1. At a Glance
J Kumar Infraprojects Ltd is that mid-sized EPC contractor which looks boring on paper and then suddenly drops a ₹19,000+ crore order book like a plot twist in the second half of a Bollywood thriller. Market cap of ~₹4,300 Cr, stock chilling at ₹568 (down ~29% in one year), ROCE flirting with 20%, and a P/E of just ~10.7 — this is not your typical frothy infra darling.
But don’t get carried away yet. This company also comes with ₹2,800+ Cr contingent liabilities, 23% promoter pledge, a history of flyover collapses and pothole scandals, and debt that refuses to go below ₹700 Cr.
Latest quarterly numbers? Q3 FY26 revenue ₹1,306 Cr, PAT ₹84 Cr, margins steady but growth clearly on a chai break. Order inflows look chunky, execution is the real boss fight.
So is this a misunderstood metro specialist trading cheap, or a governance headache wrapped in concrete and rebar? Let’s put on the helmet and dig.
2. Introduction – Welcome to India’s Most Dramatic Construction Site
Infrastructure investing in India is not for the faint-hearted. It’s like watching a cricket match where rain, politics, auditors, and working capital all want a piece of the pitch. J Kumar Infraprojects lives right in the middle of this chaos.
Founded as a civil contractor and now one of the few companies in India capable of executing underground metro projects, JKIL has built its reputation under Mumbai, Delhi, and pretty much anywhere concrete dust can travel.
But here’s the irony: while the company literally builds roads and metros, the stock price has spent the last year digging its own tunnel downward.
On one hand, you have:
- Metro expertise
- TBM ownership (8 machines — India’s flex)
- Strong public-sector client list
- Multi-year revenue visibility
On the other:
- Blacklisting history
- Flyover
- collapses
- Promoter pledges
- Fat contingent liabilities
This is not a “sleep well at night” stock. This is a “read every footnote twice” stock. Ready?
3. Business Model – WTF Do They Even Do?
J Kumar Infraprojects is a hardcore EPC contractor. No asset-light fairy tales here. They bid, they build, they bleed working capital, and they wait for government payments like every other EPC warrior.
Core verticals:
- Metro Projects (Elevated + Underground)
- Flyovers, Roads & Bridges
- Civil, Water & Miscellaneous Infrastructure
The real differentiator? Underground metro execution. Very few Indian EPC players can handle TBMs, tunneling risks, and urban chaos simultaneously. JKIL can. That’s why they keep getting invited to Mumbai Metro Line 3 and similar nightmares.
Revenue mix has evolved:
- Metro contribution has come down
- Roads and flyovers have gone up
- Civil and water projects quietly growing
This diversification is good — metros are technically sexy but slow and risky. Roads pay faster and hurt less (usually).
Ask yourself: do you want a company that builds glamorous underground metros or one that gets paid on time?
4. Financials Overview
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,306 | 1,487 | 1,337 | -12.2% | -2.3% |
| EBITDA | 189 | 219 | 194 | -13.7% | -2.6% |
| PAT | 84 | 100 | 91 | -16.0% | -7.7% |
| EPS (₹) | 11.08 | 13.18 | 12.09 | -15.9% | -8.4% |
