J. Kumar Infraprojects (NSE:JKIL) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the J. Kumar Infraprojects Limited Q1 FY 'twenty seven Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Before we begin, a brief disclaimer. The presentation with J.Kumar Infraprojects has uploaded on the stock exchange and their website, including the discussions during this call, contains or may contain certain forward looking statements concerning JKumar Infraprojects' business prospects and profitability, which are subject to several risks and uncertainties, and the actual results could materially differ from those in such forward looking statements.

0:54 I now hand the conference over to Mr. Kamal Gupta, MD, J. Kumar Infraprojects Limited. Thank you, and over to you, sir. Good afternoon, everyone. This is Nadeem Gupta, Managing Director of J. Kumar Infraprojects Limited. On behalf of J.Kumar Infraprojects Limited, I warmly welcome you all to our Q1 FY 'twenty seven earnings conference call. Joining me today are Kamal Gupta, Managing Director Mr. Vasanth Saula, CFO and our Investor Relations partner, Marathon Capital. I trust you have all had the opportunity to review our earnings presentation and press release available on the stock exchange and our corporate website. Q1 FY 'twenty seven has commenced on a positive note with the company recording a revenue growth of 2% over the corresponding quarter of the previous year. While margins moderated during the quarter, this was primarily attributable to the timely timing related factors and the evolving mix of projects under execution.

1:58 Importantly, our balance sheet remains strong and liquidity continues to be adequate, ensuring operational resilience. At the same time, growth during the quarter was tempered by external factors, including the U. S.-Iran Board and most notably, the restrictions imposed by the BMC on water usage at construction sites. This temporary ban has slowed progress on certain projects, impacting near term execution schedules. The quarter has also reinforced the strength of our order pipeline with significant inflows already booked and a healthy bid pipeline. We are confident of sustaining momentum in order intake. This positions us well to accelerate execution in the coming quarters, supported by expanding capabilities across our core verticals.

2:47 Now coming to the financial performance. Consolidated performance highlights for Q1 FY 'twenty seven. Revenue from operations for Q1 FY 'twenty seven increased by 2% to INR $15.11 crores as compared to INR $14.84 crores in Q1 FY 'twenty six. EBITDA for Q1 FY 'twenty seven moderated by 1% to INR $2.15 crore as compared to INR $2.17 crores in Q1 FY 'twenty six. EBITDA margin for Q1 FY 'twenty seven stood at 14.1% as compared to 14.6% in Q1 FY 'twenty six. PAT for Q1 FY 'twenty seven moderated by 6% to INR 97 crore as compared to INR 103 crores in Q1 FY 'twenty six. PAT margin for Q1 FY 'twenty six stood at 6.4% as compared to 7% in Q1 FY 'twenty six.

3:39 Net debt as on 06/30/2026, stood at negative INR 45 crores. Working capital days for Q1 FY 'twenty seven stood at 103 days as compared to ninety nine days for FY 'twenty six. Total order book as on thirtieth June twenty six, twenty twenty six, stood at INR 22,246 crores. The order book comprises elevated corridors and flyovers of 48%, roads and road tunnels of 20%, metro projects elevated and underground at 9%, others 23 We can now begin with the questions and answers. Thank you. Thank you very much. We will now begin the question and answer session.

4:30 If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while a question queue assembles. The first question is from the line of from JM Financial. Please go ahead. Yeah. Thanks for the opportunity. I wanted the execution status on a few big ticket projects. So how is the execution going on in Chennai project? Yeah. Hi, Weber. The Chennai project, we have four packages of central government and one package of state government. So the state government project was costing INR $5.80 crores, which is like almost 65% completed.

5:19 So we plan to hand over it by March 2027, the work should be completed. It is going in full swing. And the four packages of National Labor Authority costing 3,770, even that projects are going very well, Mr. Weber. And like, the time line has been extended in the... Than the initially stipulated time. So we plan to complete that by December 28 now. And how much we have already done in terms of percentage execution? Percentage execution of Chennai is around 20%. So we are confident to complete it by December 28. Yeah. Yeah. Yeah. And this extension was due to extension?

