J.Kumar Infraprojects Limited (NSE: JKIL) Q4 2025 Earnings Call dated May. 21, 2025
Corporate Participants:
Unidentified Speaker
Kamal Gupta — Managing Director
Analysts:
Unidentified Participant
Jainam Jain — Analyst
Diwakar Rana — Analyst
Vaibhav Shah — Analyst
Uttam Kumar Srimal — Analyst
Hemaant Soni — Analyst
Devang Shah — Analyst
Shravan Shah — Analyst
Ashish Shah — Analyst
Ashwin Kumar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q4 and FY25 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. Please note that this conference call is being recorded. The presentation which J. Kumar Infra Projects Limited has uploaded on the Stock Exchange and their website, including the discussion during this call, contains or may contain certain forward looking statements concerning Jay Kumar Intraproject’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.
I now hand the conference over to Mr. Kamal Gupta, M.D. j. Kumar Infra Projects Ltd. Thank you. And over to you sir.
Kamal Gupta — Managing Director
Thank you. Good afternoon everyone. On behalf of Jay Kumar Infra Projects, I welcome everyone to the Q4 and FY25 earning conference call of the company. Joining me this is Mr. Nalin Gupta, MD, Mr. Vasanth Sawla, CFO and Marathon Capital Aware 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 year of strong overall performance. Our healthy order book and proven execution capabilities continue to position us as the sustained. The strategic focus on delivering high quality projects and expanding our portfolio is yielding positive results and we remain confident that this momentum will drive further momentum in margin and return ratios in the years ahead.
As a leading infrastructure construction company in India, we are well positioned to leverage the sector’s strong growth momentum. This position us for accelerated revenue expansion and improved visibility across a multi layer horizon, reinforcing our long term growth trajectory. Our continued success in a demanding and highly competitive industry stands as a testament to the enduring values that have shaped our organization since its inception. Delivering results amid complex challenges calls for resilience, adaptability and unwavering commitment. We view technically demanding first of all, their kind projects not as an obstacle but an opportunity for growth, innovation and differentiation.
Our consistent ability to technically qualify for and secure such landmark projects underscores the strength of our engineering capabilities. We take great pride in our role as nation builders contributing meaningful to the development of critical infrastructure across the country. Now taking you to the financial performances the highlights for FY25. The revenue from operations for FY25 grew by 17% to 5693 crores as compared to 4879 crores in FY24. EBITDA for FY25 grew by 17% To 826 crores. And the EBITDA margin for FY25 stood at 14.5% as compared to 14.4% in the previous year. PAT for FY25 grew by 19% to 390 crores as compared to 329 of the preceding year.
And the patch margin of FY25 stands at 6.9% as compared to 6.7% of the previous year. Coming to the performance highlights of Q4FY25. Revenue from operations has gone up by 15% to 1633 crores. The operating margin has gone up by 16% to 235 crores. And the pad for Q4FY25 grew by 15% to 114 crores. And the pack margin for Q4 stood at 7%. The order book as on 31st March 25th stood at 22,238 crores. The order book includes metro projects contributing 16%. Elevated corridor for flyovers contributing 50% and road tunnel projects contributing around 18% and other building projects contributing 16%.
We have been awarded projects worth 4700 crores during the year FY25. We see further acceleration in award winning in FY26. The board of directors have proposed a dividend of Rupees 4 per equity share. Subject to approval of the shareholders in the agm. Thank you. And now we can begin the question and answer.
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 your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and do. Participants are requested to use hands list 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 Jam Jain from ICICI Securities. You may proceed.
Jainam Jain
Good afternoon management. Congratulations on great set of numbers, sir. I actually wanted a couple of data points from the balance sheet. Like what would be advance to Supply as of March 95th.
Kamal Gupta
Can it be little louder please, Mr. Jain?
Jainam Jain
Hello. I’m audible right now.
Kamal Gupta
Yeah, yeah. Now it’s good.
Jainam Jain
Yeah, yeah. So what’s the advance we have to given to suppliers as of March 25th?
Kamal Gupta
Advance. What we have given to supplier is 91 crores.
Jainam Jain
Okay. So. And retention Money.
Kamal Gupta
Retention. Money retention. Retention. What has been deducted from our billing. Oh yeah, 369 crores.
Jainam Jain
What about unbilled revenues and mobilization advances?
Kamal Gupta
So unbilled revenue is 589crores and mobilization advance is 621crores.
Jainam Jain
Okay sir, what is the kind of order pipeline which we are seeing? Which we are seeing in this FYCON districts?
