# J Infratech Limited: IPO analysis > 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. - Page: https://ipo.innerkore.com/company/U70109HR2019PLC083157/j-infratech-limited/ - CIN: U70109HR2019PLC083157 - Last updated: 1 Oct 2026 ## Key facts - **Company:** J Infratech Limited - **CIN:** U70109HR2019PLC083157 - **Filing stage:** DRHP - **Latest SEBI filing:** 1 Oct 2026 - **Fresh issue:** ₹600 Cr - **Offer for sale:** 1,00,00,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,722 Cr - **Revenue growth:** +22.0% - **Net profit FY26:** ₹247 Cr - **Revenue CAGR FY24 to FY26:** 39.3% - **Promoter holding (pre-IPO):** 97.7% - **Lead managers:** Systematix Corporate Services Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 39.3% a year. Sales FY24 to FY26; latest year +22%. - **Profitability** (looks fine): 14.3% net margin. FY26; operating margin steady. - **Debt** (look closer): 1.04x equity. ₹614 crore borrowed at the end of FY26. - **Profit into cash** (concern): -22% of profit. Operations brought in ₹-55.1 crore against ₹247 crore of profit in FY26. - **One-off income** (look closer): 3% of profit. Other and one-off income is 3% of pre-tax profit; management describes 5 one-off items. - **Red flags** (looks fine): None serious. 37 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | 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% | | Net profit | 86 | 195 | 247 | | Net margin | 9.7% | 13.8% | 14.3% | | Net worth | 149 | 345 | 592 | | Borrowings | 251 | 377 | 614 | | Return on equity | 57.7% | 56.7% | 41.7% | ## Non-recurring items (as described by management) - 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) - 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) - 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) - 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 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) ## Use of proceeds (fresh issue) - Funding our working capital requirements: ₹375 crore - Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company: ₹50 crore - General corporate purposes(1)(2): amount not fixed yet ## Fact-checked claims - **NONE** (PromoterBackground): Savitri has no formal education and was associated with the erstwhile partnership firm from April 1, 2010 to October 19, 2019.. 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. - **NONE** (PromoterBackground): Hari Niwas has been associated with the erstwhile partnership firm from April 1, 2005 to October 19, 2019.. 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. - **NONE** (PromoterBackground): 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.. 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. - **NONE** (PromoterBackground): Mohit Jandu was appointed as Managing Director on January 27, 2025.. 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. - **NONE** (PromoterBackground): Amir Chand was appointed as Chairperson on February 13, 2026.. 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. - **NONE** (PromoterBackground): Mahabir Singh was appointed as an additional non-executive independent director on March 10, 2026.. 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. - **NONE** (PromoterBackground): Shilpi Jain was appointed as a non-executive independent director on September 14, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the appointment of Shilpi Jain as a non-executive independent director on September 14, 2026. - **NONE** (PromoterBackground): Shilpi Jain was appointed as an Independent Director of the Company on September 14, 2026.. No current web search results were found to corroborate, contradict, or provide any information regarding the appointment of Shilpi Jain as an Independent Director of J Infratech Limited on September 14, 2026. - **NONE** (PromoterBackground): Mahabir Singh is entitled to receive a sitting fee of Nil in Fiscal 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mahabir Singh is entitled to receive a sitting fee of Nil in Fiscal 2026. - **NONE** (PromoterBackground): Kuldeep Kumar has been associated with the erstwhile partnership firm since April 1, 2010, and the Company since its incorporation.. No web search results were found to corroborate, contradict, update, or provide any information regarding the association of Kuldeep Kumar with the erstwhile partnership firm or J Infratech Limited since its incorporation. - **NONE** (PromoterBackground): Mohit Jandu has been associated with the erstwhile partnership firm since April 1, 2015, and the Company since its incorporation.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the association of Mohit Jandu with J Infratech Limited since its incorporation. - **NONE** (SubsidiaryPerformance): 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.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the projection of global economic growth for 2026 as stated in the DRHP claim. ## Common questions ### 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 - [J Infratech Limited – DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1790839813298_1379.pdf) (Draft Red Herring Prospectus, filed 1 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.