OthersReg. 34 (1) Annual Report
ITI Limited FY2025-26: Consolidated revenue growth, solid asset-management momentum, governance updates, and material RPT disclosures
Executive snapshot
- Consolidated revenue 30,170.90 lakhs; PAT 3,471.45 lakhs; EPS 5.76.
- Standalone revenue from continuing operations 1,246.63 lakhs; standalone PAT (161.89) lakhs.
- Consolidated EPS rose to Rs 5.76 from Rs 0.03 (standalone basis negative).
- Dividend declared: none for the year; retained earnings policy retained profits.
- Redeemed 10,050 OCPS on 30-Dec-2025; preference share capital extinguished.
- Board approved amalgamation of ITI Gilts, ITI Wealth, ITI Alternate Funds, FMAL into TITIL; effective 1-Apr-2026 (subject to approvals).
- Demerger scheme for non-lending business withdrawn; no impact on current financials.
- IGLL loss of control in ITI Gold Loans Limited recognized; IGLL becomes associate (Rs 107.17 lakh gain).
- Material Subsidiaries: ITI Credit Ltd, Antique Stock Broking Ltd, ITI Gold Loans Ltd, ITI Capital Ltd.
Financial performance
- Consolidated total income: 30,170.90 lakhs vs 36,499.09 previous year.
- Consolidated expenses: 27,395.75 lakhs; profit before tax 4,635.47 lakhs.
- Tax: 1,164.02 lakhs; profit after tax 3,471.45 lakhs; total comprehensive income 3,524.25 lakhs.
- Standalone total income: 1,926.66 lakhs; PAT after tax (161.89) lakhs; comprehensive (163.98) lakhs.
- Consolidated EPS 5.76; prior year 8.14; stand-alone EPS (0.31).
- Equity capital (fully paid) Rs 52.24 crore; no change in equity since last year.
Business segments and operations
- Segment revenues: Broking 15,185.44; Investment & Advisory 4,012.35; Financing 9,521.18; Asset Management 3,728.83; Trading 0.
- Total segment revenue 30,170.90 after inter-segment adjustments of 2,276.90.
- Financing is the largest segment by segment profit before tax (4,743.75).
- Asset Management launched two new funds: Diviniti Equity Long Short Fund and ITI Business Cycle Fund.
- Mutual Fund AUM at 31-Mar-2026: Rs 9,994.75 crore; Asset Management AUM up strongly.
- Gold loan AUM at 31-Mar-2026: Rs 1,138.38 crore; Vehicle financing AUM: Rs 2,425.79 crore.
Capital structure and cash
- Consolidated equity attributable to owners: Rs 7,352.69 crore; non-controlling interest: Rs (33.76) crore.
- Total consolidated borrowings: significant level; overall leverage modest (debt/equity ratio around 0.07).
- Net debt to equity (consolidated) appears negative due to high cash and investments.
- OCPS redeemed; no outstanding OCPS as at 31-Mar-2026; no new equity issue in year.
Dividends, reserves and payouts
- Dividend payout under Dividend Distribution Policy not recommended for FY2025-26.
- Board retained profits in Retained Earnings; no transfer to reserves for the year.
- Dividend-related policy accessible on the company website.
Corporate actions and governance
- Board size 7; 4 Independent Directors; two independent directors added May 9, 2025.
- Alok Kumar Misra resigned (Independent) on May 9, 2025; Papia Sengupta reappointed; Sidharth Rath and Banavar Prabhakar appointed as IDs.
- Independent Directors met twice in FY2025-26; board conducted five meetings; committees consolidated (Audit, NRC, SRC, RMC).
- Management Committee and Internal Finance Committee dissolved with effect from May 13, 2026.
- Internal controls considered adequate; secretarial and statutory audits with no material qualifications.
Related party transactions
- Arm's length related party transactions disclosed; omnibus approvals used for repetitive RPTs.
- Major RPTs include inter-company deposits, rent income, reimbursements, and corporate guarantees across TITL group.
- IGLL-related RPTs: aggregate approvals around Rs 5,023.09 lakhs for FY2026-27; other subsectors disclosed in Annexures.
- Significant transactions with IHFL, IFL, ISBL, ITI Capital, and other group entities disclosed with details in Form AOC-2.
Subsidiaries and associates
- 12 wholly owned subsidiaries; 4 material subsidiaries; ITI Credit Ltd, Antique Stock Broking Ltd, ITI Gold Loans Ltd, ITI Capital Ltd.
- IGLL became associate after loss of control; IGLL now accounted as associate (Note 50).
- Subsidiary list and material-subs policy disclosed; Form AOC-1 appended.
Outlook and risks
- Management MD&A cites India's growth impetus, digital transformation, and NBFC sector dynamics.
- NBFCs expected to grow in 15-17% loan book; regulatory oversight to strengthen risk controls.
- Economic environment remains positive but exposed to global volatility, commodity prices, and funding costs.