
Yeah. So you are asking like you know NHI right now is going for more of Beauty and ham, right Mr. J? Yes, yes we are right now focusing on this thing EPC only and not one BOT projects and maybe some of the HAM projects we may explore where we see good opportunity and our strength is there. So not for the beauty for sure. And for I think our requirement the EPC projects are good enough. What is coming in Mr. Jain? So there should not be any problem in the order flow of EPC as well.
Jainam Jain
Okay sir. And sir, are we looking at any. Opportunities outside Maharashtra for Metro projects?
Nalin J. Gupta
Yeah, of course. Maharashtra Metro. Whatever projects will come, we will bid for that. That is for sure. Right now the Thane ring road is there in place. So we’ll be bidding for that. Line 11 will be coming of MMRCL. We are already doing the underground metro of line 3.6000crore project. So that will be of course in our focus. And there are many other lines which are coming are like some of the lines they are planning to put on bot. Probably. So let us see when it comes. But again from Bombay to New Bombay airport the metro has to be connected even Sidku, there will be some metro lines in and around the new airport.
What is in proposal? So of course we will be bidding for all these metro.
Kamal J. Gupta
Currently already Thane Metro has floated tenders which we are in the process of bidding. We have also submitted recently. The Pune Metro elevated underground corridor. Mumbai Metro is already coming up with line 10, 11, 13. So by MMRDA, Delhi Metro has come up with an underground package which we are about to bid. So there are a lot of EPC opportunities. Again there is a lagoon bridge tender by BMC which is an elevated corridor which we are about to build. So there are a lot of EPC opportunities is what we would like to put. Which does not make us a compulsion to think about DOT at all at this stage.
Jainam Jain
Thank you sir. And so as per our calculations we had an order inflow of 19 billion. So is it just a conversion of existing elements or it is some loa for new projects.
Nalin J. Gupta
We will order book as on of is 21,000 crores.
Jainam Jain
Yeah. So have we received any new project in this quarter or is it just a conversion of the existing L ones that we had during the March month?
Nalin J. Gupta
So in Q1 we haven’t received any new orders. But going forward we will be. We are expecting some order inflows to happen because there are some like we have submitted the Pune Metro and some other projects worth around 3,500 crores. So we are very hopeful that we will pick up some order from this close to like 2000 crores in Q2.
Jainam Jain
Okay, so there’s my question. Thank you so much and all the best.
Nalin J. Gupta
Thank you very much.
operator
Thank you. Our next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
You Said that some BOT projects are coming in the metro side. Is that right?
Nalin J. Gupta
Yeah, there are some projects like the line 8 which is connecting international airport to New Bombay airport that is like still under discussion that they may come up on bot. So but it’s like very limited lines, like you know, not even like 5% comes on bot. So usually it is on like Pune Metro came up. PMRD had come up with an elevated corridor on BOT which Tata had taken. So it’s like 5 to 10% lines hardly come on bot because metros are not profit making ventures. So it becomes obligatory on part of the government to make it a successful project to get it on EPC mode.
Vaibhav Shah
Sir, what would be the value of this line 8 which has expired? To come on bot.
Nalin J. Gupta
Means? Well, I don’t know the exact figure on that because still there are a lot of contemplations happening in terms of how much will be elevated and how much would be underground. So there are. The figure cannot be mentioned at this stage.
Vaibhav Shah
And if it does come on bot, will we be bidding for that? As we are not open to bot on highway side? But are we open for metro or.
Nalin J. Gupta
Only EPC open to bot? Either it is metro or elevated corridors. So because we as I mentioned that we already have opportunities going forward for cash contracts. So even if there is a cash contract drying up, if we see which is not the case at all in the present case, we may explore HAM projects but not bot at all. That’s our internal policy.
Vaibhav Shah
Okay, so secondly, what is our feed pipeline across the verticals?
Nalin J. Gupta
Can you come back with the question bid?
Vaibhav Shah
Pipeline across the verticals? Last time we had mentioned that it is around 25,000 odd crores.
Nalin J. Gupta
Yeah, it is still 30,000 crores, Mr. Weber. And we are in different verticals of building elevated corridors, flower roads, metro and water.
Vaibhav Shah
Okay, okay sir, next is what is status of GMLR project. So has the TBM arrived already or what is the status?
