When most infra companies cry about debt, J. Kumar coolly reported negative net debt (₹159 crore cash surplus). Imagine an EPC contractor sitting on cash while others chase bankers—rare sight indeed.
And while the government wants BOT and HAM, J. Kumar politely says, “No thanks, EPC is juicy enough.” The real masala? ₹21,000 crore order book already fuels 3–4 years of revenue visibility. Still think infra is boring? Wait till you read how they’re casting tunnels like Dosa batter.
2. At a Glance
Revenue up 16% to ₹1,484 cr – EPC pipeline clearly not on a diet.
EBITDA up 18% to ₹217 cr – Margins at 14.6%, slightly better than last year’s 14.4%.
PAT up 19% to ₹103 cr – Net margin stable at ~7%.
Order book ₹20,946 cr – Enough to keep engineers busy for years.
Net debt: (₹159 cr) – Cash positive; rare flex in infra world.
Capex planned ₹450–500 cr – Mostly TBMs and shiny toys for tunneling.
3. Management’s Key Commentary
“We continue to focus only on EPC, not BOT.” (Translation: Why tie up cash in risky tolls when the government is happily paying upfront?)
“Our order book of ₹21,000 crore covers 3–4 years’ topline.” (Translation: Even if we sleepwalk, revenue visibility is sorted.)
“Capex of ₹450–500 crore in 2 years, mainly for GMLR TBMs.” (Translation: Buying big underground toys; engineers are excited, shareholders less so.)
“Margins to rise to 15–16% in 6–8 quarters.” (Translation: Patience, dear investors; miracles need at least 2 years.) 😏
“Versova–Dahisar physical work starts August.” (Translation: Expect Mumbai traffic to get even worse before it gets better.) 🚧
“Promoter pledge ~22%, trying to release.” (Translation: Old sins, slowly cleaning up.)
