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]
Turnkey Projects (~78% of revenues)[1]Under this segment, the company is involved in various projects such as BharatNet, ASCON, Net for Spectrum, E-governance projects, FTTH Rollout for Bharti Airtel.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ITI | 301.95 | – | 29063.29 | 0.00 | -54.24 | 24.09 | 543.40 | -46.53 | -1.33 | 3121.65 | -1.51 | -246.62 | -52.53 | 20.04 | -2.68 | 0.90 |
| 2. | Tejas Networks | 364.85 | – | 6482.02 | 0.69 | -196.55 | -218.64 | 306.79 | -88.39 | 15.47 | 2677.53 | -16.51 | -769.35 | -196.55 | 1.95 | 4.79 | 1.29 |
| 3. | Sterlite Tech. | 94.08 | 1147.23 | 4588.93 | 0.00 | 4.00 | 123.53 | 1034.00 | -3.72 | 2.86 | 4105.00 | 12.01 | 4.00 | 4.00 | 2.24 | -1.84 | 0.94 |
| 4. | Optiemus Infra. | 453.05 | 58.23 | 4004.70 | 0.00 | 16.78 | 22.21 | 418.27 | -12.24 | 14.40 | 1774.38 | 6.59 | 68.77 | 16.78 | 5.59 | 4.37 | 0.35 |
| 5. | Valiant Commun. | 803.10 | 67.17 | 918.92 | 0.12 | 5.27 | 88.21 | 20.17 | 58.57 | 21.13 | 62.97 | 30.06 | 13.68 | 5.27 | 12.75 | 14.04 | 0.03 |
| 6. | ADC India | 1482.35 | 37.76 | 681.88 | 2.02 | 4.31 | -50.57 | 45.75 | -9.92 | 46.57 | 178.52 | 11.48 | 18.06 | 4.31 | 8.85 | 22.43 | 0.00 |
| 7. | Birla Cable | 133.31 | 79.74 | 401.08 | 0.00 | 0.69 | -65.50 | 176.07 | -3.11 | 5.14 | 666.54 | 4.82 | 5.03 | 0.69 | 1.48 | 1.14 | 0.41 |
| – | Median: 10 Co. | 223.02 | 47.99 | 800.4 | 0.0 | 2.34 | 10.07 | 115.5 | -6.82 | 12.0 | 442.96 | 11.75 | 8.87 | 2.34 | 2.38 | 4.58 | 0.38 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 198 | 256 | 775 | 157 | 246 | 259 | 601 | 520 | 1,016 | 1,035 | 1,046 | 498 | 543 |
Expenses | 246 | 291 | 781 | 206 | 299 | 302 | 775 | 533 | 1,025 | 1,045 | 1,074 | 505 | 545 |
Operating Profit | -49 | -35 | -6 | -49 | -53 | -43 | -174 | -13 | -9 | -11 | -28 | -7 | -1 |
Other Income | 10 | 10 | 10 | 13 | 10 | 13 | 9 | -11 | 14 | 20 | 98 | 9 | 13 |
Profit before tax | -100 | -87 | -73 | -103 | -126 | -102 | -239 | -91 | -70 | -67 | -5 | -63 | -54 |
Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Net Profit | -100 | -87 | -73 | -103 | -126 | -102 | -239 | -91 | -70 | -67 | -5 | -63 | -54 |
EPS in Rs | -1.06 | -0.92 | -0.77 | -1.07 | -1.31 | -1.06 | -2.49 | -0.95 | -0.73 | -0.70 | -0.05 | -0.66 | -0.56 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 709 | 574 | 1,252 | 1,528 | 1,475 | 1,668 | 2,059 | 2,362 | 1,861 | 1,395 | 1,264 | 3,616 | 3,122 |
Expenses | 953 | 785 | 1,424 | 1,633 | 1,394 | 1,769 | 1,913 | 2,311 | 1,752 | 1,549 | 1,582 | 3,676 | 3,169 |
Operating Profit | -244 | -210 | -172 | -105 | 81 | -100 | 146 | 51 | 109 | -154 | -318 | -60 | -47 |
Other Income | 39 | 86 | 594 | 541 | 327 | 336 | 184 | 161 | 255 | 53 | 43 | 120 | 140 |
Interest | 122 | 157 | 157 | 153 | 153 | 106 | 141 | 160 | 192 | 210 | 241 | 224 | 213 |
Depreciation | 17 | 15 | 13 | 17 | 25 | 37 | 42 | 42 | 51 | 50 | 53 | 69 | 69 |
Profit before tax | -344 | -297 | 251 | 266 | 231 | 93 | 147 | 11 | 120 | -360 | -569 | -233 | -190 |
Net Profit | -344 | -297 | 251 | 266 | 231 | 93 | 147 | 11 | 120 | -360 | -569 | -233 | -190 |
EPS in Rs | -11.95 | -10.32 | 8.72 | 4.76 | 3.03 | 1.03 | 1.59 | 0.12 | 1.29 | -3.79 | -5.92 | -2.43 | -1.97 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 288 | 288 | 288 | 560 | 760 | 897 | 925 | 934 | 934 | 950 | 961 | 961 | 961 |
Reserves | 231 | 125 | 389 | 499 | 868 | 897 | 1,357 | 1,475 | 1,640 | 1,390 | 789 | 611 | 490 |
