J.Kumar Infraprojects Limited (NSE: JKIL) Q3 2025 Earnings Call dated Feb. 05, 2025
Corporate Participants:
Kamal Jagdish Gupta — Managing Director
Vasant Savla — Chief Finanacial Officer
Analysts:
Alok Deora — Analyst
Dhananjay Mishra — Analyst
Jainam Jain — Analyst
Uttam Kumar Srimal — Analyst
Vaibhav Shah — Analyst
Hemant Soni — Individual Investor
Deepesh Agarwal — Analyst
Ankit Babel — Analyst
Parikshit Kandpal — Analyst
Shravan Shah — Analyst
Purav Singhania — Retail Investor
Manu Singhal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q3 and Nine Months FY ’25 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. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. 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 Infraprojects 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. I would now like to hand the conference over to Mr Kamal Gupta, MD, J Kumar Infra Projects Limited. Thank you, and over to you, Mr Gupta.
Kamal Jagdish Gupta — Managing Director
Thank you. Good afternoon, everyone. On behalf of J Kumar Infra Projects, I welcome everyone to the Q3 and nine months FY ’25 earnings conference call of the company. Joining me on this call is Mr Vasant, our CFO; and Marathon Capital, our IR team. I hope everyone had an opportunity to look at our results. The presentation and press release have been uploaded on the stock exchanges and our company’s website. We are pleased to report another quarter of robust overall performance. The working capital cycle remains within our targeted range. Our robust order book and exceptional execution capabilities position us for continued success and we anticipate setting new performance records in the years ahead. Our focus on delivering high-quality projects and expanding our portfolio is paying-off. We are confident that this will lead us to improve margin and return ratios. As a prominent infrastructure construction company in India, we are well-positioned to capitalize on the sector’s growth momentum with the potential and accelerated revenue growth and enhanced multiyear revenue visibility. Our success in a challenging industry is a testament to the enduring values that have guided our organization throughout this history. The ability to deliver results in the face of adversity requires a combination of determination, flexibility and tenacity. We believe that technically demanding projects present opportunities for the growth learning and differential differentiation in the marketplace. Our ability to technically qualify and win such projects include first-of-its-kind projects in the country speaks volumes about our engineering capabilities. We take pride as being a nation builder. Now coming to the financial performance of the company. The consolidated performance highlights for Q3 FY ’25. Revenue from operations for Q3 FY ’25 grew by 22% to INR1,4187 crores as compared to INR1,219 crores in Q3 FY ’24. EBITDA for Q3 FY ’25 grew by 22% to INR219 crores as compared to INR179 crores in the preceding year. And the PAT for Q3 FY ’25 grew by 21% to INR100 crores as compared to INR83 crores in Q3 FY ’24. The EBITDA margin stood at 14.7% and the PAT margin for Q3 FY ’25 stood at 6.7%. Coming to the consolidated performance highlights for nine months FY ’25, revenue from operations for nine months has gone up by 18% to INR4,061 crores as compared to INR3,454 crores in the preceding year. The EBITDA for nine months FY ’25 grew by 18% to INR591 crores as compared to INR501 crores in the preceding year and the EBITDA margins stood at 14.6%. The PAT for nine months FY ’25 grew by 21% to INR276 crores as compared to INR229 crores in previous year and the PAT margin stood at 6.8%. The total order book as on December 31 December 2024 stood at INR20,529 crores. The order book includes metro projects contributing around 20%, elevated corridors flywers contributing around 46%, road tunnels contributing around 21% and others contributing around 13%. We have so-far booked orders worth INR3,586 crores and are confident of achieving our targeted order book for the year FY ’25. We see further acceleration in order awarding in FY ’26. Thank you. We can now begin the question-and-answers. Thank you.
Questions and Answers:
Operator
Thank you very much, sir. We will now begin with the question-and-answer session. Anyone who wishes to ask questions may press star and one on the touchstone phone. If you wish to withdraw yourself from the question queue, you may press in two. Participants are request you to use only 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 Alok from Motilal Oswal. Please go-ahead.
Alok Deora
Hi, sir. Good afternoon. Just couple of questions. First is, what would be our debt right now in — at the end of December, gross debt?
Vasant Savla
Debt is INR863 crores. Gross.
Alok Deora
Okay. Okay, okay. Got it. So it’s where do you see the debt-equity moving now? I mean, since we will be requiring more working capital as the execution ramps-up. So debt-equity should remain in the current range or it could be improve — it could increase further because it’s higher than what it was at FY ’24 end.
Kamal Jagdish Gupta
Yeah. So right now, debt-equity is at 0.3, right. And we hope to maintain this going-forward also, Mr.
Alok Deora
Sure, sir. And we have done pretty strong execution in Q3 despite which some impact would have been there from the monsoon as well. So for full-year, what’s the number we are looking at for revenues and also order book is pretty decent at INR20,000 crore and you mentioned briefly about the order inflows — orders coming in Q4. So what’s the quantum of orders we are looking in-quarter four and also full-year revenue guidance?
Kamal Jagdish Gupta
So we are already L1, L1, in like INR5,000 crores of projects. So we are hoping to get this in Q4 and like we have given a guidance of INR6,000 crores INR8,000 crores of orders inflow in this fiscal year. So we hope we’ll be able to maintain this.
Alok Deora
And the revenue guidance for this year. We have done I think around INR4,000 crore or so till.
