ITI Ltd.
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ABOUT
AI Sector View
AI GENERATEDTelecommunication
Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.
PROS
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -19.4% over last 3 years
- Company has a low return on capital employed of -4.1%
- Interest coverage is weak at -0.0x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.45x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITI | 262.70 | 95.91 | 25242.50 | 0.00 | -32.25 | 49.30 | 425.03 | -14.65 | 0.28 | 0.48 |
| BBOX | 800.80 | 62.93 | 14222.14 | 0.12 | 55.92 | 17.90 | 1718.50 | 23.92 | 22.50 | 8.67 |
| SEDEMAC | 2905.05 | 123.88 | 12831.75 | 0.00 | 333.10 | — | 3097.70 | — | 37.22 | 19.10 |
| TEJASNET | 553.20 | 0.00 | 9850.57 | 0.00 | -202.24 | -4.32 | 402.16 | 99.11 | -14.93 | -24.96 |
| KRONECOMM | 2299.95 | 46.94 | 1057.98 | 1.09 | 8.58 | 72.64 | 63.41 | 40.79 | 31.44 | 17.09 |
| KAVDEFENCE | 69.34 | 0.00 | 416.90 | 0.00 | -12.11 | -1223.38 | 14.43 | 269.05 | 8.44 | -103.12 |
| PUNJCOMMU | 62.34 | 13.65 | 74.95 | 0.00 | 2.87 | 718.86 | 5.83 | -12.56 | -0.52 | 13.75 |
| SHYAMTEL | 11.48 | 0.00 | 12.94 | 0.00 | -19.94 | -405.32 | 0.00 | — | 0.00 | — |
| UNIINFO | 10.94 | 0.00 | 11.70 | 0.00 | 0.14 | 440.00 | 8.36 | -1.42 | -0.99 | 5.29 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 157 | 246 | 259 | 601 | 520 | 1,016 | 1,035 | 1,046 | 498 | 543 | 515 | 628 | 425 | |
| 206 | 299 | 302 | 775 | 533 | 1,025 | 1,045 | 1,074 | 505 | 545 | 489 | 739 | 466 | |
| Operating Profit | -49 | -53 | -43 | -174 | -13 | -9 | -11 | -28 | -7 | -1 | 25 | -111 | -41 |
| OPM % | -31.17% | -21.42% | -16.80% | -28.91% | -2.43% | -0.84% | -1.02% | -2.69% | -1.47% | -0.22% | 4.92% | -17.71% | -9.58% |
| 13 | 10 | 13 | 9 | -11 | 14 | 20 | 98 | 9 | 13 | 8 | 472 | 9 | |
| Interest | 55 | 69 | 57 | 60 | 53 | 62 | 64 | 45 | 51 | 53 | 48 | 81 | 30 |
| Depreciation | 12 | 13 | 14 | 14 | 14 | 14 | 13 | 29 | 15 | 13 | 11 | -95 | 13 |
| Profit before Tax | -103 | -126 | -102 | -239 | -91 | -70 | -67 | -5 | -63 | -54 | -26 | 375 | -32 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% |
| Net Profit | -103 | -126 | -102 | -239 | -91 | -70 | -67 | -5 | -63 | -54 | -26 | 375 | -32 |
| -1.08 | -1.31 | -1.06 | -2.49 | -0.95 | -0.73 | -0.70 | -0.05 | -0.65 | -0.56 | -0.27 | 3.90 | -0.34 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,190 | 1,528 | 1,475 | 1,668 | 2,059 | 2,362 | 1,861 | 1,395 | 1,264 | 3,616 | 2,111 | |
| 1,366 | 1,633 | 1,394 | 1,769 | 1,913 | 2,311 | 1,752 | 1,549 | 1,583 | 3,677 | 2,238 | |
| Operating Profit | -176 | -105 | 81 | -100 | 146 | 51 | 109 | -154 | -320 | -61 | -128 |
| OPM % | -14.76% | -6.88% | 5.52% | -6.02% | 7.08% | 2.17% | 5.84% | -11.00% | -25.30% | -1.68% | -6.05% |
| 597 | 541 | 327 | 345 | 184 | 161 | 255 | 53 | 45 | 121 | 502 | |
| Interest | 157 | 153 | 153 | 115 | 141 | 160 | 192 | 210 | 241 | 224 | 211 |
| Depreciation | 13 | 17 | 25 | 37 | 42 | 42 | 51 | 49 | 53 | 69 | -58 |
| Profit before Tax | 251 | 266 | 231 | 93 | 147 | 11 | 120 | -360 | -569 | -233 | 263 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -0.00% | -0.00% | -0.00% | 0.00% |
| Net Profit | 251 | 266 | 231 | 93 | 147 | 11 | 120 | -360 | -569 | -233 | 263 |
