Iti Limited (ITI) · mywealthgrid

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About

ITI Limited manufactures telecom equipment and accessories for India's telecom sector. With ₹26.6k Cr market cap and quarterly revenues of ₹500–627 Cr, it operates as a mid-scale equipment supplier in an industry dependent on operator capex cycles. Heavily promoter-controlled (90%), it has minimal public ownership (1.95%).

Face value: ₹10

Market cap

₹23,210 Cr

P/E

71.6×

P/B

12.2×

Dividend yield

ROE

16.6%

ROCE

Debt / equity

0.4

OPM

EPS (TTM)

₹3.4

Book value

₹19.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme profit volatility: Q4 FY26 net profit of ₹436 Cr follows three consecutive quarterly losses totaling ₹143 Cr (Jun–Dec 2025); drivers and sustainability unclear
PE ratio of 90.82 is elevated relative to earnings volatility; negative 1y return (-13.6%) reflects market skepticism despite recent profitability recovery
Concentrated promoter ownership (90.02%) with thin public float (1.95%) constrains liquidity and external governance
Operating margins collapsed to negative in two recent quarters (Jun–Sep 2025) and recovered to 4.27% in Q4; verify sustainability and underlying drivers

Generated analysis · source review pending

Growth drivers

Q4 FY26 revenue of ₹627.65 Cr is 22% above Q2 (₹498 Cr) and 9% above Q3 (₹543 Cr); verify if momentum reflects sustained market recovery or cyclical order timing
Net profit recovered sharply to ₹436 Cr in Q4 from cumulative losses of ₹143 Cr in prior three quarters; verify operational improvements and recurrence probability
Operating margin expanded to 4.27% in Q4 from -1.47% in Q2; verify whether margin improvement is structural or cyclical
Conservative debt/equity ratio of 0.4 provides financial capacity for investments or capex in a cyclical sector

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹241.4-0.8%1Y

Quick read

rule-based

Pros

+Profit CAGR of 98.6% over the last 5 years
+High promoter holding of 90% with no pledge

Cons

−Low return on equity of -7.8% (3-yr avg)
−Thin operating margin of 2%
−Revenue shrank over the last 5 years (-1.6% a year)
−Weak interest coverage of 0.2×
−Expensive at 71.6× trailing earnings
−Trading at 12.2× book value

Research score

Structured signal from quality, growth, valuation and momentum.

20/100

Business quality: 25
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.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sterlite Technologies LimitedSTLTECHSTLTECH	₹49,095 Cr	₹50,922 Cr	₹5,642 Cr	₹829 Cr	12%	₹280 Cr	1.2%	9.5%	2.6%	58
Iti LimitedITIITI	₹23,210 Cr	₹23,975 Cr	₹2,111 Cr	₹53 Cr	2%	₹324 Cr	13.4%	2%	16.6%	-47
Tejas Networks LimitedTEJASNETTEJASNET	₹8,269 Cr	₹12,304 Cr	₹1,303 Cr	₹-647 Cr	-61.8%	₹-917 Cr	-82.4%	-26.7%	-26.8%	2,010
Optiemus Infracom LimitedOPTIEMUSOPTIEMUS	₹7,129 Cr	₹7,435 Cr	₹2,216 Cr	₹101 Cr	5.5%	₹73 Cr	3.7%	10.3%	9.2%	14
Valiant Communications LtdVALIANTVALIANT	₹1,973 Cr	₹1,975 Cr	₹85 Cr	₹30 Cr	35.6%	₹24 Cr	28.5%	40%	30.6%	172
Birla Cable LimitedBIRLACABLEBIRLACABLE	₹1,149 Cr	₹1,280 Cr	₹861 Cr	₹84 Cr	6.1%	₹46 Cr	2.2%	11.1%	6.3%	124
ADC India Communications LtdADCINDIAADCINDIA	₹1,031 Cr	₹1,031 Cr	₹200 Cr	₹21 Cr	10.3%	₹19 Cr	9.5%	31.2%	24.2%	24
Umiya Buildcon LimitedUMIYA-MROUMIYA-MRO	₹172 Cr	₹297 Cr	₹73 Cr	₹26 Cr	35.9%	₹9 Cr	58.3%	29.7%	44.4%	914
Aksh Optifibre LimitedAKSHOPTFBRAKSHOPTFBR	₹115 Cr	₹199 Cr	₹148 Cr	₹12 Cr	2.1%	₹-2 Cr	-10.3%	-7.1%	—	-77
Punjab Communications LtdPUNJCOMMUPUNJCOMMU	₹67 Cr	₹68 Cr	₹21 Cr	₹-20 Cr	-26.9%	₹-12 Cr	11.1%	9.9%	10.1%	-218
Telogica LtdTELOGICATELOGICA	₹53 Cr	₹58 Cr	₹19 Cr	₹1 Cr	6.4%	₹2 Cr	4.4%	6.2%	6.2%	293
Tamilnadu Telecommunication LimitedTNTELETNTELE	₹53 Cr	₹91 Cr	₹0 Cr	₹-1,644 Cr	—	₹-10,322 Cr	—	—	—	—