6:06 Extension was basically due to, like, know, this... The the whole project is out of 25 kilometer, 21 kilometer is in the river, Koohom River. So in Koohom River, there's some restrictions by the state department. So that was the reason it has gone ahead. And the the... And he has already given us the extension for that. Okay. Okay. Sir, secondly, for that for that delay... I'm sorry. Like, you know, however, for the delayed thing, we have also taken prolongation cost from them, and they have paid us that as well. Okay. So no impact on the margins? No impact on the margins. Yeah. Sir, secondly, on the project in Moulon, So how is the work going on over there? How much you have done, and what is our target completion date?

6:55 So project, the schedule completion as per government is October... No. November 28, and we are well within time, like, for the initial two and a half kilometer stretch of NHA was not handed over because of that between NHA and MMRD, there's some decision to be taken for toll and all. So we had a meeting last week, and it is sorted now. So we had got that three kilometer also out of 8.5 kilometer. So all other places, the work is going very good at very good pace. We have completed around 15% in Ananagar, Sake, and we intend to complete the same in scheduled date of October 28, this project. And sir, same for GMLR?

7:43 So GMLR project is in full swing. We have yesterday, we completed 2,000 rings of casting. That's around three four kilometer of tunnel has been casted in the casting yard. And the first TBM is ready for launch for drilling in the ground physically. So we are just waiting for a confirmation from the political teams, Chief Minister and DCM. So as soon as we get a go ahead anytime Monday or Tuesday, whatever date they give, we are ready from thirty first to launch. So the machine is fully ready, and the second tunnel boring machine is also in advanced stage of getting assembled. So in the next two months' time, we should be able to launch that machine also. So... And we have already you were targeting closer to 25% execution in '27.

8:31 So where are we on that side? So the project got initially delayed because of the tree cutting permission and land acquisition issues, which is now fully obtained and everything is in control. So with that, we are eligible for two years extension. But still, our internal target when we speak of is June 29. So by June 29, we intend to complete the project internally. But say, '29 max is what we'll be going ahead. So that two years delay has been brought down to one year, in short. So by the client, the commission will be... Commission date is June 20... December 29 according to client after For the original contract, it is November 28.

9:21 Okay. But as the client didn't hand over the site and the requisite permission for the tree cutting, which is beyond control of the contractor because it was requiring supreme court permission, we got the permission in August 25, just ten, eleven months back. And the team has done a commendable job of getting the TBM ready, and we'll be drilling. So we are entitled for two years extension, but we won't be requiring it is what I'm trying to say, that we are preconning the schedule. And by June 29 is what we are with a seven month extension, we intend to complete the project and max December 29. So it will be and then two years time line delay has been reduced to at least one year we have already covered, and we are trying our best to do it in the original time period.

10:10 Okay, sir. So with the... In worst case, the the time line would be November 30 as per the creation of two years of extension. No. No. No. November 29. Sorry. November 29, max. No. No. If if the client... If we take the two years that they are willing to give, then the completion rate would be November 20... November 30. Yes. Yes. But we won't be requiring in any case. We have made a crash program, and that's how because, you know, the work which had to be done in eighteen months, we have done in ten months. So the TBM was as per the key dates. It had to be done eighteen months from the date of site handing over, which we are completing in ten, eleven months, and the TBM will be launched. It's ready to launch. Okay.

10:56 Okay. And, sir, lastly, order info side, the first quarter has been very strong. Even yesterday, we announced the order. So our roughly announced orders still data roughly around 5,500. So for the entire year, what are we targeting? So currently, as you can see for the q one, we are... We stand at a number of 5,500. Crores till And and there is an L1 position of INR 1,500 crore for Delhi Metro underground project. So that makes it INR 7,000 crores. So that we expect in because it is having some international funding from the World Bank. So there is some clearances, which is expected. So currently standing at, say, 7,000 crores, we had given a target of INR 8,000 to INR 10,000 crores for this year, which we are quite optimistic that we'll achieve that target for sure.

11:51 And when this DMR two order is likely to be converted in Q3? I think in Q2, not even Q3. We are... We have just gone with Q1. So Q2, you will surely get that out. And the last one, the guidance for revenue growth for this year? So we are expecting a revenue growth, the target that we had given of 15% on the last year's top line. So that's close to around INR 6,500 crores. So that we are quite optimistic that we'll achieve this target. Thank you. The next question is from the line of Aditya Sahu from HDFC Securities Limited.

