ITI Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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ITI Limited reported Q1 FY26 (quarter ended June 30, 2025) revenue from operations of ₹49,801 lakhs, slightly down from ₹51,998 lakhs in Q1 FY25. The company posted a net loss of ₹6,332 lakhs (standalone), narrower than the ₹9,108 lakhs loss in the year-ago quarter, but exceptional items turned negative at ₹(361) lakhs versus a positive ₹12,647 lakhs last year. Loss per share stood at ₹(0.65) versus ₹(0.95) earlier. On a consolidated basis, the loss was ₹6,361 lakhs with EPS of ₹(0.66). The statutory auditor B.K. Ramadhyani & Co. LLP issued a Disclaimer of Conclusion, citing multiple unresolved issues including unreconciled balances, old inventory valuation gaps, overdue receivables of ₹23,666 lakhs from government entities with minimal provisioning, and non-compliance with SEBI LODR and Companies Act provisions (quorum, independent directors, related-party disclosures). The auditor also explicitly flagged Material Uncertainty on Going Concern, though management cited ₹19,158 crore order book, expected ₹1,862 crore unbilled revenue conversion, and continued government support as reasons to continue as a going concern.
Shareholders should note the auditor's disclaimer of conclusion and going-concern uncertainty are serious red flags signaling deep financial and governance stress. While the loss narrowed year-on-year and the ASCON Phase IV defence project and large order book provide a lifeline, persistent operational losses, weak internal controls, and compliance gaps make this a high-risk holding despite government backing.