J Kumar Q1 Results Review - Healthy Execution To Continue Led By Robust Order Book: Dolat Capital

Dolat Capital Report

J Kumar Infraproject Ltd.’s Q1 FY25 results were below estimates, however Ebitda margin was in line.

We expect revenue/adjusted profit after tax compound annual growth rate of 17.5%/22.1% over FY24-26E with Ebitda margins of 14.6%/15.1% for FY25E/FY26E.

We marginally decrease our FY25E/FY6E EPS estimates by 3.1%/2.2% post factoring slightly lower Ebitda margin.

Given J Kumar’s robust order book which provides revenue visibility of ~five times along with scope of margin improvement, we upgrade our multiple from 11 times to 14 times. Consequently, we maintain ‘Accumulate’ rating with a revised target price of Rs 906 (14 times FY26E earnings per share).

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