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ITI - ITI

📊 NSE: ITI 🏢 Telecommunications - Equipment 📅 Last Updated: 12/14/2025 8:28

📢 Recent Corporate Announcements

ITI Limited Announces Management Change: CMD Rajesh Rai to Take Additional Charge as Director (HR)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Feb 2026, 05:54 PM

ITI Limited has announced that Smt. S Jeyanthi will cease to hold the additional charge of Director (HR) effective February 28, 2026. In her place, the current Chairman & Managing Director (CMD), Shri Rajesh Rai, has been entrusted with the additional charge of Director (HR). This appointment was approved by the Appointments Committee of the Cabinet (ACC) for a initial period of three months starting February 28, 2026. This is a routine administrative change within the PSU framework following orders from the Ministry of Communications.

Smt. S Jeyanthi ceases to hold the additional charge of Director (HR) effective February 28, 2026.
CMD Shri Rajesh Rai appointed as Director (HR) with additional charge for a period of 3 months.
The change is based on Ministry of Communications Order No. E-14-4/2021-PSA dated February 18, 2026.
Shri Rajesh Rai will not be entitled to any additional remuneration for holding this additional charge.

💡 This is a routine management shuffle in a Public Sector Undertaking and has no immediate impact on the company's financial health. Investors should remain focused on the company's execution of its order book and revenue growth.

ITI Limited Management Change: CMD Rajesh Rai Takes Additional Charge as Director (HR)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Feb 2026, 05:15 PM

ITI Limited has announced that Smt S Jeyanthi will cease to hold the additional charge of Director (HR) effective February 28, 2026, though she remains Director (Production). The Ministry of Communications has appointed the current CMD, Shri Rajesh Rai, to take over the additional charge of Director (HR) for a period of three months. This transition is a routine administrative adjustment within the PSU framework and involves no additional remuneration for the CMD. The change follows an order from the Appointments Committee of the Cabinet (ACC) dated February 12, 2026.

Smt S Jeyanthi to step down from additional charge as Director (HR) on February 28, 2026.
CMD Shri Rajesh Rai appointed to hold additional charge of Director (HR) for 3 months.
Appointment made as per Ministry of Communications Order No. E-14-4/2021-PSA.
No additional remuneration will be provided to the CMD for this additional responsibility.
Smt S Jeyanthi continues her primary role as Director (Production) of the company.

💡 This is a routine administrative change in a public sector undertaking and has no material impact on the company's financials. Investors should focus on the company's order execution and quarterly earnings performance.

ITI Limited CMD Rajesh Rai Given Additional Charge as Director (HR) for 3 Months

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Feb 2026, 05:11 PM

ITI Limited has announced that its current Chairman & Managing Director (CMD), Shri Rajesh Rai, has been entrusted with the additional charge of Director (HR). This appointment, approved by the Appointments Committee of the Cabinet, is effective from February 28, 2026, for a period of three months or until further orders. The move ensures continuity in leadership for the HR department while the government identifies a permanent appointee. Importantly, the CMD will not receive any additional remuneration for holding this extra portfolio.

CMD Shri Rajesh Rai assigned additional charge as Director (HR) effective February 28, 2026
The temporary appointment is for a duration of 3 months or until further government orders
Approval received from the Appointments Committee of the Cabinet (ACC) and Ministry of Communications
No additional remuneration will be paid to the CMD for this additional responsibility

💡 This is a routine administrative update for a PSU and should not impact the stock price. Investors should focus on the company's order book execution and quarterly financial performance instead.

ITI Ltd Q3 FY26: Net Loss Narrows to ₹25.33 Cr Despite 50% YoY Revenue Decline

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 03:56 PM

ITI Limited reported a sharp 50.2% year-on-year decline in revenue from operations, falling to ₹514.65 crore for the quarter ended December 31, 2025. Despite the revenue slump, the company managed to narrow its net loss to ₹25.33 crore from a loss of ₹48.88 crore in the previous year's quarter. The company continues to operate under a government-backed revival plan and maintains a substantial order book of approximately ₹18,546 crore. However, the statutory auditors have issued a disclaimer of conclusion, indicating significant concerns regarding the financial statements.

