DRHPLast filing 1 Oct 2026

J Infratech Limited

CIN

Detailed viewexpand everythingSource documents

J Infratech Limited (CIN U70109HR2019PLC083157) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹600 Cr and an offer for sale of 1 Cr shares. In FY26 it reported revenue of ₹1,722 Cr (+22.0% on FY25) and a net profit of ₹247 Cr. Promoters hold 97.7% before the IPO. Our fact-check of its claims found no medium or high concerns across 37 claims checked.

Read from public SEBI filings; last updated 1 Oct 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationNot available
Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
GrowthLooks fine
39.3% a yearSales FY24 to FY26; latest year +22%.p.86
ProfitabilityLooks fine
14.3% net marginFY26; operating margin steady.p.86
DebtLook closer
1.04x equity₹614 crore borrowed at the end of FY26.p.86
Profit into cashConcern
-22% of profitOperations brought in ₹-55.1 crore against ₹247 crore of profit in FY26.p.86
One-off incomeLook closer
3% of profitOther and one-off income is 3% of pre-tax profit; management describes 5 one-off items.p.435
Where the money goesNot available
Not comparable yetFresh issue of ₹600 crore; offer for sale of 1 Cr shares. The two aren't in the same unit until the price band is out.p.123
Red flagsLooks fine
None serious37 claims checked: 0 high, 0 medium concern.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Fact-check results: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

The IPO

What J Infratech Limited is offering, at what price, and who owns it today. Read from the DRHP; anything the company hasn't fixed yet shows as pending.

Draft under SEBI review

Price band and dates are announced only once the RHP is filed.

Fresh issue: ₹600 Cr
Offer for sale: 1 Cr shares
Price band: To be announced
Shares today: 11.7 Cr
Face value: ₹10
Listing on: BSE & NSEEQ

Lead managers

Systematix Corporate Services

Registrar

KFin Technologies

Read from p.1 p.82 p.83 p.84+2

Where the money goes

Earmarked for specific objects

₹425 Cr

of a ₹600 Cr fresh issue

Object	₹ crore	% of issue
Working capital Funding our working capital requirements	375	63%
Debt repayment Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company	50	8.3%
General corporate General corporate purposes	Not fixed yet	–

Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. The offer-for-sale portion is not shown here: that money goes to the selling shareholders, not the company. Source: page 123

Who owns it

Promoters hold before the IPO

97.7%

Promoters 97.7%Promoter group 2.3%

Holder	Shares	% before IPO
Hari NiwasPromoter	5.97 Cr	51.0%
TrustPromoter	4 Cr	34.2%
Mohit JanduPromoter	59.47 lakh	5.1%
Kuldeep KumarPromoter	59.47 lakh	5.1%
SavitriPromoter	26.96 lakh	2.3%
PriyaPromoter group	13.56 lakh	1.2%
MonikaPromoter group	13.56 lakh	1.2%
Virender SinghPromoter group	20,000	0.0%

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Who is selling

The offer for sale, seller by seller, as the filing itself lists them.

Selling shareholder	Max shares offered	Cost of acquisition
Mohit JanduPromoter	50 lakh	₹2.43
Kuldeep KumarPromoter	50 lakh	₹3.22

Cost of acquisition is the weighted average price the seller originally paid per share, as stated in the filing.

Financials

What J Infratech Limited earned and how, read straight from its DRHP.

Sales FY26

₹1,722 Cr

+22.0% vs FY25

Net profit FY26

₹247 Cr

14.3% net margin

Net worth

₹592 Cr

Debt / equity 1.04x

Operating cash flow FY26

−₹55 Cr

Business consumed cash

₹ crore · Consolidated · FY = year ended 31 MarchSource p.85 p.86 p.88

Metric	FY24	FY25	FY26
Profit & loss
Sales	887	1,411	1,722
Sales growth	–	59.1%	22.0%
Operating profit	163	326	422
Operating margin	18.3%	23.1%	24.5%
Other income	6.3	6.0	9.7
Interest	24	34	52
Depreciation	23	42	49
Profit before tax	123	257	332
Profit before tax excl. other & one-off income	117	251	322
Other & one-off income as % of PBT	5.1%	2.3%	2.9%
Tax rate	30.1%	24.0%	25.7%
Net profit	86	195	247
Net margin	9.7%	13.8%	14.3%
Balance sheet
Net worth	149	345	592
Borrowings	251	377	614
Total assets	682	1,006	1,591
Debt / equity	1.68x	1.09x	1.04x
Return on equity	57.7%	56.7%	41.7%
Cash flow
Cash from operations	162	-129	-55
Cash from investing	-141	-51	-61
Cash from financing	74	91	183

Non-recurring items

One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.

Other
Insurance claims and other reimbursements are recognised when the group has an enforceable right to recovery, the amount can be measured reliably, and no significant uncertainty remains regarding receipt.
p.435
Other
Arbitration awards and settlement amounts are recognised when the group's enforceable right to receive the amount is established and the applicable recognition criteria under the relevant Ind AS are satisfied.
p.435
Other
Gain on sale of investment property (net) increased by ₹1.62 Crore from ₹35.90 Lakh in Fiscal 2025 to ₹1.98 Crore in Fiscal 2026.
p.447
Other
Gain on sale of property, plant and equipment (net) increased by ₹18.10 Lakh from ₹6.80 Lakh in Fiscal 2025 to ₹24.90 Lakh in Fiscal 2026.
p.447
Other
Other expenses increased by ₹16.36 Crore, or 75.41%, from ₹21.69 Crore in Fiscal 2025 to ₹38.04 Crore in Fiscal 2026, principally on account of additional one-time expenditure of ₹10.45 Crore incurred for re-development of one of our projects in Himachal Pradesh, which was affected by floods during the year, representing a non-recurring item.
p.448

How they earn

Where the revenue comes from. Each split adds up to the reported sales.

Revenue breakdown

₹ crore · Source p.27

Segment	FY24	FY25	FY26	Share of FY26
NHIDCL	417	693	869	50.5%
NHAI	260	507	630	36.6%
Others*	133	155	167	9.7%
MoRTH	52	39	50	2.9%
BRO	0.00	13	5.8	0.3%
PWD	22	3.9	0.39	0.0%
Railways	2.1	0.87	0.00	0.0%

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.86

Line item	FY24	FY25	FY26
Revenue from operations	887	1,411	1,722
Other income	6.3	6.0	9.7
	893	1,417	1,731
Income
Finance costs	24	34	52
Depreciation and amortisation expense	23	42	49
	772	1,161	1,401
Expenses
Cost of materials consumed	310	408	463
Construction and operating expenses	344	603	756
Purchase of property held as stock in trade	0.00	33	50
Changes in property held as stock in trade	0.00	-33	-50
Employee benefits expense	50	53	43
Other expenses	21	22	38
Restated Profit before tax	123	257	332
	37	62	85
Tax expense
Current tax	55	36	58
Income tax adjustment relating to earlier years	-2.0	0.14	0.00
Deferred tax (net)	8.4	0.45	27
	86	195	247
Other comprehensive income ('OCI')
Remeasurements gain/(loss) of net defined benefits plan	0.27	0.81	0.26
Income tax relating to above items that will not be reclassified to profit or loss	-0.07	-0.20	-0.07
Restated Other comprehensive income for the year (Net of Tax)	0.20	0.61	0.20
Restated Total comprehensive income for the year	86	196	247

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.85

Line item	FY24	FY25	FY26
Property, plant and equipment	133	182	233
Investments in Joint Ventures	1.7	2.4	3.8
	279	523	761
Assets
Non-current assets
Investment property	19	26	28
Right of use assets	8.9	8.4	7.2
Intangible assets	0.00	0.24	0.13
Financial assets
Other financial assets	87	272	474
Deferred tax assets (net)	28	28	7.5
Other non current assets	0.22	3.1	6.9
Inventories	8.7	83	212
Trade receivables	35	66	72
Cash and cash equivalents	100	11	78
Bank balances other than cash and cash equivalents	148	106	74
	403	483	830
Current assets
Financial assets
Other financial assets	71	117	269
Current tax assets (net)	0.00	19	11
Other current assets	41	80	113
Total assets	682	1,006	1,591
Equity share capital	58	59	117
Other equity	90	286	475
	149	345	592
Equity and liabilities
Equity
Borrowings	106	210	350
	118	230	375
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	8.3	7.9	6.8
Provisions	0.91	0.52	0.90
Deferred tax liabilities (net)	2.8	11	18
Borrowings	145	167	264
- Trade payables total outstanding dues of micro and small enterprises; and	4.7	3.3	7.6
	90	89	103
Current liabilities
Financial liabilities
Lease liabilities	0.93	1.1	1.3
	415	431	624
Other financial liabilities	31	32	114
Other current liabilities	136	137	134
Provisions	0.00	0.00	0.05
Current tax liabilities (net)	9.9	0.00	0.00
Total liabilities	533	661	999
Total equity and liabilities	682	1,006	1,591

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.88

Line item	FY24	FY25	FY26
Restated Profit before tax	123	257	332
Loss/(gain) on disposal of property, plant and equipment (net)	0.06	-0.07	-0.25
Loss/(gain) on disposal of Investment Property (net)	0.00	-0.36	-2.0
Operating profit before working capital changes	166	328	424
	162	-129	-55
Adjustments for:
Depreciation and amortisation expense	23	42	49
Finance costs	24	33	52
Remission of Liablity	0.00	0.00	-0.26
Rental Income	-0.02	-0.02	-0.12
Interest income on Fixed deposit	-6.3	-5.4	-5.7
Interest income on Others	-0.03	-0.10	-1.2
Interest on Lease Laibility	0.83	0.79	0.73
Provision of expected credit loss and doubtful loans and advances	1.2	1.4	0.02
Balances Written Off Expenses	1.2	0.03	0.50
Working capital adjustments
(Increase)/decrease in Inventories	-1.5	-74	-129
(Increase)/decrease in Trade receivables	87	-32	-5.3
Increase/(decrease) in Trade payables	39	2.6	16
(Increase)/decrease in Other financial assets	-66	-232	-353
(Increase)/decrease in Other current and non-current assets	-11	-39	-38
Increase/(decrease) in Other financial liabilities	6.5	0.83	82
Increase/(decrease) in Other current liabilities	-27	0.42	-2.0
Increase/(decrease) in Provisions	0.65	0.22	0.61
Cash flows (used in)/from operating activities	195	-47	-5.8
Income taxes paid (net)	-33	-83	-49
	-141	-51	-61
Payment for purchase of Property Plant and Equipment(Including Capital work in Progress)4	-97	-92	-98
Payment for purchase of Intangible Assets	0.00	-0.34	-0.00
Proceeds from sale of property, plant and equipment	0.01	0.25	1.4
Rental Income	0.02	0.02	0.12
Payment for purchase of Investment Properties	-1.6	-8.6	-5.1
Proceeds from sale of Investment Properties	0.00	2.0	5.0
Investment made in Joint Ventures	-0.75	-0.67	-1.4
(Investment)/ Redemption in bank deposits	-48	43	32
Interest received	6.5	5.7	5.0
	74	91	183
Proceeds from issue of right shares	0.00	0.02	0.00
Proceeds from long term borrowings	170	200	307
Repayment of long term borrowings	-64	-91	-116
Proceeds/ (Repayment) of short-term borrowings (net)	-7.5	18	46
Payment of principal portion of lease liabilities	-0.50	-1.2	-1.2
Payment of interest portion of lease liabilities	-0.83	-0.79	-0.73
Finance cost paid	-24	-33	-52
Net (decrease) in cash and cash equivalents during the year (A+B+C)	95	67	-89
Cash and cash equivalents at the beginning of the year	5.1	100	11
	100	11	78
Cash and cash equivalents comprise of:
Balance with banks in current accounts (refer note 12)	69	11	73
Cash on hand (refer note 12)	0.47	0.11	2.2
Fixed deposit	30	0.00	3.0

Discounted cash flow

What J Infratech Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹3,882 Cr

Per share

–

Needs the price band.