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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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,548	1,484	1,668	2,059	2,362	1,861	1,395	1,264	3,616	2,184
COGS	587	557	594	1,581	1,910	1,435	1,181	1,184	3,390	1,839
Gross profit	961	927	1,074	478	453	425	214	80	226	345
	1,066	846	1,175	328	403	318	368	399	268	301
	-105	81	-100	150	50	107	-153	-319	-42	44
OPM %	-6.8%	5.5%	-6%	7.3%	2.1%	5.8%	-11%	-25.2%	-1.2%	2%
Depreciation	17	25	37	42	42	50	50	53	69	56
Interest	153	153	106	141	160	192	210	241	224	197
	541	327	336	184	161	255	53	45	120	503
Profit before tax	266	231	93	151	9	120	-360	-569	-215	293
Tax	0	0	0	0	0	0	0	0	0	0
	266	231	93	151	9	120	-360	-569	-215	293
PAT margin %	17.2%	15.5%	5.6%	7.3%	0.4%	6.4%	-25.8%	-45%	-5.9%	13.4%
EPS (₹)	—	—	—	1.6	0.1	1.3	-3.8	-5.9	-2.2	3
EPS adjusted (₹)	—	3	1	1.6	0.1	1.3	-3.8	-5.9	-2.2	3
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	760	897	925	934	934	950	961	961	963
Reserves	1,665	1,833	1,444	1,511	1,674	1,425	823	664	943
Minority interest	—	—	—	—	0	—	—	—	—
	1,226	1,259	1,216	1,464	1,612	1,876	1,795	1,481	765
	3,393	3,010	4,138	5,004	5,355	5,241	6,018	7,297	6,676
Total equity & liabilities	7,045	6,998	7,723	8,913	9,575	9,491	9,598	10,402	9,347
	2,584	2,627	2,625	2,635	2,661	2,684	2,664	2,522	2,119
CWIP	149	165	189	169	150	139	142	19	16
Investments	38	40	105	104	103	103	103	241	305
	4,274	4,167	4,803	6,006	6,661	6,565	6,689	7,620	6,907
Total assets	7,045	6,998	7,723	8,913	9,575	9,491	9,598	10,402	9,347

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	64.4%	23.2%	19.2%	22.9%	15.4%	6.3%	6.2%	15.8%
EBITDA margin %	-6%	7.3%	2.2%	5.8%	-11%	-25.3%	-1.7%	2%
EBIT margin %	-8.2%	5.2%	0.4%	3.2%	-14.6%	-29.5%	-3.6%	-0.6%
PAT margin %	5.6%	7.3%	0.4%	6.4%	-25.8%	-45%	-5.9%	13.4%
Working capital
Receivable days	582	489	394	535	635	705	403	486
Inventory days	91	40	37	49	77	69	25	41
Payable days	1,109	504	360	430	425	480	352	574
NWC days	-436	26	71	155	287	293	76	-47
Leverage
Current ratio	—	0.92	0.94	1.01	0.97	0.89	0.88	0.9
Debt to EBITDA	—	8.12	28.56	14.84	—	—	—	17.54
Debt to equity	0.46	0.51	0.6	0.62	0.79	1.01	0.91	0.4
Interest coverage	1.9	2.1	1.1	1.6	-0.7	-1.4	-0.2	0.2
Asset turnover	0.24	0.27	0.27	0.19	0.15	0.13	0.35	0.23
Return ratios
Return on assets %	1.3%	2%	0.1%	1.3%	-3.8%	-5.9%	-2.1%	3.1%
Return on capital employed %	—	10.2%	5.9%	10.2%	-4.9%	-12.9%	-2.1%	2%
Return on equity %	3.4%	6.4%	0.4%	4.6%	-15.2%	-31.9%	-13.2%	15.4%

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
	90.28%	90.28%	90%	90%	90%	90%	90%	90.02%	90.02%	90.02%	90.02%	90.02%
	0.09%	0.1%	0.11%	0.06%	0.04%	0.07%	0%	0.01%	0.01%	0%	0.01%	0.08%
	0.02%	0.02%	0.03%	0.03%	0.04%	0.04%	0.05%	0.05%	0.05%	0.06%	0.07%	0.07%
	0%	0%	0%	0%	0%	0%	0%	0%	7.88%	7.88%	7.88%	7.88%
	9.61%	9.6%	9.86%	9.91%	9.92%	9.89%	9.95%	9.92%	2.04%	2.04%	2.02%	1.95%
No. of shareholders	—	—	—	—	—	—	—	—	1,78,632	1,66,360	1,62,249	1,51,049

Promoter holding down 0.26 percentage points since Sep 2023.

