J Infratech IPO
J Infratech Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹600 crore and an offer for sale of up to 1,00,00,000 shares by promoters Mohit Jandu and Kuldeep Kumar. In FY26 the company made a profit of ₹246.59 crore on revenue of ₹1,721.76 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 28 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Systematix Corporate Services Limited
- Last SEBI contact
- 29 Oct 2026
- Price band and dates
- Not announced
Where it stands
J Infratech IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI28 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 28 September 2026, 39 days ago, and its last communication on the draft was on 29 October 2026 (day count is our calculation).
DRHP at a glance
J Infratech DRHP at a glance
Draft red herring prospectus, 25 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 226) and Basis for Offer Price (p. 130 to 131)J Infratech is an EPC company that builds roads, highways and bridges, including large projects with specialised structures, on EPC and hybrid annuity (HAM) contracts. Its two largest customers, NHIDCL and NHAI, gave 87.08% of FY26 revenue.
As of 31 July 2026 its order book had 46 projects worth ₹8,500.74 crore, and Telangana was 64.68% of it. It was incorporated in 2019 and is based in Gurugram, Haryana.
Revenue by client, FY26
- NHIDCL: 50.46%
- NHAI: 36.62%
- MoRTH: 2.89%
- Others (ours, the remainder): 10.03%
The offer
DRHP cover page, The Offer (p. 79) and Capital Structure (p. 99)| Fresh issue | Up to ₹600 croreMoney goes to the company |
| Offer for sale | Up to 1,00,00,000 shares50,00,000 each by Mohit Jandu (average cost ₹2.43) and Kuldeep Kumar (₹3.22) |
| Shares before the IPO | 11,69,91,060The offer for sale is about 8.5% of them (ours) |
| Pre-IPO placement | Up to ₹120 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Systematix Corporate Services Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Mohit Jandu, Hari Niwas, Kuldeep Kumar, Savitri and HN Family Trust |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 119 to 120)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 375.00 | 62.5% |
| Repaying or prepaying certain borrowings | 50.00 | 8.3% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹600 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 82 to 86) and Basis for Offer Price, KPIs (p. 131 to 136), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 887.02 | 1,411.21 | 1,721.76 |
| EBITDA | 170.17 | 332.50 | 432.78 |
| EBITDA margin | 19.18% | 23.56% | 25.14% |
| Profit after tax | 85.93 | 195.34 | 246.59 |
| Diluted EPS (₹) | 7.35 | 16.70 | 21.08 |
| Net worth | 148.87 | 344.83 | 591.62 |
| Cash from operations | 161.93 | -129.03 | -55.10 |
| Return on equity | 57.80% | 56.78% | 41.75% |
| Debt to equity | 1.69 | 1.10 | 1.04 |
| Order book | 3,556.53 | 3,282.71 | 3,250.63 |
Restated consolidated figures. Net worth is total equity. Revenue grew about 39.3% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 132 to 133). Peer prices as of 22 Sep 2026 on NSE.The P/E for J Infratech is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| J Infratech (FY26) | 21.08 | Set with the price band | 41.75% |
| PNC Infratech | 32.42 | 4.31x | 12.21% |
| KNR Constructions | 15.54 | 7.72x | 8.80% |
| Dilip Buildcon | 86.08 | 4.92x | 19.07% |
| H.G. Infra Engineering | 50.61 | 8.78x | 10.12% |
| IRB Infrastructure Developers | 0.70 | 25.69x | 4.09% |
| G R Infraprojects | 93.30 | 8.63x | 9.65% |
| Ceigall India | 17.73 | 21.27x | 14.62% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 30)- Government contractsGovernment bodies gave ₹1,555.17 crore of FY26 revenue, about 90.3% of it (our calculation). (Risk factor 1, p. 23)
- Two customersIts top two customers gave 87.08% of FY26 revenue. (Risk factor 2, p. 26)
- EPC and HAMEPC and HAM projects gave 93.48% of FY26 revenue. (Risk factor 3, p. 27)
- Competitive biddingAll projects are won through bids, which it may not win. (Risk factor 4, p. 28)
- TelanganaTelangana was 64.68% of the order book on 31 July 2026. (Risk factor 5, p. 29)
- Order bookActual income may be much lower than the order book suggests. (Risk factor 6, p. 30)
Documents
J Infratech DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
J Infratech IPO FAQs
When will the J Infratech IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 39 days ago (our calculation).
Has SEBI approved the J Infratech IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the J Infratech IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the J Infratech IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the J Infratech IPO?
Systematix Corporate Services Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will J Infratech do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹375.00 crore), repaying or prepaying certain borrowings (₹50.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does J Infratech do?
J Infratech is an EPC company that builds roads, highways and bridges, including large projects with specialised structures, on EPC and hybrid annuity (HAM) contracts. Its two largest customers, NHIDCL and NHAI, gave 87.08% of FY26 revenue.
Where can I read the J Infratech DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 October 2026. The draft is dated 25 September 2026 and runs to 864 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 25 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.