12:37 Please go ahead. Hi, sir. I hope I'm audible. Yeah. Yeah. I'm still here. Thank you. Hi, sir. Thanks a lot for the opportunity. I just had a few queries. The L1 1,500 crore, which we have, that would be that would be excluding the order book that we have right now. Yeah. So 5,500 does not include the Delhi Metro 1,500 crore job that we are speaking of. Adding that makes it INR 7,000 crore. So order book right now is 20 is two the order book, I don't know, June 30, plus we have INR 5,500 crores. INR thousand crores. INR 1,000 crores where we are... We've already got the order day before yesterday, yesterday, and INR 1,500 additional L1. Understood, sir. The revenue guidance is at 15%, close to INR 6,500 crores, and order inflow guidance would be at INR 10,000 crores. Just confirming, sir. I'm not sure. Yeah. That's right. You're right. And on on the EBITDA margin front, what sort of margins are you expecting over here? We'll be doing 14% to 15% of EBITDA margin. 14% to 15%, sir. Understood.

13:42 And if I'll have to look at the pipeline, what would be the the pipeline that you have right now? And, you know, if you could throw some color on the... How that is, you know, sort of spread in terms of segment or region, what what are you targeting? We already bid it for around 2,000 crores of project. Yeah. And in the near future, there is around 50,000 to one lakh crore job of... Worth of jobs that... That's coming, which is mainly from MSRDC, the Shakti Pit Corridors, the Uttangirar Corridor that the MMRD is going to come up with around INR 50 crores, 60,000 crores and various others, NHI and the other flyovers and DMRC contracts and metro jobs. So there is around close to INR 50,000 to INR 1 lakh crore worth of jobs that we should be able to explore in the coming nine months to twelve months.

14:35 Understood, sir. Understood. On the CapEx part, what will be the CapEx that... In the q one? And right now, what sort of guidance are you sort of expecting for only for '27 and '28? Yes. So CapEx, we have done for q one. We have done CapEx of 34 crores. INR 34 crores. Okay. Yes. Okay. And '27, '28, what are any number that you have in mind for the CapEx that you are expecting? INR 100 crores. That's one year. That was in this year. So yes, Vishwag, so it's like as we were told before, so including this Chennai and GMLR, we were saying, like, $2.50 crores for these two years plus 100 crores per year of maintenance CapEx.

15:28 So for this coming two years also, it will be that way only. So 100 crores maintenance CapEx will be there. And out of $2.50, we already done part of it last year. So under a hundred years... 100 crores for these two years. So say $1.50 for each year. Oh, okay. Okay. Understood, sir. And and just on the... What would be the gross debt and the debt equity ratio over here? Gross debt? Gross debt equity is point two four. Pardon, sir? Gross debt equity is at point two four. Point two four. Understood, sir. And the net working capital days, so what would be that for the June month?

16:13 Net working capital is hundred and three days. Hundred and three days. So... Understood, sir. Understood. Thank you so much. Thanks. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and 1. A reminder to all the participants to press star and 1 to ask a question. The next question is from the line of Vedan Kabra from AVN Capital. Please go ahead. Am I audible? Yes, Vedan. Yes, Mr. Vedan. Yes. Thank you for giving me the opportunity. I just had one question. Given the strong wins, you've given a revenue guidance of 15% for this fiscal. So I wanted to know if there are any specific bottlenecks, be it in terms of approvals, working capital, manpower that have to clear for us to hit that target. I wanted to understand, like, what has changed operationally in in the last year to fix whatever that caused the FY twenty six flatness, so we don't see another year of a growing order book but flat revenue. And the reason why I'm asking this is because the order book is roughly 22,000 crores.

17:21 And last year's quarter '1, ConCall guidance was of 15% top line growth as well, and yet revenue was flat and 2% this quarter. So I just wanted to understand your take on this. So Vedant, I would like to highlight on this that as you are rightly saying that we had a strong order book. But unfortunately, the new orders that we bagged in 2024 by March 'twenty four, in that year, it was basically the two years that is GMLR, BDCR, Chennai Elevated Corridor, these projects which we had backed, including Orange Gate, which got canceled. So there were some big ticket size projects, which did not take off due to the land acquisition issues, tree cutting permissions and finalization of GAD. Like in the current year also, if you see, we have back in the current quarter, we have back orders of nearly around 5,500 crores. So out of that, the initial period where the GAD finalization has to happen, the liquidity land equation issues, unfortunately, this takes sometimes it happens faster, sometimes it takes a bit longer time. So last year and twenty six 'twenty five and 'twenty six, in this period, this process took a lot of time. And that's how we could not get the revenue like GMLR, Chennai, VDCR, all these projects could not see the light of sun. But now all these projects, we can see that GMLR has gone to 26%.

