ITI
ITI
TelecomKey Fundamentals
SmallcapEquipment & AccessoriesTelecomTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
6- Stock is trading at 13.7 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoITI Ltd is a government-owned telecom equipment manufacturer trading at a market cap of ~₹24,914 Cr with a PE of 78.2x and a price-to-book of 13.32x. The company has posted negative ROE averaging -18% over three years, and TTM sales declined 41% year-on-year, though TTM profit grew 51%. Earnings quality is clouded by ₹501 Cr of other income and debtor days stand at 486.
- TTM compounded profit growth of 51% indicates a significant improvement in bottom-line trajectory compared to prior years
- Company has reduced debt, improving its balance sheet leverage position relative to earlier periods
- 3-year compounded sales CAGR of 16% shows the company was able to scale revenue over a medium-term window
- 10-year stock CAGR of 25% reflects strong long-term price appreciation driven by government telecom spending narratives
- As a public sector undertaking, ITI benefits from government defence and telecom orders including BharatNet and 4G/5G network rollouts, providing revenue visibility
- 3-year compounded profit CAGR of 16% shows the company has been narrowing losses and moving toward sustainable profitability
- 5-year stock CAGR of 17% indicates the stock has compounded meaningfully over a medium-term horizon despite operational challenges
- TTM sales declined 41%, a severe revenue contraction that raises questions about order execution and demand sustainability
- 3-year average ROE of -18% and last year ROE of -9% indicate the company consistently destroys shareholder value
- Debtor days of 486 — over 16 months of receivables outstanding — signals extreme working capital stress and potential collection risk
- PE of 78.2x is extremely elevated for a loss-making company with negative ROE, implying the stock prices in speculative expectations
- Earnings include other income of ₹501 Cr, meaning core operating profitability is significantly weaker than headline numbers suggest
- Price-to-book of 13.32x is exceptionally rich for a company with negative returns on equity, offering no margin of safety on an asset basis
- Zero dividend yield with no history of meaningful payouts despite being a PSU, reflecting inability to generate distributable cash flows
- Company has a high cost of borrowing and low interest coverage ratio, indicating debt-servicing remains a burden on cash flows
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Revenue declines 14.7% YoY Aug 17
Q1FY27 consolidated revenue fell 14.7% YoY to ₹4,250.3 crore, indicating continued top-line pressure in the telecom equipment business.
- Consolidated loss of ₹323 Cr Aug 17
ITI reported a consolidated net loss of ₹322.5 crore in Q1FY27, though narrower than the ₹636.1 crore loss in Q1FY26, the company remains loss-making.
- Stretched valuation at 93x PE Aug 19
ITI trades at a P/E of 92.96 versus the sectoral P/E of 13.86, suggesting significant overvaluation relative to earnings and peers.
- ₹1,685 Cr Bengaluru land auction Aug 19
NLMC invited bids for e-auction of ITI's 44.03-acre Bengaluru land at a reserve price of ₹1,685.40 crore (₹38.28 Cr/acre), with technical bid deadline of 16 September 2026. Proceeds could significantly strengthen the balance sheet.
- Q1 loss narrows 49% YoY Aug 17
Consolidated net loss narrowed to ₹322.5 crore from ₹636.1 crore in Q1FY26, a roughly 49% improvement indicating progress on cost control.
- Stock rises on monetisation news Aug 19
ITI shares rose 1.95% to ₹285.40 following the land auction announcement, with traded volume of 14.23 lakh shares reflecting positive market sentiment.
- Government holds 90% stake Aug 19
As of June 2026, the Government of India holds a 90% stake in ITI, ensuring strategic backing but limiting free float and institutional interest.
TL;DR: ITI is showing operational improvement with Q1FY27 losses narrowing 49% YoY, and the ₹1,685 crore Bengaluru land monetisation could be a meaningful balance sheet catalyst. However, the company remains loss-making with declining revenue and trades at an elevated 93x P/E versus a sectoral 13.86x. The trend is cautiously improving on the cost side, but sustained revenue growth and a successful land auction (bids due Sep 16) are needed to justify current valuations.
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 | 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
| 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 | 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
| 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 | 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
| 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 | -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
| 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 | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view ITI insights
63 extracted metrics + investor summaries across FY10–FY26.
Documents
Frequently Asked Questions about ITI
What does ITI Ltd do?
Where is ITI Ltd (ITI) listed?
Which sector does ITI Ltd belong to?
What is the market capitalisation of ITI Ltd?
What is the PE ratio of ITI Ltd?
What is the 52-week high and low of ITI Ltd?
What is the Return on Equity (ROE) of ITI Ltd?
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]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ITI.md for ITI Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.