J. Kumar-SDPL JV Secures ₹2,360 Crore NHAI Expressway Project in Maharashtra

During Wednesday’s trading session, shares of J. Kumar Infraprojects Limited, a pure play EPC company specializing in the construction of urban infrastructure projects, including metros, elevated corridors/flyovers, and roads & road tunnels, surged nearly 10 percent on BSE. The significant jump in stock prices was fueled by the company’s announcement of securing an order worth Rs. 2,360 crores from the National Highways Authority of India (NHAI).

With a market cap of Rs. 3,444 crores, shares of J Kumar Infraprojects Limited are currently trading at Rs. 455.2 on BSE, up by around 7 percent, as against its previous closing price of Rs. 426.2. The stock has delivered negative returns of over 33 percent in one year and has fallen by around 11 percent in the last one month.

What’s the News

According to the latest disclosures on the stock exchanges, J. Kumar-SDPL (JV) has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a key infrastructure project, which is scheduled to be executed within a period of 30 months. The project involves the construction of a 4-lane expressway, expandable to 8 lanes, aimed at improving connectivity to the proposed Vadhavan Port in Maharashtra. The stretch will run from the port to Tawa Village on NH 48, covering a design length of 32.18 km, and will be executed under the EPC mode. The total contract value stands at Rs. 2,360 crore.

Financials & More

J Kumar Infraprojects Limited is engaged in the business of executing various infrastructure projects, including transportation engineering, irrigation projects, civil construction, and piling work. As per the December 2025 shareholding pattern, the renowned ace investor Mukul Mahavir Agrawal holds a 2.61 percent stake in the company.

As of December 2025, the company reported a strong order book of Rs. 19,212 crores. Segment-wise, the majority of the order book is driven by Elevated Corridors/Flyovers, which account for 53 percent. This is followed by Roads/Road tunnels, which contribute 18 percent, while Civil and other works account for 13 percent. Metro elevated projects make up 6 percent of the order book, followed by Metro Underground Projects and Water-Related Projects, each contributing around 5 percent.

Geographically, the order book is largely concentrated in Maharashtra, which accounts for 63 percent of the total. Tamil Nadu contributes 19 percent, while Delhi & NCR make up 15 percent. The remaining share is distributed across states such as Uttar Pradesh (2 percent), Gujarat (1 percent), and Karnataka (negligible share), indicating a strong regional presence with a focus on key infrastructure markets.

J Kumar Infra reported a decline in revenue from operations, experiencing a year-on-year decrease of around 12 percent, from Rs. 1,487 crores in Q3 FY25 to Rs. 1,311 crores in Q3 FY26. Likewise, its net profit decreased during the same period from Rs. 100 crores to Rs. 83 crores, representing a fall of about 17 percent YoY.