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ITI Ltd

ITI
NSE
298.88
1.28%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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ITI Ltd

ITI
NSE
298.88
1.28%
30 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
28,787Cr
Close
Close Price
298.88
Industry
Industry
Telecom Services
PE
Price To Earnings
PS
Price To Sales
11.06
Revenue
Revenue
2,602Cr
Rev Gr TTM
Revenue Growth TTM
-17.98%
PAT Gr TTM
PAT Growth TTM
-67.13%
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ITI
VS

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
7751572462596015201,0161,0351,046498543515
Growth YoY
Revenue Growth YoY%
-32.1-5.624.81.0-22.4231.1312.3299.773.9-4.2-46.5-50.3
Expenses
ExpensesCr
7812062993027755331,0251,0451,074505545489
Operating Profit
Operating ProfitCr
-6-49-53-43-174-13-9-11-28-7-125
OPM
OPM%
-0.8-31.2-21.4-16.8-28.9-2.4-0.8-1.0-2.7-1.5-0.24.9
Other Income
Other IncomeCr
11139139-121438989138
Interest Expense
Interest ExpenseCr
635569576053626445515348
Depreciation
DepreciationCr
131213141414141329151311
PBT
PBTCr
-72-103-126-101-239-91-70-49-4-64-54-25
Tax
TaxCr
000000000000
PAT
PATCr
-72-103-126-101-239-91-70-49-4-64-54-25
Growth YoY
PAT Growth YoY%
-120.2-3.1-25.3-15.6-231.711.244.251.798.230.322.748.2
NPM
NPM%
-9.3-65.5-51.1-39.1-39.7-17.6-6.9-4.7-0.4-12.8-10.0-4.9
EPS
EPS
-0.8-1.1-1.3-1.1-2.5-0.9-0.7-0.5-0.1-0.7-0.6-0.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
1,5281,4751,6682,0592,3621,8611,3951,2643,6162,602
Growth
Revenue Growth%
-3.513.123.414.7-21.2-25.0-9.4186.2-28.1
Expenses
ExpensesCr
1,6331,3941,7691,9132,3111,7521,5491,5833,6762,613
Operating Profit
Operating ProfitCr
-10581-10014651109-154-320-60-11
OPM
OPM%
-6.85.5-6.07.12.25.8-11.0-25.3-1.7-0.4
Other Income
Other IncomeCr
5413273361821602535345139128
Interest Expense
Interest ExpenseCr
153153106141160192210241224197
Depreciation
DepreciationCr
17253742425150536968
PBT
PBTCr
266231931469119-360-569-215-148
Tax
TaxCr
0000000000
PAT
PATCr
266231931469119-360-569-215-148
Growth
PAT Growth%
-13.4-59.957.5-93.51,152.5-403.1-58.162.231.3
NPM
NPM%
17.415.65.57.10.46.4-25.8-45.0-5.9-5.7
EPS
EPS
6.83.20.81.60.11.3-3.8-5.9-2.2-1.5

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
560760897925934934950961961961
Reserves
ReservesCr
5407688811,3951,5111,6031,318823605544
Current Liabilities
Current LiabilitiesCr
3,9584,8744,5954,8985,9956,3406,5907,4268,4988,755
Non Current Liabilities
Non Current LiabilitiesCr
496505570502474627527387280170
Total Liabilities
Total LiabilitiesCr
5,5537,0456,9987,7218,9139,5759,4919,59710,40210,429
Current Assets
Current AssetsCr
2,9044,2324,0984,4425,6536,4256,3696,5317,4377,521
Non Current Assets
Non Current AssetsCr
2,6492,8132,9013,2793,2603,1503,1233,0662,9652,908
Total Assets
Total AssetsCr
5,5537,0456,9987,7218,9139,5759,4919,59710,40210,429

Cash Flow

Consolidated
Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
-347-11324-19994-437-294974-135
Investing Cash Flow
Investing Cash FlowCr
-75-93-126-73-30417846-543651
Financing Cash Flow
Financing Cash FlowCr
468364-19285198247241-322-485
Net Cash Flow
Net Cash FlowCr
45158-12113-12-12-610930
Free Cash Flow
Free Cash FlowCr
-347-20-104-26191-494-27793763
CFO To PAT
CFO To PAT%
-130.4-48.825.8-136.3992.6-368.581.6-171.263.0
CFO To EBITDA
CFO To EBITDA%
332.1-138.3-23.8-135.9183.5-402.3191.2-304.7225.9