Nalin J. Gupta
So for GMLR we have already started the work and the first TBM is arrived. Like around 60% of the TBM has already been received at the job site. And the main break bulk consignment should be reaching in first week of August to the job site and we will be going for the FAT test of the second TBM in the first week again. So both the machines should be available by one in the month of August and the other in the month of Jan somewhere.
Vaibhav Shah
Okay, okay, so what is the CAPEX guidance for the entire year for 26 and 27.
Nalin J. Gupta
So FY20 for FY26 Q1 a capex of 107 crore has been done and in addition to normal maintenance, capex of 100 crore is what we are expecting as well. This is in addition to the GMLR specific TBM requirement that we’ll be having. So in the next two years we should say around 450 to 500 crores of capex is what we are looking at.
Vaibhav Shah
Okay. And sir, in terms of guidance, do we maintain our guidance that we mentioned in the last quarter? 15% revenue growth and EBITDA margin of 15, 16%.
Nalin J. Gupta
Yeah, yeah, absolutely, very comfortably, Mr. Weber.
Vaibhav Shah
Okay. And what is the L1 position right now?
Nalin J. Gupta
L1 position now, sorry, I mean order book is 21,000 and L1 like you know, I won’t say because we have this 4000 crores of L1 book but like you know we have learned that we have not got some official communication from the department but they are getting it, getting the project on beauty of this Vira alibarg. So you know we are not considering that L1 for the moment.
Vaibhav Shah
Okay, so we are confident of the 6,000 to 8,000 crore ordering for guidance despite the cancellation of those Vira orders?
Nalin J. Gupta
Yeah, yes, around 6,000 crores in this financial year and that’s our target and I think we should be able to achieve that. And in the Q2 itself we are hopeful that we should give, we should be able to bag orders worth nearly around 2000 crores.
Vaibhav Shah
Okay. So lastly on working capital side we have seen a good amount of reduction in FY25. So do we expect a further reduction in FY26 or it should be at similar levels?
Nalin J. Gupta
We have already given a guidance of around 120 days. Mr. Pepper, as if you see for this Q1 it’s 115 days so I think we are well within the limits of that and going forward also will maintain around 120 to 125 days.
Vaibhav Shah
Okay. Okay. Thank you sir. Those are my questions.
Nishit Jain
Thank you.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on the touchstone telephone. The next question is from the line of Nishit Jain from SNJ Investments. Please go ahead.
Nishit Jain
Yeah, good afternoon. So in last con call you had mentioned that Virar Aliwak tender validity it was increased. So is there any update? Are they going to continue that or it will it be bot model?
Nalin J. Gupta
Yeah Mr. Nishit, that’s what I told right now. So there were two projects costing around 4000 crores where we were L1 of this vira Alibaba Multi model corridor. So right now we have learned that they are getting this project on beauty. So like you know it’s not sure. So we are not considering that L1 for the moment. We have not got any official communication till now from the department.
Nishit Jain
Okay. And the second thing last year I think company had invested some hundred crore rupees in PSL Vizag. So is there any more such as it buying opportunity this year or it was that only one off such incident.
Nalin J. Gupta
Right now it doesn’t look like any more such opportunities. And there also the work is going well. We have paid major amount of this thing loan what we’ve taken. So it’s all on track.
Nishit Jain
So. Okay. And last thing in last concord also you had mentioned regarding the Versoa the sir project. So have you have the operation started for this project?
Nalin J. Gupta
We have already got the LOI and the work is the preparatory works. Because there are a lot of permissions that’s required on this coastal roads where mangrove crz. So there are activities and we are in very advanced stage. And we have practically got the permission to start the works which are on the road portion. So as far as J. Kumar is concerned we have a substantial length on the road as well. So those gads have been finally approved and we have started the trenching work. And the physical piling work will be started at the job site next week.
We have already completed soil investigation test piles. GAD submission design has been approved for almost 40 foundations. So it’s in a advanced stage. And physically means a substantial work will be started from August month.
Nishit Jain
Okay. So basically the permissions for mangroves from High Court and all that is still pending according to you that’s on track.
Nalin J. Gupta
And as I mentioned around 30% of the stretch is on the mangrove and these affected areas. 70% is on the on the road area where we have a elevated corridor. So there the work permission has been granted to us and where all the preparatory works including design approval has been done. So physical work will start from this month.
Nishit Jain
And this, this. This thing will also have an extension to Virar and Palgar. Am I right?
