Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
J.Kumar Infraprojects Limited (NSE: JKIL) Q4 2026 Earnings Call dated May. 20, 2026
Corporate Participants:
Nalin J. Gupta — Managing Director
Analysts:
Unidentified Participant
Vaibhav Shah — Analyst
Parikshit Kandpal — Analyst
Shravan Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the J. Kumar Infra Projects Limited Q4 and 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 Jay Kumar Infra Projects has uploaded on the stock Exchange and their website, including the discussions during this call, contains or may contain certain forward looking statements concerning J.
Kumar Infra projects, business prospects and profitability which are subject to several risks and uncertainties and the actual results could materially differ from those in such forward looking statements. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded. I Now to Dr. Nalin Gupta, M.D. J. Kumar Infra Projects Ltd. Thank you and over to you sir.
Nalin J. Gupta — Managing Director
Good afternoon everyone. This is Dr. Malin Gupta, Managing Director J. Kumar Intra Projects Ltd. Along with me. Firstly, on behalf of Jay Kumar Info Projects Ltd. I warmly welcome you all to our Q4 and FY26 earning conference call. Joining me today are Mr. Vasanth Savla, CFO and our investor relations partner Marathon Capital. I trust you all had the opportunity to review our earning presentation and press release available in the stock exchanges and our corporate website. FY 2026 was a year of consolidation for the company with operating and financial performance moderating.
Compared to FY 2025, the impact was largely operational and timely related stemming from external factors that temporarily slowed execution. Through this phase we maintained a strong balance sheet and an adequate liquidity, ensuring resilience and continuity of operations. Importantly, this period has strengthened our foundation for the future. The current fiscal has already been significant order intake. As seen considering strong bid pipeline, we expect the momentum of order booking to continue which provides us significant headroom.
The company has already so far booked orders in excess of 4500 crores in fiscal year with an L1 of 1770 crores totaling to around 6300 crores. Considering a strong bid pipeline, we expect the momentum of order book to continue which provides us significant headroom to accelerate the execution. With a solid order book, improving execution velocity and expanding capabilities across our core verticals and we are very positioned to translate this pipeline into sustained growth. Now coming to financial performance consolidated performance Highlights for the FY26 is Revenue from operations grew by 1% to 5723 crores as compared to 5693 crores in FY25.
The EBITDA stood at 823 crores as compared to 826 crore in FY25. The EBITADA margin stood at 14.4% as compared to 14.5% in FY25. The PAT for FY26 stood at 387 crore as compared to 391 crore in FY25. PAT margin for FY26 stood at 6.8% as compared to 6.9% in FY25. Consolidated Performance Highlights for Q4FY26 Revenue from operations for Q4FY26 stood moderated by 3% to 1585 crores as compared to 1633 crores in Q4FY25. EBITDA for Q4FY26 moderated by 5% to 224 crore as compared to 235 crore in Q4FY25.
Ebitda margin for Q4 26 stood at 14.1% as compared to 14.4% in Q4FY25. The PAC for Q4FY26 moderated By 5% to 110 crores as compared to 114 crores in Q4FY25. Pack margin for Q4FY26 stood at 7% as compared to 7% in Q4FY25.The net debt as on 31st March 2026 stood at negative 264 crores I.e. Cash positive working capital for FY26 stood at 99 days as compared to 112 days for FY25. Total order book as of 31st March 2026 stood at 18,554 crores. The order book Inter Area includes Metro projects elevated and underground contributing 11%, elevated corridors and flyovers contributing to around 51%, road and tunnel projects contributing to around 18% and others contributing around 20%.
We can now begin with the questions and answers. Thank you very much.
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR in two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Jainam Jain from Dam Capital. Please go ahead.
Questions and Answers:
Unidentified Participant
Thanks for the opportunity. So my first question is what is the current build pipeline for this call?
Nalin J. Gupta
Bid pipeline. You said bid pipeline, right Jenna?
Unidentified Participant
Yeah,
Nalin J. Gupta
Yeah. So as mentioned by me, we have already backed orders of into 4500 crores with an L1 of 1770 crores totaling to around 6300 crore plus taking our order book to around 25,000 crores approx. And for this current year we expect a order book close to around 9,000 to 10,000 crores for the full year. And there are projects worth around 15,000 to 20,000 crores which we expect to bid in this coming period of current financial year.
Unidentified Participant
Okay sir. And are there any major opportunities which we are looking in Mahash right this year in terms of bidding pipeline especially for the metro segment or road or tunneling projects?
