J.Kumar Infraprojects Limited (NSE: JKIL) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Nalin J. Gupta — Managing Director
Analysts:
Unidentified Participant
Parikshit Kandpal — Analyst
Vaibhav Shah — Analyst
Alok Deora — Analyst
Shravan Shah — Analyst
Presentation:
operator
It. Sa. Sa. Sa. Sam sa. It. Sam. J. Ladies and Gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q3 and 9 month FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Before we begin, a brief disclaimer. The presentation which J. Kumar Infra Projects has uploaded on the Stock Exchange and their website is including the discussions during this call contains or may contain certain forward looking statements concerning J. Kumar Infra Project’s business prospects and profitability which are subject to several risks and uncertainties and the actual result could materially differ from those in such forward looking statements.
Should you need assistance during the call, please signal an operator by pressing Star then zero on your Touchstone phone. I now hand the conference over to Mr. Nalind Gupta, MD, J. Kumar Infra Projects Ltd. Thank you and over to you sir.
Nalin J. Gupta — Managing Director
Good afternoon everyone. On behalf of Jay Kumar Infra Projects Limited, I warmly welcome you all to our Q3 and 9 months FY26 earning conference call. Joining me today on the call are Mr. Vasanth Savla, CFO and our investor relation partner, Marathon Capital. I trust you all had the opportunity to review our earnings presentation and press release available on the Stock Exchange and our corporate website. During the quarter, the company reported a moderation in its operating and financial performance compared to the corresponding previous period. The decline was primarily on account of an extended monsoon season which led to temporary disruption at multiple project sites, slower execution progress and deferment of billing linked to milestone achievements.
The impact was largely operational and time related in nature. The company maintained a stable balance sheet position with adequate liquidity to support ongoing operations. While the first nine months has been a period of balanced performance, it’s also strengthened the foundation for a stronger performance for the periods ahead. Our order book remains solid, execution velocity is improving after temporary moderation and our capabilities across key verticals continue to evolve. Each milestone, big or small, reflects the dedication of our people and the trust of our clients and partners. I take great pride in the role we are playing in shaping the future of infrastructure, delivering projects that not only support economic growth but also drive transformation at scale.
As we look ahead, our priorities remain clear to build on our progress, remain agile in an evolving market environment and continue to push boundaries with focus and conviction backed by the strength of our people and a well defined strategic vision. I am confident that the most compelling chapters of our growth journey still lie ahead. Now coming to financial performances, Consolidated performance highlights for the nine month FY26 revenue from operations for nine months FY26 grew by 2% to 4138 crores as compared to 4061 crores in nine months. FY25 EBITDA for nine months FY26 grew by 1% to 599 crores as compared to 591 crore in nine months.
FY25 Ebitda margin for nine months FY26 stood at 14.5% as compared to 14.6% in nine months. FY25 PAT for nine months FY26 stood at 277 crore as compared to 277 crore in nine months. FY25 PAT margin for nine months FY26 stood At 6.7% as compared to 6.8% in nine months. FY25 consolidated performance highlights for Q3 FY26 stands at revenue from operations for Q3 FY26 moderated by 12% to 1311 crores as compared to 1487 crore in Q3 FY25 EBITDA for Q3 FY26 moderated By 14% to 188 crores as compared to 219 crores in Q3 FY25. EBITDA margin for Q3 FY26 stood at 14.3% as compared to 14.7% in Q3 FY25 PAD for Q3 FY26 moderated BY 17% to 83 crores as compared to 100 crores in Q3 FY25 PAD margin for Q3 FY26 stood At 6.3% as compared to 6.7% in Q3 FY 25 net debt as on 31st December 2025 stood at negative 2250 crores that is cash positive and debt equity ratio is at 0.2x reduced from 0.23x in FY25 working capital base nine months FY26 stood At 103 days as compared to 112 days for FY25.
Total order book as on 31st December 2025 stood at 19,212 crores. The order book Inter area includes Metro projects elevated and underground contributing to 11%, elevated corridors flyers contributing to 53%, roads and road tunnels projects contribute 17%, another contributing 18%. We can now begin with the questions and answers. Thank you very much.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who Wishes to ask questions may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may Press Star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions please press star and 1. The first question is from Parikshit Kanpal from HDFC Securities. Please go ahead.
