ITI Limited (ITI)
₹215.38 -5.23% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, ITI's revenue was ₹425 Cr (-14.7% year on year, -32.3% on the previous quarter), and net profit ₹-32.2 Cr (a smaller loss than a year earlier); the operating margin was 0.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹425 | -14.7% | -32.3% |
| Operating profit | ₹1.8 | from loss | from loss |
| Net profit | ₹-32.2 | loss narrowed | to loss |
| EPS (₹) | -0.33 | loss narrowed | to loss |
| Operating margin | 0.4% | — | — |
ITI delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 47.14% of the ITI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 37.48%. That is close to its usual level.
Delivery in the last 5 sessions: 26.9% · 47.8% · 41.4% · 38.7% · 47.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Ministry of Communications has extended the additional charge for the post of Director (Finance) assigned to Shri Ramana Babu C V, Director (Marketing), for a period of 3 months beyond 14.10.2026 until 14.01.2027. This approval was granted via an Appointments Committee of the Cabinet (ACC) order dated 14.10.2026. Shri Ramana Babu has been holding this additional charge since earlier tenure approvals, including an order dated 20.03.2026 effective 15.04.2026. The extension is administrative and ensures continuity until a regular incumbent assumes charge.
- Additional charge of Director (Finance) extended for 3 months beyond 14.10.2026
- Current extended tenure is valid till 14.01.2027 or until regular appointment
- Proposal approved by the Appointments Committee of the Cabinet (ACC) per order dated 14.10.2026
- Post held by Shri Ramana Babu C V, currently Director (Marketing) of ITI Limited
ITI Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Transfer Agent (RTA) Integrated Registry Management Services confirms that physical share certificates received for dematerialization were processed, confirmed, and cancelled within the prescribed 15-day limit. There is no financial or operational impact on the company resulting from this standard regulatory filing.
- Confirmation certificate submitted for the quarter ended 30th September 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- RTA confirmed securities were verified, mutilated, and cancelled within 15 days of receipt
- Certificate issued by RTA Integrated Registry Management Services on 10th October, 2026
ITI Limited has submitted its Annual Report for FY 2025-26 under Regulation 34(1) of SEBI LODR Regulations. For FY26, the company reported a turnover of Rs 2,465 crore and a Profit After Tax of Rs 293 crore, supported by an exceptional land monetization of ~Rs 914 crore to GST authorities to pay down debt. The total order book was stated at approximately Rs 18,637 crore (~8.8x TTM revenue), anchored by ASCON Phase-IV and BharatNet Phase-III packages. The submission is a standard statutory disclosure containing previously disclosed annual performance details.
- Order book stood at approximately Rs 18,637 crore as of FY26 (~8.8x TTM revenue of Rs 2,111 crore)
- Achieved FY26 turnover of Rs 2,465 crore and Profit After Tax of Rs 293 crore
- Monetized a parcel of land to GST authorities for around Rs 914 crore to reduce debt and interest outgo
- Ongoing major national projects under execution include ASCON Phase-IV, BharatNet Phase-III (ABP), NFS, and TANFINET
ITI Limited has submitted its Annual Report for FY 2025-26 under Regulation 34(1) of SEBI LODR Regulations. For FY26, the company reported a turnover of Rs 2,465 crore and a Profit After Tax of Rs 293 crore, supported by an exceptional land monetization of ~Rs 914 crore to GST authorities to pay down debt. The total order book was stated at approximately Rs 18,637 crore (~8.8x TTM revenue), anchored by ASCON Phase-IV and BharatNet Phase-III packages. The submission is a standard statutory disclosure containing previously disclosed annual performance details.
- Order book stood at approximately Rs 18,637 crore as of FY26 (~8.8x TTM revenue of Rs 2,111 crore)
- Achieved FY26 turnover of Rs 2,465 crore and Profit After Tax of Rs 293 crore
- Monetized a parcel of land to GST authorities for around Rs 914 crore to reduce debt and interest outgo
- Ongoing major national projects under execution include ASCON Phase-IV, BharatNet Phase-III (ABP), NFS, and TANFINET
ITI Limited has submitted its Annual Report for FY 2025-26 under Regulation 34(1) of SEBI LODR Regulations. For FY26, the company reported a turnover of Rs 2,465 crore and a Profit After Tax of Rs 293 crore, supported by an exceptional land monetization of ~Rs 914 crore to GST authorities to pay down debt. The total order book was stated at approximately Rs 18,637 crore (~8.8x TTM revenue), anchored by ASCON Phase-IV and BharatNet Phase-III packages. The submission is a standard statutory disclosure containing previously disclosed annual performance details.
