India Tourism Development Corporation Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.

Qualified audit opinionEmphasis of matterRevenue declinedEBITDA margin expansionContingent liabilities increasedResults View source PDF Explain this filing

ITDC · price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.1%+1.5% vs market

Hotels & Resorts peers, median of 53sector+0.0%+1.6% vs sector

On the reaction day the stock moved 1.5 pts more than Nifty Microcap 250 and 1.6 pts more than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

ITDC reported FY26 revenue of Rs 5,274.35 crore, down from Rs 5,657.47 crore in FY25 (approx 6.8% decline). However, operating profit improved to Rs 1,140.05 crore from Rs 996.89 crore, and PAT grew 2.7% to Rs 840.23 crore. The auditors issued a QUALIFIED opinion citing multiple concerns: unpaid MSME dues, unreconciled license fee revenue of Rs 1,292.59 lakh from COVID period, and disputed GSA receivables of Rs 1,743.71 lakh. Emphasis of Matter notes include ongoing government disinvestment process for hotel properties, Rs 316.04 lakh unlinked receipts, property tax disputes with NDMC, and absence of Independent Directors on the Board (leading to audit committee quorum issues). Board recommended dividend of Rs 2.95 per share.

Likely market impact

The qualified audit opinion and multiple emphasis of matter notes signal governance risks and potential balance sheet uncertainties. While PAT grew modestly and EBITDA margins expanded, revenue decline and auditor qualifications may concern investors. The ongoing PSU disinvestment process adds strategic uncertainty.

By the numbersConsolidated · Q4 FY26 vs Q4 FY25

	Q4 FY26	Q4 FY25	Change
Revenue	₹142.0 Cr	₹199.9 Cr	−29.0%
Operating profit	₹28.10 Cr	₹30.23 Cr	−7.0%
Profit after tax	₹28.27 Cr	₹24.82 Cr	+13.9%
EBITDA margin	21.5%	16.1%	+5.4 pp

From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.