Kamal Gupta
Yeah. We have already bidded for around 3000 odd crores of projects. Hello.
Jainam Jain
Yeah. And what’s the quantum of amount which we are looking to bid for in this year?
Kamal Gupta
We are looking to bid for around 20 to 25,000 crores of project in coming year. Yeah.
Jainam Jain
Okay sir. And like are there any major specific entry projects which we are looking to bid for? I mean which have been announced by the government and which we are expecting to be awarded in this year?
Kamal Gupta
Yeah. So there are a lot of projects. Like you know there’s some metro projects in around Mumbai. Plus there are like you know this Pune Metro rail project which is coming up and Thane ring road projects are there. Though this will be costing around 4,000 to 5,000 crores. And like there is in MMR this project of Versua to Delta to this thing, the 2 Palgar. This project will be coming off around 80,000 crores. So that should get materialized this year only. Plus like we are also looking for some NHI projects of roads and tunnels. Around 12,000 crores of that project.
There are some. With Metro Line 10 and Metro Line 30. And Delhi Metro is also going to float underground Metro tunnels for Indra Lok area. So there are a lot of opportunities in water segment, in treatment plants, water tunnels. So there are around 20, 25,000 crores of projects that we are anticipating to build in this financial year and around 3 to 4000 crores in this within 1 to 2 months time.
Jainam Jain
Okay sir. And so what’s the status of L1? I mean when do we expect to receive the LOA for multimodal multi model?
Kamal Gupta
Yeah, so we are still L1 in that. And like you know last week we got this letter from there to extend the validity. So we have done that. So we are still awaiting.
Jainam Jain
Yeah, but sir, it’s been a very long time. Like have we have the government has been facing any issue with that project.
Kamal Gupta
Yeah. So like you know they were working out the financial closure for that project. So I think like you know the. I just read in the paper yesterday also like today also they have, they are planning to raise some 1 lakh crores more. So looking forward for these orders. Mr. Jin.
Jainam Jain
Okay sir. Thank you so much.
operator
Thank You. The next question is from the line of Dawakar Rana from Prudent equity. You may proceed.
Diwakar Rana
Hello. Good afternoon, sir. Sir, what kind of revenue growth are you considering in for FY26?
Kamal Gupta
We are expecting a top line growth of around 15% on FY25. That should be around 6,500 to 6,600 crore for FY26.
Diwakar Rana
Okay. And sir, do you plan to take any debt in this financial year?
Kamal Gupta
So the regular working capital requirement we are meeting with debt. So it’s not any substantial number that we are looking at immediately. But it depends upon the requirement of the working capital and the other capex that’s required for the project.
Diwakar Rana
Okay. So sir, what will be. What will be the peak debt? If you can give a number.
Kamal Gupta
Right now our debt is 700 crores. Yeah. Yeah. So that should be around 900 crores or so.
Diwakar Rana
Okay. In this financial year, sir. Or for 527.
Kamal Gupta
That’s mainly due to the procurement of the tunnel boring machines and some capex that will be requiring. So we will be. Other than the regular capex of 100 crores we are expecting a capex of 450 to 500 crores which will be coming in from GMLR and Chennai projects mainly. And VDCR which will be spread over a period of two financial years. That is FY26 and 27.
Diwakar Rana
Okay. So this peak that will we will reach in FY27. If I am not wrong.
Kamal Gupta
No, no. Peak will be in 26.
Diwakar Rana
Okay. Okay. 26. Answer as of today in how many orders we are L1.
Kamal Gupta
We are L1 in three orders. These two are MSRDC multimodal corridor. And one is a small like Mumbai Metro. Some finishing work. So it’s costing like total 4250 crores.
Diwakar Rana
Okay. In the amount. Sir, what will it cost? The whole three orders.
Kamal Gupta
4,240 crores.
Diwakar Rana
Okay. And these order will convert by Venza.
Kamal Gupta
So we are just waiting for this. Like should get converted in this forthcoming quarter. We’re looking for this. Yeah.
Diwakar Rana
Okay. So that’s all from my side, sir. Thank you.
operator
Thank you. Before we take the next question we would like to remind participants that you may press and one to ask a question. The next question is from the line of Vaibhav Shah from GM Financial limited You may proceed.
Vaibhav Shah
Thank you, sir. So there was some news in the media that the government is trying to cancel the bids for Vera Alibrag. And likely to beat it in under bot model. So any update on that? Have you Received any updates?