18:48 And in next two years, we'll finish the whole tunneling. So close to around INR 3,000, 4,000 worth of top line will be achieved from that project. So it is a very momentary thing which happens. And currently, there is VDCR, which is a little bit slow. And we expect that in a month or two months max time, we will be able to push that project also fully on track because the GAD is finalized, the land acquisition processes are done. So it should be taking off in a month or two months. From quarter three, we should be able to see good push in that project as well. Okay. Got it, sir. So basically, all in all, it was a temporary issue in terms of Yes. Because you can see that all the projects are live, intact, and it's just a matter of time for starting those projects.

19:39 Means it happens in a six month span, and sometimes it has taken like in the current two years, Q1 and the last year's time, we lost because of the approvals and clearances from the government. And there is a positive upside COS also that is happening in VDCR. So such kind of things, they take a little bit time where the projects in the conception stage are not fully done as what was required. So when the public hearings and all other opinions are taken, the project is for ages for one hundred years ahead. So they take some time to finalize, but there is no insecurity involved in those order books. That's what I'm just trying to put. The next question is from the line of Dhanjai from Centrum Broking, Mumbai.

20:42 Sir, our decision in this quarter has come down from Q4 level. So, I mean, last quarter, we were indicated that due to the CapEx, which we have done, so 100,000,000 or 65 for each quarter. So why it has come down in this quarter, Ali? See, the depreciation has not gone down at the year end when we took the stock taking of the certain all the plant and machinery, there were certain machinery which were not usable. So we have depreciated that at the year end. So that is why in Q4, the depreciation is higher. However, if you see the other quarter, it is steady. So what will be the upgrade for the full year in terms of depreciation? The INR 50 crore or INR 60 crore for quarterly?

21:29 No. Right now, it is at INR50 crore. It will increase to INR60 crore because once the TBM is starting in the next two, three days or so, the TBM of INR300 crore will be capitalized, which right now is being shown as capital work in progress. So that will be capitalized and this will add to the depreciation for the year. And plus, if you see last year, we have done capitalization of almost INR $4.80 crores. So the full impact of that also will be felt in current year. Got it. And sir, what is the status of Wadhan project starting from next quarter? Yes, Mr. Sanjay. So Wadhan project, already our mobilization is going on in full swing, but because of rains, not much can be done. And there are some land acquisition to be done by the government.

22:22 So that land acquisition is going on. Our mobilization of offices is going on. The surveys have been done. Recutting permissions have been obtained from forest. We have started with recutting a lot of trees to be cut and a lot of trees to be transplanted. So all these activities have started swing. So after rains, the actual excavation and this work will be started only in October. Okay. Until the time, we will have clearance from government to start the project. Yes. So government clearance is, like, government is to acquire some location, some land, so that acquisition is going on. There... We have got the permission from forest department for tree cutting. So the permissions are going on. Utility shifting work we have started. So all these things will be going parallel. An actual, like, excavation at work will start in October.

23:10 Okay. On on CapEx part, you said 100 for will be maintenance CapEx and $202.50 additional CapEx for the new order. Yeah. So that's two years. Yeah. But one year it is done, so there is another 100 crores for this. $1.50 crores in each year including $1.50 plus 100. So $1.50 plus 100, total $2.50 each year for next two years. Right? No. No. No. No. $1.50 each year for next two years. Including the maintenance CapEx? Including the maintenance CapEx. Yeah. Okay. So Yeah. And then then you get some... And then the big projects and then the CapEx requirement is higher. So whatever we have got till the end, including this l one and all that, we are comfortable with the current level of machinery.

23:56 Right? Yes. Yes. You are right. You are right. And, sir, what is the working capital position in terms of overall receivable data inventory and all that? Working capital cycle right now is at hundred and three days. Right? We have said that it is hundred and three days working capital. And what is your fund base limit, sir, fund base, non fund base limit? Fund base limit is 1,300 crores. Out of that INR $5.30 crores is term loans and balance 800 crores is CC. Okay. On non fund based? Non fund based is 5,000 crores. Okay. And how much we have in place from the non funders? So 39%. Fund based is 39% utilized. Non fund based, 65%.

