JITF Infralogistics financials and balance sheet

NSE: JITFINFRABSE: 540311Other UtilitiesSmall Cap

₹238.35₹11.05 (4.43%)BSE ₹237.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹249.40.

52-week range of traded prices to 23 Oct 2026

₹222.35Low, 27 Jan 2026₹433.15High, 18 Feb 2026

Market cap: ₹613 Cr1,610th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
ROCE: 13.3%
Debt to equity: Net worth zero or below
Volume, NSE: 13,24663.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.JITF Infralogistics annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹9.93 CrA loss in 8 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,808
Materials and goods−1,055
Employee costs−210
Other expenses−985
Operating profit558
Depreciation−103
Other income+46
One-off items−46
Finance costs−401
Profit before tax55
Tax−65
Joint ventures+0.7
Net profit−9.9

What the company owns

Plant, investments and other assets₹3,261 Cr
Receivables₹1,271 Cr
Cash and bank₹437 Cr
Current investments₹64 Cr

What pays for it: net worth and liabilities

Borrowings₹3,946 Cr
Owed to suppliers₹834 Cr
Other liabilities₹253 Cr

JITF Infralogistics business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.JITF Infralogistics segment results by quarter

Revenue by segment

₹2,808 CrTotal

Water Infrastructure₹2,232 Cr79.5% of total
Urban Infrastructure₹448 Cr15.9% of total
Trading Activities₹128 Cr4.6% of total

