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India's oldest state-owned telecom equipment manufacturer, now diversifying into defense electronics and networking products.
India's oldest state-owned telecom equipment manufacturer, now diversifying into defense electronics and networking products.
Depends largely on government orders, notably network-building projects for BSNL and under the BharatNet rural broadband programme, so sales arrive in lumpy contract awards and payment timing follows government budgets. The Government of India holds the majority and gives it preferred-supplier status; it is working to broaden into defence and e-governance work.
Moat: narrow (regulatory licence, customer qualification). PSU status gives preferential access to government telecom/defense contracts, though technology is often dated.
Headquarters: Bengaluru, India · Founded: 1948 · Employees: 1,166
Size ITI (ITI.NS) is an India Communication Services company (Major Telecommunications) with a market value of $2.53B, the 320th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹248.85 on 6 Nov 2026.
Performance Over six months the shares fell 18.1%, against -7.9% for the median peer and 0.0% for the India market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 41.3% over the last twelve months (peer median +5.5%); the operating margin is -1.3% (peer median 9.6%).
Valuation It trades at 11.3× enterprise value to sales against a peer median of 2.1× (most expensive of 21).
Capital Return on invested capital runs 16.3 points below its cost of capital (15.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹21.1B | ₹21.8B | ₹36.2B | ₹12.6B | ₹14.0B |
| Revenue growth | — | -40% | +186% | -9% | — |
| Gross profit | ₹1.53B | ₹937M | -₹911M | -₹2.53B | -₹1.18B |
| EBITDA | -₹852M | ₹1.01B | -₹557M | -₹2.64B | -₹1.40B |
| Net income | ₹2.63B | ₹2.93B | -₹2.15B | -₹5.69B | -₹3.60B |
| Free cash flow | n/a | -₹2.41B | -₹3.48B | ₹6.98B | -₹5.58B |
| Capital expenditure | n/a | ₹43.0M | ₹159M | ₹376M | ₹607M |
| Total debt | n/a | ₹7.65B | ₹14.8B | ₹18.0B | ₹18.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| ITI ITI.NS | $2.53B | -18% | -41% | -1% | 11.3× | n/a |
| HFCL HFCL.NS | $3.42B | +44% | +101% | 19% | 4.5× | n/a |
| Tejas Networks TEJASNET.NS | $790M | -22% | -70% | -58% | 8.3× | n/a |
| Bharat Electronics BEL.NS | $30.6B | -10% | +20% | 26% | 9.2× | 38.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ITI.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | +1.7% | 10th lowest of 21 |
| 6-month return | -18.1% | -7.9% | 6th lowest of 21 |
| Distance from 52-week high | -25.3% | -20.5% | 10th lowest of 21 |
| Revenue growth (TTM) | -41.3% | +5.5% | lowest of 21 |
| Operating margin | -1.3% | 9.6% | 3rd lowest of 21 |
| EV / Sales | 11.3× | 2.1× | most expensive of 21 |
| ROIC minus cost of capital | -16.3 pp | -2.3 pp | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ITI ITI.NS | India | $2.53B | -18% | -41% | -1% | 11.3× | n/a | n/a |
| Eutelsat Communications ETL.PA | France | $2.40B | -40% | -1% | -6% | 2.9× | n/a | n/a |
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 11.0× | 16.0% | +2.3% |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 1.4× | 5.7% | -2.2% |
| Liberty Global LBTYB | United States | $3.09B | -17% | -27% | -1% | 4.2× | n/a | n/a |
| Liberty Latin America LILA | United States | $1.73B | +72% | +1% | 17% | 2.3× | 0.5% | +3.4% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 1.9× | 2.3% | +10.2% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | 1.3× | 5.1% | -9.7% |
| Guangdong South New Media 300770.SZ | China | $1.37B | +7% | -6% | 37% | 4.6× | -1.5% | +5.9% |
| Gamma Communications GAMA.L | United Kingdom | $1.32B | +23% | +7% | 15% | 1.5× | -0.4% | +10.4% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 1.2× | 4.1% | +8.4% |
| Uniti UNIT | United States | $1.27B | -54% | +200% | 10% | 3.3× | n/a | n/a |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 2.8× | 1.2% | +2.3% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 2.4× | 34.1% | +7.7% |
| Grupo Televisa, S.A.B. Sponsored ADR TV | United States | $1.24B | -18% | +6% | 11% | 1.4× | 1.1% | -7.5% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 0.5× | -17.5% | +2.9% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 1.5× | 1.4% | +2.7% |
| Hicon Network Technology (Shandong) 301262.SZ | China | $1.21B | +1% | +2% | 38% | 5.0× | 5.4% | +0.1% |
| HKBN 1310.HK | Hong Kong | $1.02B | -25% | +6% | 3% | 1.5× | n/a | n/a |
| RailTel Corp. of India RAILTEL.NS | India | $817M | -31% | +23% | 10% | 1.6× | 31.3% | +25.4% |
| Bahnhof BAHN-B.ST | Sweden | $681M | +12% | +8% | 11% | 2.8× | 10.9% | +8.5% |