- Order book stood at approximately Rs 18,637 crore as of FY26 (~8.8x TTM revenue of Rs 2,111 crore)
- Achieved FY26 turnover of Rs 2,465 crore and Profit After Tax of Rs 293 crore
- Monetized a parcel of land to GST authorities for around Rs 914 crore to reduce debt and interest outgo
- Ongoing major national projects under execution include ASCON Phase-IV, BharatNet Phase-III (ABP), NFS, and TANFINET
ITI Limited has announced the closure of its trading window for designated persons and their immediate relatives starting Thursday, October 1, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for the quarter and half-year ended September 30, 2026. The window will remain shut until 48 hours after the declaration of the un-audited financial results. This is a standard regulatory intimation prior to financial earnings releases.
- Trading window closes on Thursday, October 1, 2026
- Applies to Q2 and H1 results for the period ended September 30, 2026
- Window to reopen 48 hours after financial results declaration
ITI Limited has received approval from the Registrar of Companies (ROC), Bangalore, for a 3-month extension to convene its 76th Annual General Meeting (AGM) for FY26. The AGM was originally due to be held by September 30, 2026, pursuant to Section 96 of the Companies Act, 2013. The company had filed the application in Form GNL-1 on September 10, 2026, and the approval was granted on September 18, 2026. The ROC also advised the company to maintain strict compliance with statutory timelines in the future.
- Extension of 3 months granted by ROC Bangalore for holding the AGM for FY26
- Application filed by ITI on September 10, 2026, via SRN AC5935669
- Approval letter issued by ROC dated September 18, 2026
- Original statutory deadline was September 30, 2026
National Land Monetization Corporation (NLMC) has issued a Request for Proposal (RFP) for the e-Auction of ITI's 44.03-acre land parcel at Krishnarajapuram, Bengaluru. The reserve price is set at ₹1,685.40 crore, which is equal to ~91% of ITI's net worth (₹1,852 crore) and ~80% of its TTM revenue (₹2,111 crore). If successfully completed, the proceeds could significantly boost ITI's liquidity and easily clear its total debt of ₹765 crore.
- NLMC issued RFP for e-Auction on behalf of ITI Limited.
- Land parcel spans 44.03 acres in Krishnarajapuram, Bengaluru, Karnataka.
- Reserve price fixed at ₹1685.40 Crores.
- Reserve price represents ~2.2x the company's total outstanding debt of ₹765 Cr.
ITI Limited reported a consolidated net loss of ₹32.25 Cr for Q1 FY27, an improvement from the ₹63.61 Cr loss in Q1 FY26. However, revenue from operations declined 14.6% YoY to ₹425.03 Cr. A major concern is the statutory auditor's 'Disclaimer of Conclusion,' stating they could not obtain sufficient evidence to verify the financial statements. The company remains heavily dependent on its ₹13,882.81 Cr order book and government support to maintain its 'going concern' status.
- Net loss narrowed to ₹32.25 Cr in Q1 FY27 from ₹63.61 Cr in the same quarter last year.
- Revenue from operations fell to ₹425.03 Cr, down from ₹498.01 Cr in Q1 FY26.
- Order book remains substantial at ₹13,882.81 Cr, which is approximately 6.3x the TTM revenue.
- Unbilled revenue of ₹2,346.15 Cr is targeted for conversion into billed revenue within the next 12 months.
- ASCON Phase IV project worth ₹8,280.36 Cr is currently in the Proof of Concept (PoC) stage, expected to finish by Dec 31, 2026.
ITI Limited has confirmed a strategic collaboration with Airtel Business to explore opportunities in enterprise connectivity, data centers, sovereign cloud, IoT, and AI-powered solutions. The clarification follows a 4% jump in share price after media reports of the pact. While the partnership is official, the company stated that no specific material financial impact can presently be quantified. This move aligns with ITI's strategy to diversify its Rs 19,000 Cr order book beyond traditional government telecom equipment.
- Strategic collaboration confirmed with Airtel Business for digital transformation and cloud services
- Exchange sought clarification following a 4% jump in share price on August 10, 2026
- Company maintains a robust order book of Rs 19,000 Cr as of June 2025
- Financial impact of the Airtel pact is currently not quantified by the management
- Collaboration covers high-growth areas including IoT, AI-powered solutions, and cybersecurity
ITI Limited has appointed Shri Sanjiwan Sinha as a Government Nominee Director, effective August 10, 2026, following a Ministry of Communications order. Shri Sinha, a 1994-batch IP&TAFS officer, currently serves as Project Director at Digital Bharat Nidhi (Department of Telecommunications). He replaces Shri Arun Agarwal on the board. This is a routine administrative change for the PSU, where the Government of India maintains a 90.02% promoter stake.