Revenue from operations crashed 50.2% YoY to ₹514.65 crore from ₹1,034.54 crore.
Net loss for Q3 FY26 narrowed to ₹25.33 crore compared to a loss of ₹48.88 crore in Q3 FY25.
Total order book stands at a robust ₹18,546 crore, including the ₹8,280 crore ASCON Phase IV project.
The ASCON Phase IV project timeline has been revised and extended to December 2026.
Statutory auditors issued a 'Disclaimer of Conclusion' on the financial results, and the board remains non-compliant with SEBI's independent director requirements.

💡 Investors should exercise extreme caution as the significant revenue drop and auditor's disclaimer of conclusion signal high operational and reporting risks. While the large order book provides long-term visibility, the company's persistent losses and execution delays make it a high-risk investment.

ITI Limited Appoints Dr. Prasad Barre as Chief Financial Officer

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Feb 2026, 03:53 PM

ITI Limited has appointed Dr. Prasad Barre as the new Chief Financial Officer and Key Managerial Personnel, effective February 13, 2026. He replaces Shri Rajeev Srivastava in this critical leadership role. Dr. Barre brings over 30 years of professional experience from prominent organizations such as Hindustan Aeronautics Limited (HAL) and National Housing Bank (NHB). His expertise in stressed asset management and corporate credit is expected to strengthen the company's financial oversight.

Dr. Prasad Barre appointed as CFO and Key Managerial Personnel effective February 13, 2026
The new CFO replaces Shri Rajeev Srivastava following a Board Meeting decision
Dr. Barre possesses over 30 years of experience across PSUs and financial institutions
Expertise includes Corporate Credit, Stressed Asset Management, and Project Appraisal
Educational background includes an MBA, Doctorate in Management, and certifications in IFRS and SAP

💡 Investors should monitor if the new CFO's extensive experience in asset management leads to improved financial discipline and balance sheet health. This is a routine management transition and does not require immediate portfolio changes.

ITI Limited Assigned IVR BBB-/Stable Rating for Rs 4,221.39 Crore Bank Facilities

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 05 Feb 2026, 01:01 PM

Infomerics Valuation and Ratings Ltd. has assigned credit ratings to ITI Limited's bank facilities totaling Rs 4,221.39 Crore. The long-term facilities of Rs 1,450.00 Crore received an 'IVR BBB-/Stable' rating, while short-term facilities of Rs 2,771.39 Crore were assigned 'IVR A3'. The rating process utilized a consolidated financial approach, including the profile of India Satcom Limited. These ratings indicate a moderate degree of safety regarding the company's financial obligations.

Long-term rating of IVR BBB-/Stable assigned to facilities worth Rs 1,450.00 Crore
Short-term rating of IVR A3 assigned to facilities worth Rs 2,771.39 Crore
Total bank facilities rated amount to Rs 4,221.39 Crore across major lenders like SBI and Bank of Baroda
Rating assessment includes the consolidated financials of ITI and India Satcom Limited (49.06% stake)
The ratings are valid for one year until February 1, 2027

💡 Investors should note that while the rating is investment grade, BBB- is at the lower end of the spectrum, reflecting moderate credit risk. Monitor the company's execution of government projects and its impact on working capital management.

ITI Ltd Receives Rs 16 Cr EMD for Sale of 21-Acre Bengaluru Land Valued at Rs 800 Cr

🟢 POSITIVE ⭐ 7/10

OTHER 📅 29 Jan 2026, 03:30 PM

ITI Limited has received an Earnest Money Deposit (EMD) of Rs 16 crore from the Central Goods and Services Tax (CGST) Department for the sale of a 21-acre land parcel in K.R. Puram, Bengaluru. This deposit represents 2% of the indicative land value, which is currently estimated at Rs 800 crore. The final valuation will be determined by the National Land Management Corporation (NLMC) before the transaction is finalized. The proceeds from this asset monetization are expected to be realized during the 2025-26 financial year, providing a significant liquidity boost to the company.

Received Rs 16 crore as Earnest Money Deposit (EMD) from the CGST Department on January 28, 2026.
The transaction involves a 21-acre land parcel located at K.R. Puram, Bengaluru.
The indicative value of the land is estimated at Rs 800 crore, subject to final NLMC valuation.
The EMD amount will be adjusted against the final transaction value upon completion.
The procurement process is being conducted under DPE/NLMC norms for the FY 2025-26.