Nalin J. Gupta
Well so if we see firstly we have recently backed an order of 1770 crores which comes from the Delhi Metro D207. And there are further, there are tenders coming up of metro for in Mumbai For Metro Line 5, Metro Line 13, Metro Line 10 which is Drymook to to Bilesar. So there are a lot of metro opportunities which are available. So of course, yes, Bombay, Delhi, Pune, these areas, they are coming up with metro projects. So we’ll be surely going for it. And overall there is a very positive mindset for the infra projects because last two years were quite slack and we could see a big slowdown in terms of the order book coming in.
And that’s how we just booked an order book of only 1000 crore for the current fiscal year. But in Q1 itself we have backed orders of more than 6300 crores. So this year really looks to be quite positive and that’s how we are also very positive about it.
Unidentified Participant
And in terms of roads, any opportunity
Nalin J. Gupta
Road per se is never J. Kumar’s main area of focus. So we basically look at expressway corridors. Like even now there are some projects which are lined up where it’s a combination of road and elevated combinations. So that sort of project is what Jay Kumar focuses into. And in the near pipeline we can see certain projects coming up in the similar way like and some other MSRDC projects which are there. So we are quite positive about it.
Unidentified Participant
Okay. So largely on the working capital style. So can you give the amount for retention money, unbuilt revenues and mobilization advances? So unbilled revenue is 578crores, mobilization advance is 706crores and retention is 464crores. Okay sir, that answers your question. Thank you. So Much and all the best. Thank you Jenna.
Operator
The next question comes from the line of Webhav Shah with JM Financial. Please go ahead.
Vaibhav Shah
Yeah. Firstly on the guidance side, what kind of revenue growth and margins are we looking for? FY27.
Nalin J. Gupta
So this year we are expecting a growth of around 15% in the top line. So we should be crossing 6,500 crores with the current order book that we have and the projects which were little bit on the slower side but now we have got approvals for them as well. So 15% increase in top line and bottom line is what we are expecting.
Vaibhav Shah
Margins
Nalin J. Gupta
Similar 15% increase bottom line. I said yes. So EBITDA, we are around 14 to 15 which as we have with the type of order books that we have, our endeavor would be to increase it from 1415 to 1516 and the pack would be around 7%.
Vaibhav Shah
Okay. And sir, given the flattish here we had on FY26 and a very strong order backlog. So do you feel that 15% revenue guidance is a bit conservative and we can do even better?
Nalin J. Gupta
There is possibility of doing better but you know looking at last year’s bad experience where we thought that we’d get orders but we could unfortunately not get it. But I would say that surely there is a scope of showing some better results. But as of now I would like to commit myself with a 15% increase in top line and bottom line. And I would say that you know even last year Jay Kumar’s policy which we always try to follow that it was around 2,500 crore of order that we booked in 24 and around 25.
I’m sorry and around only thousand crores order that we booked in 26 was not by any mistake or default, you know, it was a well chosen thing that we don’t want to book orders where we don’t have good bottom lines. And that’s how now the order that the company has backed is with the similar margins and we don’t want to book orders just for the heck of booking orders. And that’s how you can see last two years we didn’t get orders at our prices, we left it. But now we have got orders at the similar margins where we are, which is our target.
So I think we are very comfortable that we’ll be able to cross this 15% top line growth. But as of now we like to say 15% my friend.
Vaibhav Shah
Okay, okay sir. On Capex, so what are our plans for 27?
Nalin J. Gupta
So there are some Capex which are still due for gmlr And Chennai. So there and the incremental CAPEX that we do every year so around 200 to 250 crore for the next coming two years. That is FY27 and 28 is what we are expecting including the incremental capex.
Vaibhav Shah
So for FY20 some also it will be 200 to 250.
Nalin J. Gupta
Yeah.
Vaibhav Shah
Okay.
Nalin J. Gupta
Including the new order book that we have done of 6500 crores.
Vaibhav Shah
Okay enter. When do we expect these new orders to come on execution? If you could just say some update on that regarding this Vadvan project then on Vestibule and Lucknow project when do we expect to start the execution over there?
Nalin J. Gupta
I think from Q2 or Q3 we should be starting will be starting contributions coming up because initial six months to nine months you have to do the preparatory work, the joint, the soil investigation survey, geologies and design approvals and all that stuff. So. But second to third quarter we should start getting some contribution from these projects.
Vaibhav Shah
Okay. So lastly on any update on the Chennai NHI project how is the execution going on and on JMLR as well.
Nalin J. Gupta
So Chennai we have already started the work and our foundation and substructure work is in is there which is in line and the casting yard is fully operational. So we have already started casting our segments in the huge casting yard that we have developed. As far as GMLR is concerned we have already casted more than 3.5 kilometer of tunnel in our casting yard and we have got some cos also there of 800 crores which is also for that the new casting yard was required that is also being developed. The molds have been ordered.