Parikshit Kandpal
Yes, sir. Hi, this is from the execution. So now you highlighted the various factors for this. So are the sites now mobilized and the execution pace is back to normal?
Nalin J. Gupta
Well Prakshit, as we have said that you know there were a lot of issues that. Operational issues, some land equations which were there. But now everything is in place. And we are very positive that from FY26 to 20. FY26 27 should be surely giving us a growth of around 15%. 15%. And for FY26 you provide guidance. So for FY26 we hope that we’ll be able to maintain or surpass the last year’s top line that we did of around 5,700 crores.
Parikshit Kandpal
And on top of it 15% growth for FY27. And margin guidance, EBITDA margin for FY26 and 27.
Nalin J. Gupta
Yes. So if you look at the figures Parikshit. All the jobs that we have secured are all with a similar margin of 14 to 15%. So there we don’t see any sort of. You know, decline or anything happening.
Parikshit Kandpal
Okay. So for Both the years 26 and 27, FY26 and FY27 you maintain that 14 to 15% band.
Nalin J. Gupta
Yes.
Parikshit Kandpal
Okay. So now coming to order inflow. So what has been the order inflow for nine months and for this quarter and also recently the master government has announced the golden line Metro Line 8. I think. So what are the other metro which are currently under work? And how do you see the pipeline building out? Some of the key projects, large projects which can highlight in the pipeline that.
Nalin J. Gupta
Will be answered well. So firstly with regards to nine months order book we have received an order close to around 515 crores. And we have already bidded projects worth around. We are already L1 in 1728 crores worth of job. And there are around 13,000 crores worth of projects that we have already submitted the bids for. So for the current fiscal year I would say that we are hopeful of closing with an order book of around 4,000 crore by the end of March 26. And for FY27 we expect around 7 to 8,000 crores of order book.
Because as you rightly said there are a lot of this current year. Parikshit, I would say that mainly FY 2526. The order inflow was very poor. And there were a lot of tenders which are in the pipeline but could not see the light of sun. But in this coming year we expect a lot of order inflows to happen. Maybe last year it was due to this election issues that they did not have much projects in the order inflow. But the coming year I’m expecting is substantial orders to go for as you said Metro Line 8.
There is also Metro. This Metro Line 5 extension which is from Kanjunmar to Badlapur. And metro line 10 which is from Gaimuk to Shivaji Nagar. This is for Bombay as we speak of. But also Delhi, Pune Metro. There is a thousand crore. Another project which has come up. Delhi Metro. We have recently submitted DC 06 and DC 07 which is close to like 3500 crore odd project. Two projects of around 17, 18. 17, 1800 crores. So there are metro projects coming up. There are elevated corridors and road projects of MSRDC and MMRD that’s coming up.
There is an access control road from Amarnath to Kalyan in Ulasnagar which is around 10,000 crore which we should see very shortly. These tenders to be published by the MMRDA which is the implementing authority again Nagpur, Gondiya, Shakti Pat. So these are around 30,000 crores of project which should be floated by MSRDC on EPC. And also CIDCO is coming up with Metroline 1A and 1B close to around 5000 crores. And also the much awaited project of MMRDA for the Uttan Virar which is the extension of the coastal road on the west side which is around 35.
40,000 crores is also expected in this FY2627. So I think overall FY26 27 we should see substantial order coming in throughout Maharashtra and Pan India.
Parikshit Kandpal
All these projects which you highlighted, sir, you expect that these will all get awarded in FY27. So starting from next financial year, early next financial year we start seeing momentum on all these projects. Right?
Nalin J. Gupta
I’m very, very hopeful on that. Yeah.
Parikshit Kandpal
Okay, sure sir. Thank you. And those are my questions and wish you the best.
Nalin J. Gupta
Thank you. Thanks a lot.
operator
Thank you. The next question is from Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Can you state the progress of few big ticket projects? So firstly on Chennai Elliot in corridor how has it been the execution so far?
Nalin J. Gupta
So Chennai project. The project has fully been geared up. The casting yards has been fully set up and there is around. We have done a progress close to around 9 to 10% on that project financially to talk of. But because there are also a lot of issues with regards to the maritime board because it’s on the by the sea. So because of that there are limitations in working periods that we get. But now the casting yards have started generating revenue. So these tenders being milestone based. So it does not really exactly replicate in terms of the financial progress of the project.
But that project is now under control and we should see a decent top line coming in from for the next financial year.