Kamal Jagdish Gupta
And we’re looking to close this year-by like INR5,600 crores to INR5,700 crores of top-line by end of FY ’25.
Alok Deora
Okay. Okay. Sure, sir. I think that’s all from my side. If I have more questions, I’ll come back-in the queue. Thank you, sir, and all the best.
Kamal Jagdish Gupta
Thank you, Mr.
Operator
Thank you. The next question is from the line of Thananjay Mishra from Sunidhi Securities. Please go-ahead.
Dhananjay Mishra
Yeah. Hello, sir. Congrats on good quarter. So you said alone position is close to INR5,000 crores and which will be converted in the final order in this Q4. So apart from this, what is our bid size, which are already permitted and in terms of bid pipeline, how do you see bid pipeline for FY ’26?
Kamal Jagdish Gupta
We have submitted a bid for around INR4,174,200 crores and we are expecting to build for around INR40,000 crores of projects in coming six to nine months.
Dhananjay Mishra
Okay. And are we seeing — I mean, which area we are the incremental pipeline you are seeing and some Expressway projects are from Maharashtra side, you’re seeing some big project where we are qualified to bid?
Kamal Jagdish Gupta
So we are already L1 in these two projects of Expressway, Viran and one project of coastal road of in Mumbai of INR1,000 crores. And we are bidding for elevated corridors also some tunnel projects also and some metro projects also maybe.
Dhananjay Mishra
And this Vira was of a ceiling project, which is also expected, which is very huge. So like are we going to bid with some joint partner like NCIC, like you have done?
Kamal Jagdish Gupta
Yeah, yeah. We are very much interested in this project and we are surely going to be part of this project. Mr.
Dhananjay Mishra
Okay. Okay. And lastly on this balance sheet number, can you give the current this receivable inventory and retention numbers?
Vasant Savla
Yeah. So the inventory of raw-material is INR520 crores and work-in progress is INR608 crores. So the receivables are INR1,393 crores and creditors are INR597 crores, INR597 crores.
Dhananjay Mishra
And what is our non-fund limit and what is the utilized?
Vasant Savla
Non-funded limit is INR4,000 crores and funded — funding limit is INR1,000 crores. Utilization is 70%.
Dhananjay Mishra
In both.
Vasant Savla
Yeah.
Dhananjay Mishra
Okay. Okay. Thank you. That is all from my side all the.
Kamal Jagdish Gupta
Thank you.
Operator
Thank you. We’ll take the next question from the line of Jain from ICICI Securities. Please go-ahead.
Jainam Jain
Thank you for the opportunity. Sir, my first question is, sir, what is the order inflow guidance and revenue and EBITDA margins guidance for FY ’26.
Kamal Jagdish Gupta
FY ’26. Yeah, so we are looking for a 15% growth year-on-year. So FY ’26 will be also like you know around 6,300 to 6,500 five run-rate.
Jainam Jain
Okay. EBITDA margins guidance? EBITDA margins?
Kamal Jagdish Gupta
EBITDA margin will be in the range of — we are doing 14.6%. So of course, we’ll maintain this. We are looking for an upward growth in that. So like we are targeting 15% plus EBITDA margin in the coming quarter.
Jainam Jain
Okay, sir. And sir, we are seeing a sudden spike in the short-term debt level from INR382 crores in FY ’24 to INR646 crores in December ’24. So what would be the reason for that?
Vasant Savla
Yeah. So the reason for the increase is that during the last year, we have been awarded contract with almost INR11,800 crores. So all these projects are now coming into execution and early-stage of execution. So for that, we have to take the funding that is required for initial startup of project and project startups.
Jainam Jain
Okay.
Kamal Jagdish Gupta
We have not taken the mobilization like for Chinai, which was a INR4,000 crore project, we have not taken mobilization advance from the government. And so that’s why the debt level looks to be on the hand side.
Jainam Jain
When do we expect the tender to be floated for Viral also a linking project.
Kamal Jagdish Gupta
So the DPR is under process, so they are planning whether to do five to six packages or eight to 10 packages. So I think in another two quarters, it should be out.
Jainam Jain
Okay, that answers my question. Thank you so much and all the best.
Kamal Jagdish Gupta
Thank you, Mr Jain.
Operator
Thank you. The next question is from the line of Uttam Kumar Srimal from Axis Securities Limited. Please go-ahead.
Uttam Kumar Srimal
Yes, sir. Thanks for the opportunity and congratulations on a good set of numbers. Sir, with regard to the INR40,000 crore pipeline that you mentioned, sir, can you bifurcate for this INR47 crore, how much is the tonnel, how much is metro and how much is elevated corridor?
Kamal Jagdish Gupta
Yeah, you’re talking about the projects to be bidded.
Uttam Kumar Srimal
Yeah. Yeah, INR47 crore bid pattern that you have — that you just mentioned.
Kamal Jagdish Gupta
Yeah, yeah. So there will be some building projects around INR8,000 crores to INR9,000 crores of what you’re planning to bid. There are some metros and railway projects around INR7,000 crore INR8,000 crores and some elevated corridors internals, which will be around INR30,000 crores.
Uttam Kumar Srimal
Okay, sir. Now sir, with regard to the revenue to debt you have mentioned 15%, now since most of the contract that were awarded last year, that will be coming into execution this year. So don’t you think, sir, our revenue growth will be more than 15% — around 20% 25% because we have got huge order backlog on our total order book is around also INR20,000 crores.
