ITI Q4 FY26 Results (NSE: ITI)
Signal: Loss reversed
The read
Quarterly net profit of ₹375 Cr ($37,514 lakh) masks a core operating loss before exceptional items of ₹84 Cr. Revenue declined 40% YoY, and the only bright spot was a large one-time gain from sale of surplus land. The auditor issued a disclaimer of opinion citing multiple qualification, including improper derecognition of the land sale, weak internal controls, and unspecified prior-period adjustments. The revival plan continues with government assistance, but the underlying business remains loss-making and highly dependent on asset sales.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹627.65 Cr | -40.0% | 21.9% |
| EBIT | ₹-2.86 Cr | N/A | |
| Net profit | ₹375.14 Cr | N/A | |
| EPS | ₹3.9 | N/A | |
| EBIT margin | 14.7% |
P&L walk
Net profit entirely from exceptional gain on land sale; core operating loss before exceptional was ₹8,368 lakh.
Earnings quality: includes an exceptional item
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