Vaibhav Shah
What was the timing issue? Said work time is not provided completely. So what was the challenge over there?
Nalin J. Gupta
It is because of the project being along the sea so along the Chennai port. So because of that this there are some limitations in the periods of months that you are supposed to work there. This. This will continue over the completion of the project or this may. The time period may increase. Mainly during the foundation substructure stage that it has effect. Once the foundation and substructures are done, the superstructure won’t have any effect because then you can carry on that work with an overhead launcher.
Vaibhav Shah
When do we target to complete the project? It was a three year project. So do we expect to complete in FY28 or it will spill over to 29?
Nalin J. Gupta
Well so the exact timeline for that project to be honest is looked after by my brother. Unfortunately today is not here but around two years or so. More or less the project should. Two years more or less I should say for the project. Yeah.
Vaibhav Shah
Okay. So last time you mentioned that on the Citco order from Coastal Cargo Nehru around thousand for a project. So you were targeting to start the project in December. EC was awaited. So any update on that?
Nalin J. Gupta
It’s not started yet. It’s only. It’s ongoing but not. We haven’t received it yet.
Vaibhav Shah
So when do we expect to start the work over there? During the third. In Q4, not Q4.
Nalin J. Gupta
I think in FY26, 27 we should start getting some revenue from that project.
Vaibhav Shah
Okay. Secondly, how do you see the debt moving ahead? So we have seen some production in. In the debt levels in the current quarter. So do we see it increasing once the execution picks up or should remain at similar levels?
Nalin J. Gupta
I think 600 to 700 crore is something that we can look at because there will be of course an increase in the term loan that we’ll be seeing. But in terms of debt level we don’t. 600, 700 is what we can expect.
Vaibhav Shah
Last year you mentioned that we would be revising the guidance for revenue kind of flattish for 26 on a yoy basis it implies a flat Q4, is that correct?
Nalin J. Gupta
Yeah, exactly. Because nine months, if you see it’s just 1% means nine months we could not do really what we expected. So in this financial year we should see a similar top line as what we saw in FY25.
Vaibhav Shah
While we are missing the number on 26 so the base is lower compared to what we were earlier expecting. So don’t we feel that 27 can be a much higher number than 15%?
Nalin J. Gupta
Well see because of the FY26 thing we would like to keep our number by around 15% though we put our best efforts and see that we get this number higher. But you know we are also little bit disappointed with the FY26 top line that we were expecting. So which was also due to the new order inflow that we could not see. If you look at the order book for the nine months it is just 520 crores. So basically the new projects also add somewhere or the other to the top line of the coming financial years.
So this year it has been almost nil till now. 500 crore is nothing much. So once the order books inflows are coming into the company again the guidance can be revised in the subsequent quarters.
Vaibhav Shah
Is what I feel lasting. On the interest cost we have seen some spike in the number from 3839 crores to 44 crores on a QOQ basis. But the debt has reduced. So what has been the reason for the increase?
Nalin J. Gupta
The increase is basically because we have taken mobilization advance. So because of that there is a small increase in the interest cost.
Vaibhav Shah
So what is the mob advance as of December?
Nalin J. Gupta
Mob advance is about 800 crores as of now.
Vaibhav Shah
And the interest bearing portion of that.
Nalin J. Gupta
Interest bearing portion is about 650 crores.
Vaibhav Shah
And the interest rate would be around 8 and a half 9%.
Nalin J. Gupta
No. Each project has its variable. If you look at those numbers they are quite variable from 0 to 10% sort of thing. So averagely you can say. Yeah, whatever. 8% you can say.
Vaibhav Shah
Okay, thank you. So those are my questions.
Nalin J. Gupta
Thank you very much.
operator
The next question is from Yash Patai from cik.
Unidentified Participant
Hello. Am I audible?
Nalin J. Gupta
Yes, yes you are very well audible.
Unidentified Participant
Yeah. So just wanted to understand. I mean obviously you have talked a lot about the order book execution. But I just want to understand what is the current audiobook execution timeline, you know like what proportion of the order book is already under execution versus what is yet to commence.
Nalin J. Gupta
So I would say that 19,900 or 19,200 crore approximately is the order book as of 31st December 2025 and around three to four years is the timeline. Three years I would say ideally would be the timeline to complete these jobs.
