ITI logo

ITI

ITI NSE

Key Fundamentals

SmallcapEquipment & AccessoriesTelecom
Market Cap
₹23,525 Cr
Volatility
Low Risk
P/E Ratio
71.89
EBITDA
₹43.62 Cr
Return on Equity
-13.23%
Debt to Equity
0.41
Book Value
₹19.79
52W High
₹372.85
52W Low
₹237

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

6
  • Stock is trading at 12.6 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -18.3% over last 3 years.
  • Earnings include an other income of Rs.501 Cr.
  • Company has high debtors of 486 days.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
-41.01% lower than 3Y
Net Income Growth
-236% lower than 3Y
Cash Flow Change
-114% lower than 3Y
ROE
-58.5% lower than 3Y
ROCE
-103% higher than 3Y
EBITDA Margin (Avg.)
138% higher than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk high

ITI Ltd is a state-owned telecom equipment maker with a market capitalisation of about Rs 24,288 Cr. It trades at a P/E of 74.4 and a P/B of 12.68 even though its return on equity has been negative: -18% over 3 years and -9% last year. TTM sales fell 41% while TTM profit rose 51%, and earnings include Rs 501 Cr of other income. Debtor days of 486 and low interest coverage point to ongoing balance-sheet and working-capital strain, even after some debt reduction.

Bull Case 7
  • The stock has compounded at 24% a year over 10 years and 16% a year over 5 years, so long-term holders have seen strong returns.
  • The company has reduced its debt, which may ease some of the pressure from its high cost of borrowing over time.
  • TTM profit grew 51%, showing that the bottom line is improving even as revenue shrank.
  • Sales compounded at 16% a year over the last 3 years, suggesting the order book did scale up during that period.
  • ROE has improved from a 3-year average of -18% to -9% last year, so losses relative to equity are getting smaller.
  • With a market cap of about Rs 24,288 Cr, the market is pricing in large expectations from government telecom and defence-communication projects, where a state-owned supplier may have an advantage.
  • Sales have grown at 6% a year over 10 years, showing the company has kept a revenue base through long cycles.
Bear Case 8
  • The stock trades at 12.68 to 13.2 times book value, a high premium for a company whose ROE over 3 years is -18%.
  • A P/E of 74.4 is steep for a business whose TTM sales fell 41%. It leaves little room for execution slippage.
  • Debtor days of 486 mean receivables take well over a year to collect. That ties up working capital and raises collection risk.
  • Other income of Rs 501 Cr makes up a meaningful part of earnings, so the 51% TTM profit growth may not reflect core operating performance.
  • ROE has been negative across every period shown: -3% over 10 years, -12% over 5 years, -18% over 3 years and -9% last year. The company has not consistently created value for shareholders.
  • Low interest coverage and a high apparent cost of borrowing mean finance costs still weigh heavily on profits, even after debt reduction.
  • The stock has fallen 17% over the past year, and sales compounded at -2% a year over 5 years, which points to uneven, project-dependent revenue.
  • The dividend yield is 0%, so shareholders get no income while waiting for a turnaround.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

21h ago
Neutral 2
  • AGM deadline extended three months Sep 19

    The Registrar of Companies granted ITI Ltd a three-month extension under Section 96 of the Companies Act to hold its 76th AGM for FY26. That moves the deadline from the usual Sep 30, 2026 to around Dec 31, 2026.

  • Trading window closed before Q2FY27 Sep 29

    ITI Ltd closed its trading window from Oct 1, 2026 until 48 hours after it declares Q2FY27 results. This is a routine compliance step, and no results date was disclosed.

