ITI Limited (ITI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-103.1%

-₹7.91

vs ₹256.42 price

Levered DCF

-₹0.31

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	78.63×	-112.36×	-45.63×	-23.66×	75.94×	1,149.5×	38.73×	135.2×
P/B	12.08×	14.86×	14.55×	3.59×	3.44×	4.36×	2.38×	4.8×
P/S	10.54×	6.68×	20.55×	6.1×	4.84×	4.51×	2.74×	5.28×
EV / EBITDA	42.9×	324.09×	-88.97×	-79.22×	31.6×	61.8×	21.68×	44.02×
Gross margin	6.5%	6.2%	-1.8%	10.6%	20.3%	16.7%	30.9%	14.6%
Operating margin	-16.3%	-3.6%	-27.9%	-13.8%	15.1%	3.6%	10.1%	-0.6%
Net margin	13.4%	-5.9%	-45.0%	-25.8%	6.4%	0.4%	7.1%	5.5%
Current ratio	0.93×	0.88×	1.06×	0.97×	1.25×	0.94×	0.91×	0.89×
Debt / equity	0.4×	0.91×	1.01×	0.79×	0.62×	0.6×	0.51×	0.69×
Interest coverage	-1.81×	-0.58×	-1.46×	-0.92×	1.47×	0.54×	1.48×	-0.1×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.4%	-13.2%	-31.9%	-15.2%	4.5%	0.4%	6.1%	5.0%
Return on invested capital	-12.5%	-3.9%	-6.9%	-4.2%	4.8%	2.1%	5.4%	-0.3%
Return on assets	3.1%	-2.1%	-5.9%	-3.8%	1.2%	0.1%	1.9%	1.3%
Free cash flow yield	-1.4%	-0.6%	3.6%	-4.2%	-5.5%	0.6%	-4.7%	-1.2%
Earnings yield	1.3%	-0.9%	-2.2%	-4.2%	1.3%	0.1%	2.6%	1.1%
Enterprise value	₹234.3B	₹254.8B	₹276.6B	₹102.1B	₹106B	₹120.9B	₹68.1B	₹100.4B
Net debt / EBITDA	0.76×	16.95×	-5.44×	-13.18×	4.76×	7.35×	3.74×	5.4×
Cash conversion cycle (days)	76	122	690	980	792	443	196	274