Synopsis: J. Kumar Infraprojects Limited posted consolidated revenue of Rs. 5,723 crores for FY26, up 1% year-on-year, with PAT at Rs. 387 crores. The infrastructure EPC player’s order book stood at Rs. 18,554 crores as of March 2026, with an additional Rs. 4,556 crores already awarded in FY27, signalling strong future growth momentum.
J. Kumar Infraprojects Limited (JKIL), a leading EPC contractor specialising in urban infrastructure, released its investor presentation for Q4 and FY26 on May 19, 2026, alongside its audited financial results filing with the BSE and NSE. The filing was submitted under the signature of Executive Chairman Jagdishkumar Madanlal Gupta.
On a consolidated basis, JKIL reported revenue from operations of Rs. 5,723 crores for FY2025-26, a marginal 1% increase over Rs. 5,693 crores in FY25. For the fourth quarter, revenue came in at Rs. 1,585 crores, down approximately 3% year-on-year from Rs. 1,633 crores in Q4FY25.
While the top-line growth was modest, the sequential improvement was notable: Q4FY26 revenue was up 20.9% compared to Q3FY26’s Rs. 1,311 crores, reflecting the company’s typical pattern of back-ended revenue recognition in infrastructure projects.
EBITDA for FY26 was Rs. 823 crores, marginally down 0.4% from Rs. 826 crores in FY25, with EBITDA margin holding steady at 14.4% versus 14.5% in the prior year. For Q4FY26, EBITDA was Rs. 224 crores versus Rs. 235 crores in Q4FY25 a 5% decline year-on-year. EBIT for the full year came in at Rs. 706 crores, up 2% from Rs. 691 crores in FY25, with EBIT margin improving to 12.3% from 12.1%.
PAT for FY26 stood at Rs. 387 crores, a slight 1% decline from Rs. 391 crores in FY25, with PAT margin steady at 6.8%. However, Cash PAT which adds back depreciation and reflects actual cash earnings power rose 4% year-on-year to Rs. 583 crores from Rs. 560 crores, underscoring the capital-intensive but cash-generative nature of the business. For Q4FY26 specifically, Cash PAT jumped 11% year-on-year to Rs. 176 crores, indicating accelerating underlying profitability.
The company’s order book remains a key highlight. As of March 31, 2026, JKIL’s outstanding order book stood at Rs. 18,554 crores providing approximately 3.2x revenue visibility based on FY26 revenues. Impressively, orders worth Rs. 4,556 crores have already been awarded in FY2027 year-to-date, suggesting an active bidding pipeline and strong client relationships across public sector infrastructure agencies.
Segment-wise, Roads & Road Tunnels was the dominant revenue contributor in Q4FY26 at 36% of quarterly revenues, while Metro Underground contributed 18% and Metro Elevated added 21%.
For the full year, Elevated Corridors/Flyovers led at 29%, followed by Metro Elevated at 25%, Roads & Road Tunnels at 18%, Metro Underground at 11%, and Water, Civil & Others at 17%. Geographically, Maharashtra accounted for 63% of FY26 revenues, with the NCR region contributing 19% and Tamil Nadu at 11%.
On the balance sheet, total assets grew to Rs. 6,197 crores in March 2026 from Rs. 5,665 crores a year ago. Cash and cash equivalents improved meaningfully to Rs. 203 crores from Rs. 68 crores. Gross debt declined to Rs. 617 crores in FY26 from Rs. 696 crores in FY25, with the gross debt-equity ratio improving to 0.18x from 0.23x a sign of conservative financial management.
The net debt equity ratio remained negative at (0.08)x, meaning the company is effectively net cash positive when including bank balances. JKIL carries a credit rating of ICRA A+/Positive for both fund-based and non-fund-based limits, reflecting lender confidence.
Working capital days improved further to 99 days in FY26 from 112 days in FY25, while ROCE came in at 18.4% and ROE at 12.1% both healthy metrics for an infrastructure EPC company of this scale.
Shares of J.Kumar Infraprojects Limited declined 2.37% to Rs. 471.30 on May 20, 2026 around 11:11 IST, compared to the previous close of Rs. 482.75. The stock opened at Rs. 482 and traded between Rs. 470.95 and Rs. 482.75 during the session. Around 0.53 lakh shares were traded with a total traded value of Rs. 2.52 crore, giving the company a market capitalization of about Rs. 3,566 crore.
Company Overview
J. Kumar Infraprojects Limited, incorporated in 1999 and headquartered in Mumbai, is a specialist urban infrastructure EPC company with over four decades of legacy under the founding vision of Mr. Jagdishkumar M. Gupta. The company is qualified to undertake both elevated and underground metro projects, flyovers, bridges, road tunnels, water infrastructure, and civil construction. Currently executing over 40 projects simultaneously with a combined order book of Rs. 18,554 crores, JKIL has a presence across Maharashtra, NCR, Tamil Nadu, Gujarat, Uttar Pradesh, and Karnataka.
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