India Tourism Development Corporation Limited (ITDC)

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India Tourism Development Corporation Limited (ITDC) · mywealthgrid

About

ITDC operates hotels and resorts within India's Leisure Services industry (Consumer Discretionary sector), with a market cap of ₹5,978 Cr. The company's ROE of 21.62% and operating margins averaging 17% reflect capital efficiency, though profitability fluctuates with seasonal tourism demand.

Face value: ₹10

Market cap

₹5,711 Cr

P/E

69.6×

P/B

13.5×

Dividend yield

0.4%

ROE

21.6%

ROCE

28.5%

Debt / equity

OPM

17.2%

EPS (TTM)

₹9.6

Book value

₹49.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranges 9.25%–21.74% across recent quarters, indicating operational inconsistency or significant seasonal impact.

High valuation relative to returns: PE ratio of 72.89 against ROE of 21.62% implies the market is pricing substantial growth; verify whether earnings growth can justify this premium.

Seasonal revenue concentration: Quarterly revenue ranges ₹88–184 Cr (>2× variance), creating earnings unpredictability; verify off-season booking trends.

Minimal institutional participation: FII 0.03%, DII 1.78% constrains liquidity and analyst coverage.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E 0) provides borrowing capacity if capex-led expansion or acquisitions are pursued; verify management's capital deployment strategy.

Margin expansion potential: OPM ranges 9.25%–21.74% across quarters, suggesting upside if operational consistency improves.

ROE of 21.62% supports reinvestment-led growth if earnings are retained; verify dividend payout ratio and organic growth targets.

Verify domestic leisure travel demand recovery and room-rate pricing trends to assess revenue and margin upside given ₹88–184 Cr quarterly variance.

Generated analysis · source review pending

2,406 historical price candles were omitted because the exchange source has not been verified.

₹665.6+1.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.8% (3-yr avg)
+High return on capital employed of 27.4%
+Revenue CAGR of 24.7% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 64.9×
+Dividend payout of 30.9% of profit
+High promoter holding of 87% with no pledge

Cons

−Expensive at 69.6× trailing earnings
−Trading at 13.5× book value

Research score

Structured signal from quality, growth, valuation and momentum.

34/100

Business quality: 77
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Itc Hotels LimitedITCHOTELSITCHOTELS	₹33,018 Cr	₹33,019 Cr	₹4,260 Cr	₹1,471 Cr	34.4%	₹864 Cr	19.8%	10.2%	7.3%	600
Leela Palaces Hotels & Resorts LimitedTHELEELATHELEELA	₹19,003 Cr	₹20,560 Cr	₹1,604 Cr	₹785 Cr	48.6%	₹298 Cr	26.4%	8.4%	0.5%	-147
Eih LimitedEIHOTELEIHOTEL	₹18,628 Cr	₹18,628 Cr	₹3,023 Cr	₹1,030 Cr	34.8%	₹712 Cr	22.4%	18.6%	12.7%	-295
Chalet Hotels LimitedCHALETCHALET	₹18,182 Cr	₹20,506 Cr	₹2,387 Cr	₹1,064 Cr	42.9%	₹528 Cr	23.3%	18.4%	19.1%	80
Ventive Hospitality LimitedVENTIVEVENTIVE	₹12,894 Cr	₹14,929 Cr	₹2,496 Cr	₹1,079 Cr	44.4%	₹588 Cr	20.4%	10.2%	9.7%	-201
Lemon Tree Hotels LimitedLEMONTREELEMONTREE	₹8,530 Cr	₹10,533 Cr	₹1,473 Cr	₹700 Cr	47.9%	₹235 Cr	20%	14.6%	17.8%	-200
India Tourism Development Corporation LimitedITDCITDC	₹5,711 Cr	₹5,711 Cr	₹535 Cr	₹91 Cr	17.2%	₹82 Cr	15.5%	28.5%	21.6%	-47
Juniper Hotels LimitedJUNIPERJUNIPER	₹4,784 Cr	₹5,522 Cr	₹1,076 Cr	₹429 Cr	40.3%	₹166 Cr	13.5%	8.1%	5.1%	-32
Mahindra Holidays & Resorts India LimitedMHRILMHRIL	₹3,938 Cr	₹5,172 Cr	₹3,023 Cr	₹607 Cr	20.6%	₹54 Cr	2.2%	3.8%	8.9%	227
Samhi Hotels LimitedSAMHISAMHI	₹3,429 Cr	₹5,137 Cr	₹1,281 Cr	₹439 Cr	34.6%	₹504 Cr	45.4%	9.1%	30.3%	-321
Oriental Hotels LimitedORIENTHOTORIENTHOT	₹2,500 Cr	₹2,597 Cr	₹498 Cr	₹130 Cr	26.8%	₹67 Cr	13.8%	13.1%	12.7%	-164