Borrowings | 1,176 | 1,521 | 1,439 | 1,524 | 1,226 | 1,259 | 1,216 | 1,465 | 1,613 | 1,877 | 1,801 | 1,481 | 1,311 |
Other Liabilities | 3,426 | 3,441 | 3,752 | 2,965 | 4,189 | 3,943 | 4,225 | 5,043 | 5,394 | 5,280 | 6,054 | 7,340 | 7,614 |
Total Liabilities | 5,121 | 5,374 | 5,868 | 5,548 | 7,044 | 6,995 | 7,723 | 8,917 | 9,580 | 9,497 | 9,605 | 10,392 | 10,376 |
Fixed Assets | 2,453 | 2,423 | 2,458 | 2,506 | 2,620 | 2,695 | 2,693 | 2,702 | 2,729 | 2,752 | 2,732 | 2,710 | 2,683 |
Gross Block | 3,696.42 | 3,690.23 | 3,737.89 | 2,524.37 | 2,662.46 | 2,774.18 | 2,814.32 | 2,863.77 | 2,942.30 | 3,013.93 | 3,029.90 | 3,069.79 | – |
Accumulated Depreciation | 1,243.56 | 1,266.80 | 1,279.45 | 17.99 | 42.79 | 79.66 | 121.55 | 161.66 | 212.87 | 261.57 | 297.93 | 359.98 | – |
CWIP | 21 | 33 | 92 | 102 | 149 | 165 | 189 | 169 | 150 | 139 | 142 | 19 | 19 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assets | 2,647 | 2,917 | 3,318 | 2,939 | 4,274 | 4,135 | 4,841 | 6,046 | 6,701 | 6,605 | 6,730 | 7,664 | 7,674 |
Total Assets | 5,121 | 5,374 | 5,868 | 5,548 | 7,044 | 6,995 | 7,723 | 8,917 | 9,580 | 9,497 | 9,605 | 10,392 | 10,376 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -127 | -149 | -319 | -347 | -109 | 22 | -197 | 96 | -436 | -294 | 974 | -154 |
Cash from Investing Activity | -19 | -10 | -104 | -75 | -96 | -124 | -75 | -306 | 177 | 46 | -543 | 669 |
Cash from Financing Activity | 161 | 398 | 273 | 468 | 364 | -19 | 285 | 198 | 247 | 241 | -322 | -485 |
Net Cash Flow | 15 | 239 | -150 | 45 | 158 | -121 | 13 | -12 | -12 | -6 | 109 | 30 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 1,001 | 1,170 | 500 | 525 | 762 | 581 | 490 | 394 | 536 | 635 | 709 | 403 |
Inventory Days | 341 | 247 | 75 | 110 | 126 | 114 | 167 | 196 | 118 | 261 | 215 | 41 |
Days Payable | 5,345 | 3,637 | 1,021 | 1,228 | 1,482 | 1,109 | 1,500 | 1,578 | 855 | 1,242 | 1,286 | 492 |
Cash Conversion Cycle | -4,003 | -2,220 | -447 | -594 | -594 | -414 | -844 | -988 | -202 | -345 | -361 | -48 |
Working Capital Days | -772 | -985 | -608 | -283 | -230 | -145 | -117 | -131 | -36 | -103 | -488 | -145 |
ROCE % | -13% | -8% | 15% | 18% | 14% | 7% | 9% | 5% | 8% | -4% | -8% | -1% |
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Stock Analysis
ITI Limited is a Government of India undertaking specializing in manufacturing and servicing telecommunication equipment. It also undertakes large turnkey projects, with a focus on government e-governance and telecom infrastructure initiatives.
The company is diversifying into new areas like AI pilots and infrastructure projects, exemplified by winning a contract for an ice-hockey rink and expanding its e-governance footprint with the Kerala Savaari 2.0 project. Collaborations with ISRO also highlight its advanced technology capabilities.
As of FY25, the company's order book exceeded ₹19,000 Cr, boosted by significant national projects such as BharatNet Phase III and BSNL 4G rollout.
Recurring net losses and the consistent issuance of auditor disclaimers of conclusion on financial results, citing material weaknesses in internal controls and inadequate accounting practices, pose significant risks.
Past board meetings for financial result announcements (e.g., Q1 FY26, Q2 FY26) have been closely watched due to significant auditor opinions and financial performance. The 75th AGM on November 11, 2025, also addressed financial statements and governance.
Corporate Announcements