24:51 Oh, okay. Oh, that is all from my side. Thank you. Thank you. A reminder to all the participants to press star and one to ask a question. The next question is from the line of from Dollar Capital. Please go ahead. Hi, sir. Most of questions has been answered. Just to check-in terms of now the first quarter is is muted and still we are we are maintaining a 15% growth on the revenue front for this year. So kind of a... In next three quarters, we need a close to a 20% kind of a execution growth. So just wanted to confirm that in in q two itself, can can then start seeing that kind of a run rate or maybe the second half second half could be then the requirement will may go to a 23, 24%.

25:48 So that way one can. So yes, Shavan, it's like, as I told by you, H2 will be more visible because even the new projects what we've got, as I told you, even the Vaadan project, the revenue will start kicking off only from quarter three, that is H2. So the new projects, what we have backed, even that will add to the top line, so from Q2 H2. So H2 will see more, but even Q2 will be better. It's not that Q2 will be flat. Even Q2, the growth should be there. So overall, by the year end, 15% plus is very much achievable. Okay. Okay. And even for FY 'twenty, it's kind of INR 7,500 crores kind of revenue that we were looking at, so that is also can be doable and...

26:38 This one, for the '27 also, we will achieve a 15% growth year on year year. Because as you see, we have sufficient order book on hand now. So all this work has started. So we get this top line of 15 growth in 27% as well 28% also. Okay. Okay. So roughly the INR 5,500 crore odd that we have got this year, So this year in terms of the broadly, if I have to look at maybe a 500 crore kind of a revenue can can contribute the new orders that we have back this year, and then next year will be the full trade revenue can can start. Yeah. It can be $5,500 or 400 or maybe 600. That depends, like, but, of course, good revenue will come out of these new models also in this year as well.

27:26 Yeah. And and on on the margin front, can the next year... Can we see a kind of a close to a 15%? Because we were looking at... It can inch up to 15 to 16 maybe in one to two years. So FY '28, can we start seeing a closer to a 15% kind of margin? So, Shavan, if you see, like, we don't work without margins. So even this last year also when there was no growth also, we ensured that margins of 14% EBITDA is maintained. And going forward, our focus is also to increase by a notch 100 basis points more like to instead of 14% to 15%, 15% to 16%. So we are on that, and we, of course, intend to improve our EBITDA margin by 1% or 0.5% going ahead, no doubt.

28:16 And sir, this year, particularly next six to six months by March, can we see whatever the opportunity that we are seeing across to a kind of INR 50,001 crore, how much out of that likely to be awarded? So I was trying to understand that 7,000 crore including l one, we are there. So is it a a higher probability that this number in terms of the inflow for us could be at $1,213,000 crore this So we have already given you a figure of INR 8,000 to INR 10,000 crores, which we have told that, yes, we are quite optimistic that we'll cross this figure. And exactly, we don't restrict ourselves to not back orders about INR 10,000 crores. So last year, we didn't have a very great number that we could book in terms of order book. So we really don't want to overcome it. We want to overdeliver and then speak.

29:11 So INR 7,000 crores, you can see is the result of Q1 with, of course, the L1. So INR 10,000 crores is what we are giving as of now. But yes, JKumar has the potential to take orders up to INR 15,000 crores, 20,000 crores also given at our margin. So it's all a very relative number. So let's talk, I think, after q two, it would be a better time when we can speak about it. Thank you. Yeah. True. True. Now I was trying to understand that whatever the the the big projects are out there, $5,050,000 to 1 lakh crore. But, like, you know, these projects, they are in pipeline. We're waiting for, like, right now. For Viral, they got this clearance from about the merging locations and all. They had a meeting last week only along with the Sanandagar Sake. So all these things are there. So this pipeline, this was able to come, but it can defer by three months, six months.

