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InnerKore IPO
AbridgedLast filing 1 Oct 2026

J Infratech Limited

CIN
Source documents

J Infratech Limited (CIN U70109HR2019PLC083157) has filed a SEBI filings 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 earlier look-up of its claims found no medium or high concerns across 37 claims looked up.

Read from public SEBI filings; last updated . 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
  • -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
  • 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 looked up earlier: 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: Earlier web look-ups of the filing's claims: 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.

Original draft not analysed yet. We have one filing for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

The IPO

What J Infratech Limited is offering, at what price, and who owns it today. Read from the DLoF; 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
New money for the company
Offer for sale
1 Cr shares
Amount set at the price band
Price band
To be announced
Announced with the RHP
Shares today
11.7 Cr
Before the IPO
Face value
₹10
Listing on
BSE & NSEEQ
Lead managers
Systematix Corporate Services
Registrar
KFin Technologies
Read from p.1p.82p.83p.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 yetn/a

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%
HolderShares% before IPO
Hari NiwasPromoter5.97 Cr51.0%
TrustPromoter4 Cr34.2%
Mohit JanduPromoter59.47 lakh5.1%
Kuldeep KumarPromoter59.47 lakh5.1%
SavitriPromoter26.96 lakh2.3%
PriyaPromoter group13.56 lakh1.2%
MonikaPromoter group13.56 lakh1.2%
Virender SinghPromoter group20,0000.0%

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 shareholderMax shares offeredCost of acquisition
Mohit JanduPromoter50 lakh₹2.43
Kuldeep KumarPromoter50 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 DLoF.

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.85p.86p.88
MetricFY24FY25FY26
Profit & loss
Sales8871,4111,722
Sales growth–59.1%22.0%
Operating profit163326422
Operating margin18.3%23.1%24.5%
Other income6.36.09.7
Interest243452
Depreciation234249
Profit before tax123257332
Profit before tax excl. other & one-off income117251322
Other & one-off income as % of PBT5.1%2.3%2.9%
Tax rate30.1%24.0%25.7%
Net profit86195247
Net margin9.7%13.8%14.3%
Balance sheet
Net worth149345592
Borrowings251377614
Total assets6821,0061,591
Debt / equity1.68x1.09x1.04x
Return on equity57.7%56.7%41.7%
Cash flow
Cash from operations162-129-55
Cash from investing-141-51-61
Cash from financing7491183

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
SegmentFY24FY25FY26Share of FY26
NHIDCL41769386950.5%
NHAI26050763036.6%
Others*1331551679.7%
MoRTH5239502.9%
BRO0.00135.80.3%
PWD223.90.390.0%
Railways2.10.870.000.0%

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 itemFY24FY25FY26
Revenue from operations8871,4111,722
Other income6.36.09.7
8931,4171,731
Finance costs243452
Depreciation and amortisation expense234249
7721,1611,401
Restated Profit before tax123257332
376285
86195247
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.85
Line itemFY24FY25FY26
Property, plant and equipment133182233
Investments in Joint Ventures1.72.43.8
279523761
Inventories8.783212
Trade receivables356672
Cash and cash equivalents1001178
Bank balances other than cash and cash equivalents14810674
403483830
Total assets6821,0061,591
Equity share capital5859117
Other equity90286475
149345592
Borrowings106210350
118230375
Borrowings145167264
- Trade payables total outstanding dues of micro and small enterprises; and4.73.37.6
9089103
415431624
Total liabilities533661999
Total equity and liabilities6821,0061,591
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.88
Line itemFY24FY25FY26
Restated Profit before tax123257332
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 changes166328424
162-129-55
-141-51-61
7491183
Net (decrease) in cash and cash equivalents during the year (A+B+C)9567-89
Cash and cash equivalents at the beginning of the year5.110011
1001178

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.

% / yr
years
% / yr
Worth today (10 years of cash)
₹3,882 Cr
Per share
–
Needs the price band.
Top of the price band
–
05001,0001,5002,000Year 1: ₹296 Cr projected, ₹267 Cr in today's money1Year 2: ₹355 Cr projected, ₹288 Cr in today's money2Year 3: ₹426 Cr projected, ₹312 Cr in today's money3Year 4: ₹511 Cr projected, ₹337 Cr in today's money4Year 5: ₹614 Cr projected, ₹364 Cr in today's money5Year 6: ₹736 Cr projected, ₹394 Cr in today's money6Year 7: ₹884 Cr projected, ₹426 Cr in today's money7Year 8: ₹1,060 Cr projected, ₹460 Cr in today's money8Year 9: ₹1,272 Cr projected, ₹497 Cr in today's money9Year 10: ₹1,527 Cr projected, ₹538 Cr in today's money10
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.

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 from earlier look-ups

For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.

  • 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.

    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.

    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.

    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.

    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.

    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.

    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.

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

  1. DLoFDraft letter of offer· 864 pagesOpen document

    An earlier full draft. The main analysis above reflects the latest version; open the document to compare.

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 SEBI filings. The price band is not stated in that document.

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 DLoF, 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 filing?

Earlier, we looked up 37 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 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 (DLoF) 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.

DocumentSource
DLoFDraft letter of offer
J Infratech Limited – DRHP · 1 Oct 2026
PDF
Documents are hosted by SEBI. View the SEBI listing