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	342	177	289	464	532	570	533
COGS	73	25	68	113	168	199	182
Gross profit	269	151	221	350	364	372	351
	245	193	222	274	263	286	260
	24	-42	-1	76	102	85	91
OPM %	7.1%	-23.5%	-0.3%	16.4%	19.2%	15%	17.2%
Depreciation	8	7	7	7	7	7	7
Interest	1	1	1	1	3	1	2
	22	16	19	17	16	20	29
Profit before tax	37	-34	10	85	108	98	112
Tax	16	1	3	26	37	17	30
Tax %	44.1%	2.6%	32.9%	30.4%	34.6%	17.7%	26.5%
	21	-35	7	59	70	81	82
PAT margin %	6.1%	-19.5%	2.3%	12.8%	13.2%	14.2%	15.5%
EPS (₹)	1.5	-3.9	0.6	6.9	8.2	9.4	9.6
EPS adjusted (₹)	2.4	-4	0.8	6.8	8.1	9.5	9.9
	0%	—	0%	31.9%	30.7%	30.8%	30.7%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	—	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	86	86	86	86	86	86	86	86	86	86	86
Reserves	216	229	222	243	234	195	200	256	303	278	337
	4	4	1	1	1	1	1	1	1	1	1
	304	290	358	332	298	281	298	591	676	382	339
Total equity & liabilities	610	609	667	663	619	563	585	934	1,066	746	762
	—	—	—	—	—	45	40	46	40	42	42
CWIP	8	8	4	6	6	6	11	3	4	5	8
Investments	—	—	—	—	—	0	0	0	0	0	0
	602	601	663	657	613	511	534	885	1,021	699	712
Total assets	610	609	667	663	619	563	585	934	1,066	746	762

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Hotel Division	346.34	107.93	-20.79	-10.07	—	—
Event Management, Hospitality & Tourism Management Institute & Others	168.58	-3.35

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	78.6%	85.7%	76.5%	75.5%	68.5%	65.2%	65.9%
EBITDA margin %	6.6%	-24.9%	-0.4%	16.3%	19.1%	15%	17.2%
EBIT margin %	4.4%	-28.8%	-2.7%	14.8%	17.8%	13.8%	15.8%
PAT margin %	6.1%	-19.5%	2.3%	12.8%	13.2%	14.2%	15.5%
Working capital
Receivable days	104	137	89	62	52	77	76
Inventory days	49	158	54	33	28	34	36
Payable days	—	664	332	300	192	228	159
NWC days	—	-370	-189	-205	-112	-117	-47
Leverage
Current ratio	2.24	1.96	1.87	1.52	1.45	1.77	1.93
Debt to EBITDA	0.04	—	—	0.01	0.01	0.01	0.01
Debt to equity	0	0	0	0	0	0	0
Interest coverage	36.2	-30.1	6.1	96	34.4	99.8	64.9
Asset turnover	0.55	0.31	0.5	0.5	0.5	0.76	0.7
Return ratios
Return on assets %	3.4%	-6.1%	1.2%	6.3%	6.6%	10.8%	10.8%
Return on capital employed %	9.3%	-9.4%	1.9%	23.7%	28.1%	25.5%	28.5%
Return on equity %	6.5%	-12.3%	2.4%	17.3%	18.1%	22.2%	19.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%	87.03%
	0.02%	0%	0.1%	0.01%	0%	0.01%	0%	0%	0.01%	0%	0.02%	0.03%
	1.99%	1.87%	1.79%	1.8%	1.8%	1.8%	1.78%	1.78%	1.78%	1.78%	1.78%	1.78%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	10.96%	11.1%	11.08%	11.16%	11.17%	11.16%	11.19%	11.19%	11.18%	11.19%	11.17%	11.16%
No. of shareholders	—	—	—	—	—	—	—	—	30,743	30,101	30,734	32,454

Promoter holding up 0 percentage points since Sep 2023.

