1. Opening Hook
Just when you thought India’s infrastructure push would steamroll everything, themonsoonsaid, “Hold my umbrella,” and drenched Q2 execution across the country. But J. Kumar Infraprojects showed up anyway—with wet boots, steady margins, and an order book big enough to fill a metro train.
The company blamed the rain for the slower topline, but proudly flexed its INR 20,160 crore order book like a gym bro showing deltoids. TBMs are being assembled, metros are humming, flyovers rising—and management insists thebestwork is yet to pour in.
Strap in—because the real thrill begins when GMLR, metro corridors, river bridges, and coastal roads hit peak execution. Read on… the good stuff arrives after the next turn.
2. At a Glance
- Revenue – INR 2,826 cr (H1)– Up 10%: Even monsoon couldn’t totally wash it away.
- EBITDA – INR 411 cr– Up 10%: Margin held like Fevicol at 14.6%.
- PAT – INR 195 cr– Up 10%: Solid, not spicy.
- Order Book – INR 20,160 cr– Enough to keep crews busy till 2028.
- Order Inflows H1 – INR 150 cr– Rains rained down on order season too, apparently.
- Net Debt – INR ~770 cr– Yet net debtnegativeif adjusted for cash… flex accepted.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
Quote:“Despite a heavy and extended monsoon, we saw balanced performance.”(Translation: The sky poured, the sites flooded, but somehow we delivered.)
Quote:“We continue to qualify and win technically demanding projects.”(Translation: If it’s complex, expensive, risky—we’re interested.) 😏
Quote:“Order inflow for FY26 expected around INR 5,000–6,000 crores.”(Translation: Assuming India stops raining for five minutes.)
Quote:“GMLR TBM has arrived and is under assembly.”(Translation: Our tunnel dreams are finally materializing… bolt by bolt.)
Quote:“Chennai Elevated Corridor is running in full swing.”(Translation: Except when monsoon decides to drop by uninvited.)
Quote:“Margins of 14–15% are stable and secured.”(Translation: Don’t worry, we aren’t bidding like desperate contractors.)
Quote:“QIP is just an enabling resolution; no immediate plan.”(Translation: We are not diluting at today’s PE. Please relax.) 🙏
Quote:“Mobilization advances INR 900 cr, interest-bearing only INR 500 cr.”(Translation: We’ve mastered the art of using client money effectively.)
4. Numbers Decoded
Metric H1 FY26 H1 FY25
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Revenue 2,826 cr 2,574 cr
EBITDA 411 cr 373 cr
EBITDA Margin 14.6% 14.5%
PAT 195 cr 177 cr
Order Book 20,160 cr 19,500+ cr (approx)
H1 Order Inflow 150 cr ~Higher Base
Working Capital 775 cr 696 cr
Mobilization Advance 900 cr 800+ cr
Non-Fund Based Limits 5,000 cr 75% utilized- Revenue grewdespiterains—in EPC world, that’s Olympics-level performance.
- Order inflow weak, but L1 of INR 1,200 cr cushions the fall.
- TBM capex hits CWIP like a sledgehammer.
- Margins? Consistent like Mumbai traffic—never surprising.
5. Analyst Questions (Decoded)
Q:Will you hit INR 6,500 cr revenue guidance?A:No, rain destroyed Q2. INR 6,200–6,300 cr is realistic.(Translation: God forecast > management forecast.)
Q:Any slowdown in orders?A:Some, but we’re bidding across 7 states, so we’re hedged.(Translation: Someone somewhere always has money to spend.)
Q:Why QIP?A:Only if needed, only if big capex arrives.(Translation: We won’t dilute simply because the SEBI form exists.)
Q:Status of GMLR tunnel project?A:TBM arrived, 700 rings cast, excavation on.(Translation: The monster machine has woken up.)
Q:Margins sustainable?A:Yes—price variation covers steel, cement, POL, AND
