BSE: 543544
JAYANT INFRATECH LIMITED
Executes railway overhead electrification (OHE) contracts for Indian Railways zones, carrying out design, supply, erection, testing and commissioning of 25 KV single-phase AC OHE work along with modification of existing OHE, replacement of isolators and electrification of sidings and pit lines in coaching depots. The company operates as a BSE SME-listed civil contractor registered in Bilaspur, Chhattisgarh. In FY26 it reported revenue from operations of Rs. 11,169.84 lakhs, down 8.2% from Rs. 12,171.97 lakhs in FY25, with profit after tax broadly flat at Rs. 844.09 lakhs. Two recent Letters of Acceptance, from West Central Railway for the Itarsi-Jhujharpur OHE package (about Rs. 13.32 crore, nine-month completion target of April 2027) and from Central Railway's Bhusawal Division (Rs. 12.02 crore, November 2027 deadline), show its order inflow is tied to Indian Railways' electrification programme. Materials dominate its cost base at 86.2% of revenue, with employee cost at 1.7% and other operating expenses at 2.0%. Operating cash flow swung to Rs. -1,343.51 lakhs in FY26 from Rs. 693.10 lakhs positive in FY25, and short-term borrowings nearly doubled to Rs. 3,254.38 lakhs to fund working capital. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway overhead electrification (OHE) contracts. Small, project-based railway electrification contractor with order book dependent on Letters of Acceptance from railway zones
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 38 | 42 | 89 | 122 | 112 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 10.63 | 3.77 | 5.02 | 8.51 | 8.13 |
| ROE % · ROCE % | — · 21.5 | — · 20.8 | — · 19.6 | — · 25.0 | — · 21.9 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (4) | (2) | 5 | 7 | (13) |
| Capex | — | — | — | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 24 | 32 | 58 | 55 | 67 | 55 | 57 |
| Profit before tax | 2 | 3 | 3 | 3 | 4 | 7 | 6 | 5 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 4.87 | 2.44 | 2.43 | 2.59 | 2.93 | 5.58 | 4.46 | 3.76 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 14.6 | 21 of 101 | 80% |
| ROCE | 18.7 | 10.0 | 23 of 107 | 79% |
| Revenue growth | (1.2) | 6.2 | 55 of 86 | 37% |
| Market cap | 130 | 468 | 71 of 107 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · Jayant Infratech to acquire remaining 70% stake in Jayant Infraprojects | strategic transactions | medium | — | — |
| 1 Oct 2026 · Clarification on stock price movement to BSE | regulatory legal | medium | — | — |
| 1 Oct 2026 · AGM voting results: All 6 resolutions passed at Jayant Infratech 23rd AGM | compliance | low | — | — |
| 30 Sept 2026 · Two Independent Directors appointed at AGM | management changes | medium | — | — |
| 30 Sept 2026 · BSE seeks clarification from Jayant Infratech on price movement | regulatory legal | medium | — | — |
| 30 Sept 2026 · Jayant Infratech 23rd AGM held on Sep 30, 2026; six items transacted | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed for H2 FY26 results declaration | compliance | minimal | — | — |
| 17 Sept 2026 · Revised Annual Report FY 2025-26 filed to correct typographical error | compliance | low | — | — |
| 7 Sept 2026 · E-voting facility announced for AGM on 30 September 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Annual Report FY26 and 23rd AGM Notice submitted | board shareholder meetings | medium | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.