The Investment Trust of India reported a standalone loss after tax of ₹161.89 lakhs for FY2025-26, reversing a profit of ₹16.55 lakhs in FY2024-25, as total income declined and operating expenses rose during the year.

Standalone Financial Performance

Standalone revenue from continuing operations grew to ₹1,246.63 lakhs in FY2025-26 from ₹1,085.60 lakhs in FY2024-25, reflecting an increase of ₹161.03 lakhs. However, total standalone income fell to ₹1,926.66 lakhs from ₹2,092.54 lakhs in the previous year, as other income declined sharply from ₹1,006.94 lakhs to ₹680.03 lakhs. Total standalone expenses rose to ₹2,147.82 lakhs from ₹2,084.52 lakhs, an increase of ₹63.30 lakhs, resulting in a pre-tax loss of ₹221.16 lakhs against a pre-tax profit of ₹8.02 lakhs in FY2024-25.

The standalone basic and diluted earnings per share (EPS) declined to ₹(0.31) for the year ended March 31, 2026, compared to ₹0.03 for the year ended March 31, 2025.

Consolidated Financial Performance

On a consolidated basis, revenue from continuing operations declined to ₹28,454.29 lakhs in FY2025-26 from ₹35,296.87 lakhs in FY2024-25. Consolidated total income stood at ₹30,170.90 lakhs against ₹36,499.09 lakhs in the previous year. Total consolidated expenses decreased to ₹27,395.75 lakhs from ₹30,881.78 lakhs, a reduction of 11.29%. Consolidated profit after tax fell to ₹3,471.45 lakhs from ₹4,592.47 lakhs in FY2024-25. Total comprehensive income attributable to the controlling interest stood at ₹3,062.49 lakhs, compared to ₹4,237.89 lakhs in FY2024-25. Consolidated basic and diluted EPS declined to ₹5.76 from ₹8.14 in FY2024-25.

Segment-Wise Performance

The Group's operations span five segments. Broking and related services remained the largest revenue contributor, though it declined to ₹15,185.44 lakhs from ₹18,868.16 lakhs. Financing activities contributed ₹9,521.18 lakhs, down from ₹11,110.03 lakhs. Asset Management activities recorded growth, rising to ₹3,728.83 lakhs from ₹2,484.72 lakhs. Investment and Advisory services fell to ₹4,012.35 lakhs from ₹6,148.92 lakhs.

Key Business Highlights

Asset Management

ITI Mutual Fund's assets under management (AUM) reached ₹9,994.75 crore in FY2025-26, up from ₹9,273.62 crore in the previous year, reflecting growth of 7.8%. The AMC manages 20 mutual fund schemes and one Specialised Investment Fund (SIF) investment strategy as on March 31, 2026. During the year, two new offerings were launched: the Diviniti SIF Equity Long Short Fund and the ITI Business Cycle Fund.

Vehicle Finance (ITI Finance Limited — Associate)

The vehicle finance AUM grew to ₹2,425.79 crore as at March 31, 2026, from ₹1,953.04 crore in FY2024-25. The highest monthly disbursement of ₹137.19 crore was recorded in March 2026. The branch network expanded to 178 branches from 167 in FY2024-25.

Gold Loans (ITI Gold Loans Limited — Associate)

The gold loan AUM increased to ₹1,138.38 crore as at the end of Q4 FY2025-26, from ₹529.04 crore in FY2024-25. Net loan disbursements grew to ₹609.34 crore from ₹253.01 crore. The total customer base expanded to 34,990 from 25,000.

Key Corporate Developments

• The Board approved a Scheme of Amalgamation on May 13, 2026, envisaging the merger of four wholly owned subsidiaries — ITI Gilts Limited, ITI Wealth Management Limited, ITI Alternate Funds Management Limited, and Fortune Management Advisors Limited — into the Company, with effect from April 1, 2026, subject to shareholder and regulatory approvals.
• ITI Gold Loans Limited ceased to be a subsidiary of the Company on November 29, 2025, following dilution of the Group's equity shareholding from 50.33% to below the control threshold, and has since been classified as an associate. A gain on loss of control of ₹107.17 lakhs was recognised in the consolidated statement of profit and loss.
• The Company redeemed all 10,050 outstanding 0% Optionally Convertible Preference Shares (OCPS) on December 30, 2025, in accordance with the terms of issue.
• The Board decided not to recommend any dividend for FY2025-26.
• Two new Independent Directors — Sidharth Rath and Banavar Anantharamaiah Prabhakar — were appointed with effect from May 9, 2025, following the resignation of Alok Kumar Misra.

Dividend and Reserves

The Board decided not to transfer any amount to reserves and to retain the entire profit under Retained Earnings. No dividend has been recommended for the financial year ended March 31, 2026, in line with the Company's Dividend Distribution Policy.

Auditor's Report

The statutory auditors, M/s Ramesh M. Sheth & Associates, Chartered Accountants, issued an unmodified opinion on both the standalone and consolidated financial statements for FY2025-26. No qualifications, reservations, or adverse remarks were reported. The secretarial audit report by M/s Himanshu Gajra & Company also contained no qualification or adverse remark.

The Investment Trust of India Limited has scheduled its 35th Annual General Meeting for September 28, 2026. The meeting will focus on approving significant related-party transactions and the reappointment of a director.

The Investment Trust of India Limited will hold the gathering through Video Conferencing or Other Audio-Visual Means. The agenda includes ordinary business items such as adopting audited financial statements for FY26 and special business resolutions regarding material related-party transactions (RPTs).

Director Reappointment

Mrs. Khyati Valia retires by rotation and offers herself for reappointment as a Non-Executive Director. She holds an MBA in Family Business from S.P. Jain Institute of Management and Research and has served on the board since March 25, 2015. Her remuneration remains nil, though she will receive sitting fees within statutory limits.

Related-Party Transactions

The company seeks shareholder approval for material RPTs with subsidiaries and associates. These transactions involve inter-corporate deposits, corporate guarantees, and asset assignments. The aggregate value of proposed transactions is substantial, reflecting the group's internal funding dynamics.

The largest single proposal involves ITI Credit Limited extending inter-corporate deposits to ITI Housing Finance Limited up to ₹2,34,000 lakhs. Another major transaction sees ITI Credit Limited placing funds with ITI Gold Loans Limited up to ₹2,19,000 lakhs. All transactions are deemed to be at arm's length and in the ordinary course of business.

Section 185 Approval

Shareholders will also vote on a special resolution under Section 185 of the Companies Act, 2013. This authorizes the board to advance loans or provide guarantees to group entities where directors have an interest. The aggregate limit for such financial assistance is capped at ₹3.15 crore for FY27.

What the Numbers Show

The scale of proposed inter-corporate deposits dwarfs the listed entity’s consolidated turnover of ₹284.54 crore recorded in FY26. For instance, the proposed ₹2,19,000 lakh facility to ITI Gold Loans Limited represents approximately 770% of the parent company’s annual turnover. This indicates a heavy reliance on internal treasury management and fund deployment across NBFC subsidiaries rather than external revenue generation at the holding company level.