💡 Investors should view this as a positive asset monetization move that could significantly strengthen the company's balance sheet. Monitor for the final valuation from NLMC as it will determine the actual cash inflow from this deal.

ITI Limited Reports Share Capital Reconciliation for Quarter Ended December 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 01:14 PM

ITI Limited has submitted its quarterly Reconciliation of Share Capital Audit Report for the period ending December 31, 2025. The company reports a total issued capital of 96.28 crore shares, with 99.80% of these shares currently listed on the BSE and NSE. A small discrepancy of 19.65 lakh shares exists between issued and listed capital due to a pending corporate action for allotment initiated in July 2025. The report confirms that 99.94% of the shares are held in dematerialized form, ensuring high transparency for shareholders.

Total issued capital stands at 96,28,51,967 shares as of December 31, 2025
99.94% of total shares are held in demat form, with 98.71% in NSDL and 1.23% in CDSL
Corporate action for the allotment of 19,65,029 shares from July 30, 2025, is still in progress
Zero demat requests were reported as pending beyond the 21-day regulatory limit

💡 This is a routine regulatory filing with no direct impact on stock valuation. Investors should simply note the high level of dematerialization and the pending allotment of 19.65 lakh shares.

ITI Limited Submits SEBI Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jan 2026, 05:22 PM

ITI Limited has filed the confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and nine months ended December 31, 2025. The certificate, issued by its Registrar and Transfer Agent, confirms that share certificates received for dematerialization were processed and listed on stock exchanges. It further validates that physical certificates were mutilated and cancelled after verification, with depository names updated in the register within 15 days. This is a standard procedural filing to ensure regulatory compliance regarding shareholding records.

Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 confirmed.
Covers the reporting period for the quarter and nine months ended December 31, 2025.
Registrar confirms that dematerialized securities are listed on the stock exchanges where earlier securities were listed.
Physical certificates were mutilated and cancelled within the mandated 15-day period after due verification.

💡 No action is required from investors as this is a routine administrative filing confirming the company's adherence to SEBI's dematerialization protocols.

ITI Limited Clarifies Stance on Recent Trading Volume Spurt

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Jan 2026, 10:37 AM

ITI Limited has responded to a surveillance query from the National Stock Exchange regarding a significant increase in trading volume observed in its scrip. In a filing dated January 14, 2026, the company stated that it has consistently complied with SEBI (LODR) Regulations and has disclosed all material events. The management confirmed there is no pending undisclosed information that could impact price or volume behavior. Consequently, the company attributes the recent trading activity purely to market conditions rather than internal corporate developments.

NSE issued a surveillance query (Ref: NSE/CM/Surveillance/16339) on January 13, 2026, regarding volume movement.
ITI Limited submitted its formal response on January 14, 2026, denying any undisclosed price-sensitive information.
The company reaffirmed its adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Management stated that price and volume fluctuations are driven by market conditions and are outside the company's responsibility.

💡 Investors should view this as a routine regulatory clarification and avoid making decisions based solely on the recent volume spurt. Focus should remain on the company's fundamental performance and upcoming quarterly results.

ITI Limited Announces Superannuation of Government Director Lt Gen Kanwar Vinod Kumar

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Jan 2026, 01:22 PM

ITI Limited has announced that Lt Gen Kanwar Vinod Kumar, a Government Director (DIN: 10366028), ceased to be on the company's board effective December 31, 2025. The departure is due to his superannuation, which is a standard retirement process for government-appointed officials. This change in the directorate was officially communicated to the stock exchanges on January 6, 2026. As a Public Sector Undertaking, such transitions in government-nominated positions are routine and expected.

Lt Gen Kanwar Vinod Kumar ceased to be a Government Director effective December 31, 2025.
The cessation of directorship is due to superannuation (retirement) from service.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The company is a major Indian PSU in the telecommunications technology sector.

💡 No action is required as this is a routine administrative retirement of a government-nominated director. Investors should remain focused on the company's project execution and financial performance.

ITI Limited Announces Trading Window Closure Starting January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Dec 2025, 06:47 PM

ITI Limited has notified the stock exchanges regarding the closure of its trading window for designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming financial results. The closure pertains to the un-audited financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the results are officially declared to the public.

