J Kumar Infraprojects has scheduled its 27th Annual General Meeting (AGM) for Tuesday, September 22, 2026, proposing a final dividend of ₹4 per equity share for FY26. The Board also recommended the appointment of M/s. S P M L & Associates as the new statutory auditors.

The meeting will be held at Vaishnavi Banquets in Mumbai. Shareholders on record as of Tuesday, September 15, 2026, will be eligible to vote and receive the dividend payout. The register of members and share transfer books will remain closed from September 16 to September 22, 2026.

Key Resolutions

The agenda includes several ordinary and special business items:

• Adoption of standalone and consolidated audited financial statements for the financial year ended March 31, 2026.
• Reappointment of Mr. Pravin Ghag as Executive Director, who retires by rotation.
• Appointment of M/s. S P M L & Associates as statutory auditors for a five-year term.
• Ratification of remuneration for cost auditors M/s. Kirit Mehta & Co. LLP.

Auditor Transition

M/s. Todi Tulsyan & Co., which served as statutory auditors since the 22nd AGM in 2021, will complete its tenure upon the conclusion of this AGM. The Board proposed M/s. S P M L & Associates for a five-year term starting from the conclusion of the 27th AGM until the 32nd AGM. The proposed remuneration for the new auditors is ₹50 lakhs for FY27, excluding taxes and out-of-pocket expenses.

Voting Process

Remote e-voting will be open from Saturday, September 19, 2026, at 9:00 am to Monday, September 21, 2026, at 5:00 pm. Members holding shares as on the cut-off date can cast their votes electronically via NSDL. The scrutinizer for the voting process is Mr. Dhrumil M. Shah of Dhrumil M. Shah & Co. LLP.

J. Kumar Infraprojects reported a 2% year-on-year increase in consolidated revenue from operations to ₹1,511 crore for the quarter ended June 30, 2026 (Q1FY27). Despite the top-line growth, net profit after tax (PAT) moderated by 6% to ₹97 crore, down from ₹103 crore in Q1FY26. The divergence between revenue growth and profit decline highlights margin pressure during the quarter, although the company’s order book expanded to ₹22,246 crore, signaling sustained future execution potential.

The results were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. EBITDA declined slightly by 1% to ₹215 crore, with the EBITDA margin contracting to 14.1% from 14.6% in the corresponding quarter of the previous year. Profit before tax (PBT) fell by 4% to ₹138 crore. Cash PAT, however, remained resilient, rising 1% to ₹149 crore compared to ₹148 crore in Q1FY26.

Financial Performance

For the full fiscal year FY26, revenue stood at ₹5,723 crore, up 1% from ₹5,693 crore in FY25. PAT for FY26 was ₹387 crore, a 1% decline from ₹391 crore in FY25. The annual EBITDA margin remained stable at 14.4% versus 14.5% in the prior year.

Balance Sheet and Order Book

As of June 30, 2026, J. Kumar Infraprojects maintained a net debt position of negative ₹45 crore, indicating strong liquidity. Working capital days increased to 103 days for Q1FY27, up from 99 days in FY26. The total order book grew to ₹22,246 crore. Elevated Corridors and Flyovers constitute the largest segment at approximately 48%, followed by Roads & Road Tunnels at 20%, Metro projects at 9%, and others at 23%.

Management Guidance and Outlook

During the earnings conference call held on August 07, 2026, Managing Directors Nalin Gupta and Kamal Gupta provided forward-looking guidance for FY27. The company targets a revenue growth of 15%, aiming for a top line close to ₹6,500 crore. Order inflow guidance is set between ₹8,000 crore and ₹10,000 crore for the year. Currently, the company has secured orders worth ₹5,500 crore in Q1FY27, with an additional Letter of Intent (L1) position of ₹1,500 crore for a Delhi Metro underground project expected to convert in Q2FY27.

EBITDA margins are projected to range between 14% and 15% for FY27, with management expressing intent to improve margins by 50-100 basis points over time. Capital expenditure (capex) is guided at ₹150 crore per year for the next two years, including maintenance capex. Gross debt equity ratio stands at 0.24, with gross debt at ₹840 crore primarily driven by term loans for Tunnel Boring Machines (TBMs) and Chennai project capex.

Project Execution Updates

Execution on key projects remains on track despite initial delays. The Chennai elevated corridor project, comprising four National Highway Authority of India (NHAI) packages worth ₹3,570 crore and one state government package worth ₹580 crore, is progressing well. The state government package is 65% complete with handover planned by March 2027. The NHAI packages are around 20% executed, with completion targeted by December 2028 after receiving timeline extensions due to Cooum river restrictions.

The Greater Mumbai Local Rail (GMLR) project saw its first TBM ready for launch, with physical drilling imminent pending final political clearance. The second TBM assembly is advanced, with launch expected within two months. Initially delayed due to tree-cutting permissions and land acquisition, the project now targets internal completion by June 2029, reducing the potential two-year extension to one year or less.

The Anand Nagar Saket project in Mulund is 15% complete, with all site handover issues resolved. Completion is scheduled for October-November 2028. The Vadhvan project mobilization is underway, with actual excavation starting post-monsoon in October 2026 after land acquisition and forest permissions are finalized.

What the Numbers Show

While revenue growth confirms continued demand for urban infrastructure projects, the contraction in both EBITDA and PAT margins suggests cost pressures or project mix challenges in the current quarter. Nalin J. Gupta, Managing Director, attributed the margin moderation to timing-related factors and an evolving mix of projects under execution. External factors, including BMC water usage restrictions and geopolitical tensions, temporarily tempered growth. However, the stability of cash PAT despite lower accrual-based PAT indicates healthy cash collection practices, supporting the management’s assertion of adequate liquidity and operational resilience. The strong bid pipeline of ₹50,000 crore to ₹1 lakh crore over the next 9-12 months positions the company for accelerated execution in coming quarters.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE576I01022/53455d8d-5bc2-450f-9aad-a3e17eaf116f.pdf