J Infratech IPO

Strengths · 7

• 01Revenue from operations rose from Rs 887.02 crore in FY2024 to Rs 1,721.76 crore in FY2026, and PAT rose from Rs 85.93 crore to Rs 246.59 crore.
• 02EBITDA margin improved from 19.18% in FY2024 to 25.14% in FY2026, and PAT margin from 9.69% to 14.32%.
• 03Return on equity was 41.75% and return on capital employed was 39.72% in FY2026.
• 04Net worth grew from Rs 148.67 crore in FY2024 to Rs 590.62 crore in FY2026.
• 05Debt to equity fell from 1.69 in FY2024 to 1.04 in FY2026.
• 06The Order Book was Rs 8,500.74 crore as of 31 July 2026, with NHAI, NHIDCL, MoRTH and BRO as customers.
• 07Promoters and promoter group hold 100.00% before the issue, so existing owners are not fully exiting: the offer for sale is limited to 1,00,00,000 shares.

Risks · 10

• 01Government entities gave 90.32% of FY2026 revenue from operations, so a change in government policy or contract terms can hit revenue.
• 02The top two customers, NHIDCL and NHAI, gave 87.08% of FY2026 revenue (76.33% in FY2024).
• 03The Order Book at year end fell from Rs 3,556.53 crore in FY2024 to Rs 3,250.63 crore in FY2026, while Order Book to revenue fell from 4.01 times to 1.89 times.
• 04Telangana is 64.68% of the Order Book as of 31 July 2026, so state-level delays or payment problems would matter.
• 05Cash used in operating activities was Rs 55.10 crore in FY2026 and Rs 129.03 crore in FY2025, though PAT was positive in both years.
• 06Net operating cycle rose from 9 days in FY2025 to 58 days in FY2026, and inventory days rose from 17 to 44, so working capital is absorbing cash.
• 07Total borrowings were Rs 613.88 crore in FY2026 against Rs 376.95 crore in FY2025, and net debt was Rs 461.95 crore.
• 08Rs 375.00 crore of the Rs 600.00 crore fresh issue is for working capital, and general corporate purposes are not yet specified, capped at 25% of gross proceeds.
• 09Two promoter sellers offer 1,00,00,000 shares in the offer for sale, and that money goes to them, not to the company.
• 10The company has recently entered integrated resource management through two NMDC Limited contracts, a business it has no long record in.

J Infratech Limited is an infrastructure engineering, procurement and construction company based in Gurugram, Haryana. It focuses on roads, highways, bridges and flyovers, and has built large road projects with specialised structures across India. The company says it had the fastest revenue growth among its listed peer group in FY2026, with a revenue CAGR of 39.18% (source: CARE report in the document).

The company takes up projects on two models. Under EPC, it is paid to build. Under the hybrid annuity model (HAM), it builds and then receives annuity payments. It also does operation and maintenance work under these contracts and has taken up toll collection and maintenance projects. It runs as one business segment, road construction and allied infrastructure.

Government bodies are almost the entire customer base. NHIDCL gave 50.46% of FY2026 revenue from operations and NHAI gave 36.62%. MoRTH and BRO are other customers. EPC and HAM projects together made up 93.48% of FY2026 revenue, and 73.32% of revenue came from EPC projects.

The Order Book stood at Rs 3,250.63 crore at the end of FY2026. As of 31 July 2026 the Order Book was Rs 8,500.74 crore, of which Telangana alone was 64.68%, followed by Assam at 11.17% and Arunachal Pradesh at 9.24%. The company does not manufacture anything. It rents 98 properties near project sites and owns 17 properties bought for investment.

The company has recently entered a new line of integrated resource management through two long-term contracts with NMDC Limited. Its promoters are Mohit Jandu, Hari Niwas, Kuldeep Kumar, Savitri and HN Family Trust. Mohit Jandu is Managing Director and Kuldeep Kumar is Whole-time Director.

The industry

As per the CARE report quoted in the document, construction is India's second-largest economic segment after agriculture and contributed 9.0% of national GVA at constant prices in FY2026. Infrastructure has historically drawn the largest share of investment, across roads and highways, telecom, airports, ports, power, oil and gas, and railways.

Customer concentration: Top 2 customers gave 87.08% of FY2026 revenue (85.02% in FY2025). NHIDCL alone gave 50.46%.