Kamal Gupta
We also saw this in the paper. Like you know, some news like had it. But like you know, as I told you last week only we have received a letter from MSRDC to extend our bid validity. And some of the tenders. Other projects they have done for Punashirur for which they have come up on bot. But this project, they asked us to increase the bid validity. So we are hopeful that we should get it. But in any condition. If you look at the order book of Jaikumar standing at more than 22,000 crores. We are quite comfortable with the existing order book for the next three years. Top line to achieve very comfortably.
Vaibhav Shah
In case it comes in the BOT mode. So would we be interested in bidding for that?
Kamal Gupta
We have not thought for that right now. But maybe we’ll take a call at the right time. Yeah.
Vaibhav Shah
Okay. Sir, what is our order inflow guidance for FY26?
Kamal Gupta
Order inflow 6 to 8,000 crore is what we are looking for. FY26 as the new order inflow for the current year.
Vaibhav Shah
That will include this 4,000 crore MSRDC package as well our 6 to 8,000 guidance. In case it gets cancelled then guidance will reduce or how do we look at that?
Kamal Gupta
No, no guidance. Overall we are very sure that we should be bagging orders worth around 6 to 8,000 crores. Is what is our target. Whether we get it or not. Irrespective of that we’ll be having an order book of 6 to 8,000 crore inflowing now for this financial year.
Vaibhav Shah
Okay. So secondly, when do we expect to review the TBM for the JMLR project? So when I’m getting to complete the project.
Kamal Gupta
So we have already done the fact test that is the factory acceptance test. And the machine has started arriving in India. We have received some part of the consignment already at the job site. And certain so it’s coming in consignments. So within next two months time the first TBM will be Mumbai. And before the December end the second machine also will be at the job site. We’ll be having the FAT test in August for that machine.
Vaibhav Shah
And when do we target to complete the project?
Kamal Gupta
So we have a timeline of five years to complete the project. And we have already started the tunnel casting some part excavation at the job site. So the work is on track. And we should be able to complete the work on the proposed timeline.
Vaibhav Shah
Okay, Update on Chennai Elevated project. How. How are. How is the execution going on over there?
Kamal Gupta
So Chennai, this NHR project execution is going very good. And like we already casted like, you know, we’ve done almost 20% of the foundation work and like, you know the superstructure work is also started. We have started casting of segments. Around 270 segments have been casted. So all the four projects are in line. And like we expect good progress in these coming quarters from that.
Vaibhav Shah
So are we on the timeline to complete it in three years? The 36 month timeline that we have?
Kamal Gupta
Yeah. So initially there was a delay of like you know, seven months because of the WRD approval. That is like it was in the river. So state that we got after six, seven months. So like probably the seven months additional will be there.
Vaibhav Shah
So it should quite complete in some sometime around FY28.
Kamal Gupta
Today’s 25. Yeah, yeah, yeah, yeah. It will be done by March 2020, you’re right.
Vaibhav Shah
Okay. Okay. Okay. Thank you sir. Those are my questions.
Kamal Gupta
Thank you.
operator
Thank you. The next question is from the line of Uttam Kumar Shrimal from Access Securities. You may proceed.
Uttam Kumar Srimal
Yes, a very good afternoon and congratulations on a good set of numbers. So my question pertains to EBITDA margin. If you see in FY22 with a beta margin of 14.3% and FY25 it’s a 14.5%. So in last four years our ETA margin has improved by only 20B. So now how do you see sir, EBITDA margin going ahead? Because see we had a very robust order book of 22,000 crore and above. And don’t. Do you think that the EBITDA margin we can be able to achieve an ebitda margin of 15% or more in FY26, FY27, your take on this?
Kamal Gupta
Yes. So if you look at the EBITDA margins we have already we were at 14.4% in FY24 and we have changed it to 14.5% in FY25. And in the coming quarters of six to eight quarters we expect to come into a band from 15 to 16% from the current 14 to 15%. But it is also pertinent to note that if you look at the ROE of the company, which was 10.2% in FY22 as and which was 13.2% in FY24 has gone up to 13.8% in FY25.
Uttam Kumar Srimal
Yes sir. Thanks sir. With regard to NHI project that you have just mentioned that you were bidding, you will be looking to bid for NHI projects. So this will be basically for a boat or hemp project. If you can put some light on.
Kamal Gupta
This and these are all EPC projects right now what we are looking for.
Uttam Kumar Srimal
Okay. But normally what has what is happening in NHI right now there has been lot of competition in for EPC project and margin there. And what we are currently doing margin of 14% and between 14.5 to 14.6%. So those kinds of margins are. I don’t think that would be available, that would be there in EPC project. So how will you balance that?