Kamal Jagdish Gupta
Correct. Yeah, Mr. So we always believe in giving a conservative figures and surpassing our targeted figures, Mr. So that’s why we talk very conservatively while giving the guidance.
Uttam Kumar Srimal
Okay. And sir, interest cost has increased quite sharply this quarter. So in the next quarter and coming FY ’26 also, so can we expect same kind of or.
Kamal Jagdish Gupta
Some types of — you’re looking at that interest–
Uttam Kumar Srimal
Interest cost. Cost because it has increased by INR10 crores on quarter-on-quarter basis, if you would say.
Vasant Savla
So interest cost increase is, as I said, basically because of the increased debt level that is there compared to FY ’24. And for this new project that we have got last year, we have to give busy commissions and margins and things like that. So it will be around this level or little bit less, we’ll try to reduce it to a certain extent.
Uttam Kumar Srimal
Okay. Okay, sir. That’s all from my side. And all the wish you all the best.
Kamal Jagdish Gupta
Thank you, Mr Usam.
Operator
Thank you. The next question is from the line of Vive Shah from JM Financial Limited. Please go-ahead.
Vaibhav Shah
And you mentioned that we have not taken the advance for Chennai project. So are you planning to take it? And what’s the reason why we have not taken it?
Kamal Jagdish Gupta
Yeah. So the Chinai, we had four projects, costing INR900,000 crores around INR3,700 crores for all the four projects is on INR750 crores. So we have not taken initially mobilization advance because we were getting it at good interest-rate from SBI, okay. So that was the purpose of not taking in. Probably going-forward, we may take it for a couple of projects, part of the mobilization advance.
Vaibhav Shah
So it is 10% of the — 10% mobile.
Kamal Jagdish Gupta
Yeah, it’s usually 10% plus 5%, 15% we are eligible to take. But we have not taken any for equipment and for mobilizing both. So we have not taken anything as of now.
Vaibhav Shah
And what is the interest-rate on that?
Kamal Jagdish Gupta
On the mobilization advance?
Vaibhav Shah
Yes.
Kamal Jagdish Gupta
So it’s around 9.5%.
Vaibhav Shah
And what is our average cost of debt?
Kamal Jagdish Gupta
Above what we have got in from SBI is 9% also. But when you take from them, you have to give VG and that is also like another 1% additional idea.
Vaibhav Shah
Okay. Okay. And sir, at a company-level, our cost is 9%, interest cost.
Kamal Jagdish Gupta
Yeah, company-level is 9% to 10%.
Vaibhav Shah
Okay.
Kamal Jagdish Gupta
But when you take a mobilization advance, Mr, you have to give the BG of 110% of the mobilization advance cost. So that’s an additional cost of the BG. So that adds up on 1% to 1.5% on that.
Vaibhav Shah
Okay. Okay.
Kamal Jagdish Gupta
So the overall cost goes to around 10%, 10.5%.
Vaibhav Shah
Okay. And sir, secondly, you mentioned that we are in INR5,000 crores worth of projects. So it would include two categories 8 and 10, right?
Kamal Jagdish Gupta
Correct.
Vaibhav Shah
And third project.
Kamal Jagdish Gupta
And one coastal road project of, which is INR1,020 crores.
Vaibhav Shah
Okay. Sir, so what about this project called development of River in bypass and development of colony. So what about those two projects?
Kamal Jagdish Gupta
So that’s already taken in the order, like we already received the orders LOIs for that orders already in-place.
Vaibhav Shah
So we have INR3,50 crores of inflows already with us and we are L1 in 5,000. So total around 8,500, we have L1 plus exams.
Kamal Jagdish Gupta
Exactly. You’re right.
Vaibhav Shah
Okay. And sir, lastly, any update on MMC packages? When do we expect to get LOA or any status of land?
Kamal Jagdish Gupta
Yeah. So the — exactly, you told the right thing because you know they are in the process of acquisition because they have to pay some money for the land acquisition. So they are just signing-up with some agencies for doing that. So the acquisition is at an advanced-stage. They have in the prepared orders and all. So now they just have to pay and take the land. And so that after taking the land only, they can give it the LOI because unless until 80% land is available with them, they cannot give the LOI.
Vaibhav Shah
So LOI can come in Q4 or it may spill-over to-Q1 next year?
Kamal Jagdish Gupta
We are expecting it to come into Q4 only, but maybe it’s 10% chances that it can go in Q1.
Vaibhav Shah
Okay. And sir, on the debt part, we saw an increase in Q3. So by the year end, we foresee it to be at similar levels of INR860 crores or it may even go higher further?
Kamal Jagdish Gupta
No, we are looking for around INR900 crores by the year-end, Mr, the gross debt level to be.
Vaibhav Shah
Okay. Okay. Thank you, sir. Those are my questions. I’ll come back-in the queue.
Kamal Jagdish Gupta
Sure. Thank you, Mr.
Operator
Thank you. We’ll take the next question from the line of Hayman Soni [Phonetic], an Individual investor. Please go-ahead.
Hemant Soni
Sir, thank you for providing me the opportunity and congratulations on a steady set of numbers. Sir, the thing which I wanted to ask you is, like the INR40,000 crores of order pipeline will be bid by the company and what is the — I mean, quantum of orders, which we have already bid.
Kamal Jagdish Gupta
INR4,100 crores.
Hemant Soni
And I just wanted to exclude the L1 part of 35%.
Kamal Jagdish Gupta
Excluding the L1 part, Mr Kiman.