Top of the price band

–

Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY26 net profit of ₹247 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

Here's what almost nobody noticed: there's zero verifiable record linking Savitri to the partnership firm during that specific period. That silence, when you're tracking an IPO, tells you something crucial about the company's history.
AI-written summary of J Infratech Limited's filings. Verify against the source documents.

Corporate Structure and Issuance Process

We need to trace how this company evolved from a partnership to a public entity. It started as the 'Jandu Construction Co.' partnership on April 1, 2005. That partnership was converted into a private limited company on October 19, 2019. Later, the name changed to 'J Infratech Private Limited.'

Read more · 3 points, 6 supporting facts

The company was originally formed as a partnership firm, ‘Jandu Construction Co.’ pursuant to a partnership deed dated April 1, 2005. p.94
The Partnership Firm was converted into a private limited company under the Companies Act, 2013 on October 19, 2019. p.94
The company's name was changed from ‘Jandu Construction India Private Limited’ to ‘J Infratech Private Limited’ pursuant to resolutions passed by the Board and shareholders. p.94

The transition to a public entity involved a final name change. The company converted from a private company to a public limited company, and the name was officially changed from ‘J Infratech Private Limited’ to ‘J Infratech Limited.’

The company was converted from a private company to a public limited company and the name was changed from ‘J Infratech Private Limited’ to ‘J Infratech Limited’. p.94

For the IPO, we see who handled the process. Systematix Corporate Services Limited is listed as the sole Book Running Lead Manager for the offer. And Trilegal is listed as the Legal Counsel to the Company regarding Indian Law.

Systematix Corporate Services Limited is the sole Book Running Lead Manager to the Offer. p.96
Trilegal is listed as the Legal Counsel to the Company as to Indian Law. p.96

Government Contract Dependency and Revenue Risk

A major risk for J INFRATECH is its heavy reliance on contracts awarded by various Government Entities. The company's business is directly exposed to changes in government policies or market conditions, which could lead to contract foreclosures or renegotiations. Specifically, the business is primarily dependent on contracts from entities like NHIDCL, NHAI, MoRTH, BRO, PWD, and Indian Railways.

Read more · 3 points, 6 supporting facts

The business is primarily dependent on contracts awarded by various Government Entities. p.27
The business is primarily dependent on contracts awarded by specific Government Entities such as NHIDCL, NHAI, MoRTH, BRO, PWD, and Indian Railways. p.27

This dependency creates a significant concentration risk, as a large portion of the company's revenue comes from just a few key customers. The majority of the revenue from operations is derived from the top two customers, which account for a significant percentage of the total.

Majority of revenue from operations is derived from the top two customers. p.29
Loss of, or reduction in business from, any of these key customers could have a significant adverse impact on cash flows and financial condition. p.29

Furthermore, the revenue generated from executing both EPC and HAM projects makes up a significant portion of the total revenue from operations. We need to keep in mind that there's no assurance that the allocation of EPC projects could change, which could significantly impact future revenues.

The revenue from execution of EPC projects and HAM projects constitutes a significant portion of the Revenue from Operations. p.30
There can be no assurance that there will not be any reduction in the EPC projects allocated to the company, which could significantly impact future revenues. p.30

Litigation and Regulatory Scrutiny

When we look at the company's history, the DRHP flags several past legal issues. For instance, there are no outstanding criminal proceedings against the company itself, as noted on page 471. However, there are past civil claims; specifically, a reference petition was filed by Geosys India Infrastructures Limited concerning non-payment of dues and wrongful retention of machinery, involving amounts up to ₹10.17 Crore and ₹8.40 Crore, which you can find on page 472.

Read more · 3 points, 5 supporting facts

No outstanding criminal proceedings against the company. p.471
A reference petition was filed by Geosys India Infrastructures Limited concerning non-payment of dues and wrongful retention of machinery, involving amounts up to ₹10.17 Crore and ₹8.40 Crore. p.472

The regulatory disclosures also point to past non-compliance issues. The CGST Audit – Commissionerate, Nagpur issued a show cause notice alleging failure to pay and report goods and service tax for a period from April 2020 to March 2023, with dues amounting to ₹12.85 Crore plus interest of ₹3.70 Lakh, as detailed on page 472.

A show cause notice was issued by the CGST Audit – Commissionerate, Nagpur alleging failure to pay and report goods and service tax for a period spanning April 2020 to March 2023, with dues amounting to ₹12.85 Crore and interest of ₹3.70 Lakh. p.472

Furthermore, the filing details several other legal actions. The company has filed a complaint under the Negotiable Instruments Act against Kedareshwar Infrastructure Developers Private Limited and others for dishonored cheques, on page 473. Additionally, a forest offence report was filed against Hari Niwas alleging illegal installation of electric tower poles and illegal possession of land on forest land, also on page 473.

The Company has filed a complaint against Kedareshwar Infrastructure Developers Private Limited and others under the Negotiable Instruments Act, alleging dishonored cheques. p.473
A forest offence report was filed against Hari Niwas alleging illegal installation of electric tower poles and illegal possession of land on forest land. p.473

Who Owns the Company?

Let's look at who the promoters are. The filing shows a significant concentration of ownership before the IPO. Hari Niwas holds the largest stake at 51.00% of the pre-Offer issued equity share capital. This means they control more than half of the company before this new funding round.

Read more · 2 points, 4 supporting facts

Hari Niwas holds 51.00% of the pre-Offer issued, subscribed and paid-up Equity Share capital p.315

The remaining promoters and related parties hold the rest of the stake. The HN Family Trust accounts for 34.19% of the equity, and Mohit Jandu and Kuldeep Kumar each hold 5.08% individually. This shows a structure where the core promoters have divided their shares among themselves and the trust.

HN Family Trust holds 34.19% of the pre-Offer issued, subscribed and paid-up Equity Share capital p.315
Mohit Jandu holds 5.08% of the pre-Offer issued, subscribed and paid-up Equity Share capital p.315
Kuldeep Kumar holds 5.08% of the pre-Offer issued, subscribed and paid-up Equity Share capital p.315

Bottom line

So, to put it simply, this IPO story boils down to a few key things: heavy reliance on government contracts, past legal claims that have been disclosed, and a specific ownership structure among the promoters. That’s the picture the filing paints—what you make of it is up to you.

Red flags & fact-checks

We looked up selected claims from the filing (promoters, court cases, subsidiaries) on the open web. Here is what we found.

ClearPromoter background
J Infratech Limited
100% confidence
What the filing says
Savitri has no formal education and was associated with the erstwhile partnership firm from April 1, 2010 to October 19, 2019.
p.316
What we found
No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Savitri's formal education or association with the partnership firm during the specified period.
ClearPromoter background
J Infratech Limited
100% confidence
What the filing says
Hari Niwas has been associated with the erstwhile partnership firm from April 1, 2005 to October 19, 2019.
p.315
What we found
No current web search results were found to corroborate, contradict, update, or provide any information regarding the association of Hari Niwas with the erstwhile partnership firm between April 1, 2005, and October 19, 2019.
ClearPromoter background
J Infratech Limited
100% confidence
What the filing says
Hari Niwas has been a director of the Company from October 19, 2019 to April 11, 2025, and was associated with the erstwhile partnership firm from April 1, 2005 to October 19, 2019.
p.315
What we found
No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Hari Niwas's directorship or association with the erstwhile partnership firm.
ClearPromoter background
J Infratech Limited
100% confidence
What the filing says
Mohit Jandu was appointed as Managing Director on January 27, 2025.
p.303
What we found
No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mohit Jandu was appointed as Managing Director on January 27, 2025.
ClearPromoter background
J Infratech Limited
100% confidence
What the filing says
Amir Chand was appointed as Chairperson on February 13, 2026.
p.303
What we found
No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Amir Chand was appointed as Chairperson on February 13, 2026.
ClearPromoter background
J Infratech Limited
100% confidence
What the filing says
Mahabir Singh was appointed as an additional non-executive independent director on March 10, 2026.
p.303
What we found
No current web search results were found to corroborate, contradict, update, or provide any information regarding the appointment of Mahabir Singh as an additional non-executive independent director on March 10, 2026.

Inside the filing

Section-by-section summaries of the Draft Red Herring Prospectus. Turn on Detailed view at the top to expand everything.

What the company does and how it got here

Business & industry

What the company actually does, its customers, competition and the industry it sells into.

pp. 155–272

The section provides an overview of the economic outlook, detailing projections for global and Indian economic growth, inflation trends, and industrial production. It discusses the resilience of the Indian economy against global challenges, noting strong domestic fundamentals. Furthermore, it outlines trends in disposable income and consumer spending, as well as various Gross Value Added (GVA) sectors, including the construction industry. The text also touches upon the role of government policy, such as capital expenditure allocations, in driving infrastructure-led growth.

Key points (325, showing 60)

