BSE: 531968
IITL PROJECTS LIMITED
Classified under the realty sector as a residential and commercial projects company, the entity is currently not generating any operational revenue and sustains itself mainly through 'other income'. For FY26, total income stood at Rs. 180.81 lakhs against Rs. 235 lakhs in FY25, with revenue from operations for the nine months ended December 31, 2025 at Rs. 50.40 lakhs. The Board has disclosed that accumulated losses of Rs. 523.76 lakhs exceed paid-up capital of Rs. 499.09 lakhs, net worth is fully eroded, and total liabilities exceed total assets, with its statutory auditor flagging it as no longer a going concern. The Board has approved entering new lines of business — brokerage services, construction consultancy, and project management services — at an estimated investment of NIL, subject to statutory and regulatory approvals. Industrial Investment Trust Limited is its holding company, and the entity previously held preference shares in joint venture Capital Infra Projects, which were sold to Medanta Realestate. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other income (interest and similar), Brokerage services (proposed), Construction consultancy (proposed), Project management services (proposed). Realty-classified, currently without operational revenue, with eroded net worth and exploring new service lines
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 1 | 0 | 1 | 1 | 3 |
| EBITDA (ex other income) | (14) | (12) | 15 | 2 | 25 |
| margin % | (1490.7) | (2820.4) | 1262.3 | 157.5 | 999.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (35.86) | (33.61) | 21.35 | (6.00) | 45.16 |
| ROE % · ROCE % | 38.3 · 975.1 | 26.4 · 89.4 | (20.2) · 933.0 | 5.4 · 58.3 | (67.8) · 192.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | (1) | (0) | (0) | (27) |
| Capex | — | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
| Profit before tax | (3) | (1) | (2) | 21 | 2 | (1) | (1) | (1) |
| Net profit | (3) | (2) | (2) | 21 | 5 | (1) | (1) | (1) |
| EPS (₹) | (6.45) | (3.18) | (3.51) | 41.96 | 9.89 | (2.10) | (2.59) | (2.42) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.4 | 17.4 | 30 of 61 | 52% |
| Revenue growth | (100.0) | (11.0) | 55 of 64 | 3% |
| Profit growth | (105.8) | (48.8) | 62 of 79 | 22% |
| Market cap | 24 | 30 | 52 of 88 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Board meeting on Oct 30 to consider Q2 and H1 FY26 unaudited results | results | low | — | — |
| 6 Oct 2026 · Quarterly dematerialisation compliance certificate filed with BSE | compliance | minimal | — | — |
| 3 Oct 2026 · IITL Projects signs Rs 10 cr investment deal for Mathura township project | strategic transactions | high | — | — |
| 26 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · 32nd AGM voting results: both resolutions passed unanimously | board shareholder meetings | low | — | — |
| 17 Sept 2026 · IITL Projects 32nd AGM held on Sept 17, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Aug 2026 · 32nd AGM notice published, e-voting from Sept 14 to 16 | compliance | minimal | — | — |
| 25 Aug 2026 · Notice of 32nd AGM and Annual Report for FY 2025-26 | compliance | minimal | — | — |
| 25 Aug 2026 · 32nd AGM on September 17, 2026; book closure September 10 to 17 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 32nd AGM on September 17, 2026 - Book Closure from September 10 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.