JITF Infralogistics Limited

Industrials — Engineering & Construction · NSE

₹261.30−₹1.00 (−0.38%)

DalalBaazaar Score

32 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, negative free cash flow, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, though profits are falling even as sales grow. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of JITF Infralogistics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

JITF Infralogistics Limited, through its subsidiaries, develops urban infrastructure and water infrastructure in India. The company operates through the Water Infrastructure, Urban Infrastructure, and Trading Activity segments.

IndustryEngineering & Construction

SectorIndustrials

Employees5

Annual revenue₹2,794 Cr

How does it make money?

Turns over ₹2,794 Cr a year. Of every ₹100 of sales, about ₹-2 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹558.72 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin20.8%

Net margin-1.7%

Revenue / employee₹558.72 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Little sign of one

Returns on capital of 13.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE13.1%

Peer median ROE14.1%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +77% while net margin moved -79% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+77%

Margin effect-79%

DalalBaazaar Score

32/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

36/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

7.6x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from 16.1% to 20.8% over 3 years.

🔴 What Needs Attention3

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 114% against revenue growth of 77% — customers are taking longer to pay.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹48 Cr in the latest reported year.
🟡Receivables growing faster than salesFinancial
Receivables up 114% against revenue up 77% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 16.1% to 20.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 6.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 114% against revenue up 77%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 20.9% CAGR
Latest reported year was 20.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 20.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 6.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹46 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.1x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 4 neutral · 6 weak

Market Cap

₹672 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-16.52

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

13.1%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

20.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-191.9%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹46 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹261.3

Operating Margin

17.4%

Good

Healthy core-business profitability

Net Margin

-1.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.48

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.56

Defensive

Steadier than the market

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

274.5 / 297.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,579 Cr	₹2,514 Cr	₹2,242 Cr	₹2,794 Cr	+20.9%
EBITDA	₹254 Cr	₹446 Cr	₹429 Cr	₹582 Cr	+31.9%
EBITDA Margin	16.1%	17.7%	19.2%	20.8%	—
PAT (Net Profit)	-₹128 Cr	₹35 Cr	₹52 Cr	-₹48 Cr	—
EPS	₹-49.67	₹13.78	₹20.38	₹-18.73	—
ROCE	7.8%	12.0%	11.8%	13.1%	—
Total Debt	₹3,302 Cr	₹3,772 Cr	₹3,504 Cr	₹3,946 Cr	+6.1%
Free Cash Flow	-₹17 Cr	-₹178 Cr	-₹96 Cr	-₹46 Cr	—

🟢 Revenue has grown at 20.9% a year over 3 years.

🟢 EBITDA has grown at 31.9% a year over 3 years.

🟢 EBITDA Margin has risen from 16.1% to 20.8% over 3 years (+4.8 pts).

🟢 ROCE has risen from 7.8% to 13.1% over 3 years (+5.3 pts).

🔴 Total Debt has grown at 6.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹5,033 Cr

Total Liabilities

₹5,477 Cr

Total Debt

₹3,946 Cr

Cash & Equivalents

₹200 Cr

Operating Cash Flow

₹199 Cr

Capex

-₹244 Cr

Shareholding (proxy)

Institutional Holding

1.9%

Insider Holding

63.0%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 mixed4 general

It's A Story Of Risk Vs Reward With JITF Infralogistics Limited (NSE:JITFINFRA)

Simply Wall Street, 23 Jan

JITF Infralogistics shareholders declare no encumbrance on shares

scanx.trade, 22 Jun

JITF Infralogistics Share Price Forecast: 3 Year Outlook to 2030

Univest, 20 Jul

JITF Infralogistics (JITFINFRA.NS) Trades Near ₹278 as Stock Eases 0.48% Within a Defined Range - IPO Entry Watch

https://www.siam.in/, 16 Sept

JITF Infra Logistics reports consolidated net loss of Rs 5.49 crore in the June 2026 quarter

Business Standard, 12 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

JITF Infralogistics Q1 Revenue Reaches 6.6B Rupees; Consolidated Net Loss Narrows To 55M

Sahi, 12 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟢GrowthStrong18.4/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

JITF Infralogistics Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 16% a year20.9% CAGR
✓EBITDA margin holds above 19%20.8%
✗Debt / EBITDA falls below 3x6.8x
✗Free cash flow remains positive-₹46 Cr
✗Interest cover stays above 3x1.1x