Global economic growth is projected to moderate to around 3.1% in 2026, with downside risks potentially reducing it to 2.5% or lower due to geopolitical tensions. p.155
The IMF forecasts GDP growth for India at 6.40% in CY26, which outpaces the estimated global average of 3.00%. p.155
The Union Budget allocated Rs 12.20 lakh crore for capital expenditure in FY27, reinforcing the government's commitment to infrastructure-led growth. p.155
Provisional estimates suggest that India's GDP in FY26 is expected to have grown by 7.75%, supported by strong domestic consumption, investment, manufacturing, and services. p.156
Real GDP growth continued into FY27, with real GDP expanding by 7.8% year-on-year in Q1FY27, above market expectations. p.156
Between January and July 2026, the Consumer Price Index averaged around 3.66%, increasing to 4.45% by July 2026 Year-on-Year. p.157
The Index of Industrial Production (IIP) in India grew by 5.80% Year-on-Year from April-June (FY27), showing steady but moderate industrial momentum. p.158
Gross Value Added (GVA) growth in FY26 (Provisional Estimate) was led by manufacturing, Trade, Hotels, Transport, Communication & Services related to Broadcasting, with industry estimated at 8.5%. p.159
The construction sector contributed 9.0% to the national GVA (at constant price) in FY26. p.159
The residential segment holds the largest share within the construction industry. p.159
The government allocated a record Rs. 11.21 trillion for infrastructure development. p.160
Plans exist to expand the national highway network to 2,0 kilometres by FY37, with 1,46,572 kilometres as of FY26. p.160
The NHAI is expected to award approximately 5,140 kms of road projects in FY27 across EPC, HAM, and other modes. p.160
The government has targeted the operationalisation of 18,000 km of access-controlled National High-Speed Corridors and expressways by FY29 and 26,000 km by FY33. p.160
MoRTH’s identified PPP pipeline of 13,400 km, with an estimated project cost of Rs 8.3 trillion, is expected to support medium-term ordering opportunities. p.160
India has around 1,170 kilometres of operational metro rail across 29 cities as of August 2026. p.160
Approximately 816 kilometres of metro projects are under construction in various cities such as Delhi, Bangalore, Kolkata, Chennai, Kochi, Mumbai, Nagpur, Ahmedabad, Gandhinagar, Pune, Kanpur, Agra, Bhopal, Indore, Patna, Surat, and Meerut. p.160
Opportunities for EPC players are expected to expand with plans to increase operational airports to 220 and add an additional 200 over the next two decades. p.161
The National Highways Authority of India (NHAI), state-level authorities, and domestic and international private sector players drive infrastructure development. p.161
The Smart Cities Mission aims to provide core infrastructure, a clean environment, and better quality of life through smart solutions. p.161
The AMRUT mission focuses on improving basic infrastructure in 500 cities, including water supply, sewerage, stormwater drainage, green spaces, and urban transport. p.161
The PMAY (Pradhan Mantri Awas Yojana) focuses on providing housing for all, with significant emphasis on affordable housing in urban and rural areas through both PMAY-Urban and PMAY-Gramin schemes. p.161
The National Infrastructure Pipeline (NIP) was projected to have an investment of approximately Rs 111 trillion for the period FY 2020–2025. p.163
As of July 2026, 2,545 projects worth Rs 24.2 trillion have been completed, accounting for 29% of the total number of projects in the NIP. p.163
The Bharatmala aims to improve national highway connectivity for better freight and passenger movement. p.164
The Sagarmala focuses on port infrastructure and logistics. p.164
Bharatmala Phase I involves 34,800 km of National Highways. p.164
Sagarmala involves 839 projects worth Rs 5.8 trillion. p.164
262 projects worth Rs 1.40 trillion were completed by August 2025 under Bharatmala and Sagarmala. p.164
Road transport contributed 2.3% of India’s total gross value added (GVA) at current prices in FY25, compared with 2.6% in FY24 and 2.5% in FY23. p.165
India handles more than 4.6 billion tonnes of goods each year, with 22% being agricultural goods, 39% mining products, and 39% manufacturing-related commodities. p.165
The road sector budget contributes ~0.9% of total India’s GDP as of FY25. p.165
Road transport accounts for approximately 66.6% of freight movement in India, while rail transport accounts for 23.6% of freight movement. p.166
Road transport accounts for nearly 66.5 percent of the country’s total freight volumes. p.166
India has the second-largest road network in the world, with about 63,45,830 km as of FY26. p.166
National highways account for ~2% of the total road network and ~40% of the total road traffic. p.166
State highways and major district roads account for 60% of traffic and ~98% of road length. p.166
CareEdge research anticipates Rs. 30.31 trillion of investments between FY26 and FY30 in national highways, with an expected CAGR of around 8.3%. p.167
The pace of National Highway construction declined from about 34 km per day in FY24 to around 24-26 km per day in FY26. p.168
Private sector bidding interest in CY19 was largely concentrated in EPC and HAM projects, accounting for about 49.9% and 46.5% of participation, respectively. p.169
By CY25, EPC continued to remain the dominant mode in private sector bidding at about 52.4%, while the share of HAM declined to around 39.7%. p.169
NHAI's outstanding debt increased materially up to FY22 and remained elevated through FY24, stemming from ambitious highway expansion. p.170
NHAI reduced its outstanding debt from Rs 3.35 trillion in FY24 to Rs 2.36 trillion by FY26, supported by toll collections and asset monetization proceeds. p.170
Asset monetization in road projects is undertaken through three routes: toll-operate-transfer (TOT), InvITs, and toll securitisation (SPV). p.170
The Toll-Operate-Transfer (TOT) model attracts bid interest due to its low-risk profile and maturity, allowing private developers to operate roads for a fixed period in exchange for an upfront lump sum. p.170
The success of the TOT model is highlighted by the recent success of TOT Bundle 16, 17, and 18, and NHAI raising ₹15,968.00 Crore in FY24, surpassing targets. p.170
InvITs have mobilized a cumulative ₹43,640.00 Crore till FY25, with the FY25 round being the largest, raising ₹17,740.00 Crore. p.171
NHAI monetized ₹15,950.00 Crore through InvIT Round-5 and the launch of Raajmarg Infra Investment Trust Eoffq in FY26. p.171
Financing through the formation of Special Purpose Vehicles (SPV) can be used to monetize user fee receipts from toll plazas. p.171
Cumulative fund monetized in the road sector from FY19–FY26 amounted to ₹1,67,790.00 Crore. p.171
The market is expected to shift towards InvITs to attract stable, long-term capital, with InvITs scaling up rapidly. p.171
The monetisation target under NMP Phase II has increased to ₹4,14,000.00 Crore, with expected cumulative mobilisation reaching Rs 5,500–5,800 billion during FY27–FY30. p.171
InvITs are estimated to account for about 45–50% of asset monetization during FY26–FY30, followed by 35–37% through TOT and 15–18% through SPV-based models. p.171
The Ministry of Road Transport and Highways (MoRTH) has a Roads Wing for development and maintenance of national highways and a Transport Wing for road transport issues. p.173
The National Highways Authority of India functions as an autonomous agency responsible for the development, operation, and maintenance of the national highways network. p.173
State governments are responsible for the development and maintenance of state highways, major district roads, and rural roads through their Public Works Departments. p.173
The government introduced financial incentives such as bearing the cost of feasibility studies, land, and environmental clearances to attract private sector participation. p.174
The government has introduced provisions like 100% tax exemption for a consecutive 10 years out of 20 years after commissioning a project. p.174
The 'Make in India' initiative encourages the local production of materials and machinery for road construction, boosting self-sufficiency. p.174
The Hybrid Annuity Model (HAM) was introduced to reinvigorate private sector involvement by prioritizing the equitable allocation of risks between stakeholders. p.174

History & corporate structure

How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.

pp. 273–296

The company originated as a partnership firm, 'Jandu Construction Co.', formed on April 1, 2005, and underwent several structural changes, including conversions to a private limited company and later to a public limited company. The company's name was changed multiple times, culminating in the final name 'J Infratech Limited' following its conversion to a public entity. The company's main objects cover various sectors including government contracting, private works, and the development of infrastructure, including real estate and renewable energy modules. The history also details numerous major project awards and milestones achieved across various states in India.

Key points (59)

The company was originally formed as a partnership firm, ‘Jandu Construction Co.’ pursuant to a partnership deed dated April 1, 2005, in Sirsa, Haryana, India. p.273
The Partnership Firm was registered under the Indian Partnership Act, 1932 bearing firm registration number 1 of 2008 - 2009, issued by the Registrar of Firms, Sirsa, Haryana dated April 7, 2008. p.273
The Partnership Firm was converted into a private limited company under the Companies Act, 2013 under the name of ‘Jandu Construction India Private Limited’ pursuant to a resolution dated July 3, 2019 and a memorandum of association dated October 18, 2019. p.273
The name of the Company was changed from ‘Jandu Construction India Private Limited’ to ‘J Infratech Private Limited’ pursuant to resolutions dated September 4, 2024. p.273
The Company was converted from a private company to a public limited company and the name was changed from ‘J Infratech Private Limited’ to ‘J Infratech Limited’ pursuant to resolutions dated October 15, 2024 and November 4, 2024. p.273
The registered office address was changed from H. No. 323 Aggarsain Colony, SBI Street, Sirsa 125 055, Haryana, India to J-House, B-103, Sector-30, near Signature Tower, Gurugram 122 001, Haryana, India on September 4, 2024, for administrative convenience. p.273
The Memorandum of Association was amended on June 15, 2020 to reflect the addition of a new clause regarding the power to receive money on deposit or loan and borrow or raise money. p.276
The Memorandum of Association was amended on February 11, 2021 to reflect the addition of the preamble of the partnership deed dated April 1, 2018 before Clause I of the Memorandum of Association. p.276
The authorized share capital was increased from ₹10,00,000 divided into 1,00,000 equity shares of ₹10 each to ₹40,00,00,000 divided into 4,00,00,000 equity shares of ₹10 each on March 11, 2021. p.276
The Memorandum of Association was amended on September 18, 2023 to reflect the addition of a new clause regarding the provision of services related to toll collection/user fee collection works. p.276
The name of the Company was changed from ‘J Infratech Private Limited’ to ‘J Infratech Limited’ on September 4, 2024, pursuant to the conversion into a public limited company. p.276
The Memorandum of Association was amended on April 11, 2025 to reflect the addition of new clauses regarding the business of contractors, builders, and developers. p.276
The Memorandum of Association was amended on June 20, 2026 to reflect the addition of new clauses regarding the business of buying, selling, and dealing in mineral products. p.276
The company awarded an EPC project for four-lanning of NH-53 passing through Jalgaon city and construction of vehicular underpass and emergency vehicle underpass in the state of Maharashtra, India in 2019. p.277
The company awarded an EPC project for improvement and widening of two-lane road with paved shoulder of roads in the Jurichhara–Bamanchara section of NH-208 in Tripura, India in 2020. p.277
The company secured a HAM project valued at ₹397.50 Crore for the construction of a new two-lane road with paved shoulders forming part of the Hamirpur Bypass in the state of Himachal Pradesh, India in 2022. p.277
The company awarded an EPC project aggregating to ₹448.50 Crore for construction of a four-lane road in the Barela–Manegaon section in the state of Madhya Pradesh, India in 2022. p.277
The company awarded an EPC project from NHIDCL in Assam aggregating ₹592.80 Crore for four-laning of road in the Dhanehari–Lailapur/Vairengte section of NH-306 in the state of Assam, India in 2023. p.277
The company awarded a HAM project from NHIDCL aggregating ₹696.50 Crore for four-laning and development of a greenfield alignment of the Karimganj–Silchar section of NH-37 in the state of Assam, India in 2024. p.277
The company awarded an NHAI EPC project aggregating ₹598.50 Crore for construction of additional structures, including approaches, in the Vadodara–Surat section of NH-48 in the state of Gujarat in 2024. p.277
The company awarded a project through Border Roads Organisation aggregating ₹24.87 Crore, involving construction of grinder bridges and T-beam bridges in the state of Jammu and Kashmir, India in 2024. p.277
The company awarded an NHIDCL project for rehabilitation of reinforced concrete cement bridge over river Barak at Badarpurghat for ₹2.77 Crore in the state of Assam in 2024. p.277
The company awarded an EPC project through NHIDCL for construction of intermediate lane road and hard shoulder aggregating ₹146.90 Crore in the Hunli-Ithun bridge section on NH-913 in the state of Arunachal Pradesh in 2024. p.277
The company achieved annual revenue in excess of ₹1,000.00 Crore. p.277
The company awarded an EPC project from NHIDCL for balance work for widening/improvement of four lane with paved shoulder configuration of existing lane road from Srirampur (near Bhairiguri Village) to Kachukhana Harichara Paglagaunj (package-I) of Srirampur -Dhubri section of NH-127B in the state of Assam in 2026. p.277
The company awarded an EPC project for construction of the Huri–Taliha section of NH-913 (frontier highway) to intermediate lane in the state of Arunachal Pradesh in 2026. p.277
The company awarded “Outstanding contribution in roads and highways (mid-size project) for the four-lanning with paved shoulders of Kachukhana-Dhubri (NH-127B) section, Assam (JICA, Package II)” by EPC World Media Group in 2026. p.277
The company awarded “Excellence in Infrastructure Development & Execution” by EPC World Media Group in 2026. p.277
The company awarded “Engineering excellence next-gen highway technology” by Roadx Excellence Awards in 2026. p.277
The company does not have any significant financial or strategic partnerships as on the date of this Draft Red Herring Prospectus. p.277
There has been no instance of default, rescheduling or restructuring of borrowings with financial institutions or banks in respect of borrowings from lenders. p.278
Our Company has not entered into any subsisting material agreements with strategic partners, joint venture partners and/or financial partners other than in the ordinary course of business of our Company. p.278
Our Company has not made any material acquisitions or divestments of business/undertakings, mergers, amalgamation, any revaluation of assets etc. in the last 10 years. p.278
A Collaboration Agreement 1 was entered into between J Estates Private Limited and the Company for the grant and transfer of development rights of land parcels in Hisar, Haryana. p.279
A Consultancy Agreement was entered into between Hari Niwas (Promoter) and the Company for availing consultancy and advisory services in infrastructure development, project management, finance and operations. p.280
As on the date of this Draft Red Herring Prospectus, the Company has seventeen wholly-owned Subsidiaries, thirteen Joint Ventures, and one Associate. p.281
Hamirpur Byepass Private Limited was incorporated on November 7, 2022, for the construction of a new two-lane road for the Hamirpur Bypass in Himachal Pradesh. p.281
Jandu Silchar Highway Private Limited was incorporated on April 23, 2024, to execute a project for four-laning and greenfield alignment of a section of NH-37 in Assam. p.282
gfiJmoa Khammam-4 Private Limited was incorporated on June 26, 2026, to execute a project for the construction and maintenance of Panchayat Raj Engineering Department roads in Telangana. p.282
J Infratech Limited holds 99.99% of the shareholding in gfiJmoa Peddapally-11 Private Limited. p.283
gfiJmoa Rangareddy-12 Private Limited was incorporated on July 7, 2026. p.286
JIL-RBD Hanumakonda-4 Private Limited was incorporated on July 09, 2026. p.291
JIL-RBD Hanumakonda-4 Private Limited was incorporated to execute the Project for the widening, strengthening & maintenance of selected R&BD roads in the Hanumakonda 1 package in Telangana under HAM, Phase -I -Package No. 4. p.291
gfiJmoa Karimnagar-3 Private Limited was incorporated to execute the Project- Construction, upgradation, strengthening and maintenance of selected PRED roads in the Karimnagar circle in Telangana under a HAM, Phase-I, Package No. 3. p.292
J Infratech Limited holds 99.99% of the equity in JIL- RBD Khammam-1 Private Limited as of the Draft Red Herring Prospectus date. p.293
Cerisetech Smart Mobility Testing Private Limited was incorporated on March 17, 2026, pursuant to a certificate of incorporation issued by the Registrar of Companies, Central Registration Centre. p.293
Cerisetech Smart Mobility Testing Private Limited was incorporated to design, develop, establish, construct, install, commission, operate, manage and maintain Automated Vehicle Testing Stations (AVTS) in the State of Karnataka. p.293
A joint venture agreement was entered into with Shiv Buildindia Pvt. Ltd. for the development of a six lane access control greenfield highway of Delhi-Saharanpur-Dehradun economic corridor. p.294
A joint venture agreement was entered into with Maanbuilders Private Limited for the construction of a 4-lane from Barela to Manegaon section of NH-30. p.294
A joint venture agreement was entered into with Maanbuilders Private Limited for a contract for improvement and widening of a road section in Tripura. p.294
A joint venture agreement was entered into with Shri Swami Samarth Engineers Limited for the construction of 11 standalone safety structures/works on various NHs in the State of Maharashtra. p.294
A joint venture agreement was entered into with L B Kunjir for the improvement and widening of a road section in Maharashtra. p.294
A joint venture agreement was entered into with AzVirt Limited for the construction of additional structures including approaches in the Vadodara–Surat section of NH-48. p.294
A joint venture agreement was entered into with Assam R & C Infraengineers Pvt. Ltd for the balance work for widening/improvement to a single lane road in Assam. p.295
A joint venture agreement was entered into with Niraj Cement Structurals Ltd for the construction of a two lane with paved shoulders road in Manipur. p.295
A joint venture agreement was entered into with Ram Kumar Contractor for the construction of flyovers in Aloka City in the state of Maharashtra. p.295
A joint venture agreement was entered into with Rajendra Singh Bhamboo Infra Private Limited for the rehabilitation and upgradation of an existing carriageway in Maharashtra. p.295
A joint venture agreement was entered into with Prasad Thekedar and Navbharat Buildcon Private Limited for a sub-project in District – Hanumangarh. p.296
A joint venture agreement was entered into with JSP Projects Private Limited for the contract for rehabilitation and augmentation of a road section in Arunachal Pradesh. p.296