The tunnel boring machine, the shaft is already excavated which is I would say a spectacular work being done by the GMLR team. And both the TBMs have arrived at the job site. One TBM is already in an advanced stage of assembly and we expect by June end we will do the SAT which is the site acceptance test to start drilling the tunnel and the second machine. One and a half month difference. Yeah.
Vaibhav Shah
So we can see a 30 kind of execution for Chennai project. Around 20% for GMLR in FY27. Yeah.
Nalin J. Gupta
Around 20 to 30% output we should be getting from both these projects.
Vaibhav Shah
Okay, thank you sir. Those are my questions.
Nalin J. Gupta
Thank you very much Weber.
Operator
Thank you. The next question comes from the line of Parikshit Khandpal with HDFC Securities. Please go ahead.
Parikshit Kandpal
Hi sir. Congratulations on a good quarter. So my first question is given the geopolitical issues. So are we facing any slowness in execution in Q1. Do you expect any slow slowing down of work? I mean plant initiated slowdown in H1 because of high commodity prices.
Nalin J. Gupta
Well I would say that there is zero impact due to the geopolitical changes. And things are rather. I would say at least for Maharashtra there is a positive push that’s happening from the CM boardroom where each and every important project, the flagship projects are being monitored on a fortnightly basis and the problem solution is becoming better. So I’m very positive and positive about the whole change. And so there is no negative impact on any of the projects. I would say from these changes everything is in pipeline and it does not being EPC project.
We don’t have any implication in any sort.
Parikshit Kandpal
Some of the peers have highlighted that there has been a labor issue because of elections and significantly cut down. I mean labors have not returned. So what is our current site labor, how much it was at the peak. So if you can give some color whether the labor delay in labour is coming back has impacted execution. And also on the commodity side if you can help us understand what kind of in our order book what is fixed price, what is available pass through commodity price and how are you mitigating it?
Nalin J. Gupta
Well Parikshit, firstly about the labor issue. Yes you are totally correct. There is a cut off around 10 to 15% of labor shortages there at all our sites. And this impact I would say is mainly due to the elections and these April and May month which is every year we face this shortage. It’s nothing new in the industry because it’s the time where people, the neighbors go back to their home for marriages, for farming and all other activities. So this is a routine thing which happens every year without any change.
So it is a temporary issue and nothing alarming. That’s from my side talking about the other thing. I’m sorry one more point. You had made
Parikshit Kandpal
The commodity commodity.
Nalin J. Gupta
So all the contracts without exception are covered under price variation and escalation clauses. So there is no materialistic impact on the price increase due to crude or any other steel prices or something. It’s regular increase and it’s fully covered under price variation and escalation clause. So zero impact on our bottom line
Parikshit Kandpal
In our order books whenever there’s a commodity increase. So do you reprice the orders or so how does it happen from the accounting side? So how do you. So there is no repricing
Nalin J. Gupta
That happens Parikshit. It’s basically there are when you make your monthly running bill that we submit to the department there is a work done billing that has been done based on the milestones or quantities or whatever numbers, how the billing schedule has been distributed and at the bottom of it the last month’s bill, whatever the price variation and escalation is there, it’s been added at the bottom added or deducted depending upon the increase and decrease. So it’s a clear pass through having no impact on the.
And every month it has been generated along with the work done. So a plus B A is work done, B is the price variation so it has no implication
Parikshit Kandpal
And any price escalation, change or plus or minus. So the proving authority is usually the same guy who’s like approving your regular bills or it gets excluded to higher authority for further budget approvals. If there is a major escalation so does it go back to the CM for approvals? How does it happen at the back end? So
Nalin J. Gupta
There is, it’s just like a regular running bill. Even the budget that’s been approved for any project like you know there is a administrative approval authority approval or the government approval at state level wherever the approval happens the budget is for the project and there is a wording that increase or the in Marathi they say means your price variation escalation. That point is written as an additional thing for which no approval is required even from the commissioner. It is regular. The engineer passing the bill approves it along with the monthly bill.
So there is the approval is excluding escalation.
Parikshit Kandpal
Last question. On some of the key projects I think CMS earlier announced Metro Line 8, Gold Line then Metro Line 14 and I think there was also talk of that Vicaroni to Cooper, Kevlar connectors, some large infra projects. So any timelines on how these projects are progressing in terms of getting awarded whether in this financial year or next financial because these are last ticket site orders.
Nalin J. Gupta
So one is, I hope you missed one important project which is this, which is Uttan Virar.