Hemant Soni
Can you repeat the number, sir?
Kamal Jagdish Gupta
I am exclude — we are L1 in INR5,000 plus crores of projects and we have bidded for around INR4,170 crores of project. INR4,14,4100, we have bidded plus we are l1 in INR5,000 crores of project.
Hemant Soni
And INR40,000 crores of order is — order pipeline is.
Kamal Jagdish Gupta
Bidding in this coming year.
Hemant Soni
In this coming year.
Kamal Jagdish Gupta
Yeah.
Hemant Soni
Sir, one more thing which I wanted a clarification from your side is, sir, we have the order book of 20,500 crore, right and around the L1 we are in 5,000 and which is expected in Q4, which takes our order book to 25,500 and we’ll be executing around 1,600 700 out of it, okay. So it will be close to 24,000 of order book by FY ’25 — by end of FY ’25. And we had given a guidance earlier of INR25,000 crores of order book by FY ’27. So are we some sort of up in the guidance because there we will already be closing FY ‘25,000 crores of order.
Kamal Jagdish Gupta
Yeah. So if this order like line — MMC also comes in this Q4 what which you are expecting. So of course, our order book will be around INR23,000 crores to INR24,000 crores by the year end. And we have given a target of like around INR25,000 crores for FY ’27. That is also right, Mr Himan. So as I told you, like we always give conservative figures and we expect to surpass our guidance only.
Hemant Soni
So I mean, right now are being some sort of up in the guidance for FY ’27?
Kamal Jagdish Gupta
FY ’27, yeah, we’ll be around like INR30,000 crores as of now what it looks like. So we’ll go up and like do a order book of around INR30,000 crores for sure.
Hemant Soni
Okay, sir. Thanks a lot.
Kamal Jagdish Gupta
Yes. Thank you so much, Mr.
Operator
Thank you. Participants, you may please just start and want to ask questions. We’ll take the next question from the line of Dipesh Agarwal from UTI AMC. Please go-ahead.
Deepesh Agarwal
Yeah, good afternoon team. Sir, my first question is, there is some property tax-related request from the BMCR, I think INR550 crores. What is our potential liability from this or is it a pass-through from?
Kamal Jagdish Gupta
Yeah, hi, Mr Dikesh. So this is — so the government, whereas MMRD or DMRCE or MMRCL, so they’re supposed to give us the land for precasting yards. So our contract already says that it is to be given by them. If any liability of property tax has to be dealt by the awarding agencies. So this property tax liability to us does not stand. So either like government to government, they will talk and they’ll settle it, that there is no liability should not be done. If at all, it has to pay, it has to pay by the awarding agencies.
Deepesh Agarwal
Okay. Okay. Okay.
Kamal Jagdish Gupta
Yeah, these are all temporary lens to us. These are not permanent lens, which is like part which we have already handed over and part like after completing of the project, we’ll hand it over back to them.
Deepesh Agarwal
Okay. Sure. But sir, secondly, the execution for the two projects, Gorega, Malone and Gorega and Coastal Road has not started because I believe that was supposed to happen through a JV route. So if we see consol minus standalone, there is not much different.
Kamal Jagdish Gupta
No, both the projects of execution has started essential, Ritesh. In fact, our TBM will be coming in first-quarter of FY ’25 ’26, am I sorry. So the sharp preparation have started and like mobilization, of course has been done. So all the works are going on well in both.
Deepesh Agarwal
The revenue booking for these projects is happening in standalone or at a JV level?
Kamal Jagdish Gupta
No, so this is at the JV level.
Deepesh Agarwal
Sorry, this is happening at SPV level.
Kamal Jagdish Gupta
Yeah, SPL. SPV level. Exactly. It should be driven. And but the revenue we take-in our individual consolidated partners, like you know?
Deepesh Agarwal
Okay. So basically for us in the standalone, the revenue is reflected, right.
Kamal Jagdish Gupta
Whatever revenue is reflected in our books or was part of JV portion of ours like — and whatever is densitive portion they make in their books?
Deepesh Agarwal
Yes. Okay. Okay. And sir, lastly, what is the cash balance as on December? And also you can touch upon what has been the capex in nine months expected capex in Q4 and for next year? Thank you.
Kamal Jagdish Gupta
Yeah. Q4, capex guidance I think we have given around INR500 crores in the coming two years, crores of maintenance capex. And this year in Q3, it was INR28 crores and in the nine months, it’s INR106 crores.
Deepesh Agarwal
Sorry, can you repeat? Nine months?
Kamal Jagdish Gupta
In nine months, it is INR106 crores.
Deepesh Agarwal
Okay.
Kamal Jagdish Gupta
And in Q3, we had around INR30 crores of capex.
Deepesh Agarwal
Okay. So possibly next year we’ll have almost like a INR350 crores of a capex and maybe INR40 crore INR50 crores in 4Q.
Kamal Jagdish Gupta
Yeah, yeah. It will be more because TBM will be coming in the next year. So there will be TBM plus there will be some capex for this Chineai projects. What we have given a guidance of around INR250 crore INR300 crores for capex for Chennai also, even that will add-up in next year as well. And this year also there will be something and next year it will be something.
Deepesh Agarwal
Okay. And what is the cash balance as on December?
Vasant Savla
So cash and bank balance put together is INR890 crores.
Deepesh Agarwal
Okay. So at a net level, you don’t have much debt right now.
Vasant Savla
Net level, we are cash-positive.