TL;DR: The only recent news for ITI Ltd is procedural, with no new information on orders, finances or operations. The three-month AGM extension is a minor point to watch because it may mean FY26 accounts or audit work are taking longer to finish, though the filing did not give specific reasons. There are no clear positives or headwinds, so the trend looks flat for now. The next real signal will be the Q2FY27 results and the rescheduled AGM, where investors will look at order-book growth, revenue and progress toward profitability.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
157
246
259
601
520
1,016
1,035
1,046
498
543
515
628
425
Expenses
206
299
302
775
533
1,025
1,045
1,074
505
545
489
601
423
Operating Profit
-49
-53
-43
-174
-13
-9
-11
-28
-7
-1
25
27
2
OPM %
-31%
-21%
-17%
-29%
-2.4%
-0.8%
-1%
-2.7%
-1.5%
-0.2%
4.9%
4.3%
0.4%
Other Income
13
10
13
9
-11
14
20
98
9
13
8
472
8
Interest
55
69
57
60
53
62
64
45
51
53
48
45
30
Depreciation
12
13
14
14
14
14
13
29
15
13
11
18
13
PBT
-103
-126
-102
-239
-91
-70
-67
-5
-63
-54
-26
436
-32
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
-103
-126
-102
-239
-91
-70
-67
-5
-63
-54
-26
436
-32
EPS in Rs
-1.07
-1.31
-1.06
-2.49
-0.95
-0.73
-0.7
-0.05
-0.66
-0.56
-0.27
4.53
-0.34
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
574
1,252
1,528
1,475
1,668
2,059
2,362
1,861
1,395
1,264
3,616
2,184
2,111
Expenses
785
1,424
1,633
1,394
1,769
1,913
2,311
1,752
1,549
1,582
3,676
2,140
2,058
Operating Profit
-210
-172
-105
81
-100
146
51
109
-154
-318
-60
44
53
OPM %
-37%
-14%
-7%
6%
-6%
7%
2.2%
6%
-11%
-25%
-1.7%
2%
2.5%
Other Income
86
594
541
327
336
184
161
255
53
43
120
503
501
Interest
157
157
153
153
106
141
160
192
210
241
224
197
176
Depreciation
15
13
17
25
37
42
42
51
50
53
69
56
54
PBT
-297
251
266
231
93
147
11
120
-360
-569
-233
293
324
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Net Profit
-297
251
266
231
93
147
11
120
-360
-569
-233
293
324
EPS in Rs
-10.32
8.72
4.76
3.03
1.03
1.59
0.12
1.29
-3.79
-5.92
-2.43
3.04
3.36
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
288
288
560
760
897
925
934
934
950
961
961
963
Reserves
125
389
499
868
897
1,357
1,475
1,640
1,390
789
611
889
Borrowings
1,521
1,439
1,524
1,226
1,259
1,216
1,465
1,613
1,877
1,801
1,481
765
Other Liabilities
3,441
3,752
2,965
4,189
3,943
4,225
5,043
5,394
5,280
6,054
7,340
6,676
Total Liabilities
5,374
5,868
5,548
7,044
6,995
7,723
8,917
9,580
9,497
9,605
10,392
9,293
Fixed Assets
2,423
2,458
2,506
2,620
2,695
2,693
2,702
2,729
2,752
2,732
2,710
2,370
CWIP
33
92
102
149
165
189
169
150
139
142
19
16
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
2,917
3,318
2,939
4,274
4,135
4,841
6,046
6,701
6,605
6,730
7,664
6,907
Total Assets
5,374
5,868
5,548
7,044
6,995
7,723
8,917
9,580
9,497
9,605
10,392
9,293
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-149
-319
-347
-109
22
-197
96
-436
-294
974
-154
-135
Investing
-10
-104
-75
-96
-124
-75
-306
177
46
-543
669
924
Financing
398
273
468
364
-19
285
198
247
241
-322
-485
-913
Net Cash Flow
239
-150
45
158
-121
13
-12
-12
-6
109
30
-124
Free Cash Flow
-161
-425
-424
-207
-106
-259
92
-493
-338
937
44
775
CFO/OP
71
185
332
-134
-22
-135
187
-401
191
-306
256
-132
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
1,170
500
525
762
581
490
394
536
635
709
403
486
Inventory Days
247
75
110
126
114
167
196
118
261
215
41
41
Days Payable
3,637
1,021
1,228
1,482
1,109
1,500
1,578
855
1,242
1,286
492
574
Cash Conversion Cycle
-2,220
-447
-594
-594
-414
-844
-988
-202
-345
-361
-48
-47
Working Capital Days
-985
-608
-283
-230
-145
-117
-131
-36
-103
-488
-145
-142
ROCE %
-8%
15%
18%
14%
7%
9%
5%
8%
-4%
-8%
-1%
1%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY10–FY27.

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Shareholding Pattern

FIIs0.08%DIIs0.07%Promot.90.02%Others0.16%Public1.78%Govt.7.88%As ofJun 2026

Documents

Frequently Asked Questions about ITI

What does ITI Ltd do?
ITI Limited is engaged in manufacturing, trading and servicing of telecommunication equipment, and rendering other associated and ancillary services. The Company focuses on offering telephone communication services. [1]
Where is ITI Ltd (ITI) listed?
ITI Ltd trades as ITI on the NSE and under code 523610 on the BSE.
Which sector does ITI Ltd belong to?
ITI Ltd is classified under the Telecom sector, in the Equipment & Accessories industry.
What is the market capitalisation of ITI Ltd?
ITI Ltd has a market capitalisation of ₹23,525 Cr, which places it in the Large Cap band.
What is the PE ratio of ITI Ltd?
ITI Ltd trades at a PE ratio of 71.89, against a book value of ₹19.79 per share.
What is the 52-week high and low of ITI Ltd?
Over the last 52 weeks ITI Ltd has traded between ₹237 and ₹372.85.
What is the Return on Equity (ROE) of ITI Ltd?
ITI Ltd reported a return on equity of -13.23%. Its debt-to-equity ratio is 0.41.

Company Information

ITI Limited is engaged in manufacturing, trading and servicing of telecommunication equipment, and rendering other associated and ancillary services. The Company focuses on offering telephone communication services. [1]

Website itiltd.in
CEO Mr. Rajesh Rai
Employees 763
Listed 1999-08-11
Face Value ₹ 10
Issued Size 96,08,86,938

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