Parikshit Kandpal
Yeah, yeah, sorry, my bad. Yeah. So
Nalin J. Gupta
It’s not a metro corridor, it’s an elevated corridor similar to MTHL and like Coastal Road Because Coastal Road has been awarded till Bahindar.
Unidentified Participant
Yeah
Nalin J. Gupta
Is the last stretch. So from Bahindar which is also called as Uttan. From there it will go till Virar. And that elevated corridor tender would be floated by MMRDA in any time like 3 to 6 months time is what we are expecting as per the information we have gathered. And metro line 5, metro line which is Kalyan Taluja site, that project Metro Line 10 which is from Gaimuk to Daisar and Metro Line 13 and 14. This project switches from Bayandar to Virat. These Metro lines are in advanced stage. And we should see the tender process in next three to six months time.
Parikshit Kandpal
Okay. And any update on the Vicaroli to Cooper Canyon Consoli connector. Is that happening on that shell now?
Nalin J. Gupta
Honestly, I’m not very sure about that. So I wouldn’t like to just make some false. Okay.
Parikshit Kandpal
So all these Metro projects put together. How big is the pipeline for all these projects? 5, 10, 13, 14 and Uttan Vedar. So.
Nalin J. Gupta
So this. If we talk of Uttan Virar alone it is more than 50, 60,000 crores. So altogether 100,000 crores is what we should expect in this one year’s timeline.
Parikshit Kandpal
In one next 12 months almost using 1 lakh crore plus.
Nalin J. Gupta
Yes.
Parikshit Kandpal
Okay. Sure. Sir. That’s only from Maharashtra
Nalin J. Gupta
I’m talking, I’m afraid. Yeah,
Parikshit Kandpal
Yeah. Only from Maharashtra. I know. I mean other states also will contribute. But Maharashtra you have a very significant market share. So just wanted to understand whatever you are guiding. I think this year you said 9,000 to 10,000 crores of inflows. Right? In the guidance.
Nalin J. Gupta
Honestly when we speak of these projects we are not even talking of Maharashtra whole as a per se. Because it’s in and around Mumbai. We are talking of around 100,000.
Parikshit Kandpal
Yeah. But guidance you said is about 9 to 10,000 for this year. And you have already done close to about 6,300.
Nalin J. Gupta
That’s right. See it’s like you know we already had a very bad experience last two years. Yeah. Kumar is very, you know, pessimistic when it comes to margin. We don’t want to bag orders without margin. Is a very, very adamant sort of mindset you can say. Because if there are no margins I just don’t want to drop my capacity and miss the good opportunities going forward. So that’s how we waited for two years. And we have hit an all time high, lifetime high order book of 25,000 crore as we speak now.
And going forward we may do better than what we have committed. But as of now I would just like to stick to 9 to 10,000 crore. We are going forward in Q2 to Q3. We can keep revising these figures. But yes, 9 to 10. Forget 9. 10,000 crore will cross this year.
Parikshit Kandpal
Sure, sir. Thank you, sir. I wish you all the best.
Nalin J. Gupta
Thank you.
Operator
The next question comes from the line of Girija Ray with Nirmal Bang Securities. Please go ahead.
Unidentified Participant
Hello sir. Good afternoon. Thanks for taking my question. So I have three questions. One with regards to margin. Second one is to, you know, cost efficiency level. And third one is so margin we have been maintaining around 14% of margin yearly. Which I see the margin also we are, you know, stick with the margin 14%. So as you mentioned, you know, for 15% kind of margin we can see in FY27. So you know, in fact you have mentioned we have zero impact of the geopolitical incident cost. So I can see if I.
If I’m not wrong. Our construction cost as a percentage of revenue has increased in fourth quarter. So you know, kind of rupee depreciation, you know. So do you think this is. This has impacted this as you are mentioning it is no impact, but I can see there is a cost increase as a percentage of your total revenue. So how is that clearance? What is occurring there?
Nalin J. Gupta
Somehow I. I’m not very, you know clear about what’s your question? Because when I said that the geopolitical changes have increased the price of Pol Diesel the steel prices get impacted. There are certain increase in shipping costs. There is certain implication on the steel prices. So those impacts are basically getting covered somewhere or the other. Like our price escalation and variation clauses. It has four components which is steel, cement, pol and others. So there are. And labor. So there are five parts.
I would say so in parts made somewhere or the other those items they get covered. So this means we have done this matrix of increase decrease many a times what is the actual increase and what is the percentage increase? Because we are being paid on the basis of indices. So the indices do not increase exactly proportionate to that. It does not decrease proportionately to the actual increase or decrease. But when you see as a overall picture in the year’s time, even when there was steel price increase post Covid we could see, we thought that we will be putting a claim on the department for an additional increase in these steep increase in prices of the steel.