Nalin J. Gupta
In future, right now this line has been designed till Bahendar till the Iser Mina Road and this line has to be taken till Vasai Virat for which MMRD and BMC both are. So most likely it will be by MMRDA and they are still working out the best techno commercially viable proposal. So I think in a span of three to six months that tender should also be. They are Forbidden.
Nishit Jain
Okay. Okay. Okay. Thank you so much.
Nalin J. Gupta
Yeah. Thank you.
operator
Thank you. Our next question is from the line of Dhuanit from Savla family office. Please go ahead.
Unidentified Participant
Am I audible sir?
Nalin J. Gupta
Yes Mr. Dhuanit. Yes.
Unidentified Participant
Yeah. My question is with regards to Metro Line 4 by how much of the order book is still under construction and by when can we see completion of this? And my second question I wanted to understand that was there any funding or something procured for before we were L1 in this Virag project?
Nalin J. Gupta
No, we had. We were in the process of tying up with the bank for bank guarantees and all. So there was no funding taken for that project. We had taken the approval for as a standby we do a pre. We means preparatory preparation which we had taken but there is no reason of taking a single rupee till we get the loi. So there is zero anything taken from that project. With regards to line four. Line four we have a very small area available I mean a small portion of 500 crore for a project which is called as. Which is from Kasarbadavari to Gaimo which is Jay Kumar’s core. So overall project timeline completion is what we are hearing and expecting is around one and a half years time from now.
And our portion we have already completed close to around 85% of the project and that is the line they intend to commission on the priority basis. So we have handed over substantial portion of the project to the further contractors of TRAC and OHE works.
Unidentified Participant
Okay, thank you.
Nalin J. Gupta
They are targeting to open it within a year’s time that five five to six kilometer stretch.
Unidentified Participant
Okay, thank you very much.
Nalin J. Gupta
Thank you.
operator
Thank you. Next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead.
Aditya Sahu
Hi sir, my only questions have been answered. Just one data point I wanted to confirm. This is with respect to the peak debt gross peak debt guidance that we’ve given earlier of 9 billion for FY26. Does that continue to be in place or how are we changing on that.
Nishit Jain
Nine billion nine hundred crores. Ah okay. I thought you were talking in terms of dollar. So what we were talking about is that total there are two TVMs required for GMLR but our requirement is only one the one bought by NCC. So J. Kumar never intended to take 900 crore capex for this project. Ours was 50% that we have already mentioned that in the span of two years period we expect to book CAPEX close to around 500 crores including the maintenance capex.
Aditya Sahu
Understood so and the overall did what are we expecting for 26 and 27.
Nalin J. Gupta
We have as guided before. So it’s around 70 to 800 crores for 20. Yeah.
Aditya Sahu
Thanks a lot. No more questions.
Kamal J. Gupta
Thank you.
Nalin J. Gupta
Thank you very much.
operator
Thank you. Our next question is from the line of Devang Shah from Assad C. Mehta Investment Intermediaries Private Limited. Please go ahead.
Devang Shah
Yeah. Hi. Good afternoon sir. So I wanted to just ask the. Way we earlier discussed over the next two, three years the way we have existing order book we continue to maintain the same revenue CAGR somewhere 15% plus kind of growth and same EBITDA margin. You are just you know, you know maintaining the same guidance.
Nalin J. Gupta
So. Well if you talk about the. Growth. Rate and the EBITDA margin we are very sure of maintaining growth rate of 15 to 16% in terms of top line and around 14 to 15. We are trying to take our EBITDA margin to 15 to 16% going forward six to eight quarters that we had mentioned. And we are confident that due to the operational efficiency and leverage that we will be getting we should be able to maintain that. So we still maintain that, that we should be able to achieve it.
Devang Shah
And in this particular financial year you, you are expecting some kind of, you know, 6,000 kind of order inflow, new order inflow by considering the tender and the way you know you have been now bidder for many, you know, project. So by considering these fact you feel that your outstanding order book more or less remains somewhere close to you know, 21,000 crore because you already aspiration to have a some kind of, you know, 25,000 order book next two years kind of thing. So I’m just asking what would be your outstanding order book possibility at the end of this particular financial year.
So I’m talking about 31st March 2026 because this year you are ending with close to 21,000 crores. So just to get that particular idea.
Nalin J. Gupta
Yeah. So as you have rightly mentioned that our continuous effort is to ensure that the top line that the company is making, we book that amount of audible on an average and with some add ons depending upon some good opportunities that we can get at our margins. So that’s how if you see we have not been very, very aggressive in terms of Q1 where you couldn’t see any order book because we are already sitting at a comfortable order book of 21,000 crores which takes care of my 3 to 4 years top line going forward. But still it will be like as we have mentioned in Q2 itself, you should be seeing around contracts worth around 2000 crores that we should be more or less bagging.