Unidentified Participant
Okay, and out of the 19200 crore is there like a rough percentage or an approximate that you can give me which is already under work and what would probably come in F597, is it possible to do that?
Nalin J. Gupta
I would say that 90%, 90, 95% of the order. I would. Okay, let’s put it like 90%. Yeah, 90% of the order book is already into pipeline which has started generating revenue. There were certain projects in FY25 26 which could not really, you know, add much to the revenue like our BDCR project because there was and including GMLR as well, we could have done much more had we got the key permissions because and some land accretion issues. So the launching shaft like for GMLR if we talk of the project was the shaft was in ecosensitive zone but outside the forest area.
But there were some local Adivasis who didn’t want the shaft to be constructed because of their houses and the shanties which were there. So there was a positive variation which was given by the BMC of 800 crores where Jay Kumar share stands at 400 crores. And the shaft the tunnel length was increased by 600 meters. So such type of things could not get the project fully into flow. But it’s very pleasing for me to inform everyone that we got the land for the shaft for GMLR in August 25th and in just a span of six months today we are doing the first PCC the lean concrete where the TBM will be lowered into the shaft.
So by this month end we should be starting lowering the TBM into the shaft. So it was a very quick and great job that the team has done and we should be putting both the tunnel loading machine fire, they have reached the job site. So that project will now start generating a decent top line. Again BDCR there were some changes in the joints which was there were a lot of clashes between the different elevated metros and flyovers that we were crossing. And there is also some change in scope on the positive side that we are expecting.
So that GAD was just yesterday been cleared by IIT because It was a third party check that had to be done. So similarly there was some teaching issues in Anandagar, Saket, VDCR, GMLR which has been sorted. So FY 2627. That’s why we are very hopeful that it should be crossing this 15% top line that we are expecting.
Unidentified Participant
Okay. And just to, you know, bounce off this. So if. Was there any unbuilt revenue in Q3 that we can expect to spill over in Q4, is that a possibility?
Nalin J. Gupta
Yeah, there is an overall unbilled revenue of 600 crores.
Unidentified Participant
Okay. Which is. Okay, not that significant.
Nalin J. Gupta
Yeah.
Unidentified Participant
Okay. And just one last question. So as our projects mature, so should we see more advances trend down as a percentage of order book or will there not be that significant a change in that?
Nalin J. Gupta
No, of course the mobilization advances, they start getting deducted as soon as the project reaches 20% of the total project value. So it is a, it is a scientific way where it starts getting deducted so it has to lower down.
Unidentified Participant
So would you say by Q2 of next year will we see this or the earlier.
Nalin J. Gupta
Actually it is already happening. If you see Q2, certain projects have already started. Yeah, like GMLR will start. We have taken a mob advance of close to around 200 crores. So that will start in from Q1. And there are certain projects where already the recoveries have started and some old projects where the mobilization advances were there, they have completed or on the fag end of the last installments or so on. So if you see Q2 in Q2 the mobilization advance was 900 crores and in one quarter it has got reduced to 800 crores.
Unidentified Participant
Okay. Okay. So similar rate can be expected in the coming quarters.
Nalin J. Gupta
Yeah. Okay.
Unidentified Participant
Thank you so much sir. Those are my questions.
Nalin J. Gupta
I think the operator voice is not so audible. It’s very slow.
operator
I’m sorry. The next question is from Alok Dewra from Motilal Oswal. Please go ahead.
Alok Deora
Yeah, hi, good afternoon. So just one question. So you know until the last quarter we were targeting some 6,300 crore of revenue. So just wanted to understand what has actually happened in this quarter that you know the full year number also we are keeping it kind of flattish now as against a 10 11% kind of growth rate. You know, because we had the order book in place, we understand that the new orders could not come through because of election and other reasons. But what really impacted the execution that we are kind of in a way reducing the full year guidance for execution.
Nalin J. Gupta
See, we already spoke about like you know when you are talking about the project like when we spoke about GMLR we spoke about VDCR. So these projects are. Its VDCR is almost like two years. The project is around 2,500 crore worth of project and we have done only hundred crore out of it. And the other project there were seven projects that were being awarded at the same time Package A to F where EBCo, LNT, Jaycomar, all these companies which backed the orders could not even start hundred crore worth of order book from that. But we were on our toes trying to give whatever drawings were being There were various revisions.