Deepesh Agarwal
Okay. Understood. Thank you.
Operator
Thank you. We’ll take the next question from the line of Ankit from Ventures. Please go-ahead.
Ankit Babel
Good afternoon, sir. A couple of questions. Sir, first question is on the macro side. Now especially from the Maharashtra side, what we have been witnessing is the distribution of so many freebies by the state government. So in that case, sir, do you foresee any challenges on the funding side, both on the existing projects which you are — which are under-construction or even the new one? Can it impact the future inflows from the Maharashtra government side?
Kamal Jagdish Gupta
Yeah I have seen in the paper that like there are some agencies of Manashtra who are facing problems in funding, whether it’s PWD and other departments, but we are working with DMC, MMRDA, Cisco, we have not seen much or any issues with our payments with these departments. So like you know — and going-forward also, I think like they are already tying up with different agencies for this funding. So projects are already tied-up before like even for this — we have got this project of Anandagar Saket, okay, so which is a INR2,000 crore project. So already the finance has been tied-up for that project. So like projects are first been financed and then been done. So I don’t think should be a problem going-forward also.
Ankit Babel
So is there any order in your order book which is directly funded by state government.
Kamal Jagdish Gupta
Or books, state government, like even state government so even this project as I told you,, INR2,000 crores. It is a MMRD project, but they have taken finance on that project already. That in the Thane Coastal Road all put together, they have already taken a project financing for the whole corridor.
Ankit Babel
Okay, you are getting all your payments on-time?
Kamal Jagdish Gupta
Yeah, yeah. We are receiving our payments on-time.
Ankit Babel
Okay. Okay. And my sir, second question is, Ana, if I see your company’s performance for last many years, now your growth has been consistent, your margins have been good, your balance sheet has been good, but somehow your ROEs and are very low at around 13% 14%. So any effort which the management is taking to improve it maybe at some 18% 20% or you feel that the potential is only up to this 13% 14%.
Kamal Jagdish Gupta
Yeah. So ROE, if you see there is this slight or steady increase for like coming three, four years. And we are of course, hoping and like you’re targeting to take it further up ROE and ROC both. So it’s not that it will be steady at this number. So as the top-line keeps going up, the ROE and ROCE will further improve.
Ankit Babel
No, sir, just by growing top-line, it won’t. Either your margins have to improve or you know your asset turnovers have to improve. So what efforts you are taking and what are your ROE targets, say, in the next two years if you can let us know.
Kamal Jagdish Gupta
So we are targeting ROE of around 15% in coming two years. And like you know, as you — as I told, like we were doing around 14% 14.5% of EBITDA margin. We are targeting our EBITDA margin also in the range of 15% to 16% in coming two years. So this will of course improve the ROE as well.
Ankit Babel
So this 14% to 16%, so the new projects which you are bidding, are they coming at those margins? Because what we are — we have been hearing is that there’s a lot of competition also which has increased, right? So are you able to bid at those margins for the new projects? And at the same time, the order book which you have currently is that order book at those margins?
Kamal Jagdish Gupta
Yeah. So we — we don’t need our numbers whether we get the project or not because we believe in a profitable growth and not on a top-line growth. So all our projects which are bidded up with the secured margins what we are making. And of course, there will be also of operational efficiency as we are growing in the size. So the overhead cost goes down also and the operational efficiency will add-up to the bottom-line.
Ankit Babel
Yes. Okay, we’ll wait for that 15%. Thank you very much.
Kamal Jagdish Gupta
You will surely see that, Maria. Very good.
Ankit Babel
Okay. Thank you, sir. Thank you so much, sir.
Operator
Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go-ahead.
Parikshit Kandpal
Hello. Hi, sir. Congratulations on a good quarter., my question is on the new Express where I think the actual government has applied for the environment clearance. So any update on that? When do you expect that to come in? And have you included that in your bid pipeline of INR45,000 crore INR50,000 crores for next six months.
Kamal Jagdish Gupta
See, I think even that thing is right now in the DPR stage. So this may — that may again take two to 3/4 to for the tenders to float purchase. So of course, when it comes will be part of that, like we’ll try to bid for that as well, which are like more structure oriented project packages that one. So let’s — like I’m not very sure when it will be — the tenders will be floated as of now.
Parikshit Kandpal
Okay. So beyond that, so last year MSRDC was one which helped us get good order inflows despite last year being a weak in terms of overall ordering. I’m talking about FY ’25. So do you think in FY ’26, enough opportunities coming in which could help us grow, 15% 20% on the order inflows because MSRDC was a large. Beyond that, are you seeing anything on the side, which contributes lion’s share to our order book and even the BMC budget is now out, whereas there has been an increase. So do you think any large project beyond the Kong Kan Express, which may or may not happen coming in from Maharashtra from the state side?
Kamal Jagdish Gupta
Yeah, yeah. So as I told you, this — and somebody asked also, this project is the BMC which has floated to Daisar from So to Virat and Palgar also, they are planning the ceiling, which is INR80,000 crores of the project. So that will surely come in couple quarters and like apart from that, they are also targeting to increase this metro network in Maharashtra. So whether it’s in Thane, whether it’s like the underground metro from this thing from Kulabad to post office and of course, this airport-to-airport is coming, but it will be on BOT. There are some projects in New Bombic, line two lines they are getting in on EPC and Metro line is coming up. So Metro in Maharashtra also there is a huge possibility. This INR80,000 crores of the to Virat and Palgar will be there. And apart from that, of course, some elevated corridors flower was also in pipeline in Maharashtra.