But when we calculated tabulated the whole thing on a yearly basis we found that there is no point five percent year and there increase which was like really not even discussable. So we let that point. So there is no impact when I say for these contracts which are on ECC basis having price variation and escalation clauses not have this clause or which are on bot. Those projects are different. So this is irrelevant for us. Yes
Unidentified Participant
Sir. Yes sir. Thank you very much. And the last question will be on order book. So if I see from 1st of April 2026 to 19th May 2026 the order book. This is what you are saying it is 6,000 crore of order inflow. New order inflow. Right. This is EPC project in Maharashtra, EPC project in micro real and yeah, so these are the. You are saying this is excluding our GST, right? 6,000 something.
Nalin J. Gupta
All the order book that we are discussing is without GST. 18,500 of till date till March was also excluding GST and 25000 crore as of today including the L1 of 1770 that we speak of is excluding GHC.
Unidentified Participant
Done. Thank you very much. Thank you and all the best.
Nalin J. Gupta
Thank you.
Operator
The next question comes from the line of Janhvi Mishra with green portfolio. Please go ahead.
Unidentified Participant
Hi, good afternoon sir. Actually most of my questions have been answered broadly. But I would additionally like to ask that certain previous call you had mentioned that the TBM capitalization chain is lowered into the shaft which was like expected around February end and the useful life was guided at three to four years. Now that we are entering Q1FY27 can you quantify the incremental quarterly depreciation impact once the GMLR TBMs become operational?
Nalin J. Gupta
So firstly I would like to clarify that we had not mentioned that the TBM would start in February. But you are partly right because we had mentioned we will start lowering the machine in the shaft from February which we have already started and the machine is in as I had mentioned, the machine is in an advanced stage of assembly and by next month end we will start drilling. So the machine is running well on time and in fact I would say before schedule because it’s just seven months. We started the machine which usually as per the contract period also it was one year and we are doing it in less than nine months.
We are starting the machine as far as depreciation is concerned, we will be doing as per the rules of income.
Unidentified Participant
Depreciation will be as for books of accounts only. Only thing is this machine has been costed into the project.
Nalin J. Gupta
So what we would like to say is that the real depreciation would be more. Because this is a special machine where we have to amortize a majority of the portion on the project but it will be depreciated as per the requirement of the book. So the profit and loss would be seen little differently when you see the books.
Unidentified Participant
Yes sir. So there is no number to like quantify what would be the incremental value.
Nalin J. Gupta
So we’ll have to really work out that number. Janhvi. But yes, as we understand what you are saying and within three years we have to two, two and a half year Is what is our internal target as far as. As per contract I’m entitled for four years. But we will. Our internal target is to complete the project in three, three and a half years. So the TDM would be amortized over these three years instead of like. But when you see in the books it will be as per the rule, eight years or whatever it is. So.
But we will amortize it in three years with faster depreciation if whatever is allowed in the books.
Unidentified Participant
Okay sir. And similarly like how would the finance cost look in coming quarters? Like any incremental value.
Nalin J. Gupta
So the TBM installments that we are supposed to pay because we have taken a period of three years as the term loan for this huge machine. And we want to. We’ll be paying it and we’ll be booking and booking it under expense.
Unidentified Participant
Okay sir.
Nalin J. Gupta
Along with the progress of work the TBM will be fully repaid.
Unidentified Participant
Once the
Nalin J. Gupta
Tunnel is complete, the lower term loan will also be completed. We have an option to early repay the amount that we have kept with the bank. So because we don’t want to keep the loan outstanding and you know a headache to us for the coming years. So we’ll be fully repaying the machine along with the execution.
Unidentified Participant
Okay sir.
Nalin J. Gupta
Thank you.
Operator
Thank you. The next question comes from the line of Siddhant Lod with Sanchi fund. Please go ahead.
Unidentified Participant
A clarify question. When we say order book of 10,000 FY27, is it the order intake or is it something you’re envisaging at that the order book would be at the end of the year.
Nalin J. Gupta
No, no. It is new order intake. Because 25,000 crore you say a top line reduction of 6500 with zero order intake will also stand at around 19,000 crores.
Unidentified Participant
Correct. And this 10,000 includes the existing 4500, right?
Nalin J. Gupta
Yes.
Unidentified Participant
Okay. 6300.
Nalin J. Gupta
4500 is the LOA that we have already. And L1 is 1700 within 15 days to 30 days max. And so additional over and above 6300 around 3700 crore is approximately 3000 crore. Except approximately what we have to book more.
Operator
Thank you.
Nalin J. Gupta
Thank you.
Operator
The next question comes from the line of Nishit Jain with SNJ Investments. Please go ahead.