Because this is not a standalone project. It is comprising of seven projects where the in and out traffic movements, the levels, the land equation issues depends on each. Any change in one project affects the alignment of the other project. But we had been submitting all the required details quite on a prompter basis. But the approval from the third party because it has like our designer then LDC and then third GC and then this third party IIT approval. So we have got those things in place now. So these things which we thought that you know it could be approved because we are from our end of Jay Kumar we were ready to execute the project and we have already completed around nine to 10 foundations on the Fin City side near the highway at east.
So such kind of things which we expect the project is given, we are mobilized, the drawings have been submitted. But it’s a government process that took time more than what we expected. So that’s the reason where these projects have taken a hell lot of time Though we had a lot of support from the government. Even the GMLR when we talk of all the lands were being acquired for the areas. But the tree cutting permission which was also been awarded by BNC which is the standing committee is supposed to approve. So under the administrative administrative powers the Commissioner gave the approval.
But unfortunately the it falls under RA and there is a general order being given by the High Court and Supreme Court where the Supreme Court has mentioned that any tree cutting in RA should be informed to the Supreme Court and approval has to be taken. So especially the AG were being instructed to plead the case and we got all the approvals. We did the tree cutting in just one month time and the new plantation is going on and still we have executed the entire shaft. So such type of things which are not under fully our control has led to such situation.
But now looking at the current position Alok I would say that you know we are very very positive that we should be able to achieve a 15% growth for the coming year.
Alok Deora
Got it. So in fourth quarter also we are, we have got those approvals moving and you know we’ll do the balance revenue for the fourth quarter.
Nalin J. Gupta
Yeah like you know if we talk of VDC I just with one example so that I don’t waste everyone’s time like you know the approval from IIT has come that this is the GD how you are supposed to construct because it’s a trophies 7 kilometer elevated corridor along the coastal road and perpendicularly going to Fin city. So that approval has come now based on that the design submissions will happen the exact location soil investigation will be done based on that gad. So the financial revenue contribution if we see will come from Q1. So that’s how like with one example I hope I could explain where do things are.
Yeah, sure.
Alok Deora
So net net we could do slightly more than 15 also because this would be basically little spillover of this year also could be there in the 27.
Nalin J. Gupta
Hopefully we should. We’ll try our best Alok and you know we don’t usually like to show such numbers but you know I will tell you one thing is also the order inflow our endure is to see that the bad project which adds to the bottom line of the company like you know, But we want to keep our you know the horses under control and not to go aggressively bidding where we don’t make bottom lines. And just for the heck of you know today if I’m coming with some top line where my margins are intact and where I am able to grow at the similar profit margin and patent EBITDA levels that is more acceptable than just increasing the top line and not making good bottom lines.
So we don’t want to compromise there. But hopefully this year also we should book around 4,000 crore by the end of the financial year and around 7,8,000 crores for the next year. So hopefully we should be doing better than what we are expecting.
Alok Deora
Got it, Got it. Thank you and all the best.
Nalin J. Gupta
Thank you very much.
operator
Thank you. Next question is from. From Sashifan. Please go ahead.
Unidentified Participant
Sorry, I did not get this. Please go ahead. Just a clarification question. We’ve mentioned that our order book currently. Is 19,200 crores and when we say that we’ll book another 4,000 crores in March 26 so does that add on to the 19,200 or how does that calculation work? You could add 4,000 crore to the top line minus the revenue that we’ll be doing for Q4. Sorry, 19,000 will add to 4,000 and. Then minus the revenue. Correct?
Nalin J. Gupta
That’s right. You got it right.
Unidentified Participant
Okay. Sure. Thank you.
operator
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. Ladies and gentlemen, to ask questions please press star and 1. The next question is from Sharvan Shah from Dodut Capital. Please go ahead.
Shravan Shah
Hi. Thank you. Sir. Before asking a question just on a strategy front wanted a clarification. All the bid pipeline that we have Saraj mentioned at the start of the call in response to Parikshit reply. All these projects are on the EPC or are there any. Any projects which are on the bot mode also?
Nalin J. Gupta
Well, so all the projects Raman that we have mentioned here are they come in only from epc. And J. Kumar, we are not bidding for any bot or such projects. So all the projects that I have mentioned comes in from epc.