34 deals · 12 Sept 2023 – 8 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
8 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	51,52,371	₹360.48	₹185.73 Cr
8 Oct 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	51,51,735	₹360.73	₹185.84 Cr
8 Jan 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	62,75,817	₹491.14	₹308.23 Cr
8 Jan 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	62,75,514	₹490.85	₹308.03 Cr
8 Jan 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	60,40,630	₹489.34	₹295.59 Cr
8 Jan 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	49,65,823	₹486.95	₹241.81 Cr
6 Jan 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	56,01,210	₹521.60	₹292.16 Cr
6 Jan 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	56,01,210	₹521.33	₹292.01 Cr
3 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	55,49,892	₹418.11	₹232.05 Cr
3 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	55,49,892	₹417.95	₹231.96 Cr

1–10 of 34

1 / 4

Mr. Rajesh RaiExecutive Director-Chairperson-MD
Shoukath AhmedDeputy General Manager Corporate Public Relations
Mrs. S JeyanthiExecutive Director
Mr. Ramana Babu C VExecutive Director
Mr. Gopinath SahuNon-Executive - Independent Director
Mr. Vivek DograNon-Executive - Nominee Director
Mr. Y SathyanCompany 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

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Fund holders

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

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

0.04%

of the company's equity

All mutual funds

0.06%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 9 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.54 L	4.16	0.12%	0.016%	+1,878
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	78,034	2.11	0.12%	0.008%	+873
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	56,567	1.53	0.12%	0.006%	+513
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	36,696	0.99	0.19%	0.004%	+18
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	34,418	0.93	0.12%	0.004%	+697
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	15,359	0.42	0.01%	0.002%	+526
NIFTY INDIA DIGITAL EXCHANGE TRADED FUND	Tata Mutual Fund	13,884	0.38	0.21%	0.001%	+73
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	11,054	0.3	0.12%	0.001%	-605

1–8 of 24

1 / 3

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Documents

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

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

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

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

10 Aug 2026, 2:59 pmCompany Update

Clarification sought from ITI Ltd

Clarification

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	64.4%	23.2%	19.2%	22.9%	15.4%	6.3%	6.2%	15.8%
EBITDA margin %	-6%	7.3%	2.2%	5.8%	-11%	-25.3%	-1.7%	2%
EBIT margin %	-8.2%	5.2%	0.4%	3.2%	-14.6%	-29.5%	-3.6%	-0.6%
PAT margin %	5.6%	7.3%	0.4%	6.4%	-25.8%	-45%	-5.9%	13.4%
Working capital
Receivable days	582	489	394	535	635	705	403	486
Inventory days	91	40	37	49	77	69	25	41
Payable days	1,109	504	360	430	425	480	352	574
NWC days	-436	26	71	155	287	293	76	-47
Leverage
Current ratio	—	0.92	0.94	1.01	0.97	0.89	0.88	0.9
Debt to EBITDA	—	8.12	28.56	14.84	—	—	—	17.54
Debt to equity	0.46	0.51	0.6	0.62	0.79	1.01	0.91	0.4
Interest coverage	1.9	2.1	1.1	1.6	-0.7	-1.4	-0.2	0.2
Asset turnover	0.24	0.27	0.27	0.19	0.15	0.13	0.35	0.23
Return ratios
Return on assets %	1.3%	2%	0.1%	1.3%	-3.8%	-5.9%	-2.1%	3.1%
Return on capital employed %	—	10.2%	5.9%	10.2%	-4.9%	-12.9%	-2.1%	2%
Return on equity %	3.4%	6.4%	0.4%	4.6%	-15.2%	-31.9%	-13.2%	15.4%

Date	Category	Subject	Filing
10 Aug 2026, 2:59 pm	Company Update Clarification	Clarification sought from ITI Ltd	—
1 Aug 2026, 11:30 am	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
27 Jul 2026, 4:51 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
16 Jul 2026, 12:20 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
8 Jul 2026, 4:11 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF
3 Jul 2026, 5:32 pm	Company Update General	Execution And Registration Of Sale Deed For 21 Acres Of Land	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-347	-113	24	-199	95	-432	-294	974	-135	-54
	-75	-93	-126	-73	-303	178	46	-556	651	842
	468	364	-19	285	196	241	241	-322	-485	-913
Net cash flow	—	158	-121	13	-12	-12	-6	96	30	-124
Free cash flow	—	—	—	—	65	-492	-294	974	-151	-58
CFO / Operating profit %	—	-138.3%	—	-132.7%	185.5%	-397.5%	—	—	—	-122.7%

Iti Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

1

Announcements

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Iti Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1