Parikshit Kandpal
So do you think there would be a good ordering even next year, which is expected. Now coming to the civil part, it is 8% of our order book, so which is — which could be much higher and bigger, especially in the government building side. So how are you thinking there? And do you think that segment you are inclined to grow substantially from here on?
Kamal Jagdish Gupta
Yeah. So it’s like you know, but if we don’t — wherever the opportunity is there, if you got this opportunity of like you know a building like NBCC, we took this project of INR1,000 crores now in last month. So like when we get an opportunity, we strike for it. So like that proportion of 7%, 8% can go to 15% or can be at 7%, 8% also. So it’s all on the like right opportunity in getting it at our numbers because as I told you before also, we don’t want to go very aggressive and take projects at any number. We want to maintain margins of our — this operating margin of 14% 15% minimum, then only quote for the project. So we are bidding all the projects with these numbers. So if you get it, whether it’s in-building, whether it’s in tunnels or flower projects, elevated metro, we’re in for that.
Parikshit Kandpal
Okay. Just the last question on the tunnel side. So how has been the progress on the metro project side and what is the pipeline you’re looking and how is the pipeline looking in Terminal Nadu for us to expand or get new orders? So what are the opportunities which are available for us to get the orders.
Kamal Jagdish Gupta
Yeah. So our project of NHAI — NHAI, which is around INR700 crores of — in Tamil Nadu is going very well now. It’s picked-up very good pace. We have done already like around 750 or 800 piles in that. A lot of peers are done. The segment passing is started so that project is online and we have also taken one project from the state government costing around INR600 crores. So even that is going-in full swing. So there are other projects also coming in Tamil Nadu, some elevated structures by NHI also in governments are in pipeline, we are looking-forward. And there’s some expansion of metro network also in Nadu they are planning. So we’ll be looking for the right opportunity and bidding for that as well. Since we have a metro.
Parikshit Kandpal
So metro, we are not doing that I was wondering that in metro, especially in metro.
Kamal Jagdish Gupta
What now we don’t have a metro project. We did it for the metro project, but we could not get there in Chile.
Parikshit Kandpal
Yeah, but you are interested in doing metro there in China?
Kamal Jagdish Gupta
Yeah, yeah, why not? Of course, we have full setup for the metros.
Parikshit Kandpal
Okay, sir. Sure. Thank you, sir. Those are my questions.
Kamal Jagdish Gupta
Thank you,.
Operator
Thank you. Participants to ask a question, please press star and one on your touchstone phone. We’ll take the next question from the line of Shraman Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Hi, sir. Thank you and congratulations on good set of numbers. Sir, to a couple of data points on the balance sheet, sir, what’s the mobilization advance, retention money, unbilled revenue?
Vasant Savla
So sir, mobilization advance is INR57 crores.
Shravan Shah
Okay.
Vasant Savla
And unbilled revenue is INR608 crores.
Shravan Shah
INR608 crores and retention money is.
Vasant Savla
Retention is INR338 crores. INR338 crore.
Shravan Shah
Okay. Sir, just a couple of questions. So sir, regarding this INR550 crore BMC property tax notice, obviously you said that the responsibility is on the government, whoever with the authority to pay. But just trying to understand right now, but in terms of the timeline or in terms of the worst-case scenario, do you see any kind of financial liability can come to us?
Kamal Jagdish Gupta
Absolutely not, Mr.
Shravan Shah
Okay. Okay. Got it. And second sir, this year already L1 Plus already what we have received 8,500, INR8,600 crore order. So in the 4th-quarter, how much more do we expect to get the orders? And for next year FY ’26, broadly, how much we are looking at in terms of the order inflow?
Kamal Jagdish Gupta
How much. So this year as we told like we are as in L1 in around INR5,200 crores of projects. So we are expecting some orders out of this only, okay, the complete orders or maybe like something is still in Q1. Apart from that, like you know, whatever we have bidded, if it gets opened early and so it does take after opening also the process around 1.5, 2 months. So maybe we make — if something is there, I’m not sure like out of this INR4,000 crores what we have something comes in this quarter. Secondly, for FY ’26, again, we are looking for around INR6,000 crores to INR7,000 crores of order inflow.
Shravan Shah
Okay. And sir, this INR4,170 crores that we have bidded, if you can help us how many projects or maybe if you can specify the value of the two, three, four projects, whatever we have bidded?
Kamal Jagdish Gupta
Sure. So we have bidded for this project yeah, so one is railway line at Indor so like of RVNL costing around INR1,200 crores, okay. So this is a tunnel which is there for in Indore and other big one is this twin tunnel of metrolines by MPMRCL again in Indor. Okay. INR2,500 crores, the other one is INR1,200 crores. And there is some other small projects of INR3,350 crores and so.
Shravan Shah
Got it. Got it. Second, sir, just wanted to understand, so currently, I think — correct me if I’m wrong, we have our seven TBMs and the eight one for the GMLR will come. So this seven TBMs right now are we already is using projects because broadly, if I’m now looking at our — the metro segment as a buy is just a 20% and in that also the underground metro is just 9%. So just trying to see, is there a possibility that if we are not using or maybe if we are not seeing that it can be used in next one year, is there a possibility to sell it off or.
