This article first appeared on GuruFocus .
Release Date: November 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
J Kumar Infraprojects Ltd ( BOM:532940 ) reported a 10% growth in revenue for H1 FY26, reaching 2,826 crores compared to the previous year.
-
The company's operating margin improved slightly to 14.6% from 14.5% in the previous year.
-
The order book remains robust at 20,160 crores, with significant contributions from metro projects, elevated corridors, and road and tunnel projects.
-
The company has secured around 150 crores in projects and is L1 in a 1,200 crore convention center project in Lucknow, indicating strong future order inflows.
-
J Kumar Infraprojects Ltd ( BOM:532940 ) maintains a positive outlook with plans to achieve an order inflow of 5,000 to 6,000 crores for FY26, supported by a diverse project pipeline across multiple geographies.
Negative Points
-
The extended monsoon season negatively impacted execution, affecting the company's top-line growth.
-
The company has slightly lowered its revenue guidance for FY26 from 6,500-6,600 crores to 6,200-6,300 crores due to weather-related delays.
-
There is a slowdown in order inflows for EPC companies, which could impact future growth if not addressed.
-
The company has a significant CapEx plan of 500 crores for the year, which may strain financial resources if not managed carefully.
-
Despite a strong order book, the company faces challenges in maintaining growth momentum due to external factors like weather and project-specific delays.
Q & A Highlights
-
Warning! GuruFocus has detected 3 Warning Sign with BOM:532940.
-
Is BOM:532940 fairly valued? Test your thesis with our free DCF calculator.
Q: Can you provide details on the order inflows and whether you can sustain your target of 4,000 to 5,000 crores for the financial year? Are there any industry-level headwinds affecting order inflow? A: We have secured around 150 crores of projects and are L1 in a 1,200 crore convention center in Lucknow. We are confident of achieving an inflow of 5,000 to 6,000 crores in FY26, aiming for a closing order book of 20,000 to 23,000 crores by March 2026. We do not see any industry-level headwinds at this time. - Kamal Gupta, MD
Q: Are you maintaining the 15% growth guidance for FY26? A: We are striving to achieve our previous guidance of 6,500 crores but expect to reach around 6,200 to 6,300 crores, which would represent an 11% year-on-year growth. The lower growth is due to a challenging Q2 impacted by heavy rainfall. - Vasan Sawla, CFO
Q: What is the status of the major projects like the Chennai elevated corridor and the GMLR project? A: The Chennai elevated corridor is progressing well with casting yards operational and significant progress in piling and substructure work. For the GMLR project, the TBM has reached the site, and we have cast over 700 rings. The main shaft excavation is ongoing, but significant revenue will start once tunneling begins. - Kamal Gupta, MD
Q: Can you elaborate on the margin guidance for FY26? A: We have achieved an EBITDA margin of 14.6% and expect to maintain a margin between 14% to 15% for the year. We aim to increase this to 15% to 16% in the coming years. The PAT margin is around 7%, which we also plan to maintain. - Kamal Gupta, MD
Q: What is the current status of the VSO coastal road project? Has the department received the High Court NOC? A: We have received stage one and are in the final stages of obtaining stage two permissions. We have also received MPCB and CRZ permissions. Some tree-cutting permissions are awaited, and we have completed six foundations in the roadside stretch. The casting yard land is identified, and preliminary works have started. - Kamal Gupta, MD
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