Profit by segment

Water Infrastructure₹288 Cr61.0% of total
Urban Infrastructure₹184 Cr38.9% of total
Trading Activities₹1 Cr0.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Water Infrastructure
Revenue, ₹ crore
249
475
622
793
945
2,169
1,843
2,232
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
19
52
70
78
95
213
217
288
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Urban Infrastructure
Revenue, ₹ crore
57
58
88
203
305
354
448
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−6
15
71
109
125
184
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading Activities
Revenue, ₹ crore
100
145
97
86
62
68
128
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
0
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
0
0
0
−1
−1
−14
−16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	582	845	940	1,235	1,590	3,284	2,265	2,808
Company revenue, as in its results	582	845	929	1,235	1,590	3,284	2,265	2,808
Revenue	249	475	622	793	945	2,169	1,843	2,232
Revenue growth	–	91.0%	30.9%	27.6%	19.1%	129.5%	−15.0%	21.1%
Profit	19	52	70	78	95	213	217	288
Profit growth	–	169.0%	35.7%	10.9%	23.1%	122.9%	1.8%	33.1%
Margin	7.7%	10.8%	11.2%	9.8%	10.1%	9.8%	11.8%	12.9%
Return on capital	–	27.8%	26.6%	23.3%	28.0%	28.9%	24.6%	23.5%
Assets	–	479	525	646	838	1,369	1,735	2,375
Liabilities	–	294	262	314	497	632	854	1,149
Capital employed	–	185	263	332	341	737	881	1,226
Revenue	–	57	58	88	203	305	354	448
Revenue growth	–	–	2.5%	50.6%	132.3%	49.8%	16.1%	26.6%
Profit	–	−1	−6	15	71	109	125	184
Profit growth	–	–	–	–	365.6%	53.2%	15.2%	47.3%
Margin	–	−2.5%	−10.4%	17.4%	34.8%	35.6%	35.3%	41.1%
Return on capital	–	−0.2%	−0.6%	1.2%	4.6%	6.0%	6.4%	8.6%
Assets	–	844	1,084	1,479	1,770	2,097	2,255	2,435
Liabilities	–	46	91	192	245	298	300	303
Capital employed	–	798	993	1,287	1,525	1,799	1,955	2,132
Revenue	–	100	145	97	86	62	68	128
Revenue growth	–	–	45.8%	−33.2%	−11.0%	−28.7%	–	86.9%
Profit	–	0	0	0	0	0	0	1
Profit growth	–	–	48.2%	−51.2%	30.5%	−30.3%	–	81.4%
Margin	–	0.3%	0.3%	0.2%	0.4%	0.4%	0.4%	0.4%
Assets	–	22	0	0	0	0	0	0
Liabilities	–	28	10	0	0	0	0	0
Capital employed	–	−6	−10	0	0	0	0	0
	0	0	0	0	0	0	0	0
Profit	−1	0	0	0	−1	−1	−14	−16
Assets	–	7	10	8	4	3	9	3
Liabilities	–	30	31	33	53	9	9	10
Capital employed	–	−23	−20	−25	−50	−6	−1	−7
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	192	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	0	–
Revenue	274	214	114	257	356	748	–	–
Revenue growth	–	−22.0%	−46.6%	124.6%	38.5%	110.5%	–	–
Profit	27	17	2	24	36	75	–	–
Profit growth	–	−36.4%	−85.8%	878.1%	50.3%	105.2%	–	–
Margin	10.0%	8.2%	2.2%	9.5%	10.3%	10.0%	–	–
Return on capital	–	4.2%	0.6%	5.9%	8.3%	15.9%	–	–
Assets	–	466	466	461	583	636	–	–
Liabilities	–	46	49	48	144	165	–	–
Capital employed	–	420	417	413	439	471	–	–
Revenue	59	–	–	–	–	–	–	–
Profit	−4	–	–	–	–	–	–	–
Margin	−6.9%	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.JITF Infralogistics quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Revenue from operations	550	404	582	845	929	1,235	1,590	3,284	2,265	2,808
	551	437	517	754	840	1,085	1,331	2,805	1,860	2,250
Materials and goods bought	360	202	252	526	543	707	774	1,706	835	1,055
Employee costs	–	–	52	61	63	80	99	136	155	210
Other expenses	–	–	212	167	234	299	458	963	870	985
Operating profit before depreciation	−1	−33	65	91	89	150	259	478	405	558
Operating margin	−0.3%	−8.1%	11.2%	10.8%	9.6%	12.1%	16.3%	14.6%	17.9%	19.9%
Materials, % of revenue	–	–	43.4%	62.3%	58.4%	57.3%	48.7%	52.0%	36.9%	37.6%
Employee costs, % of revenue	–	–	9.0%	7.2%	6.8%	6.4%	6.2%	4.1%	6.9%	7.5%
Other expenses, % of revenue	–	–	36.4%	19.8%	25.2%	24.2%	28.8%	29.3%	38.4%	35.1%
Depreciation and amortisation	26	33	23	23	23	33	58	83	79	103
Operating profit after depreciation	−27	−65	42	67	67	117	201	395	326	456
Other income	6	13	5	7	8	9	13	53	44	46
Finance costs	119	134	165	200	216	253	313	317	352	401
Profit before one-off items and tax	−140	−186	−118	−126	−141	−127	−98	130	18	101
One-off items	0	0	0	0	0	0	0	19	0	−46
Profit before tax	−140	−186	−118	−126	−141	−127	−98	149	18	55
	−30	−32	−4	10	−6	2	10	59	45	65
Current tax	1	–	0	0	1	6	19	47	38	43
Deferred tax	−30	–	−5	10	−6	−5	−9	12	7	22
Share of profit of joint ventures and associates	−3	−3	0	0	0	0	0	0	3	1
Profit from discontinued businesses	–	–	–	–	–	–	–	–	169	–
	−113	−157	−114	−136	−135	−129	−107	91	145	−10
Belonging to the company's shareholders	−113	−157	−111	−136	−151	−144	−128	35	52	−48
Belonging to outside owners of subsidiaries	–	–	−3	0	15	15	21	55	92	38
Other comprehensive income	–	–	1	0	−1	2	3	6	0	0
Total comprehensive income	–	–	−112	−136	−137	−127	−104	96	145	−10
Net margin	−20.6%	−38.7%	−19.5%	−16.1%	−14.6%	−10.4%	−6.7%	2.8%	–	−0.4%
Net margin without joint ventures and associates	−20.1%	−38.0%	−19.5%	−16.2%	−14.6%	−10.4%	−6.8%	2.8%	–	−0.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 5 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
	−380	−460	−597	−724	−828	−620	−476	−444
	−369	−472	−624	−766	−891	−555	−511	−513
Share capital	5	5	5	5	5	5	5	5
Reserves	−374	−477	−629	−771	−896	−561	−516	−518
Belonging to outside owners of subsidiaries	−11	12	27	42	63	−65	35	69
	1,775	1,970	2,400	2,931	3,301	3,772	3,503	3,946
Repayable after a year	1,713	1,818	2,202	2,652	3,065	3,332	3,113	3,360
Repayable within a year	62	152	199	279	236	440	390	586
	373	591	574	678	885	1,245	1,269	1,703
Trade payables	141	262	208	204	321	387	527	834
Other financial liabilities	104	127	109	119	164	139	158	152
Other liabilities	66	50	58	74	162	268	191	123
Provisions	1	1	1	1	2	2	3	8
Tax owed	0	0	0	0	–	10	0	0
	1,754	1,855	2,270	2,803	3,305	3,667	3,442	3,774
Other financial liabilities	26	22	25	24	29	41	49	59
Other liabilities	8	8	33	117	194	260	226	269
Provisions	3	4	5	5	6	7	9	16
Deferred tax	3	4	5	6	11	26	44	70
Total assets	1,748	1,987	2,247	2,757	3,361	4,292	4,235	5,033
	1,091	1,222	1,405	1,779	2,033	2,375	2,398	2,530
Plant in use, after depreciation	613	602	592	593	574	555	272	261
Plant being built	316	459	636	4	4	3	2	12
Intangible assets	1	1	1	642	1,033	996	1,616	1,578
Goodwill	0	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	303	75	411	41	194
Investments	12	13	11	13	19	22	1	1
Loans given	0	0	0	0	0	10	102	86
Other financial assets	17	21	22	75	145	121	106	96
Deferred tax	114	104	112	116	128	131	107	110
Trade receivables	0	0	0	18	16	95	137	147
Other assets	18	22	32	15	40	31	14	45
	657	765	842	978	1,328	1,916	1,836	2,503
Inventories	113	104	100	108	169	198	36	0
Trade receivables	207	241	267	344	593	691	837	1,271
Cash and cash equivalents	27	5	40	53	99	185	134	200
Other bank balances	57	22	71	91	87	152	206	236
Current investments	0	0	0	0	0	0	0	64
Loans given	0	0	0	0	9	14	13	4
Other financial assets	103	219	178	208	208	522	475	592
Tax paid in advance	43	52	40	33	10	9	13	18
Other assets	107	121	147	140	153	145	122	118
Net debt	1,691	1,943	2,290	2,786	3,115	3,434	3,164	3,445