- Appointment of Shri Sanjiwan Sinha effective from August 10, 2026
- Shri Sinha is a 1994-batch IP&TAFS officer with experience in DoT, MTNL, and BSNL
- The appointment follows Ministry of Communications Order dated July 16, 2026
- Government of India holds a 90.02% stake in the company as of June 2026
- Company is currently executing a robust Rs 19,000 Cr order book as of June 2025
ITI Limited has signed a Memorandum of Understanding (MoU) with Airtel Business to jointly provide digital solutions including enterprise connectivity, sovereign cloud services, and AI-powered analytics. The partnership aims to modernize legacy systems for regulated sectors such as banking, PSUs, and Defense, leveraging ITI's PSU status and Airtel's technology infrastructure. While no specific contract value was disclosed, the collaboration aligns with ITI's strategy to execute its Rs 19,000 Cr order book (as of June 2025). This move is intended to diversify ITI's revenue streams into higher-margin ICT and cybersecurity services.
- Strategic partnership signed on August 10, 2026, to offer integrated digital solutions across India.
- Collaboration targets the execution of ITI's existing Rs 19,000 Cr order book through modernized technology.
- Partnership covers high-speed connectivity including OFC, GPON, SD-WAN, and private 4G/5G networks.
- Focus on 'Make in India' initiatives for defense and security needs using ITI's 6 manufacturing locations.
- Airtel brings a global customer base of 650 million+ to the partnership's potential reach.
India Ratings (Ind-Ra) has affirmed ITI Limited's credit rating at 'IND BB+' and revised the outlook from Stable to Positive. The rating applies to bank loan facilities totaling Rs 4,221.39 Cr, which were reduced from the previous limit of Rs 4,851.69 Cr. The revision reflects anticipated improvements in profitability margins and the company's ongoing efforts to monetize non-core land assets to reduce debt. The rating remains heavily supported by ITI's strategic importance to the Government of India, which holds a 90.02% stake.
- Credit outlook revised to Positive from Stable for bank facilities worth Rs 4,221.39 Cr.
- Total rated bank limits reduced by Rs 630.30 Cr from the previous Rs 4,851.69 Cr.
- Company is executing a massive order book of Rs 19,000 Cr as of June 2025.
- Monetization of non-core land assets expected to strengthen the balance sheet in the current fiscal.
- Over 95% of revenue is derived from Government customers, ensuring strategic support despite weak standalone financials.
ITI Limited has appointed Shri Ajai Kumar Srivastava as Director Production, effective July 31, 2026. Mr. Srivastava is an internal veteran with 27 years of experience at ITI, having served as a unit head across various plants. His term is set until his superannuation on March 31, 2029. This appointment is operationally significant as the company focuses on executing its large Rs 19,000 Cr order book, which includes critical BharatNet and Defence projects.
- Shri Ajai Kumar Srivastava appointed as Director Production effective July 31, 2026.
- Appointee brings 27 years of experience within ITI Limited, having joined in November 1998.
- The term of appointment lasts until superannuation on March 31, 2029, or further government orders.
- Role is critical for managing production across 5 manufacturing locations to service a Rs 19,000 Cr order book.
ITI Limited has appointed Lt. Gen. Vivek Dogra, the Signal Officer-in-Chief from the Ministry of Defence, as a Government Nominee Director effective July 27, 2026. The appointment follows a Ministry of Communications order from February 2026 and is for a period of three years. This is strategically significant as the Ministry of Defence accounts for 59% of ITI's massive ₹19,000 Cr order book. The delay in the effective date was due to the pending allotment of a Director Identification Number (DIN).
- Lt. Gen. Vivek Dogra appointed as Government Nominee Director for a 3-year term starting July 27, 2026.
- The appointee serves as the Signal Officer-in-Chief within the Ministry of Defence.
- Ministry of Defence represents 59% of the company's total ₹19,000 Cr order book as of June 2025.
- Appointment was originally mandated by a Ministry of Communications order dated February 23, 2026.
Financial Performance
Revenue Growth by Segment
Total sales turnover grew by 165.54% YoY, reaching INR 4,323 Cr in FY25 compared to INR 1,628 Cr in FY24. The BSNL 4G project was a primary driver, contributing approximately 50% of the total revenue in FY25.
Geographic Revenue Split
Not explicitly disclosed by percentage, but the company maintains a pan-India presence through 5 manufacturing units (Bengaluru, Naini, Rae Bareli, Mankapur, Palakkad) and 11 MSP centers serving national projects like BharatNet and ASCON.
Profitability Margins
Operating Profit Margin improved from -25.00% in FY24 to -0.78% in FY25. Net Profit Margin improved from -45.03% in FY24 to -6.45% in FY25, driven by higher revenue contribution and better control over fixed overheads.
EBITDA Margin
EBITDA margin remained negative but showed significant recovery from -25% to -0.78% YoY. The company reported a net loss of INR 233.15 Cr for FY25 and a net loss of INR 117.54 Cr for the half-year ended September 30, 2025.