Kamal Gupta
So like you know, first of all we quote at our numbers number one. And like you know we quote for niche projects. It’s not the normal conventional road projects. What you’re saying is about this normal roads projects we are, what we build is mostly structure oriented projects where there’s a lot of complexity. So the special projects like you know the Dwaraka Expressway, what we did, okay so it was a 5000 crores of projects. But like you know mainly 80% structure oriented, 70% Chennai project is there like you know of 4000 crores which is mainly structured project.
So we are looking for such projects where our USP is there and we can add value and because of our operational, because of our expertise and we can maintain our margins of this. Avidda.
Uttam Kumar Srimal
Okay. And sir, you have guided for 15% revenue growth in FY26, don’t you think? Sir, this is very conservative considering the current order book of 22,000 crores plus L1 of 4,500 crores.
Kamal Gupta
So I would like to mention you some that if you look at the. With the growing numbers of the company a 15% growth itself I would say is a decent growth. Because we intend not only to increase the top line of the company but for us at Jai Kumar, bottom line is very, very important. So if you look at the overall financial discipline that Jay Kumar has with just 0.23 debt equity ratio at gross level and at net level we are a debt free company with a almost positive path. So I would say that In Jai Kumar 15% is what we have been seeing.
Even last year we had mentioned around 5,400 crores to 5,500 crores but we have surpassed it. So and with the growing number I think a 15% is a decent stable growth which will be surely looking at surpassing it.
Uttam Kumar Srimal
Okay sir. And last one sir, what would be our finance cost this year considering the increasing in date? Savage, if you can put some light on that.
Kamal Gupta
So that increase will be same at the Same level of 2.7, 2.8%.
Uttam Kumar Srimal
On revenue. Yes. As a percentage of revenue. Okay. Okay. Sir. Yeah. Okay sir, that’s all from my side and wish you all the best.
Kamal Gupta
Thank you. Thank you. Thank you.
operator
Thank you. The next question is from the line of Hemant Soni, an individual investor. You may proceed.
Kamal Gupta
Hello.
Hemaant Soni
Sir. Thank you for providing me the opportunity. Sir, just wanted to ask you one thing. Most of my questions have been answered just one query from my side. Like sir, we had earlier guided for the order inflow of around for FY25. I’m talking about.
Kamal Gupta
Yeah, yeah.
Hemaant Soni
6,000.
Kamal Gupta
We have. We have told for 6,000 crores. 6,000.
Hemaant Soni
Right. 25. And so the number I think 700 crores. So I mean have the few orders been cancelled or they have been spilled over to Q1?
Kamal Gupta
Yeah. So like you know as we have told before so there’s 4200 crores of projects where we are. L1 we are expecting this to get materialized in the last fiscal year. But it could not be done. So there’s. The department has asked us to extend our bid validity. So we expecting that to come in in this fiscal year.
Kamal Gupta
So this is this 4700 crore is excluding that L1.
Hemaant Soni
Okay.
Kamal Gupta
Otherwise it would have been 8000. Yeah.
Hemaant Soni
Okay. So I mean it has been spilled over in FY26. Right?
Kamal Gupta
Correct. You are right. You’re right. Secured almost 5000 crores of project. And like you know additionally we are awaiting this. You are correct.
Hemaant Soni
And sir, what is the time duration for the order book? 24 months.
Kamal Gupta
This. Which one?
Hemaant Soni
The order book which we are having for total order book on Wednesday.
Kamal Gupta
Yeah. It’s around three, three and a half years. Correct. Every project are four and a half, five years. Some are like two and a half years. So it’s you know we consider a average registration period of around three, three and a half years.
Hemaant Soni
And that aspiration of one billion dollar company by FY27. And 25,000 crores of water is still intact. Right?
Kamal Gupta
Yeah. So like you know, what you’re saying is right. We have told this like you know three years back when the dollar was 75 rupees. And fortunately today it is like 85. But like you know that gives again us a boost to like you know run more. So we are of course like sure of achieving the 75,000 as for 75. But like you know we’ll try for increasing that as well.
Hemaant Soni
Shall we work out with a number of 8,500 crores. Because we generally have the habit of hunter promising and over delivering. Sir.
Kamal Gupta
I like it. Sir.
Hemaant Soni
Yeah. Even I. Even we as an investor like it.
Kamal Gupta
So we are very sure about crossing the 7,500 crore top line by FY27. Which is what we had been expecting. But yes, as you are saying that it all depends upon the actual order inflows and the execution pace that we get depending on the project ability. So let’s hope for the best.
