ITI Ltd
ITI NSE
ITI Ltd
TelecomNSE: ITI BSE: 523610 Equipment & Accessories
Key Fundamentals
SmallcapEquipment & AccessoriesTelecomMarket Cap
₹26,791 Cr
Volatility
Moderate
P/E Ratio
82.37
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
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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36 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
6- Stock is trading at 14.4 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% ↗
Net Income Growth
-236.26% ↘
Cash Flow Change
-113.89% ↘
ROE
-58.50% ↗
ROCE
-103.24% ↘
EBITDA Margin (Avg.)
138.24% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
ITI Ltd is a government-owned telecom equipment manufacturer with a market cap of ₹27,345 Cr trading at a PE of 93.2x and 14.32x book value, while reporting negative ROE of -18% over 3 years and a TTM sales decline of -40%. The company has reduced debt but continues to rely heavily on other income (₹503 Cr) and faces significant working capital challenges with debtor days at 486.
Bull Case 7
- Company has actively reduced debt levels, improving its balance sheet position
- Stock has delivered a 3-year CAGR of 36% and 10-year CAGR of 26%, reflecting strong re-rating by the market
- Compounded profit growth of 42% on a TTM basis shows improving bottom-line trajectory
- 3-year compounded sales growth of 16% indicates medium-term revenue expansion despite recent weakness
- 10-year compounded sales growth of 6% demonstrates long-term revenue sustainability
- 3-year compounded profit growth of 16% suggests structural improvement in profitability over the medium term
- As a PSU telecom equipment maker, ITI stands to benefit from government initiatives like BharatNet and defence modernization programs requiring indigenous manufacturing
Bear Case 8
- TTM sales declined sharply by -40%, indicating severe near-term revenue contraction
- Return on equity is deeply negative at -18% over 3 years and -9% in the last year, reflecting poor capital efficiency
- Stock trades at 14.32x book value despite negative ROE, suggesting an extreme valuation disconnect
- Debtor days stand at 486, meaning the company waits over 16 months on average to collect receivables, creating severe working capital stress
- Other income of ₹503 Cr forms a significant portion of earnings, raising questions about core operating profitability
- PE ratio of 93.2x is elevated for a company with negative ROE and declining sales
- Zero dividend yield offers no income cushion for investors during periods of capital depreciation
- High cost of borrowing and low interest coverage ratio indicate ongoing financial stress despite debt reduction
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Headwinds 1
- Q1 revenue falls 15% YoY Aug 13
Q1 revenue dropped to ₹4.25 billion from ₹4.98 billion year-on-year, indicating continued top-line pressure for the telecom PSU.
Positives 3
- ₹856 Cr BSNL 4G order won Jul 19
ITI secured a ₹856.39 crore work order from BSNL for 4G expansion across 7,613 sites in West India on turnkey basis, following successful completion of a ₹2,640 crore Phase IX.2 project.
- Net loss narrows significantly Aug 13
Net loss narrowed to ₹325 million from ₹633 million YoY in Q1, a nearly 49% improvement on the bottom line despite revenue decline.
- ₹7,000 Cr Bharatnet execution ongoing Jul 19
ITI is currently executing Bharatnet Phase III projects worth ₹7,000 crore across multiple states, providing strong order book visibility.
Neutral 1
- Three new board appointments Aug 11
Government appointed Sanjiwan Sinha (Aug 10), Ajai Kumar Srivastava as Director Production (Jul 31, term until Mar 2029), and Lt. Gen. Vivek Dogra (Jul 27) to ITI's board via Ministry of Communications orders.
TL;DR: ITI is showing bottom-line improvement with net loss nearly halving YoY, and its order book is strengthening with a fresh ₹856 Cr BSNL contract and ₹7,000 Cr Bharatnet execution underway. However, the 15% revenue decline signals ongoing top-line challenges. The trend is cautiously improving as losses narrow and government-backed orders provide revenue visibility, but sustained revenue growth remains the key metric to watch.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
2 May - ITI CFO Prasad Barre resigned effective close of business on April 30, 2026. 2 May - ITI CFO Prasad Barre resigned effective close of business on April 30, 2026.
2
Reconciliation Of Share Capital Audit Report For The Quarter And Year Ended 31.03.2026
28 Apr - ITI Ltd filed reconciliation of share capital audit report for quarter and year ended 31 March 2026. 28 Apr - ITI Ltd filed reconciliation of share capital audit report for quarter and year ended 31 March 2026.
3
Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
2 May - ITI CFO Prasad Barre resigned effective close of business on April 30, 2026. 2 May - ITI CFO Prasad Barre resigned effective close of business on April 30, 2026.
4
Announcement under Regulation 30 (LODR)-Cessation
24 Apr - Govt nominee director Shri Arun Agarwal ceased as ITI director effective 24 April 2026. 24 Apr - Govt nominee director Shri Arun Agarwal ceased as ITI director effective 24 April 2026.
5
Reply To Volume Movement Letter.
23 Apr - ITI Ltd says no undisclosed events may affect price or volume. 23 Apr - ITI Ltd says no undisclosed events may affect price or volume.
Frequently Asked Questions about ITI Ltd
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 is listed on the Indian stock exchanges. It is listed on NSE: ITI and BSE: 523610. You can view its live share price, financials, and ratios on Tapetide.
Which sector does ITI Ltd belong to?
ITI Ltd operates in the Telecom sector within the Equipment & Accessories industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of ITI Ltd?
ITI Ltd has a market capitalisation of approximately ₹26791.36 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of ITI Ltd?
The Price-to-Earnings (PE) ratio of ITI Ltd is 82.37. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of ITI Ltd?
Over the past 52 weeks, ITI Ltd has traded between a low of ₹237 and a high of ₹372.85. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of ITI Ltd?
ITI Ltd has a Return on Equity (ROE) of -13.23%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research ITI Ltd on Tapetide?
On Tapetide, you can view ITI Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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