And in the whole year we will be able to bag around 5,000 to 6,000 for sure. And maintaining our order to close to like 22,000, 23,000 crores is minimum is what we are targeting at.
Devang Shah
So we can assume that in the FY25 you were having a top line somewhere close to 5700 crores. So as you were saying, if you are maintaining a 15% kind of revenue top line CAGR growth in this year. So that much amount of at least order inflow you want to have so your order book at the end to be maintained. Am I right, sir?
Nalin J. Gupta
What I understood you got it right, Perfectly right.
Devang Shah
So that way you want to grow ahead that it should be compensated and more or less remain at a, you know, incrementally or more or less remain at the same level kind of thing.
Nalin J. Gupta
At least very like. Very right.
Devang Shah
And sir, last question. What about the industry outlook? What you perceiving the way, you know, we have a, you know, government push and everything. So you know what is you feel the pace as far as concerned it is going to be more on a, you know, second half of the financial year. What you pursuing sir, by considering, you know, the tendering and the you know, bidding that has been floated by the government or you know, any private project that you are dealing into. So what is the industry you are making? Thanks.
Nalin J. Gupta
So overall if you see the government this I would say Q1 or Q2. Overall we could not see a huge order book or order inflow or tendering process that was going on because with the new government formation they are trying to take its control over the existing commitments. But with the information that we have, we feel that the H2 should be having some good amount of orders coming in. And overall the government is very pushy about infrastructure. So I think we should be having a healthy order book going forward in this two to three years time on a regular basis.
Devang Shah
So you mean to say H2 will be a more possibility of a more order inflow. That’s what from the government side and from the private side.
Nalin J. Gupta
From the private side in three to six months time which will be floated. So that’s how I’m very hopeful about H2 because all the departments are planning to come up with floating of new tenders for metros, elevated corridors, road tunnels. So the opportunity looks to be quite strong for according to my view.
Devang Shah
And so you feel whatever the capex they already grided so they have to make some kind of, you know, Allocation also quicker basis in a H2 as far as tendering is concerned because the way they have guided for the capex they have to that much you know at least to be floated on a deliverable basis.
Nalin J. Gupta
You rightly said it and that’s why I said that we are very bullish about the infrastructure segment in this two years time and including H2 there should be good amount of works that we. Should be expecting
Devang Shah
and as far as. Private side is concerned. So private, you know this is your government. You have spoken any kind of, you. Know, private project as of private.
Nalin J. Gupta
If you speak of you would appreciate that Jay Kumar only works into the government sector and we don’t focus onto the private area because we have enough potential and opportunities to grow in the government sector and we have historically been focusing only on the government. Okay.
Devang Shah
Okay. Thank you sir. And wishing you all the best sir.
Nalin J. Gupta
Thank you Mr. Diwan.
operator
Thank you. Our next question is from the line of Lokesh Kashikar from SMIFS Institutional Equities. Please go ahead.
Lokesh Kashikar
Hi sir. Congratulations on the good set of numbers. My first question is basically on the Metro segment. My analysis basically looks at the percentage of Metro rail towards the overall order mix has been considerably declining over the period and has not dropped to around less than 15%. So it is a more kind of strategy of the company wherein we are getting more opportunities on the other segment for how one should look at is there any competition in the metal segment that is basically declaring the mix of the segment. Yeah, that’s my first question.
Nalin J. Gupta
Yeah Mr. Lokesh. So if you see we basically concentrate more on structure work. Okay. So whether it’s Metro, whether it’s elevated corridors. So you know in recent times if you see we have added new verticals of road tunnels, water. Okay so these are the new segments where we have entered. So we are taking more projects on these verticals. Also now coming to whether it’s Metro or whether it’s elevated or some other vertical. Our focus is always on bottom line. So we ensure that the company gets the required bottom line whether it’s a. Metro project or a elevated corridor. So in between we like you know initially we had a major percentage was non metro. Then when we got some good opportunities of good projects of metro 5000 crores line underground metro 3 and also you the percentage of Metro was much higher. Now when we got good opportunity of the GMLR which is a road tunnel, some new Bombay tunnels, we took the elevated corridor in Chennai, we took the Dwarka Expressway, we took. So then the percentages of Metro has gone down. So again going forward also if we. Get good opportunities with our margins in. Metro, we go for Metro. If we get it in road, tunnels or elevated or water, we will go for that. So it’s basically about the right opportunity with our number. So basically understand Metro project is a complex nature of job. When we talk about the elevated corridors like whether you talk of Bombay coastal road, you talk of Chennai elevated corridor which is India’s first of its kind with 20 kilometer double decker. With double decker clover leaks, cable stays. Similarly is the coastal road at Bombay. Again there are a lot of cable stays, multiple loops. So these type of works are specialized jobs. Which, which is a core competence area. So that is the area where we get some extra mileage in terms of profit. So that we have been focusing and we will continue to focus there.