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
	21	63	190	246	185	199
	9	60	181	282	246	247
	−84	−94	−84	−230	−177	−280
Receivables	−26	−95	−249	−101	−275	−434
Inventories	4	−9	−61	−29	−13	−27
Payables	−26	103	325	300	214	300
Other working capital	−35	−94	−99	−401	−102	−119
Tax paid	12	1	6	−37	−61	−48
Capital spending	190	314	207	370	281	244
Free cash flow	−169	−250	−17	−124	−96	−46
	−185	−307	−206	−401	187	−218
Plant and property sold	0	2	0	0	3	0
Interest received	5	4	8	18	31	29
	198	257	61	241	−406	86
Borrowings raised	413	507	414	582	0	443
Borrowings repaid	0	0	−43	0	−28	0
Interest paid	−215	−250	−309	0	−377	−399
Lease payments	0	0	0	0	0	0
Dividends paid	0	0	0	0	1	4
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	35	13	46	86	−33	67

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Earnings per share	−₹43.68	−₹59.97	−₹44.27	−₹52.89	−₹58.64	−₹55.97	−₹49.67	₹13.78	₹20.38	−₹18.73
Diluted earnings per share	−₹43.68	−₹59.97	−₹44.27	−₹52.89	−₹58.64	−₹55.97	−₹49.67	₹13.78	₹20.38	−₹18.73
Book value per share	–	–	−₹143.66	−₹183.61	−₹242.82	−₹298.10	−₹346.72	−₹216.12	−₹198.72	−₹199.69
Shareholder yield	–	–	–	–	−0.5%	0.0%	0.0%	0.0%	0.1%	0.5%
Market cap at the year end (₹ crore)	190	89	43	8	20	254	208	1,460	982	712