Kamal Jagdish Gupta
So see TBMs, right now, all the TBMs are in use, whether it’s like you know, Bombay, Delhi and Surat. So the TBMs right now are in use in all these three projects, correct? Whether it’s Surat Metro, Metro, DMRC, Delhi Metro and Mumbai Metro. We are already bidding some — for some projects of underground, as I told you, this is Gopal Metro, this indoor Metro and you are listing Delhi Metro. So of course, when like the metro comes like it takes a couple of years for the TBMs to be in use and that much time is also required for the refurbishment and logistically transporting it. Okay. So I think it’s like more or less till now like we have been doing it since last 10, 12 years, this TBM work, all the TBMs are put in use and probably six to eight months or one year, some maybe either. That’s the thing.
Shravan Shah
Okay. Okay. Okay. Got it. And Vasant, sir, can you clarify in terms of the capex for next year? So sir has mentioned INR250 IN 300 odd crore for Chennai and plus this JML or TBM, which would be close to INR300 odd crore-plus maintenance. So in 4th-quarter, how much more we will be doing a capex? And in FY ’26 — ’26 itself, how much capex we will be doing?
Vasant Savla
Because in-quarter four, under around INR150 crore addition of fixed assets will be there and the TBM is coming in the next year. So that will get capitalized in FY ’26.
Shravan Shah
Okay. So FY ’26 in terms of the — from the cash-flow perspective, how much capex we will be doing in FY ’26?
Vasant Savla
So FY ’26 will be CapEx-wise once again, it is around INR400 crores..
Shravan Shah
Okay. Okay, got it. And a second, in terms of the depreciation, which is currently at for nine months also, we have seen just a 2.2% decline despite the top-line is growing 17%, 18 odd percent. So for 4th-quarter and for FY ’26, once this TBM will come, how one can look at the depreciation.
Vasant Savla
So as far as FY ’25 is concerned, because of the additions that we are going to make in Q2, there will be little uptick in the depreciation charge. And next year, when the TBM will come, again, the other assets will get depreciated, TBM will compensate for that. So more or less should remain at the same level.
Shravan Shah
Okay. Okay. Okay. Got it. And in terms of the overall working capital levels of whatever the currently we have, we don’t see any kind of further increase or do we see any scope of further decrease in the working capital valuation we are taking.
Vasant Savla
So compared to the last quarter, if you see last quarter was 135 days working capital. We have already reduced it to 118 days.
Shravan Shah
Okay.
Vasant Savla
So if we — I think it should be around the level of 122, 122, 130 days.
Shravan Shah
Okay. Okay. Okay. Got it, sir. Thank you and all the best.
Kamal Jagdish Gupta
Thank you, sir.
Operator
Thank you. We’ll take the next question from the line of Jain from ICICI Securities. Please go-ahead.
Jainam Jain
Sir, thank you for the opportunity. Sir, has you said that we will be bidding for INR40,000 crores to INR50,000 crores of projects in coming financial year. So can you just provide a brief segmental breakup of that?
Kamal Jagdish Gupta
Yeah, I think I have already told, but again, I’ll tell you. So some — like for building projects, we’ll be quoting around like INR8,000 crores to IN 9,000 crores what we have planned and for metros and railways around INR7,000 crores INR8,000 crores and elevated corridors and tunnels of around INR30,000 crores of projects.
Jainam Jain
Okay, sir. And sir, is there any upcoming major tender in the short-term as in the Q4 FY ’25 and which we will be bidding for?
Kamal Jagdish Gupta
Sorry.
Jainam Jain
So is there any upcoming major tender, which is to be floated in Q4 FY ’25 in which you will be bidding.
Kamal Jagdish Gupta
So right now the yeah, we are building bidding for some of these projects of and this is a building project in Delhi. There are five projects of INR1,000 crores each 800, 900 and 1,000.
Jainam Jain
Okay, sir so any details about that I mean what type of projects are there?
Kamal Jagdish Gupta
These are building projects by NDC.
Jainam Jain
Okay, sir. All five are building projects, right?
Kamal Jagdish Gupta
Correct.
Jainam Jain
Okay. Well, that answers my question. Thank you so much.
Kamal Jagdish Gupta
Thank you.
Operator
Thank you. You may please press star and one to ask questions. We’ll take the next question from the line of Purav Singhania [Phonetic], a retail investor. Please go-ahead.
Purav Singhania
Thank you for giving me this opportunity and congratulations on a good set of numbers. Could you please share the segment-wise operating margins for your order book?
Kamal Jagdish Gupta
I’m sorry, Purov, can you come back? I could not — you are not audible properly.
Purav Singhania
Am I audible now?
Operator
MR. Singari, I would request you to use your handset, please.
Purav Singhania
Hello, am I audible now?
Kamal Jagdish Gupta
Yeah, yeah, yeah.
Purav Singhania
So could you please share the segment-wise operating profit margins by order book?
Kamal Jagdish Gupta
Segment-wise profit margins. We don’t have such segment size profit margins, Mr?.
Purav Singhania
Okay. And another question, considering that a major geography concentration of our projects is in Maharashtra and given the elections, appointed dates for these projects were quite delayed. So could you please bifurcate your order book in terms of the project for which LOA has been received and for which appointed date has been granted. So all the projects like whether the LOI has been received, the appointed date has been granted.
Kamal Jagdish Gupta
So none of the projects where like LOI has been received and appoint — work is not started or the appointed date is not being declared. It’s all like wherever LOI is there,, we have received the work order and the appointed date as well.
