The Investment Trust of India financials and balance sheet

NSE: THEINVESTBSE: 530023FinanceSmall Cap

Formerly Fortune Financial Services (India)

₹83.95₹0.13 (0.15%)BSE ₹85.80

Share price at the NSE close on 23 Oct 2026. Previous close ₹84.08.

52-week range of traded prices to 23 Oct 2026

₹82.50Low, 23 Oct 2026₹148.29High, 23 Oct 2025

Market cap: ₹439 Cr1,806th largest listed
P/E: 13.2
P/B: 0.6
Dividend yield: Nonein the last 12 months
ROE: 4.6%
ROCE: 4.9%
Debt to equity: 0.07
Volume, NSE: 3,92075.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.The Investment Trust of India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹629 Cr, year to Mar 2019A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 9.8% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue285
Employee costs−123
Other expenses−104
Operating profit57
Depreciation−10
Other income+17
One-off items+1.1
Finance costs−37
Profit before tax29
Tax−12
Joint ventures+18
Net profit35

What the company owns

Plant, investments and other assets₹544 Cr
Cash and bank₹230 Cr
Receivables₹172 Cr
Current investments₹52 Cr

What pays for it: net worth and liabilities

Net worth₹735 Cr
Owed to suppliers₹163 Cr
Borrowings₹51 Cr
Other liabilities₹49 Cr

The Investment Trust of India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.The Investment Trust of India segment results by quarter

Revenue by segment

₹324 CrTotal

Broking and related services₹152 Cr46.8% of total
Financing activities₹95 Cr29.3% of total
Investment and Advisory services₹40 Cr12.4% of total
Asset management activities₹37 Cr11.5% of total

