JITF Infralogistics reported a consolidated net loss of ₹208.28 lakh for the quarter ended June 30, 2026, compared to a net loss of ₹470.85 lakh in the corresponding period of FY25. The financial performance was heavily influenced by a non-recurring exceptional item, while operational revenue demonstrated growth across key segments.

The Board of Directors approved the unaudited standalone and consolidated financial results on August 12, 2026. The results were reviewed by Lodha & Co LLP, the company’s statutory auditors.

Financial Highlights

Consolidated revenue from operations rose to ₹66,403.14 lakh in Q1FY26, up from ₹55,016.44 lakh in Q1FY25. Total income stood at ₹67,649.76 lakh, including other income of ₹1,246.62 lakh.

On a standalone basis, JITF Infralogistics posted a net profit of ₹5.85 lakh, down from ₹7.38 lakh in the prior year quarter. Standalone revenue from operations increased slightly to ₹95.03 lakh from ₹82.07 lakh.

Segment Performance

The group operates primarily through two segments: Water Infrastructure and Urban Infrastructure.

• Water Infrastructure: Revenue surged to ₹54,682.04 lakh from ₹44,329.51 lakh YoY. The segment contributed ₹6,322.99 lakh to pre-tax profits before finance costs and unallocable expenses.
• Urban Infrastructure: Revenue grew to ₹11,721.10 lakh from ₹10,686.93 lakh YoY, with a segment profit contribution of ₹5,542.46 lakh.

Total segment assets stood at ₹5,33,058.01 lakh as on June 30, 2026, up from ₹4,24,221.64 lakh a year ago. Total segment liabilities were ₹5,75,246.69 lakh.

What the Numbers Show

The divergence between operational profitability and the bottom-line loss is starkly defined by the exceptional item. While the group generated a profit before tax and exceptional items of ₹3,376.72 lakh—more than double the ₹1,433.39 lakh recorded in Q1FY25—the recognition of a ₹2,464.33 lakh share-based payment expense reversed this gain into a pre-tax loss of ₹916.94 lakh. This charge relates to the "JWIL ESOP Scheme 2025" granted to employees of indirect subsidiary JWIL Infra Limited. Upon full exercise, the holding subsidiary’s stake in JWIL will dilute from 54.60% to 50.01%, though it remains a consolidated entity.

Auditor Observations & Legal Updates

Lodha & Co LLP highlighted material uncertainties regarding two subsidiaries:

• JITF Water Infra (Naya Raipur) Limited: Auditors noted significant doubt about its going concern status due to the non-extension of its concession agreement beyond January 4, 2018.
• JITF Urban Waste Management (Bathinda) Limited: Financial statements are prepared on a going concern basis pending an arbitration award and promoter support.

Regarding ongoing disputes, the Supreme Court restored petitions filed by Municipal Corporations in Jalandhar and Ferozepur challenging arbitral awards in favor of the group. However, the court clarified that this restoration does not affect pending execution proceedings, which continue independently. In Bathinda, an arbitral tribunal ruled that the contract termination was invalid but awarded the subsidiary ₹183.57 lakh in tipping fees plus interest.

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):

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:

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):

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:

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.