Shravan Shah
Yeah, so. So my question is that only because we have bidded in bot project that was a 7,000 odd crore. So I’m. I’m. I. I was. I am wondering though we did not got. We were L4. But just trying to understand your strategy. If we would have won. Let’s say are we ready? Kind of 1800, 2000 crore kind of equity commitment. Because 25, 30% of 7000 crore comes. That so wanted to understand in future also. Can. Can. Can we also even think of bidding bot projects? So what’s the strategy there?
Nalin J. Gupta
So well Shravan, that was a very, very specific call that we had taken. And this is. If you look at these many years we haven’t bidded and we don’t have any future plans to bid for it. That was very strategically because we are well established in Pune. And that one project had some specific reason why we bidded for it. But we bidded at our price. You can see where we are hitting highest. So it was a very strategic call that we had taken for a particular moment. But we don’t have any future plans to bid for bottom.
Shravan Shah
Okay, got it. And just to again clarify. So given what we are saying, 5,700 crore revenue for this area for 26. So I’m just doing a match. So it means in the fourth quarter also we are looking up 3 to 4% kind of a degrowth on a yy basis. So just wanted to clarify that on.
Nalin J. Gupta
A year on year basis if we talk of FY26 numbers it would be flattish around with a 5000 crore top. 700. 5700 crore top line as compared to FY25. That’s what we are trying to see.
Shravan Shah
Okay. And last time we were looking at that maybe we can see a strong improvement in the margin to 15 to 16% over next two to three years. So will that remain same or no. Now only 14 15% margin that we can look at.
Nalin J. Gupta
So as we have mentioned that this year we were flattish so next year we are looking at similar or better margins but no degrowth in margins for sure.
Shravan Shah
Okay. Got it. And a couple of balance it data points. Just wanted to get a retention money inventory debtors and payable.
Nalin J. Gupta
So retention money is 415 crores and data is 1307 crores. 1507. 14. 1407.
Shravan Shah
Okay. 1407. Yeah. Letters. Yeah. Inventory.
Nalin J. Gupta
Inventory is 908 crores.
Shravan Shah
Sorry sir on one so the the way we report in the balance sheet. So in the September it was 327 crore. Okay.
Nalin J. Gupta
That is now it is 286 crores raw material inventory.
Shravan Shah
Okay. 226. And trade payable.
Nalin J. Gupta
Trade payable is 750 crores.
Shravan Shah
Okay. Yeah. And the capex for nine months how much we have done and for full year. So last time we said 500 odd crore that we were looking at.
Nalin J. Gupta
So far we have already done 433. Crores for nine months.
Shravan Shah
Okay. And how much more can be done in fourth quarter?
Nalin J. Gupta
More or less another 100 crores or so.
Shravan Shah
Okay and then for. For next year then it would be a 200. 300 crore. That’s the way one can look at.
Nalin J. Gupta
Yeah. Yeah that’s right.
Shravan Shah
Okay. And. On the working capital front of the. The current, the the whatever the days we have 103. So that number broadly will. Will remain here.
Nalin J. Gupta
So we as we have said that you know this is right now this year we had a flattish top line so that’s how IT has dropped 203. But as the work progress will increase we intend to keep. We expect that it should be around 115 to 120 days. Okay.
Shravan Shah
And this TBM depreciation will start from the Q4 itself or from Q1 Q2.
Nalin J. Gupta
For 2017 it will start from Q1 or Q2.
Shravan Shah
Okay.
Nalin J. Gupta
Because we start capitalizing it after the TVM is installed. We have received both the TVM but it will start getting capitalized once it is lowered in the shop.
Shravan Shah
Okay. And sir last time we were L1 in Lucknow Convention Center 1200 odd crore. So was that cancel or.
Nalin J. Gupta
No it still stands at. So I mentioned that 1728 crore we are 11 in the projects which includes one project of Lucknow which is 1206 crores and one project of NBCC which is fine and 22 crores. So this 17, 20, 28 crores worth of project is what is still L1 and it’s. It should be getting converted into order book.
Shravan Shah
So by. By March it should be LOS would be there.
Nalin J. Gupta
We expect so.
Shravan Shah
Okay. Okay, got it.
Nalin J. Gupta
Yeah. That’s the only thing. So the hope is that we should do a better execution or try to recoup whatever we lost in this year in next year. So that’s the positively. We are also very hopeful and we’ll work on it.
Shravan Shah
Okay. Okay. Thank you sir. All the best.
