J.Kumar Infraprojects financials and balance sheet

NSE: JKILBSE: 532940ConstructionSmall Cap

₹420.90₹1.15 (0.27%)BSE ₹420.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹422.05.

52-week range of traded prices to 23 Oct 2026

₹415.25Low, 23 Oct 2026₹672.00High, 3 Nov 2025

Market cap: ₹3,185 Cr860th largest listed
P/E: 8.4
P/B: 0.9
Dividend yield: 0.95%
ROE: 11.9%
ROCE: 15.5%
Debt to equity: 0.18
Volume, NSE: 1,35,83648.5% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.J.Kumar Infraprojects annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,694 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 5.5% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue5,694
Materials and goods−3,743
Employee costs−419
Other expenses−713
Operating profit819
Depreciation−194
Other income+75
One-off items−12
Finance costs−162
Profit before tax525
Tax−141
Net profit384

What the company owns

Plant, investments and other assets₹3,638 Cr
Receivables₹1,485 Cr
Cash and bank₹691 Cr
Inventory₹330 Cr

What pays for it: net worth and liabilities

Net worth₹3,362 Cr
Other liabilities₹1,345 Cr
Owed to suppliers₹850 Cr
Borrowings₹587 Cr

Profit and loss

Standalone, ₹ crore, years to March.J.Kumar Infraprojects quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 7 Jun	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue from operations	1,437	2,051	2,787	2,971	2,571	3,527	4,203	4,879	5,693	5,694
	–	1,730	2,351	2,542	2,259	3,023	3,606	4,175	4,867	4,875
Materials and goods bought	972	1,209	1,720	1,817	1,612	2,268	2,784	3,170	3,751	3,743
Employee costs	–	197	248	299	231	279	309	369	413	419
Other expenses	–	324	383	426	416	475	513	636	703	713
Operating profit before depreciation	–	321	436	429	311	505	597	704	826	819
Operating margin	–	15.7%	15.7%	14.4%	12.1%	14.3%	14.2%	14.4%	14.5%	14.4%
Materials, % of revenue	–	58.9%	61.7%	61.2%	62.7%	64.3%	66.2%	65.0%	65.9%	65.7%
Employee costs, % of revenue	–	9.6%	8.9%	10.1%	9.0%	7.9%	7.4%	7.6%	7.3%	7.4%
Other expenses, % of revenue	–	15.8%	13.7%	14.3%	16.2%	13.5%	12.2%	13.0%	12.3%	12.5%
Depreciation and amortisation	–	73	102	126	144	147	155	168	169	194
Operating profit after depreciation	–	248	334	303	168	358	442	536	658	625
Other income	29	29	28	28	25	25	30	28	33	75
Finance costs	66	70	94	98	104	100	99	124	155	162
Profit before one-off items and tax	155	207	268	233	89	283	374	441	535	537
One-off items	–	–	0	0	0	0	0	0	0	−12
Profit before tax	155	207	268	233	89	283	374	441	535	525
	49	70	91	50	25	77	99	112	145	141
Current tax	47	60	83	60	27	78	100	120	143	146
Deferred tax	2	10	8	−10	−2	−2	−1	−8	2	−4
Net profit	106	137	177	184	64	206	274	329	390	384
Other comprehensive income	–	–	0	1	1	1	1	0	3	4
Total comprehensive income	–	–	177	185	65	207	276	329	393	388
Net margin	7.3%	6.7%	6.4%	6.2%	2.5%	5.8%	6.5%	6.7%	6.9%	6.7%

