JITF Infralogistics Latest Results: Consolidated Revenue Rises 24% YoY to ₹2,80,802 lacs
JITF Infralogistics Limited reported consolidated gross revenue of ₹2,85,199.91 lacs for FY 2025-26, up from ₹2,30,925.95 lacs in the prior year, driven by strong performance in its water infrastructure and waste-to-energy subsidiaries. The consolidated net loss narrowed to ₹993.47 lacs from ₹2,442.99 lacs. JWIL Infra Limited reported a 21% increase in operational revenue to INR 2,227.66 Crores and an order book of INR 11,352 Crores. The waste-to-energy platform maintained 110 MW of operational capacity with plants achieving average PLFs of approximately 90%. No dividend was recommended for FY 2025-26.

*this image is generated using AI for illustrative purposes only.
JITF Infralogistics Limited has released its Annual Report for the financial year ended March 31, 2026, presenting the 19th Annual Report to its members. The company, which serves as the listed holding entity for the infrastructure vertical of the O.P. Jindal Group, reported growth across its consolidated operations, driven by its water infrastructure and waste-to-energy subsidiaries.
Financial Performance Overview
The company's financial results for FY 2025-26 reflect divergent trends at the standalone and consolidated levels. The following table summarises key financial metrics (Rs. in Lacs):
| Metric: | FY 2025-26 (Standalone) | FY 2024-25 (Standalone) | FY 2025-26 (Consolidated) | FY 2024-25 (Consolidated) |
|---|---|---|---|---|
| Revenue from Operations: | 351.36 | 364.46 | 2,80,802.29 | 2,26,481.04 |
| Other Income: | 2.07 | 5.36 | 4,597.62 | 4,444.91 |
| Total Income: | 353.43 | 369.82 | 2,85,399.91 | 2,30,925.95 |
| Profit Before Tax: | 29.76 | 32.19 | 10,059.93 | 1,796.11 |
| Tax Expense: | 7.25 | 3.72 | 6,531.77 | 4,490.67 |
| Profit/(Loss) After Tax: | 22.51 | 28.47 | (993.47) | (2,442.99) |
| Total Comprehensive Income: | 22.79 | 13.13 | (1,005.66) | 14,524.12 |
On a standalone basis, the company achieved a gross revenue of ₹353.43 lacs against ₹369.82 lacs in the previous year, while net profit stood at ₹22.51 lacs compared to ₹28.47 lacs. At the consolidated level, gross revenue rose to ₹2,85,199.91 lacs from ₹2,30,925.95 lacs, and the consolidated net loss narrowed to ₹993.47 lacs from ₹2,442.99 lacs in the prior year.
Water Infrastructure Business — JWIL Infra Limited
JWIL Infra Limited, the group's step-down subsidiary and water management platform, delivered strong operational performance during FY 2025-26. The following table highlights key financial and operational metrics:
| Parameter: | FY 2025-26 | FY 2024-25 | Change |
|---|---|---|---|
| Operational Revenue: | INR 2,227.66 Crores | INR 1,838.39 Crores | +21% |
| EBITA (before exceptional items): | INR 283.75 Crores | INR 255.12 Crore | +11.2% |
| PBT (before exceptional items): | INR 203.06 Crores | INR 186.78 Crore | +8.72% |
| Net Worth (as on March 31, 2026): | INR 713.1 Crores | — | — |
| Order Book (as on March 31, 2026): | INR 11,352 Crores | — | — |
| Orders Awarded in FY 2025-26: | INR 6,922 Crores | — | — |
| Net Debt: | INR 214.84 Crore | INR 118.80 Crore | — |
JWIL's credit rating improved to CRISIL and CARE "A" Stable in FY 2025-26. The O&M order book stood at INR 2,585 Crores as on March 31, 2026. During the year, JWIL completed the Nagapattinam, Guwahati C1, and Chhitakhudari projects. The company is planning to complete 11 projects during FY 2026-27.
Waste-to-Energy Business — JITF Urban Infrastructure Limited
JITF Urban Infrastructure Limited (JUIL), another step-down subsidiary, maintained its position as one of India's leading Waste-to-Energy operators with a total portfolio of 220 MW, of which operational capacity stood at 110 MW in FY 2025-26. JUIL achieved a standalone revenue of Rs. 100 Crores against Rs. 87.67 Crores during FY 2024-25.