30:05 That's not in our hands, right? So all these big projects in pipeline, we have a focus on that. But it can only get converted when the project comes, we did and then when we get it. So it takes some time, maybe not in this year, maybe both in next year. So I think right now, the company has packed a very decent order of INR 7,000 crores, and we are very optimistic that we'll reach INR 10,000 plus sort of picture. So I think let's keep this point here. And as we reach Q2 or Q3, we'll be in a better position to speak. Yes. And sir, lastly on the working capital and debt front, so can we see this quarter obviously slightly the data days may have increased, but overall there is how much one can look at in terms of the working capital level and even the gross rate also this quarter we have seen a kind of a INR 200 crore plus kind of increase versus the March. So the gross rate also will remain here or it will again come back to a INR 600 odd crore kind of a number?

31:15 So first of all, Shavant, you asked me about what is the first time? Working capital. Capital. Working we have been always saying we maintain it working capital days of 120. But if you say now we are at 103, so we have improved where will we get chance. You will see like we do improve ourselves. So instead of 120, it's like 103 now. So if anything, it will be like 110, not much going forward, it looks like. And secondly, on the gross debt, gross debt right now is $840,000,000 which is basically because of your mainly because of the term loan. We have bought this big TPM and like the CapEx for the Chennai project. Also related TBM projects are also CapEx are also being done. So that is a major reason. So if this we are not increasing our working capital much.

32:02 So going forward, as we keep reviewing this term loan, it keeps reducing. So we don't expect it to go further above from this $8.40. And lastly, why is that monetization of when can we see this INR 106 odd crore kind of a number that we will be realizing? And whenever it will get realized, let's say, in a q three or a q four, how one can look at in terms of the p and l kind of will be booking, how much kind of a exceptional gain in that particular quarter? So we are expecting a good upside on this project what we have taken. We have already done a deal, but, like, you know, money is there to flow. We have already done a deal of 180 crores of 38% land. So, like, you know, this should be done in this Q2, Q3 only. So I think like we are then about the breakeven point. So there's no problem point, no issues.

33:01 Okay. Thank you and all Thank the best, you. Thank you. The next question is from the line of from J. M. Financial. Please go ahead. Yeah. Hi, sir. Thanks for the follow-up. Last year, as of March 26, our gross block, if you look gross, it was around $24.50, and there was CWIP of 300 crores. So this year, that will be converted entirely, plus you'll be adding another $1.50 crores. Right? Yes. So, yes, the CWIP of 300, as I said, in a week or so, the TBM will start. So that 300 crores CWIP will get capitalized. And then whatever during the year, maintenance CapEx has to be done, that will be done, so that will add to that.

33:49 Okay. So secondly, if you look at the other income in first quarter, it was quite high at INR 19 crores versus last year's number. So could this be a recurring number or we may see some reduction? No. This will be a recurring number, you know, going ahead. So this higher other income is driven by higher cash level? See, what has happened is that whatever surplus money we have, we have invested that in debt securities till the time the money is put into use. So this revenue, if you see one is the margin we have to keep with the bank for our non fund based facility. So that margin is kept in the form of FD, which provides interest income. So bulk of it is that only.

34:38 Okay. And then lastly, tax rate was higher at 30% in first quarter, 29.7. So how do you see it for the entire year? Sorry. Can you repeat the question,? Tax rate was higher at 29.7% in first quarter. So how do you see it for the entire year? So for the entire year, it will be reducing because it is at this point of time based on available information we have done it. And as I said INR 300 crores TBM, once we capitalize, it will give shelter to the tax and the rate will automatically come down. It will be similar to last year's rate if I do Yes. More or less. More or less, it should be. Okay. And the last year's gross rate is roughly 800 crores... $8.40 odd crores as of June.

35:25 It has it has increased from March levels to $5.80 odd crores. How do you see it by March end? Do we see some reduction, or it should be at similar levels? Yes. As already said that as we go on repaying this term loan, debt level will be coming down and even working capital debt level will also be coming down. This is because of the TBM in the last week of June only, TBM last installment was paid and term loan has risen because of that. So there is no further material term loan that we are going to take during this coming period. So we foresee this like less than INR800 crores by the year end, not more. Okay. Okay.

36:13 Yes. Sir, lastly, what will the mobilization advance right now and the interest bearing portion? Mobilization advance interest bearing portion is INR470 crores. And the total amount? Total is four seventy. Oh, entire interest bearing? Yes. Yes. Okay. And what would be the ballpark interest rate? Interest rate is varying interest rate from 8.5 to 11%. It's like, you know Okay. Usually, it's MCLR plus 3% plus... So it's like around eight eight and a half two, nine and a half 10. I don't think anything is about it. Nothing about it. So so it is quite higher. So what would be our interest rate on the borrowings?