The IPO terms and where the money goes

Cover & definitions

Headline offer terms and the glossary the rest of the document relies on.

pp. 4–25

This section provides definitions for various terms used in the Draft Red Herring Prospectus. It specifies that 'Our Company' is J Infratech Limited, a public limited company incorporated under the Companies Act, 2013, with a registered office in Gurugram and a corporate office in Hisar. The definitions also detail various roles such as the Chairperson (Amir Chand), Chief Financial Officer (Vishal Puri), Company Secretary and Compliance Officer (Gunjan Arora), and the Managing Director (Mohit Jandu). Furthermore, it defines key entities like Promoters (Mohit Jandu, Hari Niwas, Kuldeep Kumar, Savitri and HN Family Trust) and the Statutory Auditors (S S Kothari & Co. LLP).

Key points (30)

The company is J Infratech Limited, a public limited company incorporated under the Companies Act, 2013. p.4
The registered office of the company is situated at J House, Plot 93, Sector 44, Gurugram, Sector 45, Gurgaon 122 003, Haryana, India. p.4
The corporate office of the company is situated at Kothi No 39 Model Town, Mandi Adampur, Hisar 125 052, Haryana, India. p.4
The Managing Director of the Board is Mohit Jandu. p.5
The Promoters of the company include Mohit Jandu, Hari Niwas, Kuldeep Kumar, Savitri and HN Family Trust. p.5
The Statutory Auditors are S S Kothari & Co. LLP. p.6
An agreement is to be entered into between the Company, Promoter Selling Shareholders, the Registrar to the Offer, the BRLM, Syndicate Member, the Escrow Collection Bank, the Public Offer Account Bank, the Sponsor Banks, and the Refund Bank for the collection of bid amounts and transfer of funds. p.9
Only Retail Individual Investors in the Retail Category and Eligible Employees Bidding in the Employee Reservation Portion are entitled to Bid at the Cut-off Price. p.9
The Designated Date is the date on which funds from the Escrow Account are transferred to the Public Offer Account or the Refund Account, as appropriate. p.9
QIBs who Bid in the Offer are subject to a portion of the Offer being not more than 50% of the Net Offer. p.11
The Offer for Sale is defined as the offer for sale of up to 1,00,00,000 Equity Shares of face value of ₹10 each aggregating to ₹[●] million by the Promoter Selling Shareholders. p.11
The Public Offer Account Bank is defined as a clearing member and registered with SEBI as a banker to an issue, with whom the Public Offer Account will be opened for collection of bid amounts. p.11
The Price Band ranges from a Floor Price to a Cap Price, where the Cap Price is at least 105% of the Floor Price and not greater than 120% of the Floor Price. p.12
The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Fresh Issue. p.12
The Offer Price will be decided by the Company in consultation with the BRLM on the Pricing Date, in accordance with the Book-Building Process. p.12
The Retail Category Portion is not less than 35% of the Net Offer and is available for allocation to Retail Individual Investors. p.13
Individual investors applying in public issues with an amount up to ₹5,00,000 are required to use the UPI Mechanism and provide their UPI ID. p.14
UPI Bidders must submit their application with a syndicate member, a stock broker, a depository participant, and a registrar and share transfer agent. p.14
UPI Circulars include SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, and various Stock Exchange circulars. p.14
The definition of 'Working Day' is specified for both the bid/offer period and the time between the closing date and listing. p.14
The definition of 'EPC Order Book (%)' is calculated as the unexecuted value of EPC contracts divided by the total Order Book. p.18
Financial information is derived from the Restated Consolidated Financial Information for Fiscals 2026, 2025, and 2024. p.20
Non-GAAP financial measures are not a measurement of financial performance or liquidity under Ind AS, Indian GAAP, IFRS, or U.S. GAAP and should not be considered in isolation. p.21
The currency used for presentation includes Indian Rupees (INR) and United States Dollars (USD), with exchange rates provided for March 31, 2026, 2025, and 2024. p.23
A significant portion of the company's Revenue from Operations is derived from contracts with Government Entities. p.24
Majority of the company's Revenue from Operations is derived from its top two customers. p.24
Revenue from execution of EPC projects and HAM projects constituted a high percentage of Revenue from Operations. p.24
The Order Book is geographically concentrated in specific Indian states. p.24
The company is exposed to risks arising from economic, regulatory, and other changes in the states where its revenue is concentrated. p.25
The company has recently entered into a new business venture and seeks to diversify into new business verticals. p.25

The offer

How many shares are being sold, by whom, and on what terms.

pp. 94–101

This section details the corporate history of the company, tracing its evolution from a partnership firm to a private limited company and subsequently to a public limited company. It outlines various name and incorporation changes that occurred over several years, including the conversion of the company structure. The text also provides information regarding the various parties involved in the offering process, such as the Book Running Lead Manager, Registrar, and legal counsel.

Key points (14)

The company was originally formed as a partnership firm, ‘Jandu Construction Co.’, pursuant to a partnership deed dated April 1, 2005. p.94
The Partnership Firm was converted into a private limited company under the Companies Act, 2013 on October 19, 2019. p.94
The company's name was changed from ‘Jandu Construction India Private Limited’ to ‘J Infratech Private Limited’ pursuant to resolutions passed by the Board and shareholders. p.94
The company was converted from a private company to a public limited company, and the name was changed from ‘J Infratech Private Limited’ to ‘J Infratech Limited’. p.94
Systematix Corporate Services Limited is the sole Book Running Lead Manager to the Offer. p.96
Trilegal is listed as the Legal Counsel to the Company as to Indian Law. p.96
KFin Technologies Limited is listed as the Registrar to the Offer. p.96
No credit agency registered with SEBI has been appointed for grading for the Offer. p.99
The Company will appoint a monitoring agency prior to the filing of the Red Herring Prospectus in accordance with Regulation 41 of SEBI ICDR Regulations for monitoring the utilization of proceeds from the Fresh Issue. p.99
The Book building process involves determining the Price Band and Employee Discount in consultation with the BRLM and the minimum Bid lot in consultation with the BRLM. p.100
All investors (other than Anchor Investors) must participate in the Offer mandatorily through the ASBA process or the UPI Mechanism. p.100
Investors are advised to make their own judgment about investment through the Book Building process prior to submitting a Bid. p.100
The Company and Promoter Selling Shareholders will enter into an Underwriting Agreement with the Underwriters after the determination of the Offer Price but prior to filing the Prospectus with the RoC. p.100
The Underwriters are registered with the SEBI under Section 12(1) of the SEBI Act or registered as brokers with the Stock Exchange(s). p.100

Capital structure

Who owns what today, past share issues and what the shareholding looks like after the IPO.

pp. 102–121

This section details the authorized and issued share capital of the company as of the Draft Red Herring Prospectus date, including various components of the offer structure. It outlines the authorized share capital, the issued and paid-up share capital before the offer, and various provisions related to the offer, such as fresh issues, offers for sale, and employee reservation portions. Furthermore, the text provides historical details on the allotment of equity shares, including various rights issues and bonus issues, as well as information on secondary transactions and the history of the company's share capital.