Lokesh Kashikar
Sure, sure. Sir, one just a clarification on the margins front. You said 15 to 60% margins. We are targeting over the next six to eight quarters. But is it fair to assume that 14.7 to 8% for FY26 and around 15% for FY27. Is it fair to assume?
Nalin J. Gupta
Yeah. So like you know right now we are doing around 14 to 15% and we intend to go one notch percentage higher in the coming eight quarters. Six to eight quarters going forward by 27 we should see that 15 to 16% margins will be that increase.
Lokesh Kashikar
Fine, fine. And sir, last one on the Chennai elevated corridor just wanted to you know what is the progress on it and outstanding order value of the project?
Nalin J. Gupta
Yeah, so we have four packages in Chennai and all the four packages are going very well. The progress is we have in fact established one of the biggest casting yard of India. There are and the casting of segments have started. There is a superstructure what we call the foundations in the river are going in full fledged. We have completed almost 40% of the piling there. And subsequently the substructure and other works are improved.
Nishit Jain
So what would be the outstanding value of the total 3500 crores outstanding order book order value of Chennai allotted of total four packages.
Nalin J. Gupta
We’ll get back to you on the exact figure in separately. We don’t have this handy right now. We’ll get back.
Lokesh Kashikar
Okay, fine. That’s it. From my side. Thank you.
operator
Thank you. Our next question is from the line of Divakar Rana from Prudent Equity. Please go ahead.
Diwakar Rana
Hello. Yes. Out of this 21,000 order book do we have any slow moving legacy order?
Nalin J. Gupta
No, there is one project of NBCC building project which is like 300 crore so that is like not started in full fledged. Only the preparative works are there. Apart from there all the projects are going well.
Diwakar Rana
Okay, so where do we expect this, this order to be? You know kind of start by September. September.
Nalin J. Gupta
October. Yeah. This is another 350 crores project. Yeah.
Diwakar Rana
Okay. And sir, are you planning to bid in waste management?
Nalin J. Gupta
We are looking for the opportunity but like you know, so we are, we are bit cautious about doing that like because it’s a new vertical. But we are exploring it. Given, given the right opportunity, we go for it.
Diwakar Rana
Yeah. Okay. Okay sir, thank you and good luck.
Nalin J. Gupta
Thank you Mr.
operator
Thank you. The next question is from the line of Ashwin Kumar, an individual investor. Please go ahead.
Unidentified Participant
I just needed to understand something. Can you provide me with the revenue breakup this quarter? How much you earned from metros and expressways and all. And maybe can you also give me the status of the biggest projects? Like what is it? Is it like 10% down 15% of either the metro Chennai elevated corridor. Can you give me that to understand it better?
Nalin J. Gupta
Yeah. So this quarter the revenue breakup will be around 40% from the metro and rest will be from this flowers and tunnels. And the bigger projects if you see you want particular projects or the verticals you’re talking my dear.
Unidentified Participant
Vertical, vertical wise, you know. And maybe for the status of the project like you know how much is done? 10%, 15%.
Nalin J. Gupta
Metro we have got around like 340 crores of inflow. And like underground metro we have got around 250 crores. The elevated flyovers, corridors we have got around 300 crores of inflow. And the road tunnels we have got around 270 crores of inflow. Water we have got around 65 crores of inflow. And other civilization building line projects, we have got 270 crores of inflow, my dear.
Unidentified Participant
Okay. And, and can you give me the status, I mean like of each some project. The big projects mainly.
Nalin J. Gupta
Yeah. So the big project like Dwarka Expressway, Delhi is on the verge of completion. The other big project of Chennai Metro, Chennai elevated 4,000 that is going full fledged. Like you know the casting of the superstructure is also started. The other big project of JMLR I.e. goregam Mullurod Link road. As my brother already told, we have received part of the TBM and like by next month we’ll receive the first TBM also we’ll start the tunneling in another couple of months.
