1. At a Glance – The TL;DR With Masala
JITF Infra Logistics Ltd is that one company which looks like it has read India Infrastructure 2030 cover to cover — water pipelines, waste-to-energy plants, urban infra, EPC-style execution — and then decided to fund the whole dream on EMIs.
As of the latest data, the market cap is around ₹656 Cr, while total debt stands tall at ₹3,885 Cr. Yes, you read that right. The company’s enterprise value (~₹4,238 Cr) is doing most of the talking here, not equity.
The latest quarter delivered ₹822 Cr revenue, up 54.6% YoY, with PAT of ₹4.35 Cr, marking one of those rare quarters where the company didn’t bleed red ink aggressively. ROCE is reported at ~12.1%, operating margins near 19–20%, and yet… book value is negative ₹210.
Stock price? ₹255.
1-year return? -47.6%.
3-year return? +40.5%.
So yes — this stock can both break your heart and send you WhatsApp screenshots depending on the entry point. Curious already? Good. Keep reading.
2. Introduction – The Jindal Cousin Nobody Talks About
JITF Infra Logistics Ltd belongs to the broader O.P. Jindal universe — the same galaxy that gave India JSW Steel, Jindal Steel & Power, JSL Stainless, and Jindal SAW. Unfortunately for JITF, pedigree alone doesn’t pay interest costs.
This company is not a clean “asset-light EPC darling.” It is asset-heavy, concession-heavy, debt-heavy, and execution-dependent. It builds pipelines that deliver drinking water to millions, converts garbage into electricity, and until recently even manufactured railway wagons (now sold off).
For years, JITF was stuck in a loop:
Projects → Debt → Delays → Losses → More Debt
FY24 was a psychological milestone — the company reported profit for the first time in years, thanks to revenue scale-up and some margin discipline. But the balance sheet still looks like it went through demonetisation twice.
So the real question is not “Can JITF grow?”
It’s “Can JITF survive long enough for growth to matter?”
3. Business Model – WTF Do They Even Do?
Let’s simplify this without pretending it’s simple.
🟦 Water Infrastructure (≈70% of Q1 FY25 revenue)
Through JWIL Infra Ltd (51% owned), JITF executes large drinking water, irrigation, wastewater, and industrial effluent treatment projects. Think thousands of kilometres of pipelines, pumping stations, treatment plants — the stuff governments love to announce before elections.
JWIL supplies water to ~20 million people, across 5,000+ villages, via 10,000+ km of pipelines.
FY24 highlight:
- Revenue growth of ~130% YoY
- Orders worth ₹1,805 Cr secured
- Closing order book >₹4,000 Cr
JWIL now claims it is “selectively bidding” based on board-approved criteria — which in infra language means “we got burned earlier, now we’re cautious.”
🟧 Urban Infrastructure – Waste-to-Energy (≈11%)
Via JITF Urban Infrastructure Ltd (100% owned), the company runs India’s largest waste-to-energy (WTE) portfolio, with ~111 MW capacity (operational + under construction).
Key facts:
- Largest WTE plant in Delhi
- 7 projects operational / under implementation
- Processes up to 15,000 TPD of municipal solid waste at peak
New projects include:
- 15 MW Ahmedabad WTE plant (advanced commissioning)
- 30 MW Narela–Bawana WTE project (Delhi)
- Andhra Pradesh concessions (Kakinada, Nellore) announced in FY26
This is long-gestation, politically sensitive, but annuity-like revenue — if it runs smoothly.
🟥 Rail Freight Wagons – Exit Stage Left
Earlier, JITF owned Jindal Rail Infrastructure Ltd, manufacturing freight wagons with ~3,000 wagons annual capacity.
In July 2024, the