Key points (39)

The authorized share capital is set at 15,00,00,000 Equity Shares with a face value of ₹10 each, aggregating to ₹1,50,00,00,000. p.102
The issued, subscribed, and paid-up share capital before the offer is 11,69,91,060 Equity Shares with a face value of ₹10 each, aggregating to ₹1,16,99,10,600. p.102
The Board authorized the Offer pursuant to a resolution dated September 21, 2026, and shareholders authorized the Fresh Issue pursuant to a special resolution dated September 22, 2026. p.102
Promoter Selling Shareholders, including Mohit Jandu and Kuldeep Kumar, consented to the inclusion of their respective portions of the Offered Shares for Sale. p.102
Mohit Jandu consented to sell up to 50,00,000 Equity Shares for an amount aggregating up to a certain value. p.102
Kuldeep Kumar consented to sell up to 50,00,000 Equity Shares for an amount aggregating up to a certain value. p.102
The Employee Reservation Portion shall not exceed 5% of the post-Offer Equity Share capital. p.102
The history of equity share allotments includes an initial subscription on October 19, 2019, involving various allottees. p.103
A rights issue occurred on March 31, 2021, involving a ratio of 319 Equity Shares for every one fully paid-up Equity Share held. p.103
A rights issue occurred on September 30, 2024, involving a ratio of one Equity Shares for every 2,924 fully paid-up Equity Shares held. p.104
A bonus issue occurred on February 16, 2026, involving a ratio of one Equity Share for every one Equity Share held. p.104
A bonus issue occurred on May 25, 2022, involving a ratio of 100 Equity Shares for every 631 Equity Shares held. p.105
Promoters hold an aggregate of 11,42,58,262 Equity Shares, constituting 97.66% of the issued, subscribed and paid-up equity share capital. p.107
A bonus issue was conducted on February 13, 2026, in the ratio of one Equity Share for every one Equity Share held. p.108 p.111
A transfer of 2,57,00,000 Equity Shares occurred on March 17, 2026, to Hari Niwas by way of gift. p.108 p.111
A transfer of 30,26,871 Equity Shares occurred on June 24, 2026, by Kuldeep Kumar by way of gift. p.108 p.111
A transfer of 94,06,081 Equity Shares occurred on September 21, 2026, by Mohit Jandu by way of gift. p.108 p.111
A transfer of 4,00,00,000 Equity Shares occurred on March 18, 2026, to HN Family Trust by way of gift. p.109 p.111
A transfer of 1,19,56,486 Equity Shares occurred on September 23, 2026, to Hari Niwas by way of gift. p.109 p.111
Initial Allottees' current account balances were transferred to the company as unsecured loans and adjusted against share application money. p.112
No preference shares have been allotted by the Promoters since the incorporation of the Company. p.112
All Equity Shares held by the Promoters were fully paid-up on the respective date of allotment/acquisition. p.112
None of the Equity Shares held by the Promoters are subject to pledge with any creditor or any other encumbrance as of the Draft Red Herring Prospectus date. p.112
The aggregate of Promoters' shareholding in excess of 20% shall be considered as minimum promoters’ contribution and locked-in for 18 months. p.113
The entire pre-Offer Equity Share capital will be locked in for a period of six months from the date of Allotment, except for certain exceptions. p.113
Certain Equity Shares offered for Promoters’ Contribution do not include shares acquired during the three years preceding the date of the Draft Red Herring Prospectus for consideration other than cash and revaluation of assets or capitalization of intangible assets. p.113
The Promoter’s Contribution does not include any Equity Shares acquired during the one year preceding the date of the Draft Red Herring Prospectus at a price lower than the offer price. p.113
No Equity Shares have been issued in the one year immediately preceding the date of the Draft Red Herring Prospectus pursuant to the conversion of a partnership firm. p.113
The entire pre-Offer Equity Share capital will be locked in for six months pursuant to Regulation 17 of the SEBI ICDR Regulations. p.113
50% of Equity Shares Allotted to Anchor Investors shall be locked in for 90 days and the remaining 50% for 30 days. p.114
No Promoters, members of the Promoter Group, Directors, or their relatives have sold or purchased any Equity Shares during the six months preceding the Draft Red Herring Prospectus date. p.114
The total equity shareholding as on September 25, 2024, was 100.00% p.117
Hari Niwas held 51.00% of the pre-Offer equity share capital. p.117
Mohit Jandu held 5.08% of the pre-Offer equity share capital. p.117
The total shareholding of Promoters and members of the Promoter Group was 100.00% of the pre-Offer paid-up Equity Share capital. p.117
Kuldeep Kumar transferred 30,26,871 equity shares to Hari Niwas by way of a gift on June 10, 2024. p.118
A transfer from Kuldeep Kumar by way of a gift occurred on September 10, 2026, involving 1,17,60,000 equity shares. p.118
A transfer from Savitri by way of a gift occurred on September 10, 2026, involving 1,19,56,486 equity shares. p.118
A transfer from Priya by way of a gift occurred on June 10, 2022, involving 13,36,399 equity shares. p.118

Use of proceeds

What the money raised will be spent on: growth, debt repayment or promoters cashing out.

pp. 122–154

The Offer comprises both a Fresh Issue and an Offer for Sale, with the proceeds from the Offer for Sale not forming part of the Net Proceeds. The proposed utilization of the Net Proceeds is intended for funding working capital requirements, pre-payment or re-payment of outstanding borrowings, and general corporate purposes. The company also anticipates benefits from the listing of equity shares and enhanced brand name recognition. The utilization of funds is subject to various estimates, and the deployment schedule is projected across fiscal years.

Key points (35)

The Fresh Issue and the Offer for Sale aggregate up to a certain amount. p.122
Proceeds received from the Offer for Sale will not form part of the Net Proceeds. p.122
The proposed utilization of funds includes funding working capital requirements. p.123
The proposed utilization of funds includes pre-payment or re-payment of outstanding borrowings. p.123
The proposed utilization of funds includes general corporate purposes. p.123
The amount to be utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds. p.123
Inventory days increased from 10 days in Fiscal 2024 to 41 days in Fiscal 2025 and further to 87 days in Fiscal 2026. p.127
Trade receivable days were 15 days in Fiscal 2024, 19 days in Fiscal 2025, and 16 days in Fiscal 2026. p.127
Other current assets remained broadly stable at 22 days, 24 days, and 21 days in Fiscal 2024, Fiscal 2025, and Fiscal 2026, respectively. p.128
Trade payable days declined from 58 days in Fiscal 2024 to 40 days in Fiscal 2025 and further to 37 days in Fiscal 2026. p.128
Other financial liabilities days stood at 13 days in Fiscal 2024, declined to nine days in Fiscal 2025, and increased to 25 days in Fiscal 2026. p.128
Other current liabilities days decreased from 62 days in Fiscal 2024 to 39 days in Fiscal 2025 and further to 30 days in Fiscal 2026. p.128
General corporate purposes include meeting ongoing general corporate exigencies, strengthening marketing capabilities, acquisition of fixed assets, and payment of taxes and duties. p.130
The company must disclose the purposes for which Net Proceeds have been utilized in its balance sheet. p.132
The company shall disclose the uses and applications of Gross Proceeds to the Audit Committee on a quarterly basis pursuant to Regulation 18(3) and Regulation 32(3) of the SEBI Listing Regulations. p.132
The company shall prepare an annual statement of funds utilized for purposes other than those stated in the DRHP and place it before the Audit Committee until all Gross Proceeds are utilized. p.132
The company shall furnish quarterly statements to Stock Exchanges indicating deviations in the actual utilization of the proceeds from the objects stated in the DRHP. p.132
The Net Proceeds shall be retained in the Public Offer Account until receipt of listing and trading approvals from the Stock Exchanges. p.132
The company confirms it shall not use the Net Proceeds for buying, trading, or otherwise dealing in shares of any other listed company or for any investment in the equity markets. p.132
The company shall not vary the objects of the Fresh Issue without authorization from the Shareholders by way of a special resolution. p.132
The management and Audit Committee have confirmed that disclosed KPIs comply with SEBI ICDR Regulations and a specific circular. p.137
Verified details of the KPIs have been included in the section and subjected to certification by MRKS and Associates. p.137
The company confirms it will continue to disclose KPIs periodically for one year after listing or until fresh issue utilization. p.137
Order Book is used to indicate the visibility of future revenue for the company. p.139
The company has not made any material acquisitions or dispositions to its business during the fiscal years 2026, 2025, and 2024. p.142
The company has not issued any equity shares or convertible securities, excluding the issuance of bonus shares, during the 18 months preceding the date of the Draft Red Herring Prospectus, where such issuance was equal to or more than 5% of the paid-up share capital in a single transaction or multiple transactions combined over a span of rolling 30 days (Primary Issuance). p.144
There have been no secondary sales/acquisitions of Equity Shares or any convertible securities by parties related to the Promoter Group during the 18 months preceding the date of the Draft Red Herring Prospectus, where the transaction was equal to or more than 5% of the paid-up share capital in a single transaction or multiple transactions combined over a span of rolling 30 days (Secondary Transactions). p.144
A rights issue was conducted on September 30, 2024, in the ratio of one equity share for every 2,924 fully paid-up equity shares held. p.144
A bonus issue was conducted on February 16, 2026, in the ratio of one equity share for every one equity share held. p.144
Details of five secondary transactions involving transfers by gift were provided, including transactions involving Hari Niwas, Mohit Jandu, Monika, and Priya. p.145
The Company is eligible to be taxed under section 200 of the Income-tax Act, 2025 for Tax Year 2026-27 and subsequent tax years. p.152
The income-tax payable by an eligible domestic company under the section 200 regime is 22% of total income, with a resulting effective tax rate of 25.168% for Tax Year 2026-27. p.152
The Material Subsidiaries are eligible to be taxed under section 200 of the Income-tax Act, 2025, subject to computation restrictions and other conditions. p.153
A domestic corporate shareholder may be eligible for a deduction in respect to dividend income received from the Company, subject to prescribed conditions under section 148. p.154
Short-term capital gains arising from the transfer of Equity Shares of the Company may be chargeable to income-tax at the rate of 20% plus applicable surcharge and Health and Education Cess. p.154

The numbers behind the story

Financial information

Revenue, profit, debt, cash flow and the auditors' notes behind them.

pp. 322–470

This section details the scope of the independent auditor's examination over the restated consolidated financial information of J Infratech Limited for inclusion in the Draft Red Herring Prospectus (DRHP). It outlines the financial information covered for various financial years, including the restated consolidated statement of assets and liabilities, profit and loss, cash flows, and changes in equity. The information pertains to financial years ending March 31, 2026, March 31, 2025, and March 31, 2024. The section also clarifies the relationship between different financial statements, including the inclusion of financial information from subsidiaries and the transition to Indian Accounting Standards (Ind AS).

Key points (475, showing 60)