Ratios

Consolidated
Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
3,9798,5968,5845,79110,7459,0278,55324,30123,844
Price To Earnings
Price To Earnings
14.937.392.939.61,151.076.10.00.00.0
Price To Sales
Price To Sales
2.65.85.22.84.54.86.119.26.6
Price To Book
Price To Book
-3.2-10.6-15.4-173.94.43.63.813.615.2
EV To EBITDA
EV To EBITDA
-47.7116.7-96.046.3227.595.0-66.5-79.1-415.9
Profitability Ratios
Profitability Ratios
GPM
GPM%
61.662.264.477.381.561.271.064.532.9
OPM
OPM%
-6.85.5-6.07.12.25.8-11.0-25.3-1.7
NPM
NPM%
17.415.65.57.10.46.4-25.8-45.0-5.9
ROCE
ROCE%
18.413.96.58.14.37.5-3.6-9.20.3
ROE
ROE%
24.215.15.26.30.44.7-15.9-31.9-13.7
ROA
ROA%
4.83.31.31.90.11.2-3.8-5.9-2.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** ITI Limited, established in 1948, is India’s first public sector undertaking (PSU) in telecommunications and a multi-unit Central Public Sector Enterprise under the Department of Telecommunications (DoT), Government of India. With over seven decades of experience, ITI has contributed to approximately **50% of India’s national telecom network infrastructure** and continues to serve as a strategic partner in national defense, digital transformation, and indigenous manufacturing. The company operates **six state-of-the-art manufacturing facilities** across Bengaluru, Palakkad (Kerala), Rae Bareli, Mankapur, Naini (Uttar Pradesh), and Srinagar (Jammu & Kashmir), supported by an in-house R&D center in Bengaluru and a nationwide network of eight **Marketing, Sales & Project (MSP)** regional offices with numerous area offices. --- ### **Core Business Segments and Capabilities** #### **1. Telecom & Network Solutions** ITI offers a full portfolio of telecom products: - **Switching, transmission, and access/subscriber premises equipment** - **4G/5G Radio Access Network (RAN)** systems developed using **C-DOT technology** (Bands 1, 3, 8, 28, 41) - **GPON, Optical Fiber Cable (OFC), HDPE ducts, Wi-Fi access points**, and **SD-WAN solutions** - **Indigenous 4G RAN** equipment deployed in BSNL sites for proof of concept; preparing for **international exports** - Plans to enter the **SD-WAN market** through a partnership with a technology provider (₹5 crore investment for infrastructure) ITI has executed major telecom projects, including: - **BSNL 4G mobile network** for 23,633 sites in the West Zone - **BharatNet projects** in Andaman & Nicobar Islands and Tamil Nadu (TanfiNet) - **Aadhaar-based FTTH rollout** for Airtel across eight telecom circles #### **2. Defense & Secure Communications** ITI is a trusted provider of strategic telecom and encryption systems for defense and government agencies: - **Network for Spectrum (NFS):** Nationwide OFC network (57,015 km), connecting 414 defense sites for resilient secure communication - **Army Static Switched Communication Network (ASCON):** Successfully completed Phases I–III; executing **Phase IV (₹7,796 crore contract)**, the largest in ITI's history - Designs and manufactures **IP Encryptors, Multi-Channel Encryption Units (MCEU), TESD, E-BEU**, and **Ananda BEU MKII** - Developing proprietary cryptographic algorithms under **CPC approval** - Supplies encryption products to **Army, Assam Rifles, ITBP, NSG, MHA**, and defense forces - Recently received **₹3.28 crore order from ITBP** for 91 IP Encryptor systems #### **3. Indigenous Product Development & R&D** The Bengaluru-based R&D center drives innovation in secure and strategic domains: - Developed **Electronic Voting Machines (EVMs)** and **E1 BEU** for Eastern Command (SAG certified) - Under development: **E-TESD, E-Flexi, E-BEU, Software Defined Radio (SDR), IRNSS receivers**, and **High-Capacity Radio Relay** - **Digital Mobile Radio (DMR)** system developed with time-division multiplexing for improved spectrum efficiency; demonstrated to **Indian Railways, MHA, and defense** - R&D also focuses on **secure communication equipment**, **power modules**, and **network design** for defense and government networks #### **4. Data Center & Cybersecurity Services** ITI operates a **Tier-3 compliant, 125,000 sq. ft. Data Centre** in Bengaluru: - Houses up to **937 racks**, supports **multi-density power** (3–14 KVA/rack), carrier-neutral, redundant power, and 24/7 operations - Offers **colocation, managed IT services, cloud (IaaS, PaaS, SaaS), backup, email**, and **SOC-as-a-Service** - Hosts a **Security Operations Center (SoC)** providing 24/7 cyber threat monitoring, detection, and response - Empanelled with MeitY; serves **government agencies, banks, PSUs**, and institutions Expansion plans: - Establishing a **new SoC platform** to serve MSMEs and private clients - Developing **5G Test Lab** (₹5 crore capex) to demonstrate private 5G use cases (IoT, AR/VR, drones, robotics) #### **5. Renewable Energy & Smart Infrastructure** - Plans to set up a **500 MW mono-crystalline solar module manufacturing facility** at Naini (investment: ₹80 crore