Kamal J. Gupta
After that casting yard is also fully functional. We have started, we have casted around 200 tunnel rings already.
Nalin J. Gupta
And the other big projects are like you know the new Bombay coastal road. New which is also going very well and full speed. Secondly we have started a new project of Thane that is Ananagar Saket elevated corridor of 8 km by MMRD1. That is we have completed 50, 55 files also there. So you know all these projects are going very well.
Unidentified Participant
Okay. And is there any delay in any payments or.
Nalin J. Gupta
Any delayed payments?
Unidentified Participant
Yeah,
Nalin J. Gupta
on a regular course only the variations and things they take some time for the approval. So that gets delayed. But old are submitted, new are coming up older we get some payment of old. So variations take little time. Otherwise the regular work payments we are getting on a timely basis.
Unidentified Participant
Okay. Thank you.
Nalin J. Gupta
Thank you, Mr. Ashwin.
operator
Thank you. Our next question is from the line of Ankita Shah. Please go ahead.
Ankita Shah
Hi. Thank you. From Lara Capital. Sir, what kind of projects are you expecting in to see? This 3000 crores of project that you are hopeful to get. What segment would be.
Nalin J. Gupta
So it’s basically from elevated corridors and elevated metro is something the bids that we have already submitted. We have submitted a bit of around 2000 crores for the Pune metro which should be opened in the month of August as per our information before 15th of August or so. So we are hopeful about that. And there are some elevated projects that we are submitting very soon. So with this elevated line, elevated corridor and this underground metro is what we are expecting this order book to come from. So.
Ankita Shah
Got it. And you mentioned about the payments from MSRDC coming through. But you know how is the funding tied up for the future projects also going forward.
Nalin J. Gupta
We have not mentioned any project of MSRDC Ankita because we haven’t. We don’t have any order book from MSRDC. So we are not read about that.
Ankita Shah
I have said the state government or Maharashtra State government.
Nalin J. Gupta
So Maharashtra. All the orders that we have received is a very standard procedure. Ankita that till the orders, you know the EPC contract funding is approved. They don’t float tenders. So the existing 21,000 crore entire order book is funded well. And that’s why the payments are not an issue with regards to regular month to month release.
Ankita Shah
Got it? Got it. That’s it. Thank you so much and wish you all the.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our next question is from the line of Uttam Kumar from Srimal from Access securities Ltd. Please go ahead.
Uttam Srimal
In good state of numbers. Sir, my question pertains to the labor issues since most of the operators are facing this labor issue in construction. So how is this in your case? Are you also facing some major labor. Issues in your sites and construction work currently?
Nalin J. Gupta
Mr. Seems like you know of course there’s so many infra projects been floated and going on in around India. So labor issues. It’s not that you’re not getting labor but of course labor situation will be a bit tight. But as of as with Jay Kumar, since we are good paymasters, we have good set of tied up people along with us since years so they are continuing with us. That is number one. Number two we at Jikuma believe in lot of automation. So you know so we do a lot of mechanized work wherein the labor dependency is reduced, machineries are used more and lot of precasting has been adopted by these companies so that again the labor requirement goes down.
So because of this like we usually don’t face issues of labor. Mr.
Vasant Savla
Thanks for now as far as depreciation and finance cost is concerned so how. Will, how this will pan out for.
Nishit Jain
The full year, full year depreciation and full year finance cost for the FY26. So finance cost. In the last con call also we. Have said that we will be able. To keep it around 2.75% of the. Overall revenue and
Uttam Srimal
so depreciation. Because since we will also be getting. The tbm so how will, how we. Are going to depreciate the TBM
Vasant Savla
will be marginally up. Right now it is around 3%. It may marginally go up to 3.5%.
Uttam Srimal
Okay. Okay. Okay. That’s all from my side and I. Wish you all the best. Thank you.
operator
Thank you. Our next question is from the line of Shavan Shah from Daulat Capital. Please go ahead.
Shravan Shah
Hi sir, most of the questions has been answered a couple of data points on the balance sheet front. So mobilization advance, retention money, unbilled revenue as on June.
Vasant Savla
So mobilization advance is at 789 crores. Yeah. What else?
Shravan Shah
You said retention money and unbilled revenue.
