ITL Industries Limited

ITL.BO

Industrial - Machinery · Industrials

Price

₹315.95

-4.85 (-1.51%)

Market Cap

₹1.01B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+1272.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.2M (2022) → 44.0M (2026)

ITL Industries Limited is an Indian manufacturer of agricultural and industrial equipment. The company is best known for making tractors and tractor components, along with related machinery used in farming. It sells primarily to farmers and agricultural businesses across India, operating in a sector that serves one of the world's largest farming populations.

The company earns revenue by selling finished equipment and manufactured parts, with most of its business concentrated in India. With a market cap of around $1 billion and modest operating margins near 6%, ITL Industries competes in a crowded Indian tractor market alongside larger players like Mahindra and TAFE. Its competitive position depends on regional brand loyalty and cost-efficient manufacturing. The key growth driver is India's ongoing push to modernize agriculture and increase farm mechanization, but the business faces real risk from monsoon variability, which directly affects farmer incomes and demand for new equipment.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+209.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

59.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$240M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

ITL Industries Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

15.6%

Thin — 15.6% gross margin

Operating Margin

2.5%

Thin — 2.5% operating margin

ROCE

1.4%

Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.7%

Steady sales growth (+10.7% YoY)

EPS YoY

+69.0%

Earnings growing fast (+69.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

5.87x

Adequate interest coverage (5.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

6.5x

Attractive valuation — P/E 6.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.33%

Small dividend — 0.33% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+40.0%

Dividend growing fast (40.0% YoY)

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