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	214	406	764	949	932	1,001	1,187	1,343	1,409
	–	346	636	806	782	833	981	1,093	1,160
Materials and goods bought	–	–	–	–	585	626	682	799	886
Operating profit before depreciation	–	60	128	143	150	167	206	251	248
Operating margin	–	14.9%	16.8%	15.1%	16.1%	16.7%	17.3%	18.7%	17.6%
Depreciation and amortisation	–	11	14	16	19	24	35	47	51
Operating profit after depreciation	–	50	114	128	131	143	171	203	197
Other income	3	7	6	7	7	9	11	13	18
Finance costs	6	8	15	28	37	41	58	77	61
Profit before tax	30	49	105	107	101	111	124	139	154
	10	16	35	33	33	35	40	45	51
Current tax	–	–	–	33	–	–	–	–	–
Deferred tax	–	–	–	0	–	–	–	–	–
Net profit	19	33	70	74	68	76	84	94	103
Net margin	9.1%	8.1%	9.2%	7.8%	7.3%	7.6%	7.1%	7.0%	7.3%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 7 Jun	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	1,667	1,831	1,887	2,087	2,340	2,642	3,005	3,362
Share capital	38	38	38	38	38	38	38	38
Reserves	1,630	1,793	1,849	2,049	2,302	2,604	2,967	3,325
	603	576	465	431	516	576	666	587
Repayable after a year	141	98	58	32	83	113	131	257
Repayable within a year	462	479	407	400	434	463	535	331
	1,652	1,703	1,655	1,779	1,816	1,767	2,240	2,278
Trade payables	303	460	458	573	630	586	839	850
Other financial liabilities	339	380	313	248	191	243	161	330
Other liabilities	532	384	477	558	561	474	689	725
Provisions	0	0	0	0	0	0	0	8
Tax owed	16	0	0	0	0	0	15	34
	178	145	103	78	200	299	367	504
Other financial liabilities	0	19	19	21	94	171	219	233
Provisions	0	1	2	2	0	0	0	0
Deferred tax	37	27	25	24	23	15	17	14
Total assets	3,497	3,680	3,645	3,944	4,356	4,708	5,612	6,144
	1,226	1,303	1,285	1,365	1,468	1,505	1,654	2,435
Plant in use, after depreciation	779	855	806	790	925	971	1,049	1,134
Plant being built	80	99	150	152	107	111	98	295
Property held to earn rent	0	0	0	0	0	0	100	102
Investments	32	1	0	2	1	1	2	313
Stakes in joint ventures and associates	0	0	2	0	0	0	0	0
Other financial assets	305	300	267	240	398	330	389	577
Other assets	30	48	61	182	37	93	15	13
	2,271	2,376	2,360	2,579	2,887	3,202	3,959	3,709
Inventories	919	313	286	366	393	481	503	330
Trade receivables	499	645	620	888	1,141	1,192	1,489	1,485
Cash and cash equivalents	70	59	46	111	65	103	68	203
Other bank balances	401	436	553	262	312	401	772	488
Loans given	11	11	11	12	11	11	7	7
Other financial assets	106	66	43	24	108	167	164	179
Other assets	266	848	802	916	858	846	956	1,017
Net debt	132	81	−133	58	140	72	−173	−103

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 7 Jun	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	369	381	183	337	375	1,116
	408	444	279	457	486	1,332
	90	−65	−323	−250	−343	519
Receivables	25	−268	−253	−51	−297	−11
Inventories	26	−80	−27	−89	−22	174
Payables	−3	115	34	−43	253	10
Other working capital	41	168	−77	−67	−278	346
Tax paid	−40	−63	−92	−120	−113	−217
Capital spending	79	113	232	218	235	464
Free cash flow	289	267	−49	119	141	653
	−111	−91	−186	−193	−306	−705
Plant and property sold	1	4	14	0	0	0
Interest received	18	20	31	25	30	68
	−271	−224	−43	−105	−105	−276
Borrowings raised	16	15	100	107	73	−204
Borrowings repaid	−159	−67	−49	−76	18	125
Interest paid	−101	−97	−96	−124	−155	−162
Lease payments	−17	−20	−9	−14	−10	−5
Dividends paid	9	8	23	26	30	30
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−13	65	−46	38	−35	135

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.J.Kumar Infraprojects dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 7 Jun	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Earnings per share	₹13.94	₹18.05	₹23.40	₹24.26	₹8.45	₹27.21	₹36.26	₹43.43	₹51.60	₹50.69
Diluted earnings per share	₹13.94	₹18.05	₹23.40	₹24.26	₹8.45	₹27.21	₹36.26	₹43.43	₹51.60	₹50.69
Dividend per share	₹2.00	₹2.00	₹2.25	₹1.25	₹1.00	₹3.00	₹3.50	₹4.00	₹4.00	₹4.00
Book value per share	–	–	₹220.38	₹241.98	₹249.37	₹275.77	₹309.22	₹349.16	₹397.11	₹444.37
Dividend payout	14.3%	11.1%	9.6%	5.2%	11.8%	11.0%	9.7%	9.2%	7.8%	7.9%
Shareholder yield	–	–	–	–	0.6%	0.6%	1.2%	0.6%	0.6%	0.9%
Market cap at the year end (₹ crore)	1,956	2,054	1,216	569	1,465	1,263	1,925	4,775	4,800	3,236