Capital Expenditure
Under the 2014 revival plan, GoI sanctioned a total capital grant of INR 2,264 Cr. As of April 2025, INR 1,191.56 Cr has been received. A further capex support of INR 105 Cr is sanctioned for FY26, with INR 200 Cr projected for FY27.
Credit Rating & Borrowing
Long-term rating upgraded to [ICRA]BB (Stable) from [ICRA]BB- (Stable) in August 2025. Short-term rating reaffirmed at [ICRA]A4. Acuité assigned BB (Stable) and A4+. Interest coverage ratio stood at 1.08 in FY25, down from 2.17 in FY24 due to increased interest costs.
Operational Drivers
Raw Materials
Electronic components, mechanical parts, and telecom hardware modules (specific % per material not disclosed, but manufacturing and trading of telecom equipment are the core cost drivers).
Capacity Expansion
Current operations span 5 manufacturing locations and 1 R&D center. Expansion is focused on technology upgrades for 4G/5G equipment and smart meters rather than physical footprint expansion.
Raw Material Costs
Not disclosed as a specific % of revenue, but the company is shifting toward subcontracting and outsourcing with technology partners to drive cost savings.
Manufacturing Efficiency
Inventory turnover ratio improved significantly to 16.26 in FY25 from 6.50 in FY24, indicating more efficient stock management and higher sales velocity.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Execution of a robust INR 19,000 Cr order book as of June 2025, including BharatNet Phase III and ASCON Phase IV. Strategy involves converting INR 2,034.80 Cr of unbilled revenue into billed revenue within 12 months and diversifying into smart energy meters and 4G/5G technology.
Products & Services
4G/5G telecom equipment, smart energy meters, encryption products for Defence, BharatNet networking equipment, and ICT turnkey solutions.
Brand Portfolio
ITI Limited (Public Sector Undertaking).
New Products/Services
Smart energy meters and 4G network equipment for BSNL; expected to significantly contribute to the INR 19,000 Cr order book execution.
Market Expansion
Targeting strategically important ICT projects under 'Make in India' and 'Digital India' initiatives, specifically focusing on Defence and Rural Development (BharatNet).
Market Share & Ranking
Not disclosed in available documents, but holds 'preferred supplier status' and a priority quota for major Government telecom tenders.
Strategic Alliances
Maintains a Joint Venture (ISL) where ITI holds 49.06% equity; partners with technology providers for subcontracting and outsourcing to reduce social overheads.
External Factors
Industry Trends
The industry is shifting from pure manufacturing to integrated technology solutions (ICT). ITI is positioning itself as a 'Telecom Technology Company' by upgrading infrastructure for 4G/5G and smart city projects.
Competitive Landscape
Competes with domestic and international telecom equipment vendors for Government tenders, but benefits from a priority quota and long-standing PSU relationships.
Competitive Moat
Moat is derived from ~90% Government ownership and strategic importance to national security (Defence projects). This ensures continued financial support and access to large-scale PSU contracts, though it is challenged by weak internal controls.
Macro Economic Sensitivity
Highly sensitive to Government fiscal policy and telecommunication sector regulations. Revival depends on continued GoI financial support and grants.
Consumer Behavior
Shift toward digital connectivity and smart infrastructure in India is driving demand for ITI's BharatNet and smart meter offerings.
Geopolitical Risks
Exposure to global supply chain disruptions for electronic components; however, 'Make in India' status provides a buffer against import restrictions.
Regulatory & Governance
Industry Regulations
Subject to DoT regulations and SEBI listing requirements. Currently facing challenges with non-compliance regarding statutory and listing obligations as noted by auditors.
Environmental Compliance
No pending show cause or legal notices from CPCB/SPCB as of the end of FY25, indicating compliance with environmental regulations.
Legal Contingencies
Statutory audit for FY25 resulted in a 'Disclaimer of Opinion' due to inadequate internal controls and premature revenue recognition. The company has unresolved legal disputes and doubts regarding its status as a 'going concern' due to sustained losses.
Risk Analysis
Key Uncertainties
Execution delays in large-scale turnkey projects could further stretch the working capital cycle (currently 740 days GCA) and impact liquidity.
Geographic Concentration Risk
Operations are entirely India-centric, with 95% of revenue tied to Indian Government entities.
Third Party Dependencies
High dependency on technology partners for subcontracting and outsourcing to manage manufacturing costs and technical requirements.
Technology Obsolescence Risk
Rapid shifts in telecom technology (4G to 5G and beyond) require constant R&D investment to prevent manufacturing infrastructure from becoming obsolete.
Credit & Counterparty Risk
High receivable risk with debtor days at 414, primarily due to delayed payments from PSUs like BSNL and MTNL.
