ITI Limited (ITI) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

ITI Limited Q2 Results Date and Time

Per the board meeting notice, the Board is scheduled to meet on Friday, 13 November 2026 to approve the unaudited standalone and consolidated Q2/H1 FY27 results (Regulation 29(1)(a), SEBI LODR).

What to expect from ITI Limited's Q2 FY27 results

The Q2 FY27 print will test whether the revenue decline seen in Q1 — Rs. 425.03 Cr, down 14.65% YoY and 32.28% QoQ — persisted through the September quarter, and whether the newly received order flow begins converting into billing.

On costs, the dominant read is the memory/semiconductor complex: DRAM-linked component costs were still 4.7x the year-ago level in August 2026 and low-end smartphone BOMs rose about 70% YoY, with allocation-based rationing — the same failure mode the MD&A blames for delivery slippages — while ITI's inventories of only Rs. 205.71 Cr offer little low-cost buffer and tender-priced B2G contracts lag any pass-through.

Offsetting this below the line, finance costs should ease: the repo was unchanged at 5.25% through the quarter, the 1-yr median MCLR drifted to 8.61% in September, and the Rs. 902.81 Cr land-sale-funded debt repayment closed 3 July 2026 reduces interest from Q2.

On the demand side, the Rs. 856.39 Cr BSNL 4G West Zone expansion order (7,613 sites) was received in July 2026, the ITI-executed BharatNet Phase-3 Himachal build surpassed 40% completion as of 7 September 2026, and the Rs. 2,241.11 Cr unbilled revenue pipeline is stated as convertible within the next 12 months from the FY26 accounts.

The upcoming call is also where investors will look for the auditor's position — whether the Q1 Disclaimer of Conclusion persists — and for milestone evidence on ASCON Phase-IV, where handover to the Army is due by December 2026.

Key Things To Watch

Performance vs guidance tracking: Timeline commitments management has put on record, and where each stands:

• ASCON Phase-IV handover to Army — complete handover by December 2026; PoC test bed at Army HQ expected complete by 31 December 2026
• ASCON remaining optical links AT (pending on 45 of 168 links) — completion by Nov 2026; subsystem equipment delivery by Sep 2026
• GujNet pending Acceptance Testing for 23 GPs — completion by 31 August 2026; O&M 6th-year extension up to 31-03-2027 worth Rs. 80 Cr for FY 2026-27
• Unbilled revenue of Rs. 2,241.11 Cr — conversion into billed revenue 'within next 12 months' as stated in FY26 audited accounts
• Minimum public shareholding of 25% — by/till August 2026, with promoter holding at 90.02% as of 30 June 2026

Revenue trend and auditor position

• Whether the revenue decline persists: Q1 FY27 revenue fell 14.65% YoY and 32.28% QoQ; the H1 FY27 cumulative trend will be revealed on 13 November 2026
• Whether the auditor's position changes from the Q1 FY27 Disclaimer of Conclusion, and progress on audit matters including inventory verification, Ind AS 115 documentation, the PF Trust treatment and GST reconciliations
• Whether management frames margin improvement via the OPEX/Service/GOCO and turnkey System-Integrator models, given FY26's pre-exceptional loss of Rs. (15,635.93) lakhs

ASCON revenue recognition and order book

• Rs. 1,920.95 Cr of ASCON revenue recognized up to 31 March 2026 on part execution remains pending test-bed final approval; with handover due December 2026, any timeline movement is material
• The unreconciled order-book gap: ~Rs. 18,637 Cr including Advance Purchase Orders as on 31.03.2026 versus Rs. 13,882.81 Cr cited in the Q1 FY27 filing as of 30 June 2026 — a Rs. 4,754.19 Cr difference
• Any fresh order disclosure beyond the Rs. 856.39 Cr BSNL 4G expansion orders received 12 and 14 July 2026

BSNL 4G and BharatNet execution

• Execution ramp on the Rs. 856.39 Cr BSNL 4G West Zone expansion orders (7,613 sites) received July 2026; no execution/completion timeline has been stated
• Billing commencement for BharatNet Package 15 NER-II (~Rs. 1,900 Cr incl. GST), slated for the current financial year per the FY26 annual report; Rs. 114 Cr advance received
• Progress on BharatNet Package 8 Himachal Pradesh (513 GPs lit, ~2,525 km OFC laid as on 31-03-2026) and Package 9 West Bengal & A&N (347 GPs lit)

Land monetization and compliance

• Outcome of the NLMC e-auction of the 44.03-acre Krishnarajapuram, Bengaluru parcel versus the Rs. 1,685.40 Cr reserve price (RFP issued 19 August 2026); combined identified monetization of Rs. 2,599.40 Cr
• Receipt of the pending Rs. 3,011.02 lakhs balance on the Rs. 914.31 Cr GST land sale
• Public-shareholding compliance position after the August 2026 timeline, any permanent Director (Finance) appointment (additional charge runs till 14 January 2027), and utilization of the remaining revival funds (Rs. 4,156.79 Cr approved; Rs. 3,084.35 Cr received)

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Frequently Asked Questions

Is ITI's revenue growing?

No — consolidated revenue from operations fell 14.65% YoY to Rs. 425.03 Cr in Q1 FY27, and 32.28% QoQ from Rs. 627.65 Cr in Q4 FY26. FY26 revenue of Rs. 2,183.72 Cr was down 39.62% YoY, with PSU-directed turnover (BSNL/MTNL and other PSUs) falling 68.76% YoY to Rs. 766 Cr.

When will ITI hand over the ASCON Phase-IV project to the Army?

Management's stated timeline is complete handover by December 2026, with the PoC test bed at Army HQ expected complete by 31 December 2026. Related milestones include completion of acceptance testing on the remaining 45 of 168 optical links by November 2026 and delivery of all subsystem equipment by September 2026.

Did the auditor flag ITI's Q1 FY27 results?

Yes — the statutory auditors issued a Disclaimer of Conclusion on the Q1 FY27 results, and both the FY26 standalone and consolidated audits carried a Disclaimer of Opinion. The FY25 statements also carried a Disclaimer of Opinion.

What is the status of ITI's BSNL 4G expansion orders?

ITI received two orders on 12 and 14 July 2026 for supply, installation and commissioning of 7,613 sites in BSNL's West Zone, including DBN-funded saturation sites, totalling Rs. 856.39 Cr. An execution or completion timeline for these orders has not been stated.