India Tourism Development Corporation
India Tourism Development Corporation
Leisure ServicesKey Fundamentals
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Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 31.7%
Weaknesses
2- Stock is trading at 14.0 times its book value
- Earnings include an other income of Rs.31.0 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoIndia Tourism Development Corporation Ltd operates in the consumer discretionary/hospitality sector with a market cap of ₹5,043 Cr, trading at a PE of 61.2x and PB of 11.92x. The company is virtually debt-free with a 3-year ROE of 22%, but TTM sales have declined 7% while profit growth has moderated to 3% TTM.
- Company is almost debt-free, providing financial flexibility and minimal interest burden in a capital-intensive hospitality sector
- 3-year ROE of 22% and 5-year ROE of 18% indicate consistent and efficient capital utilization well above cost of equity
- Compounded profit CAGR of 34% over 5 years demonstrates strong earnings recovery and operational leverage post-pandemic
- Healthy dividend payout of 31.5% signals shareholder-friendly capital allocation and earnings confidence
- 10-year compounded profit CAGR of 14% shows sustained long-term earnings growth through multiple cycles
- Last year ROE of 21% remains robust, suggesting the high return profile is not deteriorating significantly
- 5-year compounded sales CAGR of 25% reflects strong revenue recovery from COVID lows and growing tourism demand in India
- 3-year stock CAGR of 21% indicates sustained market confidence in the company's turnaround trajectory
- PE ratio of 61.2x is significantly elevated for a hospitality company, pricing in substantial future growth that may not materialize
- TTM sales growth of -7% signals a revenue contraction, raising concerns about demand sustainability or asset monetization challenges
- Stock trades at 11.92x book value, far above sector norms, leaving limited margin of safety for investors
- TTM profit growth has decelerated sharply to just 3% from the 3-year CAGR of 12%, suggesting earnings momentum is fading
- 10-year sales CAGR of only 2% reveals structurally low top-line growth over a full business cycle
- 1-year stock return of -5% indicates the market is already repricing the slowdown in fundamentals
- 10-year ROE of just 10% highlights that the recent high returns may be cyclical rather than structural
- Dividend yield of only 0.49% offers minimal income cushion despite the 31.5% payout ratio, reflecting the elevated stock price
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Sharp 10% single-day drop Jun 8
ITDC shares fell 10.1% to ₹594.80 from ₹663.00, with market cap at ₹5,317.70 crore. Stock trading near 52-week low of ₹368 rather than the high of ₹714.05.
- Elevated valuation multiples Jun 8
P/E ratio stands at 64.30 and P/B at 13.53 as of June 8, 2026, suggesting rich valuations that leave limited margin of safety on any earnings miss.
- Outperforms hospitality peers yearly Jun 8
ITDC declined only 0.30% over the past year vs Indian Hotels (-15.72%) and ITC Hotels (-30.68%), showing relative strength within the sector.
- Strong 5-year relative performance Jun 8
Over 5 years ITDC outperformed Indian Hotels (36.66%) and ITC Hotels (-3.30%), reflecting sustained long-term investor preference.
- Trading window closed for Q1 Jun 23
ITDC shut its trading window from July 1 until 48 hours after Q1FY27 results, expected by August 14, 2026.
- New Independent Director appointed Jun 18
Malay Kumar Singha appointed as Independent Director effective June 18, 2026 for a three-year term.
- Stable promoter and DII holding Jun 8
Promoter holding unchanged, DII at 1.78%, FII marginally up to 0.02%, and public holding at 11.17% vs prior quarter.
TL;DR: ITDC is holding up better than hospitality peers on a relative basis but suffered a sharp 10% single-session decline on June 8, bringing the price closer to its 52-week low. Valuations remain stretched at 64x P/E on ₹527 crore revenue, leaving the stock vulnerable if Q1FY27 earnings disappoint. The upcoming results by mid-August will be a key catalyst — until then, the closed trading window limits insider activity and the trend appears to be deteriorating in the near term.
Quarterly Results
| Particulars | 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 | 118 | 131 | 135 | 141 | 84.91 | 146 | 144 | 200 | 87.75 | 118 | 185 | 142 | 90.1 |
| Expenses | 95.83 | 107 | 112 | 116 | 77.1 | 126 | 118 | 168 | 78.77 | 99.39 | 152 | 112 | 81.77 |
| Operating Profit | 22.34 | 23.96 | 22.64 | 24.57 | 7.81 | 20.02 | 25.4 | 32.2 | 8.98 | 19.1 | 32.83 | 30.49 | 8.33 |
