ITI Ltd (ITI)

Capital Goods · Aerospace & Defence · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹262.7 ↓ 15.15% (1Y)

🎯 Key Takeaways

ITI Ltd is in a fragile turnaround phase marked by persistent losses, regulatory constraints, and a critical public shareholding mandate, despite government support and strategic appointments. The company operates under a formal revival plan with significant state backing but faces ongoing audit limitations and a shrinking public float, creating a high-risk profile for investors.
Revenue declined 32.3% QoQ to ₹425 in Q1FY27.
⚠️ 1) Ongoing audit limitations and unverified financial disclosures undermine credibility of financial statements. 2) Failure to achieve 25% public shar

Market Cap

₹25,294

P/E Ratio

95.9

P/B Ratio

16.16

ROE

20.7%

ROCE

16.4%

Debt/Equity

0.95

Promoter

90.0%

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📖 The Story

ITI Ltd is in a fragile turnaround phase marked by persistent losses, regulatory constraints, and a critical public shareholding mandate, despite government support and strategic appointments. The company operates under a formal revival plan with significant state backing but faces ongoing audit limitations and a shrinking public float, creating a high-risk profile for investors.

📰 What's Happening

In Q1 2026, ITI reported a loss of Rs 3,225 lakh on revenue of Rs 43,340 lakh, with EPS at Rs 0.33, reflecting deteriorating operational performance. The board approved this result amid rising audit concerns, including unverified inventory and unbilled revenue of Rs 1,46,88 lakh. Concurrently, the government appointed Shri Sanjiwan Sinha as Nominee Director effective 10.08.2026, enhancing board oversight with telecom expertise, while also targeting 25% public shareholding by August 2026 to comply with SEBI norms. The public float remains stagnant at around 1.8-2%, far below the required threshold, and institutional interest remains minimal.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	498	543	515	628	425
Operating Profit	-22	-14	14	9	-11
OPM %	-4.4%	-2.6%	2.8%	1.4%	-2.5%
Net Profit	-64	-54	-25	436	-32
EPS	₹-0.66	₹-0.57	₹-0.26	₹3.90	₹-0.33

Revenue has shown volatility but no clear upward trend, declining to Rs 425 lakh in June 2026 from Rs 628 lakh in March 2026, with operating margins turning sharply negative (-2.5%) and net loss widening to Rs 32 lakh. This contrasts with a brief profit in March 2026 (Rs 436 lakh) but underscores inconsistency in performance. The company continues to operate at a loss despite revenue generation, indicating structural or execution challenges in converting sales into profitability.

🔮 Management Outlook & What's Next

Management has not provided forward guidance on profitability or revenue recovery, focusing instead on compliance milestones such as achieving 25% public shareholding by August 2026. The company reaffirmed its going concern status due to government support but acknowledged material audit limitations and unverified financial disclosures. No strategic targets beyond regulatory compliance were disclosed in recent filings.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	961	961	961	963
Reserves	662	605	544	943
Borrowings	1,701	1,481	1,356	765
Total Liabilities	10,088	10,402	10,429	9,347
Fixed Assets	2,730	2,522	2,683	2,370
Investments	35	241	53	54
Total Assets	10,088	10,402	10,429	9,347

Equity remains stable around Rs 960-963 crore, but reserves have declined from Rs 943 crore to Rs 544 crore in the latest reporting, suggesting reserve drawdowns to cover losses. Borrowings have reduced slightly from Rs 1,481 crore to Rs 765 crore, indicating some deleveraging, but total assets remain elevated at Rs 9,347 crore. The balance sheet reflects a capital-intensive structure with limited equity cushion, raising concerns about sustainability amid recurring losses.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-135
Investing	+651
Financing	-485
Net Cash Flow	+30

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	90.0%	90.0%	90.0%	90.0%
FII	0.0%	0.0%	0.0%	0.1%
DII	0.1%	0.1%	0.1%	0.1%
Public	1.9%	1.9%	1.9%	1.8%
# Shareholders	1,78,632	1,66,358	1,62,249	1,51,049

Promoter holding remains steady at 90.02%, but public shareholding has barely moved, rising only to 1.78% from 1.87% over the last four quarters, far short of the 25% SEBI requirement. Institutional ownership (FII/DII) is negligible, with FII at just 0.08% and DII at 0.07% in Q1FY27. The lack of investor interest and minimal trading activity (1,51,049 shareholders) signal low market confidence and potential liquidity risks.

⚖️ Peer Comparison — Aerospace & Defence

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HAL	3.28 L Cr	35.1	30.3%	22.7%	0.00
BEL	2.96 L Cr	48.3	34.1%	25.5%	0.00
SOLARINDS	2.02 L Cr	101.4	38.0%	32.7%	0.23
MAZDOCK	94,209	33.0	35.3%	27.6%	0.05
BDL	43,639	83.8	17.8%	13.0%	0.00
COCHINSHIP	36,345	53.4	15.2%	11.6%	0.19
GRSE	27,785	34.7	52.1%	38.5%	0.00
DATAPATTNS	27,056	101.0	220.2%	212.6%	0.34
ITI	25,294	95.9	16.4%	20.7%	0.95
MTARTECH	22,526	168.8	18.3%	16.2%	0.45

🔗 Peer Stock Analyses

HAL BEL SOLARINDS MAZDOCK BDL

⚠️ Risk Factors

1) Ongoing audit limitations and unverified financial disclosures undermine credibility of financial statements. 2) Failure to achieve 25% public shareholding by August 2026 could trigger regulatory action or delisting risks. 3) Persistent losses and negative operating margins despite revenue generation indicate weak operational viability. 4) Heavy reliance on government support creates policy and subsidy dependency risk, with no clear path to financial independence.

📋 Recent Filings

🧠 Analyst's Read

ITI remains a high-risk, government-backed entity with limited market traction and no clear profitability trajectory. Investors should monitor progress on public shareholding targets and audit resolution, as these will be critical catalysts for any re-rating or further regulatory intervention.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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