J Kumar FY26 PAT at ₹387 crore, targets 15% growth in FY27
J. Kumar Infraprojects Limited reported a 1% increase in revenue to ₹5,723 crore for FY26, with PAT at ₹387 crore. The company maintains a cash-positive status with a net debt of negative ₹264 crore. The order book stands at ₹18,554 crore, bolstered by new orders of ₹4,500 crore and L1 status of ₹1,770 crore in the current fiscal. Management has guided for 15% growth in revenue and PAT for FY27, targeting revenue exceeding ₹6,500 crore and improved EBITDA margins of 15-16%.
*this image is generated using AI for illustrative purposes only.
J. Kumar Infraprojects Limited reported a profit after tax (PAT) of ₹387 crore for the fiscal year ended March 31, 2026, on revenue from operations of ₹5,723 crore. The company described FY26 as a year of consolidation, with operating and financial performance moderating compared to the previous fiscal due to external factors that temporarily slowed execution. Despite these challenges, the company maintained a strong balance sheet and adequate liquidity, evidenced by a net debt position of negative ₹264 crore, indicating a cash-positive status.
Financial Performance
For the full year FY26, revenue from operations increased by 1% to ₹5,723 crore compared to ₹5,693 crore in FY25. EBITDA stood at ₹823 crore, slightly lower than the ₹826 crore recorded in the previous year, resulting in an EBITDA margin of 14.4%. In the fourth quarter of FY26, revenue moderated by 3% to ₹1,585 crore, while EBITDA declined by 5% to ₹224 crore and PAT decreased by 5% to ₹110 crore. Working capital days improved to 99 days from 112 days in FY25.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 5,723 | 5,693 | 1% |
| EBITDA (₹ crore) | 823 | 826 | -0.4% |
| EBITDA Margin (%) | 14.4 | 14.5 | -10 bps |
| PAT (₹ crore) | 387 | 391 | -1% |
| PAT Margin (%) | 6.8 | 6.9 | -10 bps |
Order Book and Outlook
The total order book as of March 31, 2026, stood at ₹18,554 crore. Management stated that the current fiscal has already seen significant order intake, with bookings exceeding ₹4,500 crore and an additional L1 status of ₹1,770 crore, totaling approximately ₹6,300 crore. The company expects order inflows to reach between ₹9,000 crore and ₹10,000 crore for FY27. Looking ahead, the company has guided for a 15% growth in both the top line and bottom line, targeting revenue in excess of ₹6,500 crore. Management expects EBITDA margins to improve to the 15-16% range.
Operational Updates
Management provided updates on key projects, including the GMLR and Chennai NHAI projects. At the GMLR site, over 3.5 kilometers of tunnels have been cast in the casting yard, and both Tunnel Boring Machines (TBMs) have arrived. The company expects to commence drilling by June 8, 2026. For the Chennai project, foundation and substructure work are underway, and the casting yard is fully operational with segment casting already started. Execution contributions from these new orders are expected to begin from Q2 or Q3 FY27. The capital expenditure plan for FY27 and FY28 is estimated between ₹200 crore and ₹250 crore annually.
Historical Stock Returns for J Kumar Infraprojects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.20% | +6.22% | -2.68% | -14.35% | -30.46% | +186.30% |
What specific strategies will the company employ to achieve the guided 15% top-line growth given the moderation in execution seen in FY26?
How does the company plan to utilize its cash-positive balance sheet to support the anticipated increase in capital expenditure over the next two years?
What are the expected revenue contributions from the GMLR and Chennai NHAI projects once they ramp up in Q2 and Q3 FY27?
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