| EPS | 7.77 | 6.77 | 3.23 | 0.74 | 1.64 | 0.12 | 1.29 | -3.81 | -5.92 | -2.43 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 12%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 25%
- 5 Years:
- 17%
- 3 Years:
- 16%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- -4%
- 5 Years:
- -11%
- 3 Years:
- -19%
- Last Year:
- -14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 288 | 560 | 760 | 897 | 925 | 934 | 934 | 950 | 961 | 961 | |
| 197 | 499 | 731 | 842 | 1,357 | 1,475 | 1,568 | 1,283 | 789 | 552 | |
| 1,381 | 1,317 | 1,364 | 1,448 | 1,464 | 1,585 | 1,893 | 2,052 | 1,843 | 1,422 | |
| Trade Payables | 1,875 | 1,976 | 2,262 | 1,805 | 1,921 | 1,885 | 1,690 | 1,377 | 1,580 | 3,270 |
| 2,093 | 1,161 | 1,891 | 1,968 | 2,016 | 2,999 | 3,455 | 3,795 | 4,390 | 4,145 | |
| Total Liabilities | 5,835 | 5,513 | 7,008 | 6,959 | 7,683 | 8,877 | 9,540 | 9,457 | 9,563 | 10,349 |
| 2,458 | 2,479 | 2,584 | 2,627 | 2,625 | 2,635 | 2,661 | 2,684 | 2,664 | 2,522 | |
| Capital Work in Progress | 92 | 102 | 149 | 165 | 189 | 169 | 150 | 139 | 142 | 19 |
| 104 | 142 | 156 | 149 | 173 | 194 | 193 | 250 | 222 | 231 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,455 | 3,991 | |
| Cash & Bank | 121 | 166 | 325 | 204 | 245 | 548 | 306 | 215 | 836 | 422 |
| 3,059 | 2,624 | 3,793 | 3,814 | 4,450 | 5,332 | 6,229 | 6,169 | 3,243 | 3,164 | |
| Total Assets | 5,835 | 5,513 | 7,008 | 6,959 | 7,683 | 8,877 | 9,540 | 9,457 | 9,563 | 10,349 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -191 | -352 | -109 | 22 | -198 | 96 | -436 | -294 | 974 | -154 | |
| Cash from Investing | -104 | -75 | -96 | -124 | -75 | -306 | 177 | 46 | -543 | 669 |
| Cash from Financing | 273 | 468 | 364 | -19 | 285 | 198 | 247 | 241 | -322 | -485 |
| -150 | 45 | 158 | -121 | 13 | -12 | -12 | -6 | 109 | 30 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-19 - Intimation under Regulation 30 with respect to the RFP for the e-Auction of ITI Land Parcel at Krishnarajapuram, Bengaluru, Karnataka.
2026-08-18 - Kavitha L. Under Secretary to Government Finance Department has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-17 - ITI Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - ITI Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - The Exchange has sought clarification from ITI Limited with respect to recent news item captioned ITI shares jump over 4% after pact with Airtel Business for digital solutions. The response from the Company is attached.
2026-08-11 - ITI Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-10 - ITI Limited has informed the Exchange regarding a press release dated August 10, 2026, titled " Airtel Business and ITI Limited enter into strategic partnership to accelerate India s digital transformation. ".
2026-08-10 - The Exchange has sought clarification from ITI Limited with respect to recent news item captioned ITI shares jump over 4% after pact with Airtel Business for digital solutions. The response from the Company is awaited.
2026-08-04 - ITI Limited has informed the Exchange about Credit Rating
News
Recent coverage and analyst commentary for ITI
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ITI Ltd.
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