JITF Infralogistics borrowings rise Rs 767 crore by September

JITF Infralogistics Limited reported consolidated borrowings of Rs 4,712.86 crore at September 30, 2026, up Rs 767.38 crore from March 31, 2026, while its half-year operating and investing activities recorded combined cash outflows of Rs 673.71 crore. Financing inflows of Rs 621.88 crore were not enough to prevent a Rs 51.82 crore decline in cash.

How much did JITF Infralogistics' borrowing increase?

JITF Infralogistics' total borrowings increased to Rs 4,712.86 crore at September 30, 2026, from Rs 3,945.48 crore at March 31, 2026. Non-current borrowings rose by Rs 395.51 crore to Rs 3,755.04 crore, while current borrowings rose by Rs 371.87 crore to Rs 957.82 crore.

Current borrowings rose faster than non-current borrowings over the six months. The Rs 371.87 crore increase in current borrowings represented a 63.5% change from the March 31 balance, compared with an 11.8% increase in non-current borrowings. The cash-flow statement separately reports these movements net of repayments.

JITF Infralogistics' total assets increased by Rs 635.81 crore to Rs 5,668.77 crore during the same period. Other equity remained negative but improved to negative Rs 488.05 crore at September 30 from negative Rs 518.42 crore at March 31, while non-controlling interest increased to Rs 82.91 crore from Rs 69.47 crore.

Why did JITF Infralogistics use more cash in operations?

JITF Infralogistics recorded a Rs 406.89 crore net cash outflow from operating activities in the half year ended September 30, 2026, compared with a Rs 161.60 crore outflow in the corresponding prior-year half. Cash generated from operations was negative Rs 391.03 crore, against negative Rs 144.02 crore a year earlier, despite Rs 235.14 crore of operating profit before working-capital changes.

Working-capital movements used Rs 626.17 crore of cash in the September 2026 half year. The cash-flow statement shows Rs 273.32 crore used by loans, advances and other assets, Rs 183.23 crore by trade and other payables, Rs 162.38 crore by trade receivables, and Rs 7.25 crore by inventories.

The balance sheet reflected part of that movement at September 30. Current trade receivables rose to Rs 1,433.54 crore from Rs 1,271.07 crore at March 31, while current other financial assets increased to Rs 862.32 crore from Rs 592.23 crore. Tax paid or refunded was a further Rs 15.86 crore cash outflow, taking the reported operating outflow to Rs 406.89 crore.

What drove JITF Infralogistics' investing cash outflow?

JITF Infralogistics reported a Rs 266.82 crore investing cash outflow in the half year ended September 30, 2026, compared with Rs 49.24 crore in the prior-year half. Purchases of property, plant and equipment accounted for Rs 218.23 crore, more than twice the Rs 94.77 crore recorded in the half year ended September 30, 2025.

Net purchases of current and non-current investments used Rs 33.97 crore, and the net movement in other bank deposits used Rs 31.06 crore. These outflows were partly offset by Rs 16.59 crore of interest received, Rs 0.18 crore of proceeds from property, plant and equipment sales, and a Rs 0.04 crore decrease in current financial assets classified as loans.

Capital work-in-progress rose to Rs 41.03 crore at September 30 from Rs 12.10 crore at March 31. Intangible assets under development increased to Rs 299.25 crore from Rs 194.07 crore, whereas property, plant and equipment declined to Rs 253.75 crore from Rs 260.76 crore after depreciation and other asset movements during the half year.

Did JITF Infralogistics' financing inflows cover its cash needs?

JITF Infralogistics generated Rs 621.88 crore of net financing cash inflow in the half year ended September 30, 2026, compared with Rs 176.57 crore a year earlier. That inflow was below the combined Rs 673.71 crore of operating and investing outflows, leaving net cash and cash equivalents lower by Rs 51.82 crore at Rs 148.60 crore.

The financing section recorded Rs 371.87 crore of net increase in current borrowings and Rs 395.51 crore in non-current borrowings. It also recorded Rs 191.00 crore of interest paid, Rs 3.74 crore of dividends paid by subsidiary companies and Rs 0.04 crore of lease-liability payments.

The cash-flow statement includes Rs 49.29 crore under ESOP issue expenses of subsidiary companies within financing activities. Separately, the consolidated income statement recorded Rs 49.29 crore of exceptional share-based payment expense in the half year ended September 30, 2026, relating to the JWIL ESOP Scheme 2025.

Which JITF Infralogistics segments generated revenue growth?

JITF Infralogistics' Water Infrastructure segment generated Rs 1,158.17 crore of revenue in the half year ended September 30, 2026, up from Rs 856.63 crore a year earlier. Urban Infrastructure revenue increased to Rs 232.02 crore from Rs 219.15 crore, taking consolidated revenue from operations to Rs 1,390.20 crore from Rs 1,087.70 crore.

Water Infrastructure segment profit before finance costs and tax increased to Rs 130.69 crore from Rs 103.42 crore. Urban Infrastructure segment profit was almost unchanged at Rs 99.67 crore compared with Rs 100.19 crore, while the Others segment reported a Rs 6.40 crore loss, narrower than the Rs 6.66 crore loss in the corresponding half of 2025.

The group reported a Rs 14.75 crore net loss after tax for the September 2026 half year, compared with a Rs 20.70 crore loss a year earlier. Profit before tax was Rs 5.45 crore, down from Rs 14.80 crore, after the Rs 49.29 crore exceptional item. Water Infrastructure assets stood at Rs 2,814.30 crore and Urban Infrastructure assets at Rs 2,626.01 crore at September 30.

JITF Infralogistics also disclosed unresolved arbitration-related matters in its Urban Infrastructure operations. Awards in favour of JITF Urban Waste Management (Jalandhar) Limited and JITF Urban Waste Management (Ferozepur) Limited, dated January 15, 2022, are subject to pending enforcement, execution and other proceedings before the Additional District Court, Chandigarh; the Bathinda subsidiary's Section 34 petition remains pending before the District Court, Chandigarh.

Conclusion

JITF Infralogistics increased borrowings by Rs 767.38 crore in the six months to September 30, 2026 as operating working-capital movements and investment spending produced Rs 673.71 crore of combined cash outflows. Revenue growth was led by Water Infrastructure, but cash and cash equivalents declined by Rs 51.82 crore after financing inflows fell short of the combined operating and investing requirement.

The next disclosed unresolved matters are the legal proceedings involving the Jalandhar, Ferozepur and Bathinda urban waste-management operations. The filing states that the Jalandhar and Ferozepur matters remain before the Additional District Court, Chandigarh, while the Bathinda subsidiary's challenge to its May 21, 2025 arbitral award remains pending before the District Court, Chandigarh.