Hemaant Soni
So sir, shall we work out with 7,500 crores as the baseline and on the ceiling side for as 8,500 crores.
Kamal Gupta
Yeah. That is a conservative figure. What we have already told you. Okay. And we as you know, we believe to surpass the numbers. So like you know, we are also hoping for. So you can take what you feel like. Yes. Yeah.
Hemaant Soni
Thanks a lot. And sir, congratulating you all once again for a great set of numbers and doing the fantastic work.
Kamal Gupta
Sir, thank you very much.
operator
Okay, thank you. The next question is from the line from Asad C. Mehta Investment. You may proceed.
Devang Shah
Yeah. Hi. Good afternoon sir. Congratulations for a good set of numbers. So just to reconfirm, the earlier participant, you know, asked that about the order inflow. So you are anticipating 6 to 8,000 crore of new order inflow in FY26. That includes the L1. That means you are into around 4,200 crore or it’s a exclude. Just to reconfirm, sir.
Kamal Gupta
Yes. So that of course includes that. But if at all like you know, 5% chances it may not come. Still we are sure of achieving this 6,3000 crores of.
Devang Shah
Okay. And that you know that will add. On to your order book. That’s what. That’s a good answer. And second, second thing, sir. Any kind of, you know, existence, execution, headwinds that you feel in, you know. In terms of, you know, order execution, you know, because the order book is. Growing very well as you are saying. EBITDA margin also going to increase. Your debt level is also at a comfort level. So execution any kind of risk that you, you know, feel that can potential possibility or you’re comfortable.
Kamal Gupta
So like one project in Delhi OF around 700 crores is not started. That was NBCC project. So we are expecting this to start it in another two months. That project. Apart from that all the projects of 22,000 crores are going very well and like taken up good speed. So we don’t foresee any other issues in any other project apart from this one.
Devang Shah
Okay. Okay. And the last question. So that as you know you are taking a lot of orders and the way the government is also focused in. A, you know, infrastructure push. So definitely there will be a New. Order inflow and you know you will get a momentum also in this year also. But sir, one more thing. Do you want to expand further into other states? The way you know geographic diversification now. We are seeing, do you see any kind of you know growth strategy in which you can expand to other state. As well or your you know share of the share of quantum will increase. Increase in the other state. That’s it.
Kamal Gupta
So if you see last year we already expanded in terms of geography as well as vertical, Mr. Shah. And like you know, so south is where we entered in a big way. All right. And right now we are already working in south west like Maharashtra, Gujarat, then up NCR Delhi. Okay. So given an opportunity of course we are open for venturing to any state in India. Like we are already comfortable. We have worked any in Rajasthan. We have worked in other part of the India also. So we are just looking for the right opportunity. There is absolutely no obstacle for us to not to go to any state.
We get a right project of the right numbers. We will go anywhere in India. And the focus line is important. So ordering flow has to come. If it comes from the existing state we give it a priority. But other than that if the order book requirement is there we will open up other states also for EPC projects.
Devang Shah
Okay. So that possibility can be open up in our future as well. So nothing to you know, that way penetration can expand in other geographies.
Kamal Gupta
Absolutely, absolutely. Which we have already a proven track record of working in seven states. So it’s totally depending upon the order inflow from which state it is coming and at our numbers.
Devang Shah
Okay. Okay. Thank you sir. Thank you so much Sir.
Kamal Gupta
Thank you. Mr.
operator
Thank you. The next question is from the line of Varun from Equity Capital. You may proceed.
Unidentified Participant
Hello. Sir, the one question. Is there any issues in receivables or payments in Maharashtra?
Kamal Gupta
We don’t see any sort of problems in terms of receivables. And that’s how you can. If there is any variations or escalations where there is any approvals required it delays the project, delays the payment. But otherwise it’s on a regular basis. We are getting the payments. So there is nothing I think that needs to be concerned about as overall Maharashtra.
Unidentified Participant
And how much debits were done on this year? FY25. It was mainly on this tunnel boring machine.
Kamal Gupta
So capex for the current financial year was 241 crore. But it was not for the tunnel boring machine. It’s for. For other equipments for the purpose of new projects.
Unidentified Participant
Okay.
Kamal Gupta
TBM capitalization will happen will arrive in this financial year. So we apex will happen in this financial year for the TBM.
Unidentified Participant
Okay. Thank you.
Kamal Gupta
Thank you Mr. Varu.
operator
Thank you. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Shravan Shah from Daulat Capital. You may proceed.
