Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹28,787Cr
Rev Gr TTM
Revenue Growth TTM
-17.98%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ITI
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -32.1 | -5.6 | 24.8 | 1.0 | -22.4 | 231.1 | 312.3 | 299.7 | 73.9 | -4.2 | -46.5 | -50.3 |
| 781 | 206 | 299 | 302 | 775 | 533 | 1,025 | 1,045 | 1,074 | 505 | 545 | 489 |
Operating Profit Operating ProfitCr |
| -0.8 | -31.2 | -21.4 | -16.8 | -28.9 | -2.4 | -0.8 | -1.0 | -2.7 | -1.5 | -0.2 | 4.9 |
Other Income Other IncomeCr | 11 | 13 | 9 | 13 | 9 | -12 | 14 | 38 | 98 | 9 | 13 | 8 |
Interest Expense Interest ExpenseCr | 63 | 55 | 69 | 57 | 60 | 53 | 62 | 64 | 45 | 51 | 53 | 48 |
Depreciation DepreciationCr | 13 | 12 | 13 | 14 | 14 | 14 | 14 | 13 | 29 | 15 | 13 | 11 |
| -72 | -103 | -126 | -101 | -239 | -91 | -70 | -49 | -4 | -64 | -54 | -25 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | -120.2 | -3.1 | -25.3 | -15.6 | -231.7 | 11.2 | 44.2 | 51.7 | 98.2 | 30.3 | 22.7 | 48.2 |
| -9.3 | -65.5 | -51.1 | -39.1 | -39.7 | -17.6 | -6.9 | -4.7 | -0.4 | -12.8 | -10.0 | -4.9 |
| -0.8 | -1.1 | -1.3 | -1.1 | -2.5 | -0.9 | -0.7 | -0.5 | -0.1 | -0.7 | -0.6 | -0.3 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -3.5 | 13.1 | 23.4 | 14.7 | -21.2 | -25.0 | -9.4 | 186.2 | -28.1 |
| 1,633 | 1,394 | 1,769 | 1,913 | 2,311 | 1,752 | 1,549 | 1,583 | 3,676 | 2,613 |
Operating Profit Operating ProfitCr |
| -6.8 | 5.5 | -6.0 | 7.1 | 2.2 | 5.8 | -11.0 | -25.3 | -1.7 | -0.4 |
Other Income Other IncomeCr | 541 | 327 | 336 | 182 | 160 | 253 | 53 | 45 | 139 | 128 |
Interest Expense Interest ExpenseCr | 153 | 153 | 106 | 141 | 160 | 192 | 210 | 241 | 224 | 197 |
Depreciation DepreciationCr | 17 | 25 | 37 | 42 | 42 | 51 | 50 | 53 | 69 | 68 |
| 266 | 231 | 93 | 146 | 9 | 119 | -360 | -569 | -215 | -148 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
| | -13.4 | -59.9 | 57.5 | -93.5 | 1,152.5 | -403.1 | -58.1 | 62.2 | 31.3 |
| 17.4 | 15.6 | 5.5 | 7.1 | 0.4 | 6.4 | -25.8 | -45.0 | -5.9 | -5.7 |
| 6.8 | 3.2 | 0.8 | 1.6 | 0.1 | 1.3 | -3.8 | -5.9 | -2.2 | -1.5 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 560 | 760 | 897 | 925 | 934 | 934 | 950 | 961 | 961 | 961 |
| 540 | 768 | 881 | 1,395 | 1,511 | 1,603 | 1,318 | 823 | 605 | 544 |
Current Liabilities Current LiabilitiesCr | 3,958 | 4,874 | 4,595 | 4,898 | 5,995 | 6,340 | 6,590 | 7,426 | 8,498 | 8,755 |
Non Current Liabilities Non Current LiabilitiesCr | 496 | 505 | 570 | 502 | 474 | 627 | 527 | 387 | 280 | 170 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 2,904 | 4,232 | 4,098 | 4,442 | 5,653 | 6,425 | 6,369 | 6,531 | 7,437 | 7,521 |
Non Current Assets Non Current AssetsCr | 2,649 | 2,813 | 2,901 | 3,279 | 3,260 | 3,150 | 3,123 | 3,066 | 2,965 | 2,908 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -347 | -113 | 24 | -199 | 94 | -437 | -294 | 974 | -135 |
Investing Cash Flow Investing Cash FlowCr | -75 | -93 | -126 | -73 | -304 | 178 | 46 | -543 | 651 |
Financing Cash Flow Financing Cash FlowCr | 468 | 364 | -19 | 285 | 198 | 247 | 241 | -322 | -485 |
|
Free Cash Flow Free Cash FlowCr | -347 | -20 | -104 | -261 | 91 | -494 | -277 | 937 | 63 |
| -130.4 | -48.8 | 25.8 | -136.3 | 992.6 | -368.5 | 81.6 | -171.2 | 63.0 |
CFO To EBITDA CFO To EBITDA% | 332.1 | -138.3 | -23.8 | -135.9 | 183.5 | -402.3 | 191.2 | -304.7 | 225.9 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 3,979 | 8,596 | 8,584 | 5,791 | 10,745 | 9,027 | 8,553 | 24,301 | 23,844 |
Price To Earnings Price To Earnings | 14.9 | 37.3 | 92.9 | 39.6 | 1,151.0 | 76.1 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 2.6 | 5.8 | 5.2 | 2.8 | 4.5 | 4.8 | 6.1 | 19.2 | 6.6 |
Price To Book Price To Book | -3.2 | -10.6 | -15.4 | -173.9 | 4.4 | 3.6 | 3.8 | 13.6 | 15.2 |
| -47.7 | 116.7 | -96.0 | 46.3 | 227.5 | 95.0 | -66.5 | -79.1 | -415.9 |
Profitability Ratios Profitability Ratios |
| 61.6 | 62.2 | 64.4 | 77.3 | 81.5 | 61.2 | 71.0 | 64.5 | 32.9 |
| -6.8 | 5.5 | -6.0 | 7.1 | 2.2 | 5.8 | -11.0 | -25.3 | -1.7 |
| 17.4 | 15.6 | 5.5 | 7.1 | 0.4 | 6.4 | -25.8 | -45.0 | -5.9 |
| 18.4 | 13.9 | 6.5 | 8.1 | 4.3 | 7.5 | -3.6 | -9.2 | 0.3 |
| 24.2 | 15.1 | 5.2 | 6.3 | 0.4 | 4.7 | -15.9 | -31.9 | -13.7 |
| 4.8 | 3.3 | 1.3 | 1.9 | 0.1 | 1.2 | -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