J. Kumar Infraprojects Limited

Industrials — Engineering & Construction · NSE

₹442.00−₹2.40 (−0.54%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of J. Kumar Infraprojects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

J. Kumar Infraprojects Limited engages in the construction business in India. The company executes contracts of various infrastructure projects, including transportation engineering, irrigation projects, civil construction, piling work, etc.

IndustryEngineering & Construction

SectorIndustrials

Employees6,955

Annual revenue₹5,723 Cr

How does it make money?

Turns over ₹5,723 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 6,955 employees supports ₹82.3 lakh of revenue a year, the signature of a people-led business.

EBITDA margin14.2%

Net margin6.8%

Revenue / employee₹82.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Some evidence

ROCE of 15.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE15.5%

ROE11.5%

Peer median ROE14.1%

What is the outlook?

6 analysts covering the stock expect revenue to grow about 15.3% and earnings to grow about 19.3% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+15.3%

Est. earnings growth+19.3%

Analysts6

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +36% while net margin moved +4% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+36%

Margin effect+4%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 11.5% is moderate

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

8.8x

3Y Median

14.5x

40 monthly readings · mean 14.1x · range 8.3x–23.8x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 40% below its 3y median of 14.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 71% below the peer median of 30.1x.

vs. its own history

Cheap

14.5x median over 40 months · -40%

vs. sector peers

Cheap

30.1x median of 3 peers · -71%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

8.8x

P/B

0.99x

EV/EBITDA

4.6x

PEG

0.72

Dividend Yield

0.90%

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Valuation below its historical average
At 8.8x the stock trades 40% below its own median of 14.5x.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 40% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 71% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹659 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 10.8% CAGR
Latest reported year was 1.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹659 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 15.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹3,344 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.8x

Cheap

Cheap against the generic band

P/B Ratio

0.99x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹50.35

Profitable

Profitable on a per-share basis

ROE

11.5%

Moderate

Moderate capital efficiency

ROCE

15.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

1.8%

Modest

Modest growth

Profit Growth (YoY)

-5.8%

Falling

Profits are shrinking

Dividend Yield

0.90%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹659 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹442

P/E (Forward)

6.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

10.8%

Average

Average margins

Net Margin

6.6%

Average

Average bottom-line conversion

Current Ratio

1.62

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.32

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

456.8 / 478.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

30.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹4,203 Cr	₹4,879 Cr	₹5,693 Cr	₹5,723 Cr	+10.8%
EBITDA	₹579 Cr	₹669 Cr	₹785 Cr	₹811 Cr	+11.9%
EBITDA Margin	13.8%	13.7%	13.8%	14.2%	—
PAT (Net Profit)	₹274 Cr	₹331 Cr	₹391 Cr	₹387 Cr	+12.1%
EPS	₹36.26	₹43.71	₹51.7	₹51.13	+12.1%
ROE	11.7%	12.5%	13.0%	11.5%	—
ROCE	16.7%	17.0%	18.1%	15.5%	—
Total Debt	₹547 Cr	₹593 Cr	₹704 Cr	₹621 Cr	+4.3%
Free Cash Flow	-₹25 Cr	₹121 Cr	₹141 Cr	₹659 Cr	—

🟢 Revenue has grown at 10.8% a year over 3 years.

🟢 EBITDA has grown at 11.9% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 14.2% over 3 years.

🟢 PAT (Net Profit) has grown at 12.1% a year over 3 years.

🟢 EPS has grown at 12.1% a year over 3 years.

🟡 ROE has held roughly flat at 11.5% over 3 years.

🔴 ROCE has fallen from 16.7% to 15.5% over 3 years (-1.2 pts).

🔴 Total Debt has grown at 4.3% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹25 Cr to ₹659 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6,197 Cr

Total Liabilities

₹2,828 Cr

Total Debt

₹621 Cr

Cash & Equivalents

₹203 Cr

Operating Cash Flow

₹1,128 Cr

Capex

-₹469 Cr

Shareholding (proxy)

Institutional Holding

17.8%

Insider Holding

52.2%

Corporate Actions

Dividend Rate

₹4

Ex-Dividend Date

15 Sept 2026

Analyst Consensus

Recommendations

6 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹724.5

+63.9% vs CMP

Target Range

₹614 – ₹841

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 positive1 mixed4 general

JKIL Share Price near 52-week low: price action, metrics

Univest, 08 Oct

J. Kumar Infraprojects (NSE:JKIL) Could Be A Buy For Its Upcoming Dividend

Simply Wall Street, 11 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

J Kumar Infraprojects Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

J Kumar Infraprojects Drops 7.8% on Weak Q3 and Delays

HDFC Sky, 05 FebResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

J Kumar Infra Standalone June 2026 Net Sales at Rs 1,507.42 crore, up 1.95% Y-o-Y

Moneycontrol.com, 07 Aug

J Kumar Infraprojects regional general manager resigns effective Oct 9

scanx.trade, 09 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate11.8/20

🟢Financial HealthStrong17.8/20

🟡GrowthModest11.5/20

🟡ProfitabilityModerate8.3/15

🟢ValuationAttractive13.2/15

🟡RiskModerate6.2/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

This thesis breaks if

✓Revenue growth stays above 8% a year10.8% CAGR
✓EBITDA margin holds above 12%14.2%
✓Free cash flow remains positive₹659 Cr
✓Debt / EBITDA stays below 2x0.8x
✓ROCE stays above 13%15.5%