Ratios

Consolidated, years to March.JITF Infralogistics PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 5 Aug	Mar 2025Filed 12 Jun	Mar 2026Filed 12 May
Revenue growth	−26.5%	44.1%	45.2%	9.9%	32.9%	28.8%	106.5%	–	24.0%
Operating profit growth	–	–	38.8%	−1.8%	67.5%	73.5%	84.4%	–	38.0%
	–	29.9%	32.3%	27.5%	20.7%	15.4%	−4.9%	−9.8%	9.4%
	–	–	2.4 pts	−4.8 pts	−6.8 pts	−5.3 pts	−20.3 pts	−4.9 pts	19.2 pts
From the net margin	–	–	−4.6 pts	0.3 pts	−7.8 pts	−6.4 pts	−17.5 pts	–	–
From asset turnover	–	–	9.1 pts	−1.0 pts	2.5 pts	0.8 pts	−1.3 pts	–	–
From borrowing	–	–	−2.1 pts	−4.1 pts	−1.5 pts	0.4 pts	−1.5 pts	–	–
Return on capital employed	–	3.0%	4.5%	3.7%	5.3%	8.1%	12.5%	10.8%	13.0%
Cash conversion	–	–	–	–	–	–	270.7%	127.8%	–
Interest cover	–	0.3	0.3	0.3	0.5	0.6	1.2	0.9	1.1
Receivable days	–	130	104	105	102	136	77	135	165
Inventory days	–	164	72	67	56	80	42	16	0
Payable days	–	204	181	140	105	151	83	230	289
Cash conversion cycle, days	–	90	−5	32	53	65	36	−79	−123
Working capital days	–	163	129	140	129	113	86	100	115
Asset turnover	–	0.33	0.45	0.44	0.49	0.52	0.86	0.53	0.61
Assets per rupee of net worth	–	−4.73	−4.44	−3.86	−3.60	−3.69	−5.29	−8.00	−9.05
Sales per rupee of plant	–	0.95	1.40	1.57	2.08	2.77	5.92	8.32	10.75
Capital spending to depreciation	–	–	–	8.41	9.63	3.57	4.45	3.56	2.38
Plant being built, % of plant in use	–	51.5%	76.3%	107.4%	0.6%	0.6%	0.6%	0.8%	4.6%

Interest cover is left blank for the years to Mar 2017 and Mar 2018: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −1.0%
Cash from operations against operating profit: 35.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	24.8%	20.9%
Return on equity, average	–	6.2%	−1.8%
Return on capital employed, average	–	10.0%	12.1%
Operating margin, average	10.4%	16.1%	17.4%
Net margin, average	−13.8%	−3.7%	1.2%
Asset turnover, average	–	0.60	0.67
Cash conversion cycle, days, average	–	−10	−55
Interest cover, average	–	0.9	1.1

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	883	630	199
Cash from investing	−944	−432	−218
Cash from financing	240	−79	86
Capital spending	1,415	895	244
Dividends paid	5	5	4
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,945	1,025	443
Borrowings repaid	71	28	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	7	8	8	7	6
Altman Z-scorePublished threshold 1.1	0.36	−0.16	−0.13	−0.11	0.22	1.20	0.96	1.23
Beneish M-scorePublished threshold −1.78	–	–	−2.73	−2.50	−2.47	−2.08	−2.44	−2.30
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	1.32	4.60	−3.00	6.43	−5.34	0.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	4.83	2.79
Receivables growth less revenue growthOur threshold 0 percentage points	–	−28.71	1.00	−4.17	43.65	−90.02	52.20	27.79
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−116.58	−7.35	−21.48	46.30	−103.42	−30.51	−126.37
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	16.58	−3.00	1.29	−0.60	9.31	−2.92	4.18
Assets under construction, years of additionsOur threshold 2 years of additions	–	37.02	52.01	0.11	0.09	0.05	–	0.13
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	–	39.40	250.02	119.46
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.85	−88.20	31.27

A threshold marked as ours has no published figure; it is the line we read the check against.