37:06 Nine to 10%. Okay. Thank you, sir. Those are my questions. Thank you. Thank you. The next question is from the line of Varun Agarwal, a Private Investor. Please go ahead. Hi, sir. Thank you for taking my question. I just wanted to ask, apart from the project of the six new projects that we have back, which of the projects have substantial land acquisition? Land acquisition, I don't think any project apart from Badwan, mister Varun. So Badwan is a project because it's a greenfield project. So this land acquisition issue is there. But otherwise, I don't think any other project apart from that. Bhubar Bridge also has some land equation issues, but it's like part portion of it, not even like 20%.

37:57 Right. Thank you. Best of luck. That's all. Bhubar it's like after this rains, we'll be starting the tunneling and all because we have some tunnel portion also. So it's not that there are land equation is in the entire stretch. But initial stretch of this is 32 kilometer long. So initializing around six, seven kilometer stretch from the port, there is some line equation issue, not in the entire stretch. Thank you. Yes, Mr. Pohr. Thank you. The next question is from the line of, individual investor. Please go ahead. Hello, sir. I asked you the same question. Last time, I was told there were market cap of the company.

38:44 So 3,800 crores, which is present NPV. You also have a net cash. Your balance sheet is very strong. Why don't you think of some buyback? Because it gives value to you as well as the stakeholder. So currently, Chandraji, if you see that we have been we have backed certain orders and there is lot of capital infusion that the company is doing and for the CapEx. So currently, we also understand and we know that it's a highly lucrative thing to go in for clipping or accretion or whatever you call it. But currently, we are just waiting for some time. But yes, it's on our cards. Okay.

39:32 What is your net debt, sir? Net debt? Net debt is minus 45%. 0.01. Okay. Thank you, sir. Thank you. Please consider as soon as possible. Thank you. Thank you. The next question is from the line of Thomas, an individual investor. Please go ahead. Hi. Over the last few years, we invested heavily in in PBMs and there was a lot of CapEx. So has that CapEx spend ended now? What is the expected CapEx for the next three, four years? So, mister Thomas, it's like as we told before, so, like, we have some maintenance CapEx, like, you know, that is INR100 crore per year. It's not... It's a routine maintenance CapEx. But whenever we get any big project now, like this GMLR project required a big CapEx of, like, INR 400 crores because of its 50 bm.

40:30 Also, the Chennai project, which was the first office signing in India, first road on road project, required special gantries and special launchers. So we had a CapEx of around INR $3.54 crores there. So apart from this, if you see all other projects does not require big CapEx because they are repeat things, and we already have that CapEx or the equipment and stuff like that for EBITDA company. So going forward also for two years, we don't foresee any big CapEx coming in apart from this INR 150 crores per year, as we told before. But unless and until we get some big other projects, wherein some new equipments are to be utilized, maybe then that time the CapEx will be required. Okay.

41:16 And so you had also initiated like a fund raise. Is that now you're not looking at that anymore? Not for the moment. Okay. So not in the moment. Okay. And lastly, over the call I've been hearing that all the last year was there was a lot of clearances that you need and needed and all that you would receive Hello? We have lost you, Mr. Thomas. Hello? The line for Thomas has dropped. We move on to the next participant. The next question is from the line of Dinesh Karwa from. Please go ahead. Yes, mister.

42:02 Afternoon, sir. Good afternoon. Sir, I have two questions. The first one is, what is the exact status for MMRDA to project? There is no any order of MMRD, which is on hold from our... For us.

43:08 It may be for somebody else. Is for including GST capital because like 90% of the contract comes excluding GST. So it was a typo error. So it is 15 lakh crore without GST. Okay, sir. The second question is If you look at company's things,, we have been taking orders in the area where the company's strength lies.

44:46 So if we get this certificate, we will have opportunity to bid for similar projects in future. And this is an exclusive work, we have taken at a margin which will be able to maintain our margins that we have given. 2,020, 80% of the order book was outside Maharashtra. So... And current from last seven years, company, pan India, and we are currently also working in seven states.