Unidentified Participant
Yeah. Good afternoon. Can you throw some light on the progress of Varsoadaisar Coastal Road?
Nalin J. Gupta
So Varsoad Isar Coastal Road package B which is from Goregaon Bangunagar to Mindspace. And from Mindspace we have a long connector of 6, 7 km that goes up till Film City connecting our GMLR project. So the approvals of most of the portions have been received. There are some minor approvals that are required from the environmental issues. We have already started the mangrove cutting. We have done 10% mangrove cutting. But that mangroves have been cutting the such a way that the temporary excess bridge which is called as tap the steel bridge through which we enter the sea.
The material has already been procured. The labor contractor is in place and we are starting the tap work so that we can continue our work even in monsoon. So those works are already started. We have already completed more than 100 piles around 14, 15 foundations around 7, 8 Piers has been casted. So the work is started now. And because it was earlier two years were mainly there were a lot of revisions in the alignment. Some additional variation will also be getting attracted because of these changes.
Positive variation. There are some. There were some level changes that they were hitting the Metro Line 7 and Metro Line 2A. So all those things required the entire overall wing of the project alignment and levels. So that has been done. Work has physically started. Foundation works, foundations and substructure works have already started. So now it’s in the proper alignment. Traffic permissions have also been. Okay. So this year we should see a decent amount of top line coming in from that project as well.
Unidentified Participant
Okay. And this is more of a on site work or for this even the casting yard setup and already is done. And
Nalin J. Gupta
These are all from the on site job and casting yard is also being under setup stage. So now we are setting up the casting yard as well.
Unidentified Participant
Okay. Okay. Okay. Okay. Thank you so much.
Nalin J. Gupta
Thank you. Nishit.
Operator
The next question comes from the line of Bhavin Modi from Anand Rati group. Please go ahead.
Unidentified Participant
Hi sir. Thank you for the opportunity. So just wanted to know how much money we have spent on the TBM and how much more capex we are going to do on TBM and how much we have paid and you know what is the loan amount that is we have taken and what is the you know, balance drawdown which is pending. So if you can help with that.
Nalin J. Gupta
Can we talk about these numbers separately? Because I wouldn’t be very comfortable talking about the price of my TBM because this is a price sensitive issue. But there is no additional major capex to be done with regards to tbm. TBM has already been procured, it has been financed and we have paid part of the money. Around 10% is already repaid. So there is no major impact. And the 10% approximately has already been repaid out of that loan. From the receivables and within a period of two and a half to three years what I earlier mentioned will be as along with the progress of the work, it will be fully paid back.
Unidentified Participant
Okay, got it. And second sir, you know there was a tree cutting permission, you know that was required for GMLR from ra. So has the approval been received?
Nalin J. Gupta
Yes, we have received the hundred percent, one hundred percent permission. It was not from RA but it was from Supreme Court. And as I mentioned that the CM ballroom really support us and the permission has been received. Tree cutting and transplantation is already completed and that’s how we have excavated the shaft. And the curtain cover is also being executed. So we are out of the tree issue totally. And that too in some mints. We were done by December. So it’s already in progress in a good speed.
Unidentified Participant
Got it. Thank you sir.
Nalin J. Gupta
Thank you. Babin.
Operator
The next question comes from the line of Shravan Shah with Tollet Capital. Please go ahead.
Shravan Shah
Hi sir. Thank you. Most of the questions has been answered. Just a couple of things to clarify sir. When we are seeing that we are looking at a 15% revenue growth for this year and given obviously the inflow most likely would be up more than 10,000 crore for this year, for next year can we see even higher rate? 18% plus kind of a rate. Because the FY26 whatever we have lost 5600 crore because normally we are. We are going at 15, 16%. So to cover it up. That’s the way one can look at.
Nalin J. Gupta
You can look at that vision. But I wouldn’t commit right now. I just want this things to start moving and going forward Q2 or Q3 we’ll be able to really comment on that. But yes, you are not wrong in a way one can look at. In the way you are saying. Yes.
Shravan Shah
Yeah. Second for this refer 27 for 15% to achieve. So that means from Q1, from this quarter itself can we can we will be seeing at least 10% plus kind of a growth. Because when I’m looking at a number at least it should be there else the second half particularly third and fourth quarter we need to have a 20% kind of a growth needed given whatever is what you have highlighted that the. Whatever the geopolitics is there it is not impacted on the margin front and on the execution. But just trying to get a confidence again.
Nalin J. Gupta
Well, I would say I’m not very sure about Q1. I wouldn’t like to comment at this stage because honestly I have not looked at the inflows as of now but Q2 onwards. Yes. You will be seeing this increase in the similar lines to achieve this 15% top line.