Nalin J. Gupta
Thank you very much.
operator
Thank you. Participants who wish to ask questions, please press star and one. Ladies and gentlemen, to ask a question please press star and one. The next question is from Thomas who’s an individual investor. Please go ahead.
Unidentified Participant
Yes, hi. I just want to know you had talked about a fundraise of 800 crores, not understanding why is it being delayed? Why have you not executed on it or has investors lined up?
Nalin J. Gupta
Can you be little more louder? Unfortunately you’re not very clearly audible.
Unidentified Participant
Yeah. So you had initially mentioned that you were planning to do a fundraise of 800 crores and it’s been delayed for this time period. It’s been now over a year since it was initially planned. So do you have what is the rational for this delay if I may understand? Because it was for the TBM exam, right?
Nalin J. Gupta
No. Well it was wasn’t for the TBM but for the upcoming new projects that we were expecting that to we had made an enabling resolution and immediately we don’t have any plans to do so.
Unidentified Participant
So. So right now there is no plans fundraising the next year, is that right?
Nalin J. Gupta
Yeah. Not means immediately. So though we have kept an enabling resolution approved, we may also get it reappruded for the next financial year just to be on the readiness in case we require to phase it. But as. Because as I mentioned that we are expecting some good order inflows to happen and when it happens and if we fund financial requirements are there then we will take a call whether to really go for it or just forget it.
Unidentified Participant
Will it be a rights issue or a preferential issue? What would it be? Most likely it will be a normal.
Nalin J. Gupta
QIP like we have done before. But we don’t intend immediately anything to do so.
Unidentified Participant
Okay. And you had mentioned since it’s, you know there’s been a delay in a lot of these projects. I Just want to know is there any penalties that Jacob could face or.
Nalin J. Gupta
No penalties, zero penalties. Because the delays are not from our end. But it is from the client side. Yeah.
Unidentified Participant
Okay. Okay. Just two, three follow up questions. I’m reading about these huge projects happening in South India. It’s an extension phase. So is Jacob are looking at participating in those projects too.
Nalin J. Gupta
So it totally. When the project come. Mr. Thomas, it’s. It’s a on the project to project basis. The nature of work, the geography where it is and the value of the job based on which we take these shots. So I would say it’s too early for me to comment on something which has not been published yet. But yes, we are open to bid for any sizeable project which comes under our forte of specialization. So we’ll be surely looking at all Pan India.
Unidentified Participant
Okay. And just for my understanding, when I’ve been reading up about TBMs there’s been some discussion that because these TBMs have become. They are so huge, after you finish a job, some part of it is probably left behind and you’ll have to purchase a new one. Is that correct? If I understand correct or is it the entire TBM is reusable for another project.
Nalin J. Gupta
So. Well, it depends upon the type of TBM that is being used. Like if it is a metro TBM. The metro TBM’s are standardized diameters which are used for throughout the country. The diameter remains same. And also internationally, so many Times the Indian TBMs are bought by people abroad and taken up for the cross border project. So as far as. And when you talk of projects like GMLR, those are tailor made TBMs which we try to amortize the maximum TBM on that same project. And there is nothing which is left behind when you talk of tbm.
Unidentified Participant
It is fully recovered and will be reused in another project because it’s standardized. Okay. Okay. And one final question. So lately I’ve been seeing these videos about this Mira buy in the flyover Metrol Jay Kumar Construction. Is that correct? Was it a Jacumar project? The Metro 9.
Nalin J. Gupta
You are very right. It is constructed by Jay Kumar and I am personally looking after that project. It’s under my control. So this project is. You know, it’s something which is. People love to make a mockery of every situation. And this project is being constructed as per the requirements of the client. And also I would like to mention that there is no flaw in the construction that has been done because people, they have people make an issue out of nothing. The flyover which Is constructed right now is being done with a four lane two plus two four lane.
And currently which is getting dropped down to binder side by one plus one lane. And the construction which is there where we see a 90 degree cut is basically an offset for future expansion. But today before we open the flyover it will be made in a skewed manner by making metal crash barriers which we see on expressways and various flyovers which will be deployed on that flyover, on that offset location with a suitable length which is as per this traffic safety norms. So there is nothing which is wrongly constructed. It’s a well planned thing that has been done with future extension.
