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Revenue
₹1,311 Cr
verified against source
Revenue YoY
-12%
reported change
EBITDA
₹188 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
J Kumar Infra reported a weak Q3 FY26 with revenue declining 12% YoY to ₹1,311 crore and PAT falling 17% YoY to ₹83 crore, impacted by extended monsoons and delayed project approvals. EBITDA margin contracted 40 bps to 14.3%. Management revised FY26 revenue guidance to flattish (~₹5,700 crore) versus earlier expectations of growth, citing slow order inflows (only ₹515 crore in 9 months) and execution delays on key projects like VDCR and GMLR. For FY27, they guided 15% revenue growth and maintained EBITDA margin guidance of 14-15%. The order book stands at ₹19,212 crore with 90% under execution. Risks include continued delays in land acquisition and approvals, and potential dilution from a proposed ₹800 crore fundraise, though management indicated no immediate plans.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY26 revenue to be similar to FY25's ₹5,700 crore, implying a flat Q4 YoY.
- Guided for 15% revenue growth in FY27, driven by improved execution and expected order inflows.
- Management expects EBITDA margin to remain in the 14-15% range for FY26 and FY27.
- Expects to close FY26 with ₹4,000 crore order inflow and FY27 with ₹7,000-8,000 crore, driven by large metro and road projects.
Risks flagged
- Key projects like VDCR and GMLR faced delays from land acquisition, tree cutting permissions, and third-party design approvals, impacting revenue recognition.
- Order inflow of only ₹515 crore in 9 months is significantly below expectations, raising concerns about future revenue visibility.
- An enabling resolution for ₹800 crore fundraise exists; though no immediate plans, it could dilute equity if executed.
- Management reiterated focus on margin discipline, but competitive bidding environment could pressure margins below 14%.
Key quotes
- We are very positive that from FY26 to FY27 should be surely giving us a growth of around 15%.
- We don't want to compromise there but hopefully this year also we should book around 4,000 cr by the end of the financial year and around 7-8,000 crores for the next year.
- There is no flaw in the construction that has been done because people... make a issue out of nothing.
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