The following table presents indicative SPV-level performance for FY 2025-26 (₹ crore):
| SPV: | Revenue | EBITDA | EBITDA Margin | PAT |
|---|---|---|---|---|
| Okhla (20.9 MW): | 79.18 | 41.55 | 52.5% | 4.72 |
| Tehkhand (25 MW): | 109.74 | 82.46 | 75.1% | 28.70 |
| Jaipur (15 MW): | 62.96 | 44.99 | 71.5% | (0.70) |
| Guntur (20 MW): | 95.79 | 63.59 | 66.4% | 26.59 |
| Visakhapatnam (15 MW): | 67.66 | 35.08 | 51.8% | 5.14 |
| Ahmedabad (15 MW): | 68.80 | 49.60 | 72.1% | 11.10 |
Key operational highlights for the waste-to-energy plants during FY 2025-26 include:
- Tehkhand (TWEPL): Processed over 6.75 lakh tonnes of MSW, generated approximately 209 million units of green energy, and achieved a Plant Load Factor (PLF) of 95.4%.
- Okhla (TOWMCL): Processed approximately 5.92 lakh tonnes of MSW, generated over 160 million units of renewable energy, with a PLF of 87.6% (normalized PLF exceeded 94% excluding planned overhaul).
- Guntur (JUWMGL): Processed 4,41,472.6 MT of MSW and 38,500 MT of RDF, generating 162.132 million units of power at 90 to 100% PLF.
- Visakhapatnam (JUWMVL): Processed 3,84,544 MT of MSW and 20,119 MT of RDF, generating 113.82 million units of power at 90% PLF.
- Ahmedabad (JUWMAL): Received 2,93,117.06 tons of waste and operated at an average PLF of 90%, with revenue from generation billed amounting to Rs. 65.42 crore.
- Jaipur (JUWMJL): Commissioned on 20th Feb 2025, completed its first full year of operations with >90% PLF and received Rs. 11 Crore grant till March 2026.
Upcoming Projects and Expansion Pipeline
The group has a significant pipeline of greenfield and expansion projects under development:
| Project: | Capacity | Concession | Grant | Status |
|---|---|---|---|---|
| Jodhpur (Rajasthan): | 10 MW | 30 years | Rs. 10 Crore | 70% civil work completed; COD planned on or before October 2026 |
| Bawana (Delhi NCR): | 36 MW | 25 years | Rs. 151 Crore | In advanced stage of progress |
| Kakinada (Andhra Pradesh): | 15 MW | 20 years | Rs. 60 Crore | Groundwork commenced |
| Nellore (Andhra Pradesh): | 12 MW | 20 years | Rs. 50 Crore | Under development |
In addition, expansion projects are underway at Okhla (17 MW) and Tehkhand.
Corporate Governance and Other Disclosures
The Board of Directors met five times during FY 2025-26 on 26.05.2025, 13.08.2025, 14.11.2025, 06.02.2026, and 02.03.2026. The paid-up equity share capital as at March 31, 2026 stood at Rs. 514.07 lacs, with promoter shareholding at 63.03%. The Board did not recommend any dividend for FY 2025-26, citing the need to retain profits for working capital requirements. No amount was transferred to the General Reserve during the year. The 19th Annual General Meeting is scheduled for Tuesday, 1st September 2026 at Hotel Grand Rajputana, Raipur, Chhattisgarh.
Historical Stock Returns for JITF Infralogistics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.02% | +2.48% | +14.83% | +31.43% | +2.96% | +951.81% |
How will the significant increase in JWIL's net debt from ₹118.80 Crore to ₹214.84 Crore impact its future credit rating stability and cost of capital?
What are the specific operational risks and regulatory challenges associated with scaling up the Waste-to-Energy portfolio from 110 MW to the targeted 220 MW capacity?
Given the decision to retain profits for working capital rather than paying dividends, what is the expected timeline for JITF Infralogistics to return to dividend distribution?


































