NSE: JKIL · BSE: 532940
JKUMAR INFR.LTD.
Executes civil construction contracts for urban transport infrastructure — metros, elevated corridors and flyovers, roads, and tunnels — for government clients, primarily in Maharashtra and other Indian states. Revenue in FY26 came in at ₹5,723 crores, with the order book composition skewed heavily toward elevated corridors and flyovers (51% of order book), followed by road/tunnel (18%), metro (11%), and others (20%). Materials are by far the largest input, making up 65.6% of revenue, with employees at 7.4%, other operating expenses at 12.6%, and depreciation at 3.4%; capex intensity runs at 8.2% of revenue. The company is debt-free with a net cash position of ₹264 crores, working capital days improved to 99 from 112, and operating cash flow jumped to ₹1,128 crores from ₹376 crores the prior year. The order book reached a lifetime high of approximately ₹25,000 crores after ₹6,300 crores of new orders (including L1 positions) were secured in Q1 FY27, with ₹4,556 crores awarded in FY27 year-to-date as of the latest disclosures. Key projects underway include the GMLR tunnel (TBMs on site, SAT expected around June 8) and Chennai metro (50% complete); the company also flagged a ₹100,000 crore infrastructure pipeline in Maharashtra alone over the next 12 months. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Elevated corridors and flyovers (51%), Road and tunnel (18%), Metro rail (11%), Others (20%). Asset-heavy, project-execution civil construction with long-duration contracts and working capital tied up in receivables and inventory
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 4,879 | 5,693 | 5,723 |
| EBITDA (ex other income) | 704 | 826 | 812 |
| margin % | 14.4 | 14.5 | 14.2 |
| Owners' profit | 0 | 0 | 387 |
| EPS, as reported (₹) | 43.71 | 51.70 | 51.13 |
| ROE % · ROCE % | 12.5 · 19.2 | 13.0 · 20.3 | 11.5 · 17.8 |
| Debt / equity (x) | 0.22 | 0.23 | 0.18 |
| Cash from operations | 339 | 376 | 1,128 |
| Capex | (218) | (235) | (469) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,292 | 1,487 | 1,633 | 1,484 | 1,343 | 1,311 | 1,585 | 1,511 |
| Profit before tax | 122 | 136 | 157 | 145 | 124 | 110 | 148 | 138 |
| Net profit | 90 | 100 | 114 | 103 | 91 | 83 | 110 | 97 |
| EPS (₹) | 11.92 | 13.21 | 15.09 | 13.67 | 11.97 | 10.92 | 14.58 | 12.88 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.1 | 13.5 | 29 of 101 | 72% |
| P/B | 0.9 | 1.3 | 31 of 85 | 64% |
| ROCE | 13.5 | 10.0 | 37 of 107 | 66% |
| ROE | 11.5 | 9.1 | 33 of 87 | 63% |
| Debt / Equity | 0.2 | 0.4 | 25 of 87 | 72% |
| EBITDA margin | 15.5 | 12.4 | 35 of 88 | 61% |
| Revenue growth | 1.8 | 6.2 | 50 of 86 | 42% |
| Profit growth | (5.8) | 2.7 | 50 of 84 | 41% |
| Market cap | 3087 | 456 | 25 of 107 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance filing: RTA certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Senior Management Personnel resigns from J. Kumar Infraprojects | management changes | medium | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · 27th AGM held; all 6 resolutions passed including dividend and new auditor | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · J Kumar Infraprojects 27th AGM outcome: dividend declared, new auditor appointed | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · J Kumar Infraprojects to attend Anandrathi G20 Summit on Sep 21 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · J. Kumar Infraprojects appoints Milind Wani as Chief HR Officer | management changes | medium | — | — |
| 31 Aug 2026 · J Kumar Infraprojects publishes 27th AGM notice in newspapers | compliance | minimal | — | — |
| 31 Aug 2026 · 27th AGM notice and FY25-26 annual report web-link sent to shareholders | compliance | minimal | — | — |
| 27 Aug 2026 · Revised Record Date for FY26 Final Dividend of Rs.4 per Share | corporate actions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.