THEINVEST - The Invest.Trust
📢 Recent Corporate Announcements
The Investment Trust of India Limited reported a standalone profit of ₹41.35 Lakhs for Q3 FY26, marking a significant turnaround from a loss of ₹111.52 Lakhs in the same quarter previous year. Total standalone income grew to ₹574.92 Lakhs, supported by a rise in other income. The board also approved a strategic restructuring involving the demerger of the 'Corporate and MSME Loan Undertaking' from its subsidiary ITI Credit Ltd into its associate ITI Finance Ltd. Furthermore, the company completed the redemption of 0% Optionally Convertible Preference Shares (OCPS) worth ₹32.66 Lakhs.
- Standalone PAT turned positive at ₹41.35 Lakhs in Q3 FY26 vs a loss of ₹111.52 Lakhs in Q3 FY25.
- Total standalone income increased by 40.6% year-on-year to ₹574.92 Lakhs.
- Approved demerger of MSME loan division from ITI Credit Ltd (WOS) to ITI Finance Ltd (Associate).
- Redeemed 10,050 0% Optionally Convertible Preference Shares totaling ₹32.66 Lakhs.
- Re-appointed M/s. MAKK & Co. as Internal Auditors for the financial year 2026-27.
The Investment Trust of India Limited (THEINVEST) reported a turnaround in Q3 FY26, posting a standalone profit after tax of ₹41.35 Lakhs compared to a loss of ₹111.52 Lakhs in the year-ago period. Total income grew to ₹574.92 Lakhs, supported by a significant increase in other income. Beyond earnings, the board approved a strategic restructuring to demerge the 'Corporate and MSME Loan' division from its subsidiary, ITI Credit, into its associate, ITI Finance. The company also completed the redemption of 10,050 Optionally Convertible Preference Shares (OCPS) during the quarter.
- Standalone PAT turned positive at ₹41.35 Lakhs for Q3 FY26 vs a loss of ₹111.52 Lakhs YoY.
- Total income for the quarter rose to ₹574.92 Lakhs, up from ₹408.72 Lakhs in the previous year's quarter.
- Approved demerger of Corporate and MSME Loan division from ITI Credit Ltd to ITI Finance Ltd.
- Redeemed 10,050 Optionally Convertible Preference Shares (OCPS) worth ₹32.66 Lakhs on Dec 30, 2025.
- 9M FY26 standalone PAT stands at ₹21.78 Lakhs compared to a loss of ₹70.60 Lakhs in 9M FY25.
The Investment Trust of India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. For the quarter ended December 31, 2025, the company's Registrar and Share Transfer Agent, Purva Sharegistry (India) Private Limited, confirmed that no share certificates were received for dematerialization. This is a standard procedural filing required by Indian stock exchanges to ensure the integrity of the shareholding register. There are no material changes to the company's capital structure or operations resulting from this announcement.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Reported NIL share certificates dematerialized during the period from October 1, 2025, to December 31, 2025.
- Confirmation provided by Registrar and Share Transfer Agent, Purva Sharegistry (India) Private Limited.
- The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
The Investment Trust of India Limited has completed the redemption of its remaining 10,050 Optionally Convertible Preference Shares (OCPS) as of December 30, 2025. These shares, with a face value of Rs. 325 each, were part of a 2020 Scheme of Arrangement and reached their five-year maturity. While 7,21,950 units were previously converted into equity, the final outstanding units have now been fully discharged using company reserves. The company has moved the unclaimed redemption proceeds to a separate bank account to ensure compliance and availability for shareholders.
- Redemption of 10,050 outstanding 0% OCPS with a face value of Rs. 325 each
- Total of 7,21,950 OCPS were previously converted into equity shares out of 7,32,000 issued
- Redemption funded entirely through the company's available reserves, extinguishing the liability
- Unclaimed funds transferred to a separate designated bank account for future payouts to shareholders
- Completion of the 5-year tenure for the preference shares issued in December 2020
The Investment Trust Of India Limited (THEINVEST) has announced the closure of its trading window for dealing in securities starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are made public. The specific date for the Board Meeting to approve these results will be communicated at a later time.