in FY2024–25) - Already operates an **18 MW solar module line**; has supplied panels for **BharatNet, MahaNet**, and Patanjali - Won a **₹300 crore BREDA order** for 100,000 solar street lights in Bihar; secured a **₹90 crore repeat order** - Mankapur plant diversified into **water pipes, vending machines, sanitizer dispensers**, and **3D printing** #### **6. E-Governance & Digital Services** ITI is actively supporting digital India through: - **Aaple Sarkar Seva Kendra (ASSK-GP)** in Maharashtra: delivering e-governance services via Gram Panchayats - **TanfiNet Project (Tamil Nadu):** ₹458.24 crore turnkey broadband rollout (1,924 km underground + 12,703 km aerial OFC), connecting 3,103 GPs (2,596 completed). As of Mar 2025, 799 GPs certified, 7 declared Go-Live - **CCTV and GIS-based Land Intelligence Systems** in Odisha and Chhattisgarh (₹88 crore) - **ITI e-Seva:** CSC platform offering 40+ citizen services; supports 500+ entrepreneurs in Karnataka and UP - **Wi-Fi/LAN deployment** at Sambalpur University (₹35 crore contract) #### **7. Smart Devices & Green Computing** - Launched **SMAASH-branded laptops and Mini PCs** in collaboration with **Intel** - Products are **BIS, CE, FCC, RoHS, Energy Star certified** - Features: **energy efficiency, solar/grid hybrid Smart Power Station, compact form factor** - Won tenders from **KITE (Kerala), DSERT (Karnataka), NIC, ISRO, universities, and healthcare institutions** - Competes successfully against global brands like **Dell, HP, Lenovo, Acer** --- ### **Strategic Growth Initiatives (2024–2025 & Beyond)** | **Initiative** | **Key Details** | |----------------|-----------------| | **International Expansion** | Targeting **Southeast Asia, Middle East, Africa**; plans to open marketing offices and collaborate with Indian firms and local partners | | **Business Model Shift** | Transitioning to **higher-margin models**: OPEX, **service-based**, and **Government-Owned, Company-Operated (GOCO)** frameworks | | **System Integration (SI)** | Positioning as a **full-stack system integrator** for turnkey projects in defense, broadband, and smart cities | | **5G & Future Tech** | Collaborations with **Lekha Wireless, Niral Networks, InstaICT**, and **Tech Mahindra**; MoUs with **C-DOT** for 4G/5G TOT; setting up private 5G at Bangalore plant | | **Start-up & Academic Partnerships** | Collaborating with **IITs (Delhi, Hyderabad, Palakkad), MNNIT, IIIT Allahabad**; incubating startups via **Startup Hub**; joint R&D on 5G, IoT, AI, robotics | | **Smart City & AMI Solutions** | Developing **smart energy meters** with IITs; targeting DISCOMs and EESL; offering **smart cards, smart lighting, e-marketplaces, and geo-fencing solutions** | --- ### **Recent Contracts & Orders (FY2024–25)** | **Project/Client** | **Value (₹ Crore)** | **Scope** | |--------------------|---------------------|----------| | **BSNL RAN Manufacturing** | 1,142 | 4G RAN equipment for nationwide deployment | | **ITBP IP Encryptors** | 3.28 | 91 units of secure communication devices | | **Aksentt HDPE Duct Supply** | 3.51 | 540 km of ducts | | **IB MHA Communication Equipment** | 3.11 | Secure infrastructure supply | | **BREDA Solar Street Lights (Repeat Order)** | 90 | 100,000 additional units | | **Sambalpur University Wi-Fi/LAN** | 35 | Campus-wide network with 3-year maintenance | | **Odisha & Chhattisgarh Surveillance Systems** | 88 | CCTV & GIS-based land intelligence | | **TanfiNet Project (invoiced CAPEX)** | 250 | OFC laying, trenching, infrastructure (as of Mar 2025) | --- ### **Financial & Project Highlights** - **Order Book (as of Mar 31, 2025):** ₹**16,180 crore**, including advanced purchase orders - **FY2024–25 MSP Revenue:** ₹**914 crore** from projects in **Solid Waste Management, Aadhaar, Smart IT, solar power, and IAF 4G upgrade** - **IAF Hyper-Converged Infrastructure Project:** ₹**269.41 crore**, completed and live since Oct 2023 - **4G RAN Manufacturing Growth:** Augmenting indigenous capacity; PoC trials underway in railways and defense - **Revenue Shift:** Sales in **defense surged from ₹42.58 lakh (2021) to ₹2,294.47 crore (2022)**; **OFC sales grew from ₹146 crore to ₹969 crore**, and **solar sales rose from ₹10.51 crore to ₹125.43 crore** (2022) --- ### **Challenges & Strategic Responses** | **Challenge** | **Mitigation Strategy** | |--------------|--------------------------| | Dependence on C-DOT and external partners | Strengthening **in-house R&D**, pursuing **ToT**, and building **IP through partnerships** | | Low plant utilization due to low telecom order volumes | Diversifying into **defense, solar, e-governance, smart cities**, and **private-sector contracts** | | Long procurement cycles and slow time-to-market | Restructuring **MSP organization**, enhancing **supply chain agility** | Competition from global MNCs | Leveraging **PSU status**, **cost efficiency**, and **indigenous branding (SMAASH, SatPAY)** to win government tenders