Shravan Shah
Hi sir. Congratulations on a good set of numbers. Couple of points just to 5. Because most of the question has been answered. Sorry. This,700 4100 crore L1. So if let’s say in the worst case if this gets converted into bot and obviously then it will be removed from our lo. Then only also affordable for 6 to 8,000 cr order inflow. But sir if let’s say this continues then we should be getting additional 6 to 8,000. That’s the way one can look at.
Kamal Gupta
So Shravan, as we told before also if the if at all this does not get converted or get converted. So you know we are giving a lower band of 6,000 upper band of 8,000 crore. And we are sure to achieve this. So that depends you know the aggression we have to go with. You know if it at all this gets converted to bot. So the aggression is different. So like you know by the end of the year we are sure to maintain this intake of 6 to 8,000 crores.
Shravan Shah
But sir if it retains then the additional we are looking only at 2 to 4000 crore inflow. So to achieve up let’s say this 4100 Karodi is there. Then additionally we are only just looking at. And despite that we are saying 20205000 crore we are bidding. So then we should be aiming this number 6 to 8,000 additional. So this 4,100 crore retained plus additional 6 to 8,000 crore. So that. That we should be aiming. So net net it should be a close to 10 to 12,000 crore would be the kind of a number.
Unidentified Speaker
So $this. I’m sorry Shravan. Basically what we are intending is the order book that the company wants to maintain. So our focus is to maintain a order book close to around 23,000 crore more or less by end of FY. 26,000 2,000 crore here and there. Depends upon the total opportunity matter. The pricing, the complexity of the projects. And if we are getting it at our numbers last year if you see we have bagged orders in FY24 worth of projects worth of around 11,000 crores. So you cannot have a fixed number set in a mind it all depends upon the opportunity.
As Mr. Kamal has already mentioned that if we back this order still we will be looking at around 4,000 to 6,000 crores worth of project. If it doesn’t materialize we look for fresh orders of 6,000 to 8,000 crores. So our objective is the total order book as of FY23 for which the aggression going in for different states, different diversified orders. It all depends upon what orders we keep bagging every quarter. So it has nothing to do with. If we bag this, we have to bag 8000 crore more or only 2000 crores. 6 to 8 is the company’s focus.
I hope that point makes. I. I could make it clear for you.
Shravan Shah
Yes sir. Yes sir. Got it. And second sir, in terms of the. You mentioned the total capex for two years. That is FY 2627 including the TBM for GMLR and Chennai corridor projects everything would be a 4450 to 500 odd Karos. Yeah.
Unidentified Speaker
That is in addition to the 100 crores of maintenance capex that we have. We have mentioned earlier also.
Shravan Shah
Okay. So total would be a 550 to 600 odd crore that the capex that we would be looking and largely it will be largely would be the TBM. That would be a. Maybe a 300 crore kind of a number would be there this year. So this year the capex would be a slightly on the higher side, 400 crore plus kind of a number should be there. So. So yeah so given that in terms of the depreciation. So just to understand from when the TBM depreciation will start. So this year FY25 we were having a 168 odd crore, 169 crore depreciation. So how one can look at the depreciation in 26 and 27.
Kamal Gupta
So as Nalinji has already told that the TBM is right now under shipment. So once the shipment comes to Bombay then we have to lower the machine and then get it assembled so that the machine start. So it will be. The depreciation will start around Q4 of the current current finance.
Shravan Shah
Okay. Okay. Okay. So till then broadly the current run rate of depreciation should remain the same.
Kamal Gupta
Yes. Yes.
Shravan Shah
Okay. Okay. Got it. And last in terms of the. We were previously looking at the fundraising. So equity fundraising. So anything any update on that part, sir?
Kamal Gupta
So we have taken a enabling resolution for this from the board and for it for doing a qip. But it will totally depend upon the this situation and there are a lot of opportunities as we have mentioned that there are a lot of order inflows that has been expected. So we totally don’t want to depend upon the debt. And that’s why we are keeping keeping it as an open picture. We haven’t concluded anything immediately or.
Shravan Shah
Sir, is it like that? This is a 80,000 odd crore kind of a project. So if you can help us when the in terms of the individual package size and when the actual awarding can start. So let’s say if we get a one or big large ticket maybe a 10,000 crore there then we would be needing a kind of equity is the way one can look at.
Kamal Gupta
So this will take two quarters to get materialized first of all. Okay. And we always believe in ourselves, in augmenting, keeping ourselves augmented for future growth. Okay. So at the right time, the right opportunity we’ll take this call Shan.
Shravan Shah
Okay. Okay. Yes sir. Got it. Thank you. And all the best, sir. Last one. Last one. Last one. Sir, this 100 crore investment property. What is that for?