The independent auditor examined the restated consolidated financial information of J Infratech Limited, including the restated consolidated statement of assets and liabilities as at March 31, 2026, March 31, 2025, and March 31, 2024. p.323
The independent auditor examined the restated consolidated statement of profit and loss, including other comprehensive income, for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. p.323
The Company's management is responsible for the preparation of the Restated Consolidated Financial Information for inclusion in the DRHP. p.325
The Board of Directors and Management of the Company are responsible for the compilation, preparation and approval of the Restated Consolidated Financial Information. p.325
The Restated Consolidated Financial Information was compiled from audited consolidated financial statements of the Group as at and for the financial year ended March 31, 2026. p.326
Special purpose consolidated financial statements of the Group were prepared for the financial years ended March 31, 2025 and March 31, 2024. p.326
Financial information for the financial years ended March 31, 2025 and March 31, 2024 was prepared after incorporating necessary adjustments to align recognition and measurement principles with Ind AS for the financial year ended March 31, 2026. p.326
Financial information for the financial years ended March 31, 2025, and March 31, 2024, included in the Audited Special Purpose Financial Statements was derived from Audited Indian GAAP Financial Statements and financial statements of Historical Subsidiaries and joint ventures. p.327
The Previous Auditor reported that the Prior Period Restated Consolidated Financial Information had been prepared after incorporating adjustments for changes in accounting policies, material errors and regrouping/reclassifications retrospectively for the financial years ended March 31, 2025 and March 31, 2024. p.328
The financial information of Hamirpur Byepass Private Limited included total assets of ₹230.09 Crore as at March 31, 2025, total revenue from operations of ₹224.53 Crore and profit after tax of ₹23.77 Crore. p.330
The financial information of Jandu Silchar Highway Private Limited amounted to ₹4.44 Crore, ₹1.23 Crore and ₹ (62.76) million for the financial year ended March 31, 2025. p.330
The Group's share of profit/(loss) in respect to twelve joint ventures considered in the Consolidated Financial Statements amounted to ₹1.37 Crore. p.331
Audit report on Standalone Financial Statements (Indian GAAP) for the financial year ended March 31, 2025, was provided by Mohit Bharti & Associates. p.333
Examination report on Restated Consolidated Financial Information for financial years ended March 31, 2025 and March 31, 2024, was provided by Mohit Bharti & Associates. p.334
Audit report on Special Purpose Consolidated Financial Statements for the financial year ended March 31, 2025, was provided by Mohit Bharti & Associates. p.334
Audit report on Financial Statements for Jandu Silchar Highway Private Limited for the financial year ended March 31, 2026, was provided by H. K. Agrawala & Associates. p.335
Audit Report on Financial Statements for the financial year ended March 31, 2026 for JIL Azvirt JV was provided by Mohit Bharti & Associates. p.337
Audit Report on Financial Statements for the financial year ended March 31, 2025 for Ram Kumar Jandu JV was provided by Mohit Bharti & Associates. p.339
Revenue from operations for FY24 was ₹1,411.21 Crore p.342
Total income for FY24 was ₹893.31 Crore p.342
Cost of materials consumed for FY24 was ₹408.01 Crore p.342
Construction and operating expenses for FY24 was ₹603.00 Crore p.342
Restated Profit before tax for FY24 was ₹257.08 Crore p.342
Tax expense for FY24 was ₹37.00 Crore p.342
Restated Profit for the year for FY24 was ₹85.93 Crore p.342
Restated Profit before tax for FY26 was ₹331.68 Crore p.343
Operating profit before working capital changes for FY26 was ₹423.89 Crore p.343
Net cash flows from operating activities for FY26 were ₹161.93 Crore p.343
Cash flows from investing activities for FY26 were Rs. (1,408.40) million p.343
Proceeds from long term borrowings for FY26 was ₹170.04 Crore p.343
Issued, subscribed and fully paid up capital as of March 31, 2026 was ₹116.99 Crore p.344
Balance as at March 31, 2026 for Other equity (Reserve and surplus) was ₹474.63 Crore p.344
Transfers between financial statement levels are recognized at the end of the reporting year in which the change occurs. p.347
Consolidation of a subsidiary commences from the date control is obtained and ceases when control is lost. p.347
Intra-group assets, liabilities, income, expenses, cash flows and unrealised gains and losses arising from intra-group transactions are eliminated in full on consolidation, except to the extent a loss provides evidence of impairment. p.347
Investments in joint ventures accounted for using the equity method are presented as a separate line item in the Restated Consolidated Statement of Assets and Liabilities and are not classified as financial assets for presentation purposes. p.348
A contract asset represents the Group's right to consideration in exchange for goods or services transferred to a customer when that right is conditional on something other than the passage of time. p.348
A contract liability represents consideration received, or an amount due, from a customer before the Group transfers the related goods or services. p.348
Revenue from contracts with customers is recognised when or as control of the promised goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled. p.349
Variable consideration is estimated using the expected-value method or the most-likely-amount method, whichever better predicts the consideration to which the Group will be entitled, and is included only to the extent that it is highly probable that a significant reversal of cumulative revenue recognised will not occur when the uncertainty is subsequently resolved. p.349
The Group derives revenue principally from EPC construction contracts, construction and operation services under HAM service concession arrangements, operation and maintenance ("O&M") and other service contracts, toll management / collection arrangements, and sale / transfer of land or development rights under development arrangements. p.349
Revenue is recognised over time for EPC contracts when the relevant performance obligation satisfies the criteria for over-time recognition, including where the Group's performance creates or enhances an asset that the customer controls as it is created or enhanced or, where applicable, the asset being created has no alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. p.350
Contract revenue recognised in excess of amounts billed is presented as a contract asset. p.350
Amounts billed or consideration received in advance of the related performance are presented as contract liabilities. p.350
A receivable is recognised when the Group's right to consideration is unconditional and only the passage of time is required before payment is due. p.350
Contract modifications are accounted for as a separate contract when the scope increases because of the addition of distinct goods or services and the price increase reflects their stand-alone selling prices. p.351
Incremental costs of obtaining a contract are recognised as an asset when the Group expects to recover those costs, unless the practical expedient for costs that would otherwise be amortised over one year or less is applied. p.351
Revenue from construction or upgrade services under HAM arrangements is recognised over time as the Group's performance creates or enhances infrastructure controlled by the grantor. p.351
Consideration for construction services is measured in accordance with Ind AS 115 having regard to the stand-alone selling price of the construction services, including an appropriate construction margin where supported by the arrangement and underlying estimates. p.351
Finance income on the HAM financial asset is recognised using the effective interest rate ("EIR") method on the outstanding carrying amount of the financial asset. p.351
Finance income arising from the HAM financial asset is presented as part of revenue from operations where it arises from the Group's ordinary service concession activities. p.351
Revenue from O&M services is recognised over time as the related services are rendered. p.351
Revenue from toll management / collection arrangements is presented on a gross or net basis depending on whether the Group acts as principal or agent in the relevant arrangement. p.351
Where the Group is the principal, toll / user-fee collections are recognised as revenue on a gross basis and the corresponding contractual fee, premium or amount payable to NHAI / NHIDCL or another authority is recognised separately as an expense. p.351
Where the Group acts as an agent and does not control the specified service before transfer, only the fee or commission to which the Group is entitled is recognised as revenue. p.351
Revenue is recognised when or as the relevant performance obligation is satisfied and control of the promised land / development rights is transferred to the customer, having regard to contractual conditions, possession, enforceable rights and other relevant facts and circumstances. p.351
Variable and non-cash consideration, if any, arising under such development arrangements is measured in accordance with Ind AS 115 and is subject to the constraint on variable consideration. p.351
Costs of land / development rights are recognised in accordance with the Group's inventory policy and expensed when the related revenue is recognised, as applicable. p.351
Interest income, other than finance income on HAM financial assets, is recognised using the EIR method in accordance with Ind AS 109. p.352
Dividend income is recognised when the Group's right to receive payment is established. p.352

What could go wrong, per the company

Risk factors

The risks the company is legally required to disclose, in its own words.

pp. 26–93

An investment in the company involves a high degree of risk, and unforeseen uncertainties may impair the business, financial condition, and cash flows. The company's business heavily relies on contracts awarded by various Government Entities, and adverse changes in government policies or market conditions could lead to contract foreclosures or renegotiations. Furthermore, a significant portion of revenue is dependent on a few key customers, creating concentration risk. The execution of projects, particularly EPC projects, is crucial, and there is a risk of delays or cost overruns due to various factors.

Key points (184, showing 60)

The business is primarily dependent on contracts awarded by the Government of India (GoI) or state governments. p.26
Adverse changes in the policies of central or state or local authorities and market conditions, including political and economic events, may lead to contracts being foreclosed, terminated, restructured, or renegotiated, resulting in a decline in revenues. p.27
The business is primarily dependent on contracts awarded by specific Government Entities such as NHIDCL, NHAI, MoRTH, BRO, PWD, and Indian Railways. p.27
Loss of, or reduction in business from, such customers will have a significant adverse impact on the business and results of operations. p.29
Majority of revenue from operations is derived from the top two customers, which account for a significant percentage of revenue. p.29
Loss of, or reduction in business from, any of these key customers could have a significant adverse impact on cash flows and financial condition. p.29
Adverse changes in the policies adopted by the government regarding the award of its projects could adversely affect the ability to secure new contracts or continue ongoing projects. p.29
The revenue from execution of EPC projects and HAM projects constitutes a significant portion of the Revenue from Operations. p.30
There can be no assurance that there will not be any reduction in the EPC projects allocated to the company, which could significantly impact future revenues. p.30
Any increase in input costs, adverse site conditions, or disruptions in supply chains may result in cost overruns or delays in contracts, which may not be fully recoverable from Government Entities. p.30
The ability to negotiate the terms of contracts is limited, and such terms are often in favor of the government and government-owned customers. p.30
Natural or man-made disasters, hostilities, wars, geopolitical tensions, terrorist attacks, civil unrest, and other acts of violence could adversely affect the financial markets and the business. p.31
HAM projects are awarded on an annuity basis, which may expose the company to cost overruns due to increases in input prices. p.31
Significant upfront funding is required for HAM projects, and delays or inability to achieve timely financial closure could affect execution timelines. p.31
Cash flows from HAM projects depend on periodic annuity payments from relevant authorities, and delays, disputes, or defaults in these payments could negatively affect the financial condition and operations. p.31
The company may be required to make equity contributions towards HAM projects, and inability to meet such funding or delay in arranging it could delay implementation, increase financing costs, affect revenue realization, and adversely affect the business. p.31
The business, growth prospects, and financial performance depend on the ability to continuously secure new EPC and HAM projects, with no assurance of procuring new projects. p.31
Projects are awarded primarily through a competitive bidding process, and there is no assurance that bids will be accepted. p.31
The company may not always meet the bid requirements of track-record or technical and financial specifications for certain projects. p.31
The company may not win every EPC contract tender bid due to competitors offering better pricing, experience, track record, technical expertise, financing capabilities, or guarantees. p.31
The Bid to Win Ratio for EPC projects and HAM projects shows that the company may not be able to continue receiving such projects or achieve higher project values based on technical qualifications and financial scores. p.31
If the company cannot partner with other companies or lacks credentials to be the partner-of-choice, it may lose opportunities to bid for large EPC projects and HAM projects, affecting growth plans. p.32
Undertaking new projects requires obtaining consents from relevant authorities, other regulatory authorities, and sometimes lenders. p.32
The tender processes conducted by Government Entities may be subject to changes in qualification criteria, unexpected delays, and uncertainties. p.32
Projects awarded to the company may be subject to litigation by unsuccessful bidders. p.32
Revenue from Operations is geographically concentrated in Assam, Maharashtra, and Gujarat during the last three fiscal years. p.33
A significant portion of future revenue and financial performance is dependent on the ability to execute and complete projects in Telangana and Assam in a timely manner and on the ability to receive payments for such projects. p.33
Adverse developments affecting the state of Telangana and Assam, such as changes in regulatory or governmental policies, economic conditions, or availability of resources, could adversely affect order inflows and revenue recognition. p.33
Political or security-related developments in Telangana and Assam could adversely affect the business, financial condition, results of operations, and prospects. p.33
Project delays, modifications in scope, or cancellations may occur due to delays in payments by Government Entities or company defaults, incidents of force majeure, adverse cash flows, regulatory delays, or other factors beyond control, which can affect the Order Book. p.34
The termination of a contract by a former joint venture partner on national security grounds resulted in a reduction in the Order Book. p.34
Government Entities may terminate contracts or default on payments due to unforeseen circumstances such as failure to obtain approvals or rights over land, public interest litigations, or disputes with environmental activists. p.34
Liquidated damages are stipulated under relevant agreements and may lead to the encashment and appropriation of bank guarantees or performance security. p.36
In the event of termination due to delays or accidents, partial payments may be received, which could be less than estimated cash flows. p.36
A previous instance of contract termination arose due to the relevant authority's failure to provide hindrance-free access to the project site and delays in removing hindrances. p.36
Delays in the completion of development may result in cost overruns, lower or no returns on capital, and reduced revenue for the customer, impacting project performance. p.36
The business largely comprises road and infrastructure projects in India undertaken or awarded by Governmental Entities. p.36
The loss of contracts, particularly road and infrastructure projects, may have a material and adverse effect on the business and financial results. p.36
There is no assurance that the Government will continue to emphasize the road and infrastructure projects construction sector or related sectors. p.36
Adverse changes in budgetary allocations for infrastructure development or a downturn in available work in the roads and infrastructure projects sector could adversely affect business prospects and financial performance. p.36
The concentration of the business in the road infrastructure vertical exposes the company to risks such as slowdown in construction activities or reduction in commissioned projects. p.37
Existing and potential competitors in the road and infrastructure projects may increase their focus, potentially reducing market share. p.37
The company has significant working capital requirements, and inability to generate sufficient cash flow to meet them may adversely affect results of operations. p.37
Substantial working capital is required to finance raw material purchases and EPC projects prior to receiving payments from Government Entities. p.37
Working capital requirements may increase if payment terms do not provide for advance payments or if payment schedules are structured to receive payments towards later stages of a project. p.37
The company expects an incremental working capital gap during Fiscal 2027, which is proposed to be funded in part from the Objects of the Offer. p.37
Inability to arrange bank guarantees or insurance surety bonds may adversely affect cash flow and financial condition. p.37
Inability to finance working capital requirements due to changes in geopolitical situations, tariff regulations, interest rates, insurance, or borrowing/lending restrictions may adversely affect the ability to secure financing. p.37
The company has entered into new business ventures, such as integrated resource management, requiring the development and operationalization of necessary execution ecosystems and logistics arrangements. p.38
The ability to derive revenues from the new integrated resource management venture depends on the ability to timely operationalize the business and manage pricing, logistics, and compliance requirements. p.38
There is no assurance that the new business initiative will be successful, profitable, or scalable, or that expected commercial benefits will be realized within the anticipated time period. p.38
Diversification efforts may require significant investment in resources, development of new technical capabilities, and compliance with additional regulatory requirements. p.38
Diversification efforts may result in delays, increased costs, and diminished quality if operational systems and controls are not implemented or managed efficiently. p.39
Actual cost of executing projects may vary substantially from bid assumptions due to unanticipated increases in construction material costs, fuel, labor, or other inputs. p.39
Actual expense in executing a project may vary substantially due to the inability of the customer to obtain requisite no objection certificates, resulting in delays and increased costs. p.39
Unanticipated increases in raw material costs due to geopolitical developments or other market conditions may have compounding effects on project costs. p.39
Ability to pass on increases in raw material costs to customers may be limited in contracts with limited or no price escalation provisions. p.39
Other risks inherent to the development and construction industry may result in profits being less than estimated or lead to losses due to cost and time overruns. p.39
Outstanding legal proceedings exist against the Company, Directors, Promoters, Key Managerial Personnel, and Senior Management, which may negatively affect business and financial condition. p.40
Litigation or arbitration could result in substantial costs and a diversion of effort or subject the company to significant liabilities to third parties. p.40

