J. Kumar Infraprojects (JKIL) Q3 25/26 earnings summary

Executive summary

• Q3 and nine-month FY 2026 saw moderation in operating and financial performance due to extended monsoon, site disruptions, and delayed billing milestones, but balance sheet and liquidity remained stable.

• Revenue for Q3 FY26 declined 12% YoY to ₹1,311 crore, while 9M FY26 revenue rose 2% to ₹4,138 crore.

• PAT for Q3 FY26 dropped 17% YoY to ₹83 crore; 9M FY26 PAT remained flat at ₹277 crore.

• Robust order book of ₹19,212 crore as of December 31, 2025, with a strong presence in metro and infrastructure projects.

• No penalties incurred for project delays, as these were client-side issues.

Financial highlights

• Nine-month FY 2026 revenue grew 2% YoY to INR 4,138 crore; EBITDA up 1% YoY to INR 599 crore; EBITDA margin at 14.5% (vs 14.6%).

• Q3 FY26 EPS was ₹10.92, down from ₹13.21 in Q3 FY25; 9M FY26 EPS was ₹36.56, nearly unchanged YoY.

• Q3 FY26 PAT margin was 6.3%, compared to 6.7% in Q3 FY25.

• Net debt as of Dec 31, 2025, is negative INR 250 crore (cash positive); debt/equity ratio at 0.2x, improved from 0.23x.

• Working capital days reduced to 103 from 112 YoY.

Outlook and guidance

• FY 2026 revenue expected to be flat YoY at around INR 5,700 crore; FY 2027 guidance is for 15% revenue growth.

• Margins expected to remain in the 14%-15% band for FY 2026 and FY 2027.

• Order inflow for FY 2026 expected at INR 4,000 crore; FY 2027 order inflow targeted at INR 7,000-8,000 crore.

• Substantial new project tenders expected in Maharashtra and pan-India in FY 2027.

• The company continues to monitor regulatory changes, especially regarding the new Labour Codes, and will adjust accounting as needed.