J Infratech Limited
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 availableNot yetThe price band isn't out, so P/E and price-to-book can't be worked out.
- GrowthLooks fine39.3% a yearSales FY24 to FY26; latest year +22%.p.86
- ProfitabilityLooks fine14.3% net marginFY26; operating margin steady.p.86
- DebtLook closer1.04x 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 closer3% of profitOther and one-off income is 3% of pre-tax profit; management describes 5 one-off items.p.435
- Where the money goesNot availableNot 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 fineNone 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.
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.
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
Where the money goes
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 | n/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
| 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 DLoF.
| 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.
| 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 | |||
| Restated Profit before tax | 123 | 257 | 332 |
| 37 | 62 | 85 | |
| Tax expense | |||
| 86 | 195 | 247 | |
| Other comprehensive income ('OCI') | |||
| 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 | |||
| Financial assets | |||
| 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 | |||
| 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 | |||
| 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 | |||
| 415 | 431 | 624 | |
| Total liabilities | 533 | 661 | 999 |
| Total equity and liabilities | 682 | 1,006 | 1,591 |
| 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: | |||
| Working capital adjustments | |||
| -141 | -51 | -61 | |
| 74 | 91 | 183 | |
| 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: | |||
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.
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.
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
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
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
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
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% confidenceWhat the filing saysSavitri has no formal education and was associated with the erstwhile partnership firm from April 1, 2010 to October 19, 2019.
What we foundNo 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% confidenceWhat the filing saysHari Niwas has been associated with the erstwhile partnership firm from April 1, 2005 to October 19, 2019.
What we foundNo 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% confidenceWhat the filing saysHari 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 foundNo 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% confidenceWhat we foundNo 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% confidenceWhat we foundNo 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% confidenceWhat the filing saysMahabir Singh was appointed as an additional non-executive independent director on March 10, 2026.
What we foundNo 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.
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.
| Document | Source |
|---|---|
DLoFDraft letter of offer J Infratech Limited – DRHP · 1 Oct 2026 |