Extension. Keeping in mind and means for that. MMRD has also been replying on it. And you can take my word there is no technical wrong thing that has been done. It is only looking odd because of the future expansion which has been awaited. And if you don’t do it today, extending that bridge would have technical complications. So keeping that in mind, wherever we could meet four lane we have made it four lane.
Unidentified Participant
Okay, so you made it four lanes and eventually it will become a four lane in the next.
Nalin J. Gupta
Are sorted on the balance area. But to give ease to the traffic it has been made two lane has already been dropped. Wherever we could construct four lane we have done four lane and in the balance area tooling.
Unidentified Participant
Okay, understood. Okay, thank you so much. Thank you.
operator
Thank you. The next question is from Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
So thanks for the follow up. Seems quite high at 21 crores in Q3 any one off impact.
Nalin J. Gupta
I’m sorry, can you repeat your question please?
Vaibhav Shah
Other income is at 21 crores in the third quarter which is higher than a normal run rate of around 109 to 10 odd crores. 21 off in that number.
Nalin J. Gupta
No, no. It is because since we have got 2022,000 crores of project we have to give bank guarantees for that for which we have to keep fixed deposit with the banks for margin. So definitely when we keep the deposits we earn interest on that.
Vaibhav Shah
It doubled on a quarter on quarter basis. So is this a normalized number going right or it should come down to the 1011 watt crores.
Nalin J. Gupta
The other income will remain in this range only because the margins will remain fixed with the banks since it is project specific. So this will be more or less the same.
Vaibhav Shah
Okay, enter once the we start the usage of TBM maybe in Q1 or Q2 and it hits the depreciation. So the current run quarterly run rate of around 40 to 45 odd crores. Where can in born of you and our pottery earn quarterly basis once the TVM hits the depreciation.
Nalin J. Gupta
Yeah. The depreciation will go up to that extent.
Vaibhav Shah
So what is the number it could go to 55. Around.
Nalin J. Gupta
The exact number I think. Yes. We can provide it to you subsequently. Because we need to work out that numbers. Exactly. And we can give it to you.
Vaibhav Shah
See, the depreciation will always be charged on the cost income till the date of operation. So till the time the TBM does not become operational, the cost incurred will get added to that. So the crystallization of figure once it happens then we can provide you the details.
Nalin J. Gupta
And the time frame usage of TVM would be pseudo depreciate over 3 to.
Vaibhav Shah
4 years for the GMLR TVM you’re talking of.
Nalin J. Gupta
Yeah. Yes. Yeah.
Vaibhav Shah
Yeah. That would be three to four years. Yeah. Okay. Okay. And then lastly on tax rate, what would be annual tax rate that you we should factor in?
Nalin J. Gupta
It should around 26.5%.
Vaibhav Shah
Okay. Okay. Thank you sir.
Nalin J. Gupta
Thank you.
operator
Thank you. Before we take the next question, a reminder to participants that you may press Star and one to join the question queue. The next question is on Dinesh Karva from Kirti Creation. Please go ahead.
Unidentified Participant
Hello sir. Hello.
Nalin J. Gupta
Hello.
Unidentified Participant
There is no change in pledging that you have done. Ye Capna loan or Joe working capital requirement. Your pledging question is over. Right. So I think you must be referring to GMLR project for which we are talking about pledge.
Nalin J. Gupta
I’m still saying that there is zero increase in that. I don’t know. So but 100 there is no. No increase. Okay. What’s your next question? Oscar upna take loan. Yeah but working capital give project agarinda. Next. Clearance. I would like to clarify. We don’t have any immediate plans to go for QIP recent future. May I expect. So it is just enabling resolution. We don’t have any immediate plans to reply you in short that we want to go for qip. So that would be better I would say.
Unidentified Participant
Thank you so much.
Nalin J. Gupta
Thank you Dineshi.
operator
Thank you very much. That was the last question in queue. I would now like to hand the conference over to Mr. Naren Gupta for closing comments.
Nalin J. Gupta
Nine months FY26 was a period of consolidation and balanced performance. Q4 FY26 will be a period of building momentum, scaling up execution and moving ahead with great speed and focus. We remain fully committed to creating sustainable value for our shareholders, partners and stakeholders. Thank you for your consideration, trust and support. Please feel to reach out to our IR Team for any clarifications or feedback. Thank you all.
operator
Thank you very much. On behalf of J. Kumar Info Projects Ltd. That concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.