Shravan Shah
Okay. Okay, got it. And in terms of the inflow, you highlighted the opportunity 1 lakh odd crore. So the bigger projects obviously it would be in the different packages. So are there any, any particular specific projects? Because now it is a three, six months that you are saying the tender will come, will be alone, will be bidding or have we already finalized? If we want to have a kind of a gmlr we can go with a JV also.
Nalin J. Gupta
So Shravan, this will be a project specific calls depending on the size of the project and nature of the project. Where there are. Wherever J. Kumar qualifies independently, surely we’ll be going independently. There are certain projects where joint venture will be required from financial or technical point. So there if joint venture is required, we’ll be going in jv. So it would be a very project specific call. So generalizing it wouldn’t be right from my side.
Shravan Shah
Yeah, no, my, my point. I was trying to understand that because we are already 6,300 crore inflow is there. Why can’t we have. I think we should be having at least 13 to 15,000 crore kind of inflow given the opportunity. And as you are saying the tendering most likely would be happening. Awarding though it may be a. Maybe a third quarter or fourth quarter but that should be there. So we should not be minding even. Even going for a 15,000 crore kind of inflow.
Nalin J. Gupta
So if you remember in 2024, Shravan, we had bagged orders worth around 11,000 crores. So it’s not the capacity that the company whether like we don’t have a capacity to bag orders more than 10,000 crore. I just want to be very realistic and little bit on the safer side because last two years we just made 2,500 and 1,000 crore which was. Was much, much lower as compared to our expectation. So that’s how. I just want to be very realistic of talking right now. As I said that we have not even completed Q1 and we have bagged orders worth around 6300 crores.
But again the question comes in where there are a lot of talks happening that these projects will come in three to six months or nine months or 12 months. But if it slips again the timing these orders are placed and orders are being issued. And secondly the quantum of coming in together because depending on the aggression people have and the mentality that Jay Kumar has that we don’t want to bag orders without our Margin. I just want to. I’m very optimistic that yes, we will cross 10,000 crores.
Because I have mentioned when I started, I think I mentioned 9 to 10,000 crores. But I’m sure that we’ll be able to cross this 10,000 mark even this year given an opportunity we can even back 20,000 crores. So it is not that we are not resting that we have a mindset of staying at 10,000 crore. I hope this clarifies your question.
Shravan Shah
Yeah. Lastly sir, this 100 crore investment that we have done, investment property in Vizag. Just wanted to get a clarity when this will be. We will be getting back by Q2 itself and broadly relative kind of 70, 80 crore kind of a profit that we will be having on that.
Nalin J. Gupta
So I don’t want to comment on the exact number that we’ll be making. But to clarify, out of the 106 crore of the loan that we’ve taken for PSL, 90 crore has already been paid back by selling the plant and machinery as well as the internal accruals. And still the majority, the land sale amount is still pending which are. Which is very close to the. Looking at the high demand in that area of Chennai for new data center coming up, I think that we should be able to make in Vizag. Sorry. We should be expecting good profitability and ROI on this overall asset.
Shravan Shah
So broadly by Q2 this will be out of our balance at whatever the 100 or crore
Nalin J. Gupta
It should be out.
Shravan Shah
Okay. Okay. Thank you and all the best, sir.
Nalin J. Gupta
Thank you. Shubhar.
Operator
A reminder to all participants. You may press star and one to ask a question. The next question comes from the line of Chandramouli Jagannath, an individual investor. Please go ahead.
Unidentified Participant
Hello sir, how is the Chennai flyover projects are going now? Sir. Because why I’m asking this question is there is a new government formation happened. I believe it is a state government project.
Nalin J. Gupta
Well, so the project is in advanced stage and means I, you know my brother looks after that project to be honest. So I just don’t want to make any loose comments. But yes, the project is well online. It’s online going on well. And you know I’ll just say one thing. If a project is to be started, the change of government can have an impact whether it can have some negative impact or not. But once the project is already started on the ground physically and its substantial portion has already been completed, there is no negative impact that it can have or any government wouldn’t like to.
You know, in the middle of the road you have already Dug and you have completed foundation substructure, stuff like that and you stop it. That’s. I think that’s a very very negative thing. Any state, any change in political party can do so unless the project is not started, it can have an impact. But this project of finding crore is. There is no question of any impact that we can see from that area.
Unidentified Participant
Okay, how is it progress in there when it is. How much time will it take to
Nalin J. Gupta
It’s going on? Well, we have already completed 50% of the project progress in that project. So it’s on time and we are not delayed in that project at all.
Unidentified Participant
When it comes to a working capital, you have done a great job. Large financial year. Is there any further scope for improvement?