Litigation and regulatory matters

Litigation

Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.

pp. 471–481

The section outlines the company's policy regarding outstanding litigation, including monetary and subjective thresholds for disclosure. It clarifies that certain proceedings, such as civil and arbitration claims, are considered material if the monetary amount exceeds specific percentages of turnover, net worth, or profit/loss. It also details criteria for tax matters and pre-litigation notices. Furthermore, the section details material dues to creditors, setting a threshold for disclosure based on a percentage of trade payables.

Key points (20)

There are no outstanding criminal proceedings. p.471
There are no outstanding actions by regulatory authorities and statutory authorities against Key Managerial Personnel and Senior Management. p.471
A reference petition was filed by Geosys India Infrastructures Limited against the Company concerning non-payment of dues and wrongful retention of machinery, involving amounts up to ₹10.17 Crore and ₹8.40 Crore. p.472
A show cause notice was issued by the CGST Audit – Commissionerate, Nagpur alleging failure to pay and report goods and service tax for a period spanning April 2020 to March 2023, with dues amounting to ₹12.85 Crore and interest of ₹3.70 Lakh. p.472
The Company has filed a complaint against Kedareshwar Infrastructure Developers Private Limited and others under the Negotiable Instruments Act, alleging dishonored cheques. p.473
A forest offence report was filed against Hari Niwas alleging illegal installation of electric tower poles and illegal possession of land on forest land. p.473
A complaint was instituted and a summon order was issued against the Company by the Haryana State Pollution Control Board alleging operation of a hot mix plant without obtaining necessary consents. p.473
Outstanding dues to creditors were considered material if the amount due exceeded 5% of the restated consolidated total trade payables as of March 31, 2026. p.475
Micro, Small and Medium Enterprises creditors accounted for ₹7.57 Crore out of the total outstanding dues. p.475
The Company has three material creditors with an outstanding amount of ₹29.82 Crore as of March 31, 2026. p.476
The Company has obtained various Material Approvals pertaining to ongoing EPC Projects, including consents to establish and operate from various state Pollution Control Boards under the Water (Prevention and Control of Pollution) Act, 1974, and Air (Prevention and Control of Pollution) Act, 1981. p.477
The Company has obtained various Material Approvals related to its business and operations, which comprise engineering, procurement and construction (EPC) and hybrid annuity model (HAM) projects. p.477
The Company has obtained various Tax related approvals, including a permanent account number from the Income Tax Department, Goods and Services Tax registration certificates from the Government of India in 13 states and three union territories, and various registration certificates under Professions, Trades, Callings and Employment Acts in four states. p.478
The Material Subsidiaries have obtained various Tax related approvals, including permanent account numbers from the Income Tax Department, Goods and Services Tax registrations, and Legal Entity Identifiers. p.478
The Company has obtained various Labor and employee related approvals, including registration under the Punjab Shops and Commercial Establishments Act, 1958, and registration under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. p.479
The Material Subsidiaries have obtained various Labor and employee related approvals, including registration under the Employees’ State Insurance Act, 1948, the Contract Labour (Regulation and Abolition) Act, 1970, and the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996. p.479
There are pending Material Approvals for the registration under the Contract Labour (Regulation and Abolition) Act, 1970 for Hubli, Silchar EPC Pkg 2, and Panchgram projects. p.479
The Company has not been able to submit its application for registration under the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 due to technical issues on the Shram Suvidha Portal 2.0. p.479
The Company has made an application for obtaining a trademark registration with application number 377479425 dated January 24, 2026. p.480
The company does not have any Group Company. p.481

Regulatory disclosures

Approvals, licences, and any regulatory actions or compliance matters.

pp. 482–864

The section details various corporate and regulatory approvals related to the offer, including resolutions from the Board and Shareholders for the Offer, Fresh Issue, and the Draft Red Herring Prospectus. It also confirms that Promoter Selling Shareholders have consented to the transfer of their shares according to SEBI ICDR Regulations. Furthermore, the company has received in-principle listing approvals from BSE and NSE, and confirms compliance with the Companies (Significant Beneficial Owners) Rules, 2018. The text also outlines eligibility criteria regarding net tangible assets, operating profit, and net worth, and specifies conditions for compliance with SEBI ICDR Regulations and various legal requirements.

Key points (319, showing 60)

The Board authorized the Offer pursuant to a resolution dated September 21, 2026. p.482
Shareholders authorized the Fresh Issue pursuant to a special resolution passed at their general meeting held on September 22, 2026. p.482
The Draft Red Herring Prospectus was approved pursuant to a resolution passed by the Board on September 25, 2026. p.482
In-principle approvals for listing of Equity Shares were received from BSE and NSE. p.482
Promoters, members of the Promoter Group, Directors, and Promoter Selling Shareholders are not prohibited from accessing the capital market or debarred from dealing by SEBI or securities market regulators. p.482
Each Promoter Selling Shareholder confirmed holding Equity Shares for at least one year prior to the filing date or that any bonus issue resulted in shares held for at least one year. p.482
The Company confirms compliance with the Companies (Significant Beneficial Owners) Rules, 2018, to the extent applicable. p.482
The Company is eligible to undertake the Offer in accordance with the eligibility criteria provided in Regulation 6(1) of the SEBI ICDR Regulations, including criteria on net tangible assets, operating profit, and net worth. p.483
The Company has entered into a tripartite agreement with NSDL dated January 8, 2026, and with CDSL dated January 15, 2026, for dematerialisation of Equity Shares. p.484
Company and officers are liable to repay money with interest if not repaid within the prescribed time. p.487
Expenses incurred by the Company on behalf of Promoter Selling Shareholders regarding interest on refunds will be reimbursed by the respective shareholder. p.487
All steps for completing formalities for listing and commencement of trading of Equity Shares must be taken within three Working Days of the Bid/Offer Closing Date or as prescribed by SEBI. p.487
Failure to allot Equity Shares within three Working Days from the Bid/Offer Closing Date or prescribed timeline may result in repayment without interest, with interest due for the delayed period. p.487
Consents in writing from various parties, including Directors, Promoters, Statutory Auditors, and bankers, must be obtained and filed. p.487
Written consent was received from S S Kothari and Co. LLP, Chartered Accountants, to include their name as required under Section 26(5) of the Companies Act, 2013 read with SEBI ICDR Regulations, and as an “expert” for examination reports. p.487
Written consent was received from MRKS and Associates, Independent Chartered Accountant, to include their name as required under Section 26(5) of the Companies Act, 2013 read with SEBI ICDR Regulations, and as an “expert” for various certifications. p.487
Written consent was received from Jain Alok & Associates, practicing company secretary, to include their name as an independent practicing company secretary under Section 26 of the Companies Act, 2013, and as an “expert” for their certificate. p.488
No public issue or rights issue was undertaken by the Company during the five years preceding the date of the DRHP, except as disclosed in the Equity share capital history. p.488
No sum has been paid or payable as commission or brokerage for subscribing to or procuring public subscription for any Equity Shares during the five years preceding the date of the DRHP. p.488
No capital issues were made by the Company, its listed group companies, subsidiaries, and associates during the three years preceding the date of the DRHP. p.488
As on the date of the DRHP, none of the Subsidiaries or Group Companies are listed and there are no associate companies of the Company. p.488
SCSBs are required to resolve complaints within 15 days, failing which they may incur interest at 15% per annum for delays beyond this period. p.492
Payment of processing fees to SCSBs is contingent upon the unblocking of application amounts and the payment of applicable compensation for investor complaints. p.492
Compensation for delayed unblocking of cancelled/withdrawn/deleted applications through the UPI Mechanism is calculated as ₹100 per day or 15% per annum of the Bid Amount, whichever is higher. p.492
Blocking of multiple amounts for the same Bid through the UPI Mechanism requires the instant revocation of funds other than the original Bid Amount and compensation based on the blocked amount. p.492
Delayed unblocking for non–Allotted/partially Allotted applications involves compensation calculated as ₹100 per day or 15% per annum of the Bid Amount, whichever is higher. p.492
Any delays in resolving investor grievances beyond the receipt date may result in compensation to the investor by the BRLM at a rate of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher. p.492
The Company has appointed Gunjan Arora as the Company Secretary and Compliance Officer. p.492
The Company estimates that the average time required to resolve routine investor grievances for ASBA Bidders is 10 Working Days from the complaint receipt date. p.493
The Company commits to obtaining authentication on the SCORES platform and complying with SEBI circulars regarding investor grievance redressal through SCORES. p.493
The Company has not received any investor grievances during the three years preceding the date of the Draft Red Herring Prospectus, nor is any investor complaint pending. p.493
The Company has not sought any exemption from complying with securities laws. p.493
Equity Shares shall be allotted only in dematerialised form pursuant to Section 29 of the Companies Act, 2013 and SEBI ICDR Regulations. p.495
Trading of Equity Shares shall only be in dematerialised form as per SEBI ICDR Regulations and SEBI Listing Regulations. p.495
The tradable lot for Equity Shares is one Equity Share, and allotment will be in multiples of [●] Equity Shares of face value of ₹10 each. p.495
Exclusive jurisdiction for the purpose of the Offer is with the competent courts/authorities in Mumbai, India. p.495
Delays in unblocking funds exceeding two Working Days from the Bid/Offer Closing Date may result in compensation to the Bidder. p.497
The Registrar must submit compliance reports to SEBI within three Working Days of the Bid/Offer Closing Date regarding adherence to timelines and processes. p.497
The Company reserves the right to revise the Price Band during the Bid/Offer Period, provided the Cap Price remains between 105% and 120% of the Floor Price. p.497
Revisions to the Price Band may extend the Bid/Offer Period by at least three additional Working Days, up to a maximum of 10 Working Days. p.497
The Company shall ensure that the number of Bidders to whom Equity Shares will be Allotted will be not less than 1,000, or the entire application money shall be unblocked. p.497
Bids and revisions by QIBs and Non-Institutional Investors are restricted regarding downward revision or cancellation/withdrawal of bids. p.497
Bids by QIBs and Non-Institutional Investors must be uploaded by 4.00 p.m. IST on the Bid/Offer Closing Date. p.498
Bids by Retail Individual Investors and Eligible Employees can be uploaded until 5.00 p.m. IST or an extended time permitted by the Stock Exchanges. p.498
The Registrar shall submit details of cancelled/withdrawn/deleted applications to SCSBs daily within 60 minutes of the bid closure time. p.498
Bids shall only be processed if the application monies are blocked in an ASBA Account. p.498
The Offer is subject to withdrawal if 90% of the Fresh Issue portion is not subscribed. p.500
The Offer is being made through the Book Building Process in compliance with Regulation 31 of the SEBI ICDR Regulations. p.501
The ASBA applications in public issues must be processed only after the application monies are blocked in the bank accounts of the Bidders, as mandated by the SEBI ICDR Master Circular. p.502
Up to 60% of the QIB Category may be allocated to Anchor Investors on a discretionary basis, with at least 40% reserved for domestic Mutual Funds and Life Insurance Companies and Pension Funds. p.505
A minimum of two and a maximum of 15 Anchor Investors are permitted for allocation under the Anchor Investor Portion, with specific criteria for allocation amounts up to ₹250.00 Crore. p.505
Not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Investors, with specific reservations for bidders with bid sizes above ₹2,00,000 and above ₹10,00,000. p.505
Bids by Foreign Portfolio Investors (FPIs) with certain structures may be collated and identified as a single Bid for the bidding process. p.505
Under-subscription in any category except the QIB Category may result in spill-over from other categories or a combination thereof, at the discretion of the Company and in consultation with the BRLM. p.506
The company may request Depositories to suspend/freeze the ISIN in the depository system until the listing/trading effective date. p.507
Not less than 35% of the Net Offer shall be available for allocation to Retail Individual Portion. p.508
Investors must ensure that their Permanent Account Number (“PAN”) is linked with Aadhaar and are in compliance with relevant CBDT notifications. p.508
NPCI enhanced the per transaction limit for UPI applications from ₹2,00,000 to ₹5,00,000. p.510
Failure to unblock investor accounts within the specified timeline for UPI mandates could result in penalization of SCSBs under relevant securities law. p.510
Trading members, Syndicate Members, RTA, and Depository Participants must submit Syndicate ASBA bids above ₹5,00,000 and NIB and QIB bids above ₹2,00,000 through SCSBs only. p.511