- Trading window closure begins on Thursday, January 1, 2026
- Closure pertains to the unaudited financial results for the quarter and nine months ending December 31, 2025
- The window will reopen 48 hours after the official declaration of financial results
- The date of the Board Meeting for result approval will be intimated separately
The Investment Trust Of India Limited (THEINVEST) has successfully passed a special resolution via postal ballot to extend its 'FFSIL- Employees Stock Option Plan 2017' to employees of its subsidiary companies. The voting process, which concluded on December 18, 2025, saw a total turnout of 73.56% of the shareholding base. The resolution was approved with near-unanimous support, with 99.9987% of the votes cast in favor. This expansion of the ESOP plan is intended to incentivize and retain talent across the group's subsidiary network.
- Special resolution passed to extend FFSIL-ESOP 2017 to subsidiary employees
- 99.9987% of votes (3,84,29,945) were cast in favor of the resolution
- Total voting participation stood at 73.56% of the 5.22 crore total shares
- Promoter group participation was high, with 95.27% of their shares polled
The Investment Trust of India Limited (THEINVEST) re-submitted its unaudited financial results (standalone and consolidated) along with the Independent Auditor’s Review Reports in a machine-readable format, following an email from the stock exchanges. The initial submission had inadvertently omitted certain pages, which were later provided on November 6, 2025. Consolidated financial results show revenue from operations of ₹7,105.56 lakhs for the quarter ended September 30, 2025. Net profit after tax for the quarter was ₹561.01 lakhs.
- Revenue from Operations for the quarter ended September 30, 2025 was ₹7,105.56 lakhs.
- Net Profit after Tax for the quarter ended September 30, 2025 was ₹561.01 lakhs.
- Total Comprehensive Income for the quarter ended September 30, 2025 was ₹556.60 lakhs.
- Group's share of total assets of Rs. 52,919.63 lakhs as at 30th September, 2025
- Group's share of total revenues of Rs.4,393.41 lakhs for the quarter ended 30th September 2025
Financial Performance
Revenue Growth by Segment
Total segment revenue grew 18.7% to INR 386.18 Cr. Growth was led by Financing activities (up 85.1% to INR 111.10 Cr), Investment and Advisory services (up 28.8% to INR 61.49 Cr), Asset Management (up 15.4% to INR 24.85 Cr), and Broking (up 11.5% to INR 188.68 Cr). Trading activities declined 99.8% to INR 0.06 Cr.
Geographic Revenue Split
Not specifically disclosed in available documents, though operations are centered in India with 63 gold loan branches as of March 2025.
Profitability Margins
Net income from operations grew 19.4% to INR 364.99 Cr. Consolidated Profit Before Tax (PBT) margin improved significantly from 10.1% in FY24 to 15.4% in FY25, driven by a turnaround in the financing business.
EBITDA Margin
Consolidated PBT grew 82.2% YoY to INR 56.17 Cr. Core profitability in the Financing segment surged 177.9% to INR 44.21 Cr, while Broking PBIT grew 19.9% to INR 60.60 Cr.
Capital Expenditure
Not disclosed in absolute INR Cr for future periods, though the company is expanding its physical footprint, having reached 63 gold loan branches by March 2025.
Credit Rating & Borrowing
Finance costs increased 37% to INR 37.03 Cr in FY25 compared to INR 27.02 Cr in FY24, reflecting higher borrowing to support the 85% growth in financing assets.
Operational Drivers
Raw Materials
Not applicable as THEINVEST is a financial services provider; the primary 'raw material' is capital/cost of funds.
Key Suppliers
Not applicable; however, external audit services are provided by MAKK & Co. Chartered Accountants.
