J Kumar Infraprojects - Robust Order Book To Drive Revenue Growth: Axis Securities

Axis Securities Report

Infrastructure growth remains the top priority of incumbent government and J Kumar Infraporjects Ltd. remains one of the most established EPC contractors.

It will continue to benefit from the government's thrust on building urban infrastructure, its healthy order book position, strong execution capabilities, and healthy financial position.

We estimate J Kumar to report revenue/Ebitda/adjusted profit after tax compound annual growth rate of 17%/19%/22% respectively over FY24- FY26E, supported by its robust and diversified order book, healthy bidding pipeline, encouraging new order inflow, emerging opportunities in the construction space, and execution prowess.

Currently, the stock is trading at 16 times and 13 times of FY25E and FY26E EPS. We maintain our Buy rating and the company’s business at 14 times FY26E EPS to arrive at a target price of Rs 920/share. The target price implies an upside potential of 11% from the current market price.

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