Trading window closure effective from Thursday, January 1, 2026.
Closure relates to the declaration of Un-Audited Financial Results for the quarter and nine months ended December 31, 2025.
Restriction applies to all Designated Persons and their immediate relatives as per the company's internal Code of Conduct.
The window will reopen 48 hours after the financial results are announced to the stock exchanges.

💡 No action is required as this is a routine regulatory compliance filing. Investors should wait for the announcement of the Q3 FY2025-26 financial results to assess the company's performance.

ITI Limited Secures Rs 72.76 Crore Ice-Hockey Rink Project in Himachal Pradesh

🟢 POSITIVE ⭐ 6/10

OTHER 📅 30 Dec 2025, 03:34 PM

ITI Limited has received a work order worth Rs 72.76 Crores from the Office of the Deputy Commissioner, Lahaul & Spiti, for the construction of an Ice-Hockey Rink in Kaza, Himachal Pradesh. The project includes the development of a full-fledged rink at an altitude of 12,000 feet, equipped with a 500-kW solar power backup system and CCTV surveillance. This contract highlights ITI's diversification into specialized infrastructure projects beyond its core telecom manufacturing. The company is also currently executing the Bharatnet Phase-III project in the state, involving over 20,000 kms of cable laying.

Awarded a Rs 72.76 Crore project for an Ice-Hockey Rink facility in Kaza, Himachal Pradesh.
Project includes a 500-kW solar power backup system and integrated CCTV and lighting infrastructure.
Facility to be constructed at a high-altitude location of approximately 12,000 feet.
ITI is concurrently laying 20,115 kms of cable in Himachal Pradesh for the Bharatnet Phase-III project.

💡 Investors should view this as a positive diversification of ITI's order book into civil and specialized infrastructure. Monitor the company's execution efficiency in high-altitude regions and its impact on overall operating margins.

ITI Clarifies News on ₹3,473 Crore Bengaluru Land Monetization Plan

🔵 WATCH ⭐ 8/10

REGULATORY 📅 22 Dec 2025, 12:55 PM

The Stock Exchange has sought clarification from ITI Limited regarding media reports suggesting a ₹3,473 crore monetization of a 91-acre land parcel in Bengaluru. The reported plan aims to utilize these proceeds to clear the company's outstanding dues and bank loans. This regulatory move follows a sharp focus on the company's asset-light strategy and debt reduction efforts. Investors are closely watching for the company's formal confirmation of the deal's valuation and execution timeline.

Exchange seeks verification of reports regarding a ₹3,473 crore land monetization.
The proposal involves a significant 91-acre land parcel located in Bengaluru.
Proceeds are intended to be used for debt repayment and clearing operational dues.
The clarification is part of mandatory regulatory compliance following media speculation.

💡 Investors should monitor the company's official response to confirm the accuracy of the ₹3,473 crore figure. If confirmed, this massive deleveraging event could significantly re-rate the stock by improving the balance sheet.

View All ITI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total sales turnover grew by 165.54% YoY, reaching INR 4,323 Cr in FY25 compared to INR 1,628 Cr in FY24. The BSNL 4G project was a primary driver, contributing approximately 50% of the total revenue in FY25.

Geographic Revenue Split

Not explicitly disclosed by percentage, but the company maintains a pan-India presence through 5 manufacturing units (Bengaluru, Naini, Rae Bareli, Mankapur, Palakkad) and 11 MSP centers serving national projects like BharatNet and ASCON.

Profitability Margins

Operating Profit Margin improved from -25.00% in FY24 to -0.78% in FY25. Net Profit Margin improved from -45.03% in FY24 to -6.45% in FY25, driven by higher revenue contribution and better control over fixed overheads.

EBITDA Margin

EBITDA margin remained negative but showed significant recovery from -25% to -0.78% YoY. The company reported a net loss of INR 233.15 Cr for FY25 and a net loss of INR 117.54 Cr for the half-year ended September 30, 2025.

Capital Expenditure

Under the 2014 revival plan, GoI sanctioned a total capital grant of INR 2,264 Cr. As of April 2025, INR 1,191.56 Cr has been received. A further capex support of INR 105 Cr is sanctioned for FY26, with INR 200 Cr projected for FY27.