Capacity Expansion
Gold loan business expanded to 63 branches as of March 31, 2025. Financing segment assets grew 45% from INR 566.57 Cr to INR 822.17 Cr.
Raw Material Costs
Finance costs represent 10.1% of total segment revenue, increasing 37% YoY due to expanded lending operations in Gold and Vehicle finance.
Manufacturing Efficiency
Not applicable; however, Asset Management efficiency is reflected in AUM crossing INR 9,242.25 Cr.
Logistics & Distribution
Distribution is driven by 63 branches and tech-led innovation to deepen presence in existing segments.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be achieved through a 35-40% targeted increase in AUM for Gold Loan and Vehicle Finance businesses, leveraging improved asset quality and expanded geographic reach. The company is pivoting toward Margin Trading Facility (MTF) to offset regulatory impacts on F&O trading and is investing in technology-led innovation to increase wallet share.
Products & Services
Securities broking, DP services, Microfinance loans, Merchant banking, Asset management, Gold loans, Vehicle finance, and Investment banking advisory.
Brand Portfolio
ITI Group, ITI Securities Broking, ITI Credit, Antique Stock Broking, ITI Capital, ITI Mutual Fund, ITI Gilts.
New Products/Services
Expansion into Margin Trading Facility (MTF) and debt syndication/ESG advisory in investment banking to diversify revenue streams.
Market Expansion
Deepening presence in existing segments with a focus on the 63-branch gold loan network and expanding vehicle finance reach.
Market Share & Ranking
Not disclosed; however, industry-wide MTF assets rose to INR 81,300 Cr by Jan 2025, a segment where the company is actively pivoting.
Strategic Alliances
Maintains an associate entity, ITI Finance Limited (formerly Fortune Integrated Assets Finance Limited), for vehicle finance.
External Factors
Industry Trends
The broking industry is transitioning from F&O-heavy revenue to MTF and fee-based streams due to a 70% drop in index options volumes following SEBI policy measures. The NBFC sector is seeing moderated growth of 13-15% due to higher borrowing costs.
Competitive Landscape
Listed brokerage firms are exhibiting earnings weakness due to stringent regulations and slower IPO issuance; THEINVEST is countering this through its turnaround in financing.
Competitive Moat
Moat is built on a diversified financial services platform (ITI Group) and a strong research team in equities/derivatives, which differentiates it from competitors through insightful business fundamentals.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and disposable income levels; growing disposable income presents a substantial opportunity for product diversification.
Consumer Behavior
Increasing retail participation in capital markets and formalization of credit are driving demand for the company's lending and broking products.
Geopolitical Risks
Economic and political stability are cited as factors that could materially impact operations.
Regulatory & Governance
Industry Regulations
Impacted by SEBI measures including increased Securities Transaction Tax (STT) on derivatives and larger F&O contract sizes, which reshaped profitability trends in the broking segment.
Environmental Compliance
Investment banking division is expanding into advisory for ESG and sustainability-linked instruments.
Taxation Policy Impact
Effective tax rate for the half-year ended Sep 2025 was approximately 32.8% (INR 83.07 Lakhs tax on INR 253.25 Lakhs PBT).
Legal Contingencies
The company maintains an internal audit program with MAKK & Co. to ensure compliance; no specific high-value pending court cases were quantified in the provided text.
Risk Analysis
Key Uncertainties
Regulatory volatility in the broking sector (70% volume risk) and credit risk in the microfinance/vehicle finance segments are the primary uncertainties.
Geographic Concentration Risk
Concentrated in India; expansion is focused on deepening presence in existing domestic segments.
Third Party Dependencies
Dependent on external auditors (MAKK & Co.) and regulatory stability from SEBI and RBI.
Technology Obsolescence Risk
The company is adopting data analytics and automation to ensure it is not disrupted by tech-driven platforms in the broking and IB sectors.
Credit & Counterparty Risk
Financing segment focuses on enhanced recoveries and prudent disbursements to manage credit risk amidst inflationary pressures.