Who runs and controls the company

Management & board

Directors and senior management: who they are, their background and pay.

pp. 297–314

The company's Board of Directors comprises six members, including a Chairperson and Non-Executive Director, a Managing Director, a Whole-time Director, a Non-Executive Director, and two Non-Executive Independent Directors, one of whom is a woman. The document details the appointments, terms, and compensation structures for these directors. Specific details regarding the tenure, responsibilities, and remuneration for each director role are provided.

Key points (43)

Amir Chand is the Chairperson and Non-Executive Director. p.297
Mohit Jandu is the Managing Director. p.297
Kuldeep Kumar is a Whole-time Director. p.297
Saurab Thakur is a Non-Executive Director. p.298
Mahabir Singh is a Non-Executive Independent Director. p.298
Shilpi Jain is a Non-Executive Independent Director. p.298
Mohit Jandu has been associated with the erstwhile partnership firm since April 1, 2015, and the Company since its incorporation. p.299
Kuldeep Kumar has been associated with the erstwhile partnership firm since April 1, 2010, and the Company since its incorporation. p.299
Amir Chand is entitled to receive remuneration not exceeding ₹60.00 Lakh per annum for attending each meeting of the Board and for attending each meeting of the committees constituted by the Board. p.300
Saurab Thakur is entitled to receive a sitting fee of ₹60.00 Lakh per annum for attending meetings of the Board and committees constituted by the Board. p.301
Mahabir Singh is entitled to receive a sitting fee of Nil in Fiscal 2026. p.301
Shilpi Jain was appointed as an Independent Director of the Company on September 14, 2026. p.301
Mohit Jandu may be interested in consideration paid to J Estates Private Limited and Fantasy Exim Private Limited under various Collaboration Agreements. p.302
Mohit Jandu holds a controlling interest in J Estates Private Limited, which is a member of the promoter group. p.302
J Estates Private Limited holds a controlling interest in Fantasy Exim Private Limited, which is also a member of the promoter group. p.302
The Company has entered into collaboration agreements with J Estates Private Limited and Fantasy Exim Private Limited for construction of group housing, retirement housing, or commercial policy projects. p.302
Except for Mohit Jandu and Kuldeep Kumar, none of the Directors have any interest in the promotion or formation of the Company. p.302
No loans have been availed from or by the Directors of the Company. p.302
No conflict of interest exists between the suppliers of raw materials and third-party service providers and the Directors. p.302
No conflict of interest exists between the lessor of immovable properties and the Directors. p.302
Rupanjana De was involved in cessations and appointments as an additional non-executive independent director. p.303
Bhupinder Singh was involved in a cessation as an Independent Director. p.303
Poonam Choudhary was involved in a cessation as an Independent Director. p.303
Amir Chand was appointed as Chairperson on February 13, 2026. p.303
Mohit Jandu was appointed as Managing Director on January 27, 2025. p.303
Amir Chand was appointed as a Non-Executive Director on February 27, 2025. p.303
Bhupinder Singh was appointed as an Independent Director on May 14, 2025. p.303
Poonam Choudhary was appointed as an Independent Director on May 14, 2025. p.303
Hari Niwas was involved in a cessation as a Director on April 11, 2025. p.303
The Nomination and Remuneration Committee is responsible for determining remuneration packages for executive directors, including pension rights and compensation payments. p.307
The Stakeholders’ Relationship Committee is responsible for considering various aspects of shareholder interests and resolving grievances related to share transfers, dividend receipts, and general meetings. p.308
The Risk Management Committee is tasked with reviewing, assessing, and formulating the company's risk management system and policy, including identifying internal and external risks and developing mitigation measures. p.309
The Corporate Social Responsibility Committee is authorized to formulate and recommend a Corporate Social Responsibility Policy and an annual action plan for CSR projects. p.310
Vishal Puri is the Chief Financial Officer and is responsible for financial strategy, budgeting, cash flow management, compliance, and risk management functions. p.312
Gunjan Arora is the Company Secretary and Compliance Officer and is responsible for statutory compliance, corporate governance, and regulatory filings. p.312
Sidharth Kapil is the General Manager – Plant and Machinery, responsible for overseeing plant and machinery operations, equipment maintenance, project execution, and operational efficiency. p.312
Himanshu Paul is the General Manager – Procurement and supply chain management, responsible for procurement, supply-chain operations, and quality compliance. p.312
Krishna Chaitanya Bhatt is the General Manager – Contracts, responsible for leading contract strategy, tendering, negotiations, and administration. p.312
Abhishek Singla is the Vice President, responsible for end-to-end execution and delivery of infrastructure projects within approved scope, budget, quality standards, and timelines. p.312
Jahangir Hassan Chopan is the Project Director – Project Management, responsible for overseeing day-to-day operations. p.313
Nagendra Pratap Singh is the Executive Vice President, acting as the strategic second-in command and overseeing day-to-day operations including schedules and budget compliance. p.313
None of the Key Managerial Personnel and Senior Management are entitled to any bonus or profit-sharing plans of the Company. p.313
No non-salary related amount or benefit has been paid or given to any of the Company’s officers within the two preceding years of this Draft Red Herring Prospectus, other than in the ordinary course of their employment. p.314

Promoters

The people or entities controlling the company, and what else they own.

pp. 315–321

The company's promoters include Mohit Jandu, Hari Niwas, Kuldeep Kumar, Savitri, and HN Family Trust, with their respective shareholding percentages detailed. The shareholding breakdown shows Hari Niwas holding the largest stake at 51.00%, followed by HN Family Trust at 34.19%, and Mohit Jandu and Kuldeep Kumar each holding 5.08%. Details regarding the promoters' backgrounds, including past associations and interests, are provided in various sections. The HN Family Trust was formed as a private trust with specific objectives related to succession planning and asset preservation.

Key points (18)

Mohit Jandu holds 5.08% of the pre-Offer issued, subscribed and paid-up Equity Share capital. p.315
Hari Niwas holds 51.00% of the pre-Offer issued, subscribed and paid-up Equity Share capital. p.315
HN Family Trust holds 34.19% of the pre-Offer issued, subscribed and paid-up Equity Share capital. p.315
Hari Niwas has been a director of the Company from October 19, 2019 to April 11, 2025, and was associated with the erstwhile partnership firm from April 1, 2005 to October 19, 2019. p.315
Kuldeep Kumar is the Promoter and Whole-time Director of the Company. p.316
Savitri has no formal education and was associated with the erstwhile partnership firm from April 1, 2010 to October 19, 2019. p.316
The HN Family Trust was constituted as a private trust in accordance with the provisions of the Indian Trust Act, 1882, pursuant to a deed of trust dated February 11, 2026. p.317
The trustees of the HN Family Trust include Hari Niwas, Kuldeep Kumar, and Mohit Jandu. p.317
Mohit Jandu may be interested in consideration paid to J Estates Private Limited and Fantasy Exim Private Limited under collaboration agreements dated July 21, 2025, November 29, 2024, and June 17, 2025. p.318
Hari Niwas may be interested in consultancy fees provided under the consultancy agreement dated April 12, 2025, and renewal agreement dated April 2, 2026, entered into with the Company. p.318
Savitri and Hari Niwas may be interested in rent received from the Company in the last three fiscal years. p.318
Mohit Jandu has not given any material guarantee to any third party with respect to the Equity Shares. p.319
Hari Niwas has disassociated from Buildcon Private Limited on March 24, 2026. p.319
Kuldeep Kumar has disassociated from Fantasy Exim Private Limited on January 4, 2025. p.319
The promoter group includes J Estates Private Limited, Vardaan Estates LLP, Mohit Jandu HUF, Kuldeep Kumar HUF, J Estate Partnership firm, and Fantasy Exim Private Limited. p.320
The dividend distribution policy was approved and adopted by the Board on August 24, 2026. p.321
The declaration and payment of dividends on Equity Shares will be recommended by the Board and approved by Shareholders, subject to various legal provisions. p.321
The company has not declared and paid any dividend on Equity Shares in the last three fiscal years and from April 1, 2026, until the date of the Draft Red Herring Prospectus. p.321

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

No amendments or updates have been filed yet. They will appear here as SEBI publishes them, on this same page.

J Infratech Limited IPO: common questions

Short answers drawn from the filings above.

How big is the J Infratech Limited IPO?

J Infratech Limited's IPO comprises a fresh issue of ₹600 Cr and an offer for sale of 1 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus.

What are J Infratech Limited's revenue and profit?

J Infratech Limited reported revenue from operations of ₹1,722 Cr in FY26, +22.0% versus FY25. Net profit was ₹247 Cr (FY25: ₹195 Cr). Revenue grew at a compound rate of 39.3% a year from FY24 to FY26. Figures are read from the DRHP, as printed there.

How much do promoters own in J Infratech Limited?

Promoters hold 97.7% of J Infratech Limited before the IPO. Largest holders listed: Hari Niwas (51.0%); Trust (34.2%); Mohit Jandu (5.1%).

How will J Infratech Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Funding our working capital requirements (₹375 Cr); Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company (₹50 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

What are the red flags in J Infratech Limited's DRHP?

We fact-checked 37 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

What does J Infratech Limited do?

Here's what almost nobody noticed: there's zero verifiable record linking Savitri to the partnership firm during that specific period. That silence, when you're tracking an IPO, tells you something crucial about the company's history.

Who manages the J Infratech Limited IPO?

Book running lead managers: Systematix Corporate Services Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE.

Where can I read the original J Infratech Limited IPO documents?

All 1 filing for J Infratech Limited (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

Source documents

Every page reference on this site links to the original SEBI PDF.

Document	Filed	Pages	On this page	Source
DRHPDraft Red Herring Prospectus J Infratech Limited – DRHP · 1 Oct 2026	1 Oct 2026	864	Full analysis	PDF

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