45:36 So it is not that we have started it now. Maharashtra is our preference. If we get some good margin first in Maharashtra, that's our primary focus. Margin we are open. So last one year has been there. We accelerate.

46:23 Company unless we make margin. We don't want to follow company where we don't have margins, and we are just doing top line things, making every one a rosy picture. We had a vision of 7,500, but that's okay. That's

47:56 how our philosophy we are speaking. Sorry to interrupt you, Mr. Dinesh. I will request you to rejoin the queue for a follow-up question. The next question is from the line of from family office. Please go ahead. Hi, sir. First of all, welcome back to the call. And, Mike, I have two questions. The first is on the March. The... During the March call, I think we had had a working capital days, which are worth some 100. And are we planning to improvement in further working capital days from that point? And we can further reduction. And my second question is, like, is a... Is actually from a wrong discussion, which is there on the call that...

48:45 Of a 7,500 crore order book at the top line, which kind of which we are targeting. Okay. So since we are such a margin focused business, isn't it better that we start projecting it everything on the basis of kind of profitability or EBITDA, which kind of we want to achieve going forward rather than focusing too much on the top line? Yes. Hi, Puneet. So first of all, about the working capital, the working capital cycle as of right now is now one zero three. We have always been saying we'll maintain our 120, and we have improved it in these two years, if you see. So right now also, we intend to keep it in this range only of INR $101,110,000,000, INR 100,000,000 to 1 and 10,000,000, not more than that. So this is about the working capital. And about the top line, the profit, like as you see, we are always focused on bottom line growth only. It's not like top line growth as what you are also seeing.

49:39 So this thing, our target of 7,500 crores for FY 'twenty seven is now shifted to FY 'twenty eight. So we'll be doing a INR 7,500 crores for FY 'twenty eight now with similar margins of 14 to 15% EBITDA. Yes. So so going by that logic, it's like more like we are saying that we'll have, like, a thousand 1,500 crore EBITDA kind of for the FY '28, right, given the current pipeline. Correct? Yes. Yes. Alright. And just a small small question. The the... Right now, there are months that you you have made sort of predict the estimates based on the... A certain level of monsoon. Can you say that what kind of monsoon season are you expecting for that... This kind of work and continue? Because if the monsoon keeps running through... Anyways, we had a delay start. If it keeps running through October or something like that, then we might have a further delay in execution of our current project.

50:38 Correct? So right now, we have our projects spread out throughout India. It's not only Mumbai. Correct? So it's Delhi also, Chennai also, the monsoons are differently in different states. So right now, like in July, if you see, of course, the first ten days was very bad. No work could have been done. But now work is going on in all other sites also. Apart from some particular projects where, like, you know, because of monsoon, you cannot do, like, this one and all. So whether that work cannot be done at the... In rains. So all of the projects, the works are going on in rains also. No problem. Okay. Thank you very much, sir. Yes,. Thank you. The next question is from the line of Rahul Kumar from Bankaria Fund. Please go ahead.

51:25 Yeah. Hi. Just one question. I think you mentioned the execution challenges because of the water supply issues from BMC. So how has that situation been now? And It was a temporary issue, Rahul. It's already sorted and things are in on track. So absolutely, there is no issue right now. It was just before the rains that it was bothering. We have sufficient rains, so absolutely, there is no problem with it. Okay. Second question was, I think we have heard from some construction companies that there's some cash flow issues for the contractors from the Maharashtra government. So has your business, you know, experience been over the, let's say, last six to nine months in terms of the cash flow?

52:12 Rahul, that is basically with irrigation and PWD people that they are having issues. For us, with DMRC, MMRDA, MSRDC, BMC, NHAI, there is absolutely no issue, and we are getting prompt payments from them. So it's quite regular cash flow and absolutely no problem with regards to that. You. Due to time constraints, we take that as the last question. I now hand the conference over to Mr. Kamal Gupta for closing comments. So looking ahead, we remain focused on disciplined execution, agility in navigating market dynamics and delivering transformative infrastructure projects that contribute meaningfully to economic progress.

53:02 Backed by the strength of our people and a clear strategic vision, I am optimistic that FY 'twenty seven will mark the beginning of a stronger growth trajectory, creating enduring value for all stakeholders. Please feel free to reach out to our IR team for any clarifications or feedback. Thank you all, and have a great day. On behalf of J.Kumar Infraprojects Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.