84 deals · 17 Jan 2024 – 20 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	5,97,438	₹784.26	₹46.85 Cr
20 Jul 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	5,77,998	₹788.95	₹45.60 Cr
20 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Buy	4,71,513	₹787.27	₹37.12 Cr
20 Jul 2026	QE SECURITIES LLP	Bulk	NSE	Sell	4,67,380	₹790.56	₹36.95 Cr
20 Jul 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	4,41,649	₹793.22	₹35.03 Cr
20 Jul 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	4,41,649	₹793.01	₹35.02 Cr
15 Jul 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	7,69,056	₹774.16	₹59.54 Cr
15 Jul 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	7,69,056	₹774.34	₹59.55 Cr
15 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	6,26,406	₹772.17	₹48.37 Cr
15 Jul 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	6,23,310	₹772.31	₹48.14 Cr

1–10 of 84

1 / 9

Ms. Mugdha SinhaExecutive Director-Chairperson-MD
Mr. Lokesh Kumar AggarwalExecutive Director
Mr. Rajesh RanaExecutive Director
Ms. Vandana JainNon-Executive - Nominee Director
Mr. Malay Kumar SinghaNon-Executive - Independent Director
Mr. Virendra Kumar JainCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	13	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Please find enclosed clarification on volume movement letter received on 01.10.2026 from exchange.1 Oct 2026 · General
The Exchange has sought clarification from India Tourism Development Corporation Ltd on October 01, 2026, with reference to Movement in Volume. <BR><BR>The reply is awaited.1 Oct 2026 · Clarification
Intimation of closure of Trading Window28 Sept 2026 · Closure of Trading Window
Please find enclosed comments of the Board of Directors observed in the IGR for the quarter ended on 30.06.2026

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

56 announcementsExport CSV

1 Oct 2026, 4:40 pmCompany Update

Clarification On Volume Movement Letter

General PDF

1 Oct 2026, 3:11 pmCompany Update

Clarification sought from India Tourism Development Corporation Ltd

Clarification

28 Sept 2026, 6:04 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 6:30 pmCompany Update

Comments Of The Board Of Directors Observed In The IGR For The Quarter Ended On 30.06.2026

General PDF

22 Sept 2026, 6:22 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

31 Aug 2026, 5:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

29 Aug 2026, 2:44 pmCompany Update

Please Find Enclosed Letter Sent To Shareholder For Web-Link, Including The Exact Path, Of Annual Report For FY 2025-26.

General PDF

29 Aug 2026, 2:38 pmCorp. Action

Corporate Action-Board to consider Dividend

Dividend PDF

Date	Category	Subject	Filing
1 Oct 2026, 4:40 pm	Company Update General	Clarification On Volume Movement Letter	PDF
1 Oct 2026, 3:11 pm	Company Update Clarification	Clarification sought from India Tourism Development Corporation Ltd

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	78.6%	85.7%	76.5%	75.5%	68.5%	65.2%	65.9%
EBITDA margin %	6.6%	-24.9%	-0.4%	16.3%	19.1%	15%	17.2%
EBIT margin %	4.4%	-28.8%	-2.7%	14.8%	17.8%	13.8%	15.8%
PAT margin %	6.1%	-19.5%	2.3%	12.8%	13.2%	14.2%	15.5%
Working capital
Receivable days	104	137	89	62	52	77	76
Inventory days	49	158	54	33	28	34	36
Payable days	—	664	332	300	192	228	159
NWC days	—	-370	-189	-205	-112	-117	-47
Leverage
Current ratio	2.24	1.96	1.87	1.52	1.45	1.77	1.93
Debt to EBITDA	0.04	—	—	0.01	0.01	0.01	0.01
Debt to equity	0	0	0	0	0	0	0
Interest coverage	36.2	-30.1	6.1	96	34.4	99.8	64.9
Asset turnover	0.55	0.31	0.5	0.5	0.5	0.76	0.7
Return ratios
Return on assets %	3.4%	-6.1%	1.2%	6.3%	6.6%	10.8%	10.8%
Return on capital employed %	9.3%	-9.4%	1.9%	23.7%	28.1%	25.5%	28.5%
Return on equity %	6.5%	-12.3%	2.4%	17.3%	18.1%	22.2%	19.5%

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-13	16	-12	42	53	70
	11	5	-3	4	-4	-73
	-0	0	0	-19	-22	-25
Net cash flow	-2	21	-15	28	27	-28
Free cash flow	-17	10	-25	41	43	60
CFO / Operating profit %	—	—	-15.6%	41.8%	61.9%	77.1%

India Tourism Development Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

14

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Engg Consultancy Projects · revenue

India Tourism Development Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends14

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Engg Consultancy Projects · revenue

14

1