Credit Rating & Borrowing

Long-term rating upgraded to [ICRA]BB (Stable) from [ICRA]BB- (Stable) in August 2025. Short-term rating reaffirmed at [ICRA]A4. Acuité assigned BB (Stable) and A4+. Interest coverage ratio stood at 1.08 in FY25, down from 2.17 in FY24 due to increased interest costs.

⚙️ Operational Drivers

Raw Materials

Electronic components, mechanical parts, and telecom hardware modules (specific % per material not disclosed, but manufacturing and trading of telecom equipment are the core cost drivers).

Capacity Expansion

Current operations span 5 manufacturing locations and 1 R&D center. Expansion is focused on technology upgrades for 4G/5G equipment and smart meters rather than physical footprint expansion.

Raw Material Costs

Not disclosed as a specific % of revenue, but the company is shifting toward subcontracting and outsourcing with technology partners to drive cost savings.

Manufacturing Efficiency

Inventory turnover ratio improved significantly to 16.26 in FY25 from 6.50 in FY24, indicating more efficient stock management and higher sales velocity.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Execution of a robust INR 19,000 Cr order book as of June 2025, including BharatNet Phase III and ASCON Phase IV. Strategy involves converting INR 2,034.80 Cr of unbilled revenue into billed revenue within 12 months and diversifying into smart energy meters and 4G/5G technology.

Products & Services

4G/5G telecom equipment, smart energy meters, encryption products for Defence, BharatNet networking equipment, and ICT turnkey solutions.

Brand Portfolio

ITI Limited (Public Sector Undertaking).

New Products/Services

Smart energy meters and 4G network equipment for BSNL; expected to significantly contribute to the INR 19,000 Cr order book execution.

Market Expansion

Targeting strategically important ICT projects under 'Make in India' and 'Digital India' initiatives, specifically focusing on Defence and Rural Development (BharatNet).

Market Share & Ranking

Not disclosed in available documents, but holds 'preferred supplier status' and a priority quota for major Government telecom tenders.

Strategic Alliances

Maintains a Joint Venture (ISL) where ITI holds 49.06% equity; partners with technology providers for subcontracting and outsourcing to reduce social overheads.

🌍 External Factors

Industry Trends

The industry is shifting from pure manufacturing to integrated technology solutions (ICT). ITI is positioning itself as a 'Telecom Technology Company' by upgrading infrastructure for 4G/5G and smart city projects.

Competitive Landscape

Competes with domestic and international telecom equipment vendors for Government tenders, but benefits from a priority quota and long-standing PSU relationships.

Competitive Moat

Moat is derived from ~90% Government ownership and strategic importance to national security (Defence projects). This ensures continued financial support and access to large-scale PSU contracts, though it is challenged by weak internal controls.

Macro Economic Sensitivity

Highly sensitive to Government fiscal policy and telecommunication sector regulations. Revival depends on continued GoI financial support and grants.

Consumer Behavior

Shift toward digital connectivity and smart infrastructure in India is driving demand for ITI's BharatNet and smart meter offerings.

Geopolitical Risks

Exposure to global supply chain disruptions for electronic components; however, 'Make in India' status provides a buffer against import restrictions.

⚖️ Regulatory & Governance

Industry Regulations

Subject to DoT regulations and SEBI listing requirements. Currently facing challenges with non-compliance regarding statutory and listing obligations as noted by auditors.

Environmental Compliance

No pending show cause or legal notices from CPCB/SPCB as of the end of FY25, indicating compliance with environmental regulations.

Legal Contingencies

Statutory audit for FY25 resulted in a 'Disclaimer of Opinion' due to inadequate internal controls and premature revenue recognition. The company has unresolved legal disputes and doubts regarding its status as a 'going concern' due to sustained losses.

⚠️ Risk Analysis

Key Uncertainties

Execution delays in large-scale turnkey projects could further stretch the working capital cycle (currently 740 days GCA) and impact liquidity.

Geographic Concentration Risk

Operations are entirely India-centric, with 95% of revenue tied to Indian Government entities.

Third Party Dependencies

High dependency on technology partners for subcontracting and outsourcing to manage manufacturing costs and technical requirements.

Technology Obsolescence Risk

Rapid shifts in telecom technology (4G to 5G and beyond) require constant R&D investment to prevent manufacturing infrastructure from becoming obsolete.