Vasant Savla
Retention is 366 crores. 386 crores a nd unbilled revenue. Unbilled revenue is at 650 crores.
Shravan Shah
650 crore. Okay. And in terms of absolute inventory, trade receivable and our trade payable, what’s the numbers?
Vasant Savla
So overall inventory is at 967 crores. 795 crores.
Shravan Shah
Sorry sir. Trade receivable how much trade receivable is?
Vasant Savla
1697. 1697. Okay. And creditors at 795.
Shravan Shah
Fine. Sir, this inventory which was at around 500 odd crore in March. Now you said 960.
Vasant Savla
No, no. Total inventory means inventory is raw material plus unbuilt revenue.
Shravan Shah
Okay. So Apple to Apple which was 503 crore in March. What would be the number?
Vasant Savla
15 crores. 315 crore.
Uttam Srimal
Okay. So it has decently come down. Okay. Yeah. And then sir just to clarify this capex that you are saying that for this year and next year both put together the maintenance capex would be 100 crore or it would be a hundred crore each year.
Nalin J. Gupta
To maintain apart from maintenance capex of 100 crores there will be 450500 crores of your additional capex for TBM and other equipment.
Shravan Shah
Okay, so put together would be a. 550 to 600 odd crore would be for both the years.
Nalin J. Gupta
Yes, yes.
Shravan Shah
Okay. Okay. Okay. Okay. Okay. Got it. And then this, this one that you are saying that it can. The tender can come in next 2, 3 quarters. So there the value last time we have talked about could be 80,000 odd crore. So there are. Will we be participating individually or with a jv?
Nalin J. Gupta
First of all it’s not worthwhile to be right from Daisar to Virat or Uttam to Virat. And now the cost is around 50,55,000 crore for the total project. And of course we’ll be participating that. And let’s see what like size of project they are splitting and like what will be the qualification criteria. Accordingly we will decide that time whether to go for a JV or individual.
Shravan Shah
Okay. Okay. Okay. Got it. Got it. And. And and if. Is there a why we still keep on saying only only just a 6,000 crore order inflow. Though sir has mentioned that whatever the revenue we will do we will replace with the new order inflow. But to maintain the growth momentum 15% and that too most of these orders would be two to three years execution. So we should be ideally should be getting even a decent higher number versus what we are planning. So this year if we are taking a 15% would be a 6,600 crore kind of a revenue should be there.
Then we should be easily targeting minimum should be a 8000 crore plus kind of a number. In terms of the order inflow.
Nalin J. Gupta
As we have already mentioned it cannot be a mechanized method that every year you can bag 8,000 or 6,000 or 4,000. It depends. For us the bottom line of the company is the most important factor. We don’t want to have a growth which is not supported with a strong bottom line. And that financial discipline of our company has made us a net cash flow positive company. And as we have mentioned if you look in FY24 we bagged orders worth more than 10,000 crores. So it is totally an opportunity based thing. We are targeting 6,000 because we want to keep topping up the turnover that we will be consuming in this year.
That doesn’t mean that we don’t look at good opportunities but we don’t want to underbid. That’s the point. And looking at the Q1 position we are giving a safe side figure of 5 to 6,000 crore which will surely back. That doesn’t mean that we are not open to 10,000 crores. So that is the type of. We always want to give investors a very safe figure where we do not disappoint anyone. And we don’t want to under bid and take projects at wrong prices. So that’s the reason we are giving you this figure. But we are surely open to even 20,000 crores worth of order if we get it at our price.
Shravan Shah
Got it. Got it. And sir in terms of when we say we are, we can explore the ham in the road. So any, any, any rough in terms of internally we are looking at this much kind of equity that we can commit.
Nalin J. Gupta
So we have already mentioned that because we can see lot of cash projects coming in. EPC projects as of now. No ham project that is into the pipeline.
Shravan Shah
Okay. Okay, got it. Got it. And then the lastly on the equity fundraising that we have a resolution qip. So any, any, any, any thought process this year can can we look at that?
Nalin J. Gupta
It will totally depend upon the, the opportunity and market scenario. We are not desperate or anything to do it immediate or not to do it immediate. If the opportunity is available and if we get the you know the fundraising at our price and if the market is suitable we’ll go for it. So we haven’t taken any call immediately on that but we have passed the resolution.
Shravan Shah
Okay. Got it. Got it sir. Thank you. And all the best sir.
operator
Thank you. Our next question is from the line of Vhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Thanks for the follow up. So only one question on the PSL land. So it was around 100 crore of loan we had taken as of March. So we mentioned that we have done some payment. So what will be the outstanding value as of now?