Kamal Gupta
Yo. So yeah. We have taken one this property of PSL by Zachary for 100 crores. We’ve taken a loan of 90 crores especially for this without disturbing the liquidity of this company. And already the employer started. I mean we already started repaying the money also to that. So in coming we see upside of 30, 40% in that. So that’s why we have taken that from JLT. And in coming one year to 15 months it will be winded up.
Shravan Shah
Okay. So in next, next one and a half year we will be selling and we are looking at 30, 40 kind of.
Kamal Gupta
Yeah, you’re right, sir.
Shravan Shah
Okay. Okay. Got it sir. Thank you sir.
Kamal Gupta
Thank you.
operator
Thank you. The next question is from the line of Bhavan Modi from Anandrati. You may present.
Unidentified Participant
Yeah. Hi. So the question was you know regarding the investment property. And I think it has been answered. So. Yeah.
Kamal Gupta
Okay.
Unidentified Speaker
Thank you Babin.
Kamal Gupta
Thank you.
operator
Thank you. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is from the line of vaibhav Shah from JM Financial Limited. You may proceed.
Vaibhav Shah
Mob advance of 620 crores. What would be the interest bearing portion?
Kamal Gupta
Around 350 to 400 crores will be. I think 350 crores will be interest bearing.
Vaibhav Shah
The last time we indicated that the number is quite less so incremental mobile compared to interest bearing.
Unidentified Speaker
Sorry.
Kamal Gupta
1 around 2. 200 crore roughly.
Unidentified Speaker
Interest bearing you’re talking right? Yeah.
Kamal Gupta
Interest bearing 200 crores around 200 crores.
Vaibhav Shah
Okay. And so secondly, what would be the restricted cash after total cash number? The total cash was 839crores for March 25th. So of that what would be the restricted cash?
Kamal Gupta
Restricted cash will be around 325 crores.
Vaibhav Shah
Okay. Okay. Answer one more thing. Are there any challenges in clearance from the government for TBM or we are confident to meet the timeline of December 25th.
Kamal Gupta
Sorry, can you come back again please?
Vaibhav Shah
Any challenges in getting clearances from the government for the TBM or are we confident to meet the timeline of December 25th?
Kamal Gupta
No. So there is clearances in terms of what? In clearance of the TBM or in clearance of the project you want to Say.
Vaibhav Shah
For the TBM twins Work started.
Kamal Gupta
Yeah. So there is no issue at all in clearance of the tbm. And as I mentioned the first TBM fact that is the factory acceptance test is already being done and some consignment of the TBM has already reached the job site. And it is coming in parts and in different consignments as it’s a very huge consignment of largest die of TBM in India. So it’s coming in various parts. So by within the next two months the machine should be at the job site and the second machine will be doing the FAT test in the month of August.
So absolutely there is no problem for clearances.
Vaibhav Shah
What will be the total value of both the TBMs put together?
Kamal Gupta
It’s around 650 to 700 crores approximately for two TBMs. And Jay Kumar, we are buying one and the other joint venture partner NCC would be my only second machine.
Vaibhav Shah
Okay. Okay. And so you mentioned earlier that there is one NBCC project where the work is yet to start. So which one is it? The Silicon City one or Harinagar one?
Kamal Gupta
The Harinagar one.
Vaibhav Shah
Okay. And rest. All places are underway.
Kamal Gupta
Yeah. Yeah. All going at very good pace.
Vaibhav Shah
Okay. Okay. And so lastly on the SVRI project so we had seen some in media that there were some issues and delay in the work especially in the Pravadavi area. So any update on that?
Kamal Gupta
Yeah. So for Shivrivadi connector they have to demolish this Alpha Stan Rob. Okay. So like you know, some buildings were get getting affected 9. So now they’ve changed the alignment and only one building is getting affected. So they are in the process to get this permission to start demolition. You are right.
Vaibhav Shah
So when do we expect to complete the project?
Kamal Gupta
So after the demolition is done it will take 15 to 18 months to complete the project.
Vaibhav Shah
Okay. So FY27 and we should complete it.
Kamal Gupta
Yeah, we, if you get the permission in coming one or two months we should be able to complete next year. You’re right.
Vaibhav Shah
Okay. Okay. Thank you sir. Right.
operator
Thank you. The next question is from the line of Ashish Shah from HDFC amc. You may proceed.
Ashish Shah
Yeah. Good afternoon sir. Just one query. I wasn’t very clear about the response on the investment property. Can you just please repeat and explain what is that?