Ratios

Standalone, years to March.J.Kumar Infraprojects PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 7 Jun	Mar 2024Filed 29 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue growth	2.0%	42.7%	35.9%	6.6%	−13.5%	37.2%	19.2%	16.1%	16.7%	0.0%
Operating profit growth	–	–	35.8%	−1.7%	−27.4%	62.1%	18.3%	17.9%	17.4%	−0.9%
Net profit growth	2.3%	29.4%	29.7%	3.7%	−65.2%	222.1%	33.3%	19.8%	18.8%	−1.8%
Earnings per share growth	–	29.5%	29.6%	3.7%	−65.2%	222.0%	33.3%	19.8%	18.8%	−1.8%
	–	–	10.6%	10.5%	3.4%	10.4%	12.4%	13.2%	13.8%	12.0%
	–	–	–	−0.1 pts	−7.1 pts	6.9 pts	2.0 pts	0.8 pts	0.6 pts	−1.8 pts
From the net margin	–	–	–	−0.3 pts	−6.3 pts	4.6 pts	1.2 pts	0.4 pts	0.2 pts	−0.2 pts
From asset turnover	–	–	–	0.4 pts	−0.6 pts	2.6 pts	1.0 pts	0.8 pts	0.3 pts	−1.7 pts
From borrowing	–	–	–	−0.2 pts	−0.1 pts	−0.3 pts	−0.2 pts	−0.4 pts	0.1 pts	0.1 pts
Return on capital employed	–	–	14.7%	12.6%	7.1%	14.2%	15.5%	16.7%	17.9%	15.8%
Cash conversion	–	–	–	–	576.9%	184.8%	66.6%	102.4%	96.1%	291.1%
Interest cover	–	3.5	3.6	3.1	1.6	3.6	4.5	4.3	4.2	3.8
Debt to equity	–	–	0.36	0.31	0.25	0.21	0.22	0.22	0.22	0.17
Receivable days	–	–	65	79	88	92	99	89	95	95
Inventory days	–	–	195	63	65	59	51	55	49	32
Payable days	–	–	64	92	104	92	83	68	82	83
Cash conversion cycle, days	–	–	196	50	49	59	68	77	63	45
Working capital days	–	–	80	81	73	85	98	104	91	69
Asset turnover	–	–	0.80	0.83	0.70	0.93	1.01	1.08	1.10	0.97
Assets per rupee of net worth	–	–	2.10	2.05	1.97	1.91	1.88	1.82	1.83	1.85
Sales per rupee of plant	–	–	3.58	3.48	3.19	4.47	4.54	5.03	5.43	5.02
Capital spending to depreciation	–	–	–	–	0.55	0.77	1.50	1.30	1.39	2.39
Plant being built, % of plant in use	–	–	10.2%	11.5%	18.6%	19.2%	11.5%	11.5%	9.3%	26.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.5%
Cash from operations against operating profit: 136.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	15.0%	17.2%	10.6%
Profit growth, yearly rate	14.0%	43.1%	11.8%
Return on equity, average	–	12.4%	13.0%
Return on capital employed, average	–	16.0%	16.8%
Operating margin, average	14.4%	14.4%	14.4%
Net margin, average	6.2%	6.5%	6.8%
Asset turnover, average	–	1.02	1.05
Cash conversion cycle, days, average	–	62	61
Interest cover, average	3.6	4.1	4.1
Debt to equity, average	–	0.21	0.20

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,392	1,828	1,116
Cash from investing	−1,481	−1,204	−705
Cash from financing	−753	−487	−276
Capital spending	1,261	916	464
Dividends paid	117	87	30
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	498	383	204
Borrowings repaid	335	219	125

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	8	6	8	5	–
Altman Z-scorePublished threshold 1.81	–	2.40	2.19	2.32	2.59	2.93	–	–	–
Beneish M-scorePublished threshold −1.78	–	–	–	−2.84	−2.21	−2.13	−2.48	–	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−5.28	−2.20	6.69	4.09	–	–
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.71	1.11	0.90	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	22.73	9.59	6.07	9.36	−11.60	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−71.59	2.80	−12.85	−15.37	8.73	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	18.22	−2.66	2.67	0.64	0.98	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.49	1.58	1.16	0.37	0.52	–	–
Effective tax ratePublished threshold 17.16 per cent	33.93	34.00	21.30	27.84	27.17	26.55	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	4.82	1.91	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
27 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]A+Review, Re-affirm	Positive	658
27 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]A+Review, Re-affirm	Positive	897
27 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Unallocated limits	[ICRA]A+Review, Re-affirm	Positive	61.65
27 Feb 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A+Review, Re-affirm	Positive	4,299.81

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.