| OPM % | 18.9% | 18.29% | 16.78% | 17.42% | 9.2% | 13.75% | 17.7% | 16.1% | 10.23% | 16.12% | 17.77% | 21.47% | 9.25% |
| Other Income | 4.45 | 2.92 | 4.62 | 5.69 | 3.5 | 5.89 | 6.66 | 4.4 | 5.54 | 6.46 | 7.67 | 9.82 | 7.02 |
| Interest | 0.2 | 0.23 | 0.2 | 2.61 | 0.14 | 0.16 | 0.33 | 0.37 | 0.4 | 0.37 | 0.43 | 0.56 | 0.19 |
| Depreciation | 1.67 | 1.79 | 1.74 | 1.48 | 1.59 | 1.61 | 1.82 | 1.61 | 1.71 | 1.73 | 1.79 | 1.82 | 1.6 |
| PBT | 24.92 | 24.86 | 25.32 | 26.17 | 9.58 | 24.14 | 29.91 | 34.62 | 12.41 | 23.46 | 38.28 | 37.93 | 13.56 |
| Tax % | 30.82% | 23.69% | 29.3% | 61.98% | -22.34% | 2.03% | 30.99% | 28.31% | 21.43% | 30.31% | 26.83% | 25.44% | 30.75% |
| Net Profit | 17.41 | 19.18 | 18.03 | 9.94 | 11.82 | 23.65 | 20.64 | 24.82 | 9.74 | 16.35 | 28.01 | 28.27 | 9.39 |
| EPS in Rs | 2.03 | 2.24 | 2.1 | 1.16 | 1.38 | 2.78 | 2.42 | 2.93 | 1.15 | 1.92 | 3.27 | 3.3 | 1.11 |
Profit & Loss
| Particulars | 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 | 492 | 459 | 349 | 346 | 354 | 347 | 177 | 294 | 464 | 509 | 571 | 533 | 535 |
| Expenses | 478 | 441 | 340 | 372 | 335 | 329 | 222 | 292 | 388 | 415 | 487 | 442 | 445 |
| Operating Profit | 14 | 18 | 9 | -27 | 19 | 18 | -44 | 2 | 75 | 94 | 84 | 91 | 91 |
| OPM % | 2.8% | 3.9% | 2.5% | -8% | 5% | 5% | -25% | 0.7% | 16% | 18% | 15% | 17% | 17% |
| Other Income | 34 | 19 | 16 | 58 | 44 | 25 | 16 | 13 | 17 | 18 | 20 | 29 | 31 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 2 | 2 |
| Depreciation | 11 | 9 | 7 | 7 | 7 | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| PBT | 36 | 27 | 17 | 23 | 55 | 35 | -36 | 7 | 84 | 101 | 97 | 112 | 113 |
| Tax % | 12% | 36% | 49% | 38% | 32% | 47% | 2% | 46% | 31% | 37% | 18% | 26% | — |
| Net Profit | 32 | 18 | 9 | 14 | 38 | 19 | -37 | 4 | 59 | 64 | 80 | 82 | 82 |
| EPS in Rs | 3.71 | 2.08 | 0.87 | 1.35 | 4.58 | 2.37 | -4.06 | 0.49 | 6.9 | 7.53 | 9.37 | 9.64 | 9.6 |
| Div. Payout % | 54% | 72% | 153% | 137% | 46% | 0% | 0% | 0% | 32% | 33% | 31% | 31% | — |
Balance Sheet
| Particulars | 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 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 |
| Reserves | 214 | 216 | 221 | 222 | 243 | 234 | 195 | 198 | 256 | 220 | 277 | 337 |
| Borrowings | 4 | 4 | 5 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Liabilities | 311 | 304 | 307 | 359 | 332 | 298 | 281 | 300 | 591 | 708 | 384 | 339 |
| Total Liabilities | 614 | 610 | 618 | 667 | 663 | 619 | 563 | 584 | 934 | 1,015 | 747 | 762 |
| Fixed Assets | 52 | 51 | 57 | 57 | 55 | 51 | 45 | 40 | 46 | 40 | 42 | 42 |
| CWIP | 7 | 8 | 13 | 4 | 6 | 6 | 6 | 11 | 3 | 4 | 6 | 9 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 556 | 551 | 547 | 606 | 602 | 562 | 511 | 534 | 885 | 970 | 700 | 712 |
| Total Assets | 614 | 610 | 618 | 667 | 663 | 619 | 563 | 584 | 934 | 1,015 | 747 | 762 |
Cash Flow
| Particulars | 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 | -38 | 13 | -7 | 15 | -29 | 8 | -13 | 16 | -12 | -3 | 53 | 70 |
| Investing | 20 | 15 | -1 | 7 | 23 | 12 | 11 | 5 | -3 | 50 | -4 | -73 |
| Financing | -5 | -21 | -15 | -9 | -20 | -22 | 0 | 0 | 0 | -19 | -22 | -25 |
| Net Cash Flow | -24 | 7 | -23 | 13 | -25 | -2 | -2 | 21 | -15 | 28 | 27 | -28 |
| Free Cash Flow | -45 | 3 | -28 | -1 | -24 | 3 | -17 | 10 | -25 | -5 | 43 | 60 |
| CFO/OP | -252 | 127 | 60 | -93 | -99 | 98 | 3 | 738 | -8 | 8 | 76 | 90 |
Ratios
| Particulars | 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 | 89 | 86 | 102 | 108 | 100 | 102 | 136 | 88 | 62 | 54 | 77 | 76 |
| Inventory Days | 59 | 79 | 66 | 60 | 44 | 122 | 268 | 117 | 86 | 134 | 220 | 201 |
| Days Payable | 248 | 305 | 332 | 334 | 272 | 673 | 1,119 | 721 | 767 | 937 | 1,465 | 884 |
| Cash Conversion Cycle | -100 | -139 | -164 | -165 | -129 | -449 | -715 | -516 | -619 | -748 | -1,168 | -607 |
| Working Capital Days | -9 | -18 | -19 | -38 | -12 | 22 | -16 | -3 | -141 | -244 | 40 | 31 |
| ROCE % | 11% | 12% | 9% | -2% | 11% | 10% | -12% | 3% | 28% | 34% | 30% | 30% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY09–FY26.
Documents
Frequently Asked Questions about India Tourism Development Corporation
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Does India Tourism Development Corporation Ltd pay dividends?
What is the Return on Equity (ROE) of India Tourism Development Corporation Ltd?
Company Information
India Tourism Development Corporation Ltd is a Mini Ratna CPSE under the Ministry of Tourism, with the President of India holding 87.03%. It operates hotels and government catering establishments and provides event management, tours and travel through Ashok Travels & Tours, duty-free retail, engineering consultancy and hospitality training services.[1][2]
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