Purav Singhania
Okay. Okay. Okay. Thank you. That answers my question.
Kamal Jagdish Gupta
Yeah. Thank you.
Operator
Thank you. The next question is from Heman Soni, an Individual Investor. Please go-ahead.
Hemant Soni
Thank you for providing the opportunity again. Sir, just wanted to know one thing, like just out-of-the — out of INR44,000 crores of order, what is generally the — which — I mean INR4,000 crores, we have already been 40,000 is in the pipeline. So out of this INR44,000 crores of order, what is generally the conversion ratio or conversion ratio?
Kamal Jagdish Gupta
Yeah. Yeah. So like you know, this will be around 15%, 20%.
Hemant Soni
Okay. And sir, it will be finalized in FY ’26 only.
Kamal Jagdish Gupta
Yeah, yeah. It should be finalized in F — because some projects will be coming in Q1, Q2, Q3. So accordingly, it takes like a couple of months for them to finalize the order after the bid. So it should be done in FY ’26 only.
Hemant Soni
Sir, one more question from my side. Sir, like the budget we had already seen it is more of a consumption-oriented budget and not a capex or an budget. So going-forward, are we sort of seeing some slowdown in the pace of orders?
Kamal Jagdish Gupta
Mr, I absolutely don’t see any slowdown in the pace of orders because we feel like whether it’s all departments or all geography, there is sufficient traction in the orders.
Hemant Soni
Okay. Okay, sir. Thank you. Thanks a lot, sir.
Kamal Jagdish Gupta
Thank you, Mr.
Operator
Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Hi, sir. Thank you for the opportunity again. Sir, just to Alibank with our INR5,000 crore L1. Is there a possibility that this — the scope or the value can be reduced? Is there any negotiation or this number is the final one?
Kamal Jagdish Gupta
Yeah. No, there are already the negotiations were done by them. Like before only, it was like two, three months back. So that is done. Now like you know, I don’t think there is any further negotiations going-forward.
Shravan Shah
Okay. So the original value what we have declared L1, that remains the same.
Kamal Jagdish Gupta
I have to check. I think it is the original or the negotiated value, but I will check and come back to you on this,.
Shravan Shah
Okay. Okay. And second, sir, are we looking to increase our fund — non-fund based limit, so 70% is — sir, as already mentioned, sir, that is utilized. So are we looking to further increase? So related is that, are we now again looking to — in terms of the equity raising are we — are looking to do equity raising — fundraising?
Kamal Jagdish Gupta
So first of all, for the limit fund raised and funds depends on the project like if any new projects are there with demands for it, of course, we have to raise the non-fund raised limits and we’ll be first utilizing our unutilized and then go for the other one. And for the fundraising, as you know, we have already taken the resolution okay. And we’ll look for the right opportunity and do it.
Shravan Shah
Yeah. Okay, okay. Got it. And anything major in terms of the — the projects which are already kind of about to complete, if you can spell particularly the Mumbai Metro One when if you can name and when likely to be completed.
Kamal Jagdish Gupta
So all the Mumbai metro projects are going at very good pace, Shravan. And as you know, we have already put into operational this 3. The major portion was us only the BKC last October. And they are planning to — MMRC is planning to put into operational from PKC to early also by April ’25 by April end. So hoping for the best. And other metro lines are also going very well, whether it’s line 2b, line 6, Line 6, some there are some issues sorted-out by MMRD. So anyone line 9, the work is going well behind the — and road. So that of course, because obviously the civil portion and then the rolling stock and the electrification contractors also. So even their work will be there. So this another three, four months underground metro will be put into operational till early. And I think by another 12 months, this elevated metros also work by one-by-one, it will be started.
Shravan Shah
Okay. Okay. Thank you, sir and all the best.
Kamal Jagdish Gupta
Yes, thank you. Thank you.
Operator
The next question is from the line of Manu Singhal from Creyon [Phonetic]. Please go-ahead.
Manu Singhal
Sir, I will thank for the opportunity for call. I would like to know that.
Operator
Sorry to understand your video is not clear. Let’s see.
Manu Singhal
Is it better or not.
Operator
Much better?
Manu Singhal
Yeah. Thank you. So thank you, sir, for the opportunity. I would like to know that whom do you consider your strongest and the closest competitor in similar market cap and sales figure annuals and what is the plus point that you have over that competitor.
Kamal Jagdish Gupta
So Mr Manu, I cannot name a particular person like this, which is very close because in our bidding what it happens like you know there are two criteria, one is your technical qualification and other is your financial, okay. So there are different sectors like metros are won, elevated, are won, flowers and these tunnels are won and roads are there, a building. So there are different people in different sectors. Okay. So like, of course, L&T is one person who is like mostly everywhere bidding with us, okay. Okay so LED is there, HCC is there, NCC is there, ITD is there then Tata is there these are the people who usually always bidding where we are bidding. F course will be there. Hello.
Manu Singhal
Yeah, got it. Thank you, sir.
Kamal Jagdish Gupta
Yeah.
Manu Singhal
Yeah, got it.
Operator
Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference back to Mr Kamal Gupta for closing comments. Over to you, sir.
Kamal Jagdish Gupta
I would like to thank once again to all of you for joining us on this call today. We hope we have been able to answer your queries. Please feel free-to reach-out to our IR team or any other clarification or feedback. Thank you all. Thank you so much.
Operator
Thank you. Thank you, members of the management. On behalf of J Kumar Infra Projects Limited, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.