ITI Ltd (Indian Telephone Industries Limited) is a Mini Ratna Category-I Central Public Sector Enterprise under the administrative control of the Ministry of Electronics & Information Technology, Government of India. Established in 1948 and headquartered in Bengaluru, ITI is India’s oldest telecommunications equipment manufacturer. It offers products and services across telecom infrastructure, defence electronics, smart city solutions, and IT-enabled services. After years of losses, the company returned to profitability in FY2025, driven by strong order inflows from government projects, including 4G/5G network expansion, defence modernisation, and digital infrastructure. This article provides a data-backed outlook on the ITI Ltd share price target 2026–2030.
ITI Ltd: Company Overview
- Founded: 1948
- Headquarters: Bengaluru, Karnataka
- Key Segments: Telecom Equipment, Defence Electronics, Smart City Solutions, Railways & Power
- Strategic Role: Critical supplier to BharatNet, BSNL, Indian Railways, and Defence PSUs
- Ownership: 90.02% held by the Government of India → Yes, it is a government company
ITI has undergone significant restructuring since 2020, focusing on high-margin defence and strategic telecom contracts. Its recent turnaround is supported by India’s push for “Atmanirbhar Bharat” in critical tech sectors.
ITI Ltd: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹292.00 |
| Market Capitalization | ₹28,077.12 Cr |
| No. of Shares Outstanding | 96.09 Cr |
| 52-Week High / Low | ₹320 / ₹180 |
| P/E Ratio (TTM) | Not applicable (negative EPS) |
| P/B Ratio | 19.35 |
| EPS (TTM) | -₹1.97 |
| Book Value (TTM) | ₹15.10 |
| ROE | -14.30% |
| ROCE | -0.27% |
| Dividend Yield | 0.00% |
| Face Value | ₹10 |
| Cash | ₹422.10 Cr |
| Total Debt | ₹1,480.67 Cr |
| Debt-to-Equity | 1.03 |
| Sales Growth (YoY) | 186.19% |
| Profit Growth (YoY) | 59.03% (from loss to ₹189 Cr net profit in FY25) |
| Promoter Holding | 90.02% |
ITI Ltd Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹310 – ₹350 |
| 2027 | ₹330 – ₹380 |
| 2028 | ₹350 – ₹420 |
| 2029 | ₹370 – ₹460 |
| 2030 | ₹390 – ₹500 |
ITI Ltd Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹310 | ₹350 |
ITI reported a remarkable 186% sales growth and swung to a net profit of ₹189 Cr in FY2025 after years of losses. The turnaround is driven by large orders from BSNL (4G rollout), defence, and smart city projects. However, with negative ROE (-14.3%) and P/B of 19.35x, the stock trades on sentiment—not fundamentals. A 2026 target of ₹310–₹350 assumes continued execution and no major slippage.
ITI Ltd Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹330 | ₹380 |
If ITI sustains its order book momentum (₹5,000+ Cr as of Q3 FY26) and improves margins through scale, EPS could turn positive (~₹2–₹3) by FY27. At a P/B of 15–17x (still rich but lower than current), the 2027 range of ₹330–₹380 is realistic—though highly speculative.
ITI Ltd Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹350 | ₹420 |
By 2028, benefits from 5G infrastructure, defence indigenisation, and export opportunities (via a new JV with Israel’s Elbit) could support earnings. However, ROCE remains near zero, indicating poor capital efficiency. A P/B of 14–16x on the book value of ~₹22–₹25 supports the ₹350–₹420 band—if profitability stabilises.
ITI Ltd Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹370 | ₹460 |
Long-term tailwinds include India’s $100B+ digital infrastructure plan and defence import substitution. Risks include execution delays, cost overruns, and reliance on government budgets. Using a P/B of 13–15x on projected book value (~₹28–₹31), the 2029 target is ₹370–₹460.
ITI Ltd Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹390 | ₹500 |
Over a five-year horizon, ITI’s value lies in its strategic relevance—not financial returns. If it achieves consistent 15%+ ROE and pays dividends, re-rating potential exists. A terminal P/B of 12–15x on FY30 book value (~₹32–₹33) justifies the ₹390–₹500 range.
ITI Ltd: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (Government of India) | 90.02% |
| Domestic Institutional Investors (DII) | 7.94% |
| Public & Retail | 2.04% |
| FII | 0.00% |
| Others | 0.00% |
Extremely high promoter holding ensures policy alignment but limits float and liquidity.
ITI Ltd: Strengths vs Risks
Strengths:
- Strategic role in national telecom and defence security
- Strong order book (₹5,000+ Cr) with multi-year visibility
- Backed by the GOI with full budgetary support
- Zero dividend payout allows reinvestment in capex
Risks:
- Extremely high P/B (19.35x) with negative ROE
- History of losses and poor capital allocation
- Low operational efficiency (ROCE: -0.27%)
- No dividend history; purely speculative play
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Very High |
| Ideal Time Horizon | 5+ years |
| Volatility | Very High (small-cap PSU with turnaround narrative) |
| Dividend/Income Potential | None (0% yield) |
| Best For | Aggressive investors betting on India’s tech sovereignty story |
- Return to profitability after 8 years of losses
- Large orders from BSNL 4G rollout and defence
- “Atmanirbhar Bharat” policy tailwinds
- Speculative interest in PSU tech stocks
Final Verdict
ITI Ltd is a high-risk, high-narrative stock riding on India’s push for self-reliance in telecom and defence. While its FY25 turnaround is encouraging, the P/B of 19.35x is unjustifiable without sustained ROE above 15%. Our ITI share price target 2026–2030 (₹310 to ₹500) reflects cautious optimism—rooted in policy support, not current fundamentals. Suitable only for aggressive investors with multi-year horizons.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – ITI Ltd Consolidated Page (FY2025 + TTM)
- Finology Ticker – ITI Financial Ratios & Valuation
- ITI Investor Presentation (Q3 FY26, Jan 2026)
- Ministry of Electronics & IT – Strategic Electronics Policy
- BSE India – Annual Report FY2025