Kamal Gupta
Yeah, so we had taken one asset of PSL Limited from NCLB that was costing around 100 crores and like we have taken a loan from them, a loan towards that of 90 crores. And this project like you know was a factory, it was pipe rolling machine factory. And like you know, that project already, like you know we started, we already repaid around 30, 40 crores of that by monetizing that project, selling that machine. And in coming 15 to 18 months we plan to completely repay this loan and complete the project.
Ashish Shah
So basically just to be clear, was this an asset which had any use in our, any of our project activity or it was purely sort of an investment opportunity where we saw that we can liquidate the machines and get some value or the end product is that of any use in our project work.
Kamal Gupta
So basically it was an investment opportunity where we see upside of 40, 50%. That was the main thing. And of course some of the parts we are also utilizing in our projects where it comes at a very competitive price to us. So we are using some of the materials for our Chennai project out of that. But basically it is an investment opportunity what we saw and we are seeing good returns in on that.
Ashish Shah
Okay.
Kamal Gupta
Yeah, it’s 40% completed also. So like in coming 15, 18 months we’ll complete the entire project. We’ll sell the entire asset.
Ashish Shah
All right, sir. Thank you.
Unidentified Speaker
Thank you.
Kamal Gupta
Thank you.
operator
Thank you. The next question is from the line of Ashwin Kumar, an individual investor. You may proceed.
Ashwin Kumar
Yeah, hi. I just want to know have you started collecting revenue on the GMLR and the Chennai? Have you started collecting revenue and what’s the status of this?
Kamal Gupta
We have already started booking revenue. We already booked revenues in FY25 as well, so. And from FY26 it will be going like full steam.
Ashwin Kumar
So how much have we started recognizing for this year? Can you be able to do a breakup?
Kamal Gupta
We’ll have to work out the actual numbers to give it to you. But we have already started generating is what I can say. So we can provide you separately on one to one basis.
Ashwin Kumar
Okay, sure, sure. And a Follow up question. Just to look at. You have a very huge order book. You’re looking at 20,000, 22,000 crores.
Kamal Gupta
Your voice is cracking.
Ashwin Kumar
Please. Yeah. Your audit book is really large. You’re talking about a 20, 22,000 crore audit book. And it can go up to maybe 23, 24. I just wondering about the execution of the dinner because if there’s any delays we. I just heard that JMLR is delayed by seven, eight months.
Kamal Gupta
We are not able to. Is cracking a lot.
Ashwin Kumar
Sir.
Kamal Gupta
There’S some problem in your audio.
Ashwin Kumar
Can you hear me now? Is it better?
Kamal Gupta
Yeah. Yeah. So I think it will be.
Ashwin Kumar
Yeah. So you have a very large order book of around 22,000 crores. And it can go up even more to maybe 23, 24,000. I’m concerned about this execution because if there’s a belief, you know there is a time factor that the government would place not all 22,000 crores worth of projects. Would you be executing at the same time. Correct.
Kamal Gupta
Yes.
Ashwin Kumar
So. Would this any delay lead to maybe some cancellation of orders maybe?
Kamal Gupta
No, no. This order book of 22,000 crores. As I told you apart from the 700 crore project of Delhi all the projects are going in full steam. Like you know. So there is no chance of cancellation of any order which is 22,000 plus.
Kamal Gupta
And we have already started booking revenues on those projects. Some through preliminaries activities and some on execution. And we have separate teams for taking up this project. So as far as like if you are having 22,000 crores it doesn’t mean that the same set of people are working. We have separate resource allocated to each project. Whether it is staff, project heads, project directors, project managers, your equipment. So every project is treated as a separate company, as a separate project. So all the resources are dedicated to each project. And of course some machineries which we can keep moving around for optimum utilization is always there.
So there is no reason of any delay or any. And we having so many projects in a concentrated area there is no risk in terms of margins or in terms of overhead loss in case of any delays. Also though, all the projects are on time.
Ashwin Kumar
Okay. And one last question. So this 32,000 crores would be executed over the time frame of maybe three years, is that right?
Kamal Gupta
Yeah, three, three and a half years. You’re right.
Ashwin Kumar
Okay. Thank you. That’s.
Unidentified Speaker
Thank you.
Kamal Gupta
Thank you, Mr. Ashwin.
operator
Thank you. As there are no further questions I now hand the conference over to Mr. Gupta for his closing comments.
Kamal Gupta
Yes, 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 for any clarifications or feedback. Thank you all.
operator
Thank you. On behalf of Jai Kumar, Infra Projects Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.