Nalin J. Gupta
As we have mentioned that we expect to increase our EBITDA by 1%. That’s from 1415-15 to 16 is what our endure is. Because if you look at our employee cost and other factors, it’s still remaining in the same percentage. So as a overall thing I think we should be able to improve this going forward.
Unidentified Participant
Okay. Okay, great. Then when you are talking about 15% top line growth and also talking about 15% bottom line growth when there is efficiency and things like that comes in the bottom line should go slightly above and the top line. Right.
Nalin J. Gupta
You’re very right, Chandra Modiji. And that’s how we have mentioned that we expect in six to eight quarters we should be able to further increase some basis point in terms of the ebitda.
Unidentified Participant
Okay. Your valuation right now is so attractive compared to EBITDA on the cash flow. Why don’t you think of some buyback plans and things like that since you have a cash surplus. Be great for you and other shareholders.
Nalin J. Gupta
Your point is well noted and that’s on our cards. Just waiting for some financial comfort that we need. Because if you see that even with the increase in the order book and top line, we haven’t increased our debts but in fact we have reduced our debts. So firstly we are trying to cover up the financial requirements of the company. And yes, as you have rightly mentioned, that’s enough on our cards. And we are very positively looking towards it.
Unidentified Participant
And generally this is my humble request because more than giving a dividend buyback now the taxes become little attractive for you guys as well as us. No. So maybe you can think of buyback. I mean this might just suggestions.
Nalin J. Gupta
See I’ll tell you one thing now like paying dividend has been a historical thing of Jay Kumar. So there was a discussion even in this board meeting that Instead of paying the dividend should we think of doing a buyback? But we thought that you know it’s okay sharing 10% approximately of your bottom line investors should be benefited first. So the direct benefit we didn’t want it to restrict and otherwise as I said this was a discussion in our board meeting yesterday that we do the buyback and not pay dividend this year.
So it was a double sided sword. Some investors wouldn’t like it and some investors would see it as a positive change because the stock market prices would go on a positive side. But we decided to go paying with the dividend but going forward this is on our cards.
Unidentified Participant
Okay, thank you sir. Thanks. Thank you. Thank
Nalin J. Gupta
You. Thank
Operator
You. The next question comes from the line of web of Shah with JM Financial Please go ahead
Vaibhav Shah
Yeah, thanks for the follow up. Just one question on depreciation so it was around 66 crores in Q4 which was a sizable jump from roughly 4045 crore quarterly trend so how do you say it going forward?
Unidentified Participant
So going forward it will be more or less on the same line because if you see in financial year 25 we have made capex of about 280 crores and in current year we have done capex of about 400 crores so in last two years if you see 600 crores capex has been done so going ahead it will be little bit elevated and to a certain extent rate
Vaibhav Shah
So quarter of 65 crores should be a record number now
Unidentified Participant
Yes Correct. Yes.
Vaibhav Shah
Oh okay thank you
Unidentified Participant
Thank you
Operator
The next question comes from the line of Dinesh with KTI creation Please go ahead. Dinesh please go ahead with your question and unmute your line. Are you there?
Unidentified Participant
Yes you are audible. Difference so much positive point Political stability 23 24,000 years. Ah positive point.
Nalin J. Gupta
Jiswap billion dollar revenue target Battayata Usami dollar rate 75 rupees. Fy 27 increase next year I would say from the target that we had given so dollar increase so that was we when we spoke of we were considering we were talking with the dollar value as 75. Giving a increase of on a year on year basis Lake in Jesse Apna Kahaki is Salka order inflow Salka Jo Gapi Jokari Sariti Nazar Karo Joki at least Karna Chi. We should be able to match the 7,500 crore top line that yet guided but let’s see or book so maybe positive site may but as of now.
Unidentified Participant
Domestic company.
Nalin J. Gupta
Second point prices increase dollar Price increase decrease imports yes dollars Japanese yen. Price escalation and that is how Hamari Puch contracts. Because we have lot of. That was surely with reference to the.
Operator
Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Dr. Nalin Gupta for the closing comments.
Nalin J. Gupta
Thank you everyone. We remain committed to disciplined execution, agility in dynamic market environment, and delivering transformative infrastructure projects that support economic progress at scale backed by the strength of our people and a clear strategic vision. I am confident that the year ahead will mark the beginning of a stronger growth trajectory and create lasting value for all the stakeholders. Please feel free to to reach out to our IR team for any clarifications or feedback. Thank you everyone and have a great day.
Operator
Thank you sir. On behalf of J. Kumar Infra Projects Ltd. That concludes this conference call. Thank you for joining us and you may now disconnect your lines.