J. Kumar flyovers lead 47% of Rs 22,711 crore order book

J. Kumar Infraprojects reported that elevated corridors and flyovers comprised 47% of its Rs 22,711 crore order book at September 30, 2026, its largest segment. J. Kumar recorded the same category at 42% of Rs 3,050 crore revenue in the first half of financial year 2027 (H1FY27), while Maharashtra represented 64% of the order book.

Why are flyovers J. Kumar’s largest order-book segment?

Elevated Corridors / Flyovers were J. Kumar’s largest order-book segment at 47% of Rs 22,711 crore on September 30, 2026. Civil & Others was the second-largest category at 23%, followed by Roads / Road Tunnels at 19%; Metro - Elevated, Metro - Underground and Water accounted for 5%, 3% and 3%, respectively.

The 47% share placed elevated corridors and flyovers ahead of every other individual category in the disclosed order book. J. Kumar lists elevated corridors, flyovers, bridges, pedestrian subways, skywalks and road-over bridges within this offering, and said it was executing more than 40 ongoing projects with the Rs 22,711 crore order book.

How does J. Kumar’s revenue mix compare with its order book?

Elevated Corridors / Flyovers contributed 42% of J. Kumar’s H1FY27 revenue of Rs 3,050 crore, 5 percentage points below its 47% order-book share at September 30, 2026. The comparison shows that this category represented a larger portion of work yet to be executed than of revenue recognised during H1FY27.

Roads / Road Tunnels held the same 19% share in H1FY27 revenue and the September 2026 order book. Civil & Others increased from 14% of revenue to 23% of pending work, while the combined metro share fell from 24% of H1FY27 revenue to 8% of the order book. Water rose from 1% of revenue to 3% of backlog.

In the second quarter of FY27 (Q2FY27), Elevated Corridors / Flyovers accounted for 40% of Rs 1,539 crore revenue, compared with 42% in H1FY27. Metro - Elevated represented 11% in Q2FY27 and 15% in H1FY27, while Roads / Road Tunnels moved from 22% in the quarter to 19% in the half year; flyovers remained the largest revenue category in both periods.

Where is J. Kumar’s order book concentrated geographically?

Maharashtra accounted for 64% of J. Kumar’s Rs 22,711 crore order book at September 30, 2026, making it the largest disclosed geography. Tamil Nadu represented 14%, Delhi and the National Capital Region (NCR) 10%, Uttar Pradesh 7%, Karnataka 5% and Gujarat 1%.

Maharashtra was also J. Kumar’s largest revenue geography, supplying 60% of H1FY27 revenue and 61% of Q2FY27 revenue. Its 64% order-book share was therefore 4 percentage points above its H1FY27 revenue share, while Tamil Nadu accounted for 15% of H1FY27 revenue and 14% of the order book.

Delhi and NCR showed the widest reported difference across the two measures, contributing 22% of H1FY27 revenue but 10% of the September 2026 order book. Uttar Pradesh was 2% of H1FY27 revenue and 7% of backlog, while Karnataka was 1% of revenue and 5% of backlog. J. Kumar identifies Maharashtra, NCR, Gujarat, Rajasthan, Uttar Pradesh, Tamil Nadu and Karnataka as states and regions where it has an established presence.

What orders did J. Kumar receive in H1FY27?

J. Kumar reported Rs 5,547 crore of orders awarded in H1FY27, alongside the Rs 22,711 crore order book disclosed at September 30, 2026. The presentation does not provide a segment, project or geography split for these H1FY27 awards, so it does not identify their contribution to the 47% flyover share.

H1FY27 revenue was Rs 3,050 crore, compared with Rs 2,826 crore in H1FY26. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were Rs 443 crore in H1FY27 versus Rs 411 crore a year earlier, and profit after tax rose to Rs 211 crore from Rs 194 crore.

Quarterly revenue reached Rs 1,539 crore in Q2FY27, compared with Rs 1,343 crore in Q2FY26. Q2FY27 EBITDA was Rs 229 crore versus Rs 195 crore, while profit after tax was Rs 113 crore compared with Rs 91 crore, providing the reported financial context for work execution during the half year.

What other infrastructure work does J. Kumar undertake?

J. Kumar undertakes metro infrastructure, elevated corridors and flyovers, roads and road tunnels, civil and other construction, and water infrastructure. Its September 2026 order book included Civil & Others at 23%, Roads / Road Tunnels at 19%, the two metro categories at a combined 8%, and Water at 3%.

Metro offerings include underground and elevated metro work, stations and depots. Civil offerings include hospitals and medical colleges, railway termini and stations, commercial buildings and sports complexes, while water offerings include sewage treatment plants, river fronts and tunnels. These activities correspond with the six segment labels in the order-book analysis.

J. Kumar reported total assets of Rs 6,282 crore at September 2026, compared with Rs 6,197 crore at March 2026. Gross debt was Rs 823 crore in H1FY27, up from Rs 619 crore in FY26, and the gross debt-equity ratio moved to 0.23 from 0.18 over the same periods.

Conclusion

J. Kumar’s September 2026 order book was led by Elevated Corridors / Flyovers at 47%, and this was also its largest H1FY27 revenue segment at 42%. Roads retained a 19% share in both measures, while Civil & Others formed a larger share of order book than revenue and metro work formed a smaller share of order book than revenue. Maharashtra led both the backlog and H1FY27 revenue mix at 64% and 60%, respectively.

The next disclosed development to watch is conversion of the Rs 22,711 crore order book, including Rs 5,547 crore of H1FY27 awards, across more than 40 ongoing projects. J. Kumar also says it is looking to expand into other states beyond its established markets, although the presentation gives no timetable or targeted order value for that plan.