Nalin J. Gupta
As of June I think like out of 90 we have already paid 70 crores. So 20 is balance. That’s it.
Vaibhav Shah
Okay. And when do we expect to complete a transaction of monetizing the land?
Nalin J. Gupta
So today is this. By next June we are expecting completed. Okay. Okay. Yeah. The debt by like you know receiving this thing, whatever the inflows will be there. So that will be done by this December only. But by June will be completing the entire transaction.
Vaibhav Shah
Payment has been largely done through the receipts. From monetizing the machines in the factory or also from internal accruals.
Nalin J. Gupta
No, for there it’s absolutely all from the equipment and the machineries. Plus some land bank what we had from that. It’s all from that.
Vaibhav Shah
Okay. What is the exit value of the Chennai order? So I heard you you mentioning it around 4000 odd crores. But I was under the impression that it’s around three and a half thousand crores.
Nishit Jain
No. So it’s 3,600 crores plus another 550 crores. So it’s like. Yeah, 4,200 crores, you know.
Vaibhav Shah
And it’s entirely our. Sir.
Nalin J. Gupta
Yeah, it’s entirely us.
Jainam Jain
Okay. Okay. Thank you sir.
Nalin J. Gupta
Yes. Thank you so much.
operator
Thank you. Our next follow up question is from the line of Nishit Jain from SNG Investments. Please go ahead.
Nishit Jain
Yeah. Thank you so much. So just now you had mentioned about some biggest casting yard setup done for Chennai Metro. So for this GMLR project also is there a casting at setup?
Nalin J. Gupta
Of course. For GMLR also we have taken a casting yard. Even that setup is already done like patching, plants are installed and everything. So even that is started.
Nishit Jain
And for this for the versoup binder also you may need one or this will be sufficient. Sorry, for versa binder, one package what you just mentioned which is about to start. For that also you may need this yard or it is without that yard.
Nalin J. Gupta
So right now what we have taken for GMLR is specifically for GMLR and we have already started. We have already casted 200 rings and the casting yard is fully established. We are with regards to coastal road package B that we have backed. We are going to set up a new casting yard. So we are finalizing the land and very soon we will be closing that casting at night.
Nishit Jain
Okay. So you. This. This normally is what on lease or the company invests in the.
Nalin J. Gupta
Is it always only?
Nishit Jain
Okay. Okay, got it. Thank you.
Nalin J. Gupta
Thank you.
Nishit Jain
Thank you very much.
operator
Thank you. Our next follow up question is from the line of Diwakar Rana from Prudent Equity. Please go ahead.
Diwakar Rana
Yeah. Hi sir. So over the years our pledge, the promoter pledge stood at around 22%. So do you have any plan to release this pledge?
Nalin J. Gupta
This was initially done with this. Our main banker of the bank of India. So that pledge was for the initial or whatever. We have taken these bank guarantees and all. So it was basically by bank of India at that time.
Kamal J. Gupta
So there is no new pledge that we have done. And we are trying to get this pleasurable.
Diwakar Rana
So any timeline?
Nalin J. Gupta
Sir, we are trying but you know the bankers have their own timeline. So you cannot commit exactly on to that. But yes, we are trying for it.
Diwakar Rana
Okay. Okay. Thank you sir.
Nalin J. Gupta
Thank you, Mr. Deepakar.
operator
Thank you. Our next question is from the line of Dinesh Maheshwari from Kirti Creation. Please go ahead.
Dinesh Maheshwari
Hello.
Nalin J. Gupta
Yes, Mr. D.
Dinesh Maheshwari
Can I speak?
Nalin J. Gupta
Yeah, yeah. Please. Please go ahead.
Dinesh Maheshwari
400 plus OGRASA and exact number. We would not like to mention any figure now. But you. It will be a good growth. Thank you.
operator
Thank you. Ladies and gentlemen. This was the last question for today. And I now hand the conference over to the management and to Mr. Kamal Gupta for closing comments.
Kamal J. Gupta
So FY25 was a year of consolidation and momentum. FY26 will be a year of scaling up and moving ahead with the greatest speed and focus. We remain fully committed to creating sustainable value for our shareholders, partners and stakeholders. Thank you for your continued trust and support. Please feel free to reach out our IR team for any clarification and feedback.
operator
Thank you all on behalf of J. Kumar Infra Projects Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.