Profit by segment

Broking and related services₹32.3 Cr38.2% of total
Financing activities₹47.4 Cr56.1% of total
Investment and Advisory services₹4.9 Cr5.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Broking and related services
Revenue, ₹ crore
118
120
133
163
162
169
189
152
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
33
14
51
56
54
51
61
32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financing activities
Revenue, ₹ crore
159
193
134
58
44
60
111
95
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
63
44
7
−1
4
16
44
47
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investment and Advisory services
Revenue, ₹ crore
52
27
26
40
37
48
61
40
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−7
−10
−3
10
8
18
15
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asset management activities
Revenue, ₹ crore
14
11
22
25
37
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−33
−39
−27
−26
−20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading activities
Revenue, ₹ crore
295
168
65
95
84
27
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
7
6
4
5
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	676	507	358	371	337	325	386	324
Company revenue, as in its results	629	458	322	324	301	288	353	285
Revenue	118	120	133	163	162	169	189	152
Revenue growth	–	1.6%	10.8%	22.6%	−0.5%	4.6%	11.5%	−19.5%
Profit	33	14	51	56	54	51	61	32
Profit growth	–	−58.5%	270.5%	11.4%	−5.1%	−5.6%	19.9%	−46.8%
Margin	28.0%	11.4%	38.2%	34.7%	33.1%	29.9%	32.1%	21.2%
Return on capital	23.9%	9.9%	27.5%	24.5%	20.0%	17.1%	18.2%	9.2%
Assets	335	372	418	616	559	714	900	682
Liabilities	197	233	234	386	291	417	567	333
Capital employed	138	139	184	230	267	296	333	350
Revenue	159	193	134	58	44	60	111	95
Revenue growth	–	20.9%	−30.3%	−56.5%	−25.6%	37.9%	85.1%	−14.3%
Profit	63	44	7	−1	4	16	44	47
Profit growth	–	−29.6%	−83.5%	–	–	256.1%	177.9%	7.3%
Margin	39.2%	22.8%	5.4%	−0.9%	10.3%	26.5%	39.8%	49.8%
Return on capital	20.3%	12.8%	2.1%	−0.2%	1.6%	5.1%	12.2%	18.1%
Assets	1,089	722	657	394	458	567	822	283
Liabilities	781	379	315	127	172	254	460	21
Capital employed	308	343	343	266	286	312	362	262
Revenue	52	27	26	40	37	48	61	40
Revenue growth	–	−48.3%	−1.0%	52.9%	−8.0%	28.6%	28.8%	−34.7%
Profit	−7	−10	−3	10	8	18	15	5
Profit growth	–	–	–	–	−14.4%	117.7%	−16.6%	−68.2%
Margin	−13.1%	−37.8%	−10.7%	24.4%	22.7%	38.4%	24.9%	12.1%
Return on capital	−1.9%	−2.4%	−0.7%	2.4%	1.9%	3.9%	3.2%	1.0%
Assets	773	555	570	487	513	523	529	532
Liabilities	414	138	162	73	65	58	47	46
Capital employed	359	418	407	414	448	465	482	486
Revenue	–	–	–	14	11	22	25	37
Revenue growth	–	–	–	–	−18.3%	90.0%	15.4%	50.1%
Profit	–	–	–	−33	−39	−27	−26	−20
Margin	–	–	–	−235.3%	−348.4%	−125.9%	−105.9%	−53.6%
Return on capital	–	–	–	−51.3%	−63.4%	−34.8%	−35.0%	−27.7%
Assets	–	–	–	81	80	95	95	91
Liabilities	–	–	–	18	18	17	20	19
Capital employed	–	–	–	64	62	78	75	72
Revenue	295	168	65	95	84	27	0	0
Revenue growth	–	−42.9%	−61.5%	46.8%	−12.2%	−68.0%	−99.8%	–
Profit	7	7	6	4	5	0	0	0
Profit growth	–	−4.4%	−11.6%	−35.0%	32.4%	−97.1%	−98.7%	–
Margin	2.4%	4.1%	9.3%	4.1%	6.2%	0.6%	3.0%	–
Return on capital	16.7%	44.1%	19.6%	13.1%	25.2%	0.9%	0.0%	0.0%
Assets	53	24	31	31	21	17	12	11
Liabilities	10	9	0	1	0	0	0	0
Capital employed	43	15	31	30	21	17	12	11
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	0	–	–	–
Assets	–	–	–	–	−512	–	–	–
Liabilities	–	–	–	–	−74	–	–	–
Capital employed	–	–	–	–	−438	–	–	–
Revenue	52	0	–	–	–	–	–	–
Revenue growth	–	−100.0%	–	–	–	–	–	–
Profit	50	0	–	–	–	–	–	–
Profit growth	–	−100.0%	–	–	–	–	–	–
Margin	96.6%	–	–	–	–	–	–	–
Return on capital	13.9%	–	–	–	–	–	–	–
Assets	395	0	–	–	–	–	–	–
Liabilities	32	0	–	–	–	–	–	–
Capital employed	363	0	–	–	–	–	–	–
	–	–	–	0	–	–	–	–
Profit	–	–	–	0	–	–	–	–
Assets	–	–	–	−602	–	–	–	–
Liabilities	–	–	–	−200	–	–	–	–
	–	–	0	–	–	–	–	–
Profit	–	–	0	–	–	–	–	–
Assets	–	–	−535	–	–	–	–	–
Liabilities	–	–	−174	–	–	–	–	–
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Assets	−998	−482	–	–	–	–	–	–
Liabilities	−390	−163	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.The Investment Trust of India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 24 May	Mar 2023Filed 16 May	Mar 2024Filed 13 May	Mar 2025Filed 23 Jun	Mar 2026Filed 13 May
Revenue from operations	166	331	629	458	322	324	301	288	353	285
	119	230	502	397	269	291	280	236	261	227
Materials and goods bought	7	–	288	163	60	92	79	25	0	0
Employee costs	–	–	82	103	100	105	112	109	125	123
Other expenses	–	–	132	131	109	94	89	103	136	104
Operating profit before depreciation	46	101	128	61	53	33	21	51	92	57
Operating margin	27.9%	30.6%	20.3%	13.4%	16.5%	10.2%	6.9%	17.8%	26.1%	20.2%
Materials, % of revenue	–	–	45.7%	35.6%	18.5%	28.4%	26.3%	8.6%	0.0%	0.0%
Employee costs, % of revenue	–	–	13.0%	22.4%	31.2%	32.4%	37.4%	37.9%	35.4%	43.4%
Other expenses, % of revenue	–	–	21.0%	28.7%	33.8%	29.0%	29.4%	35.7%	38.5%	36.4%
Depreciation and amortisation	8	8	10	12	10	11	12	11	11	10
Operating profit after depreciation	38	93	118	49	43	22	9	40	81	47
Other income	3	5	29	6	18	15	23	18	12	17
Finance costs	11	52	109	60	41	29	14	27	37	37
Profit before one-off items and tax	30	46	37	−6	20	8	18	31	56	28
One-off items	3	0	0	0	0	0	0	0	0	1
Profit before tax	32	46	37	−6	20	8	18	31	56	29
	12	18	8	5	9	11	10	16	21	12
Current tax	–	–	22	−6	9	12	14	9	22	13
Deferred tax	–	–	−14	11	0	−2	−3	8	−1	−2
Share of profit of joint ventures and associates	8	21	12	4	5	4	4	5	10	18
	27	49	41	−7	15	1	12	20	46	35
Belonging to the company's shareholders	27	46	35	–	15	2	12	19	43	30
Belonging to outside owners of subsidiaries	–	–	6	–	0	0	0	1	3	5
Other comprehensive income	–	–	0	0	0	0	0	0	0	1
Total comprehensive income	–	–	41	−7	16	2	11	20	46	35
Net margin	16.5%	14.8%	6.5%	−1.5%	4.8%	0.4%	3.8%	6.9%	13.0%	12.2%
Net margin without joint ventures and associates	11.8%	8.6%	4.7%	−2.3%	3.3%	−0.7%	2.5%	5.0%	10.1%	6.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 24 May	Mar 2023Filed 16 May	Mar 2024Filed 13 May	Mar 2025Filed 23 Jun	Mar 2026Filed 13 May
	603	596	603	601	646	688	753	735
	582	576	601	601	636	661	705	736
Share capital	51	51	52	52	52	52	52	52
Reserves	531	525	549	549	584	609	653	683
Belonging to outside owners of subsidiaries	21	20	2	0	10	26	48	0
	642	364	278	128	177	358	364	51
Repayable after a year	8	6	22	24	79	130	0	0
Repayable within a year	635	358	256	104	99	228	363	51
	1,034	571	507	359	370	465	774	254
Trade payables	119	131	168	197	215	182	339	163
Other financial liabilities	144	64	68	44	38	45	55	29
Other liabilities	17	8	12	12	16	8	14	8
Provisions	119	10	3	2	3	2	3	2
	10	25	31	47	101	150	15	9
Other financial liabilities	0	15	6	19	19	16	10	–
Other liabilities	0	0	0	0	0	0	0	4
Provisions	2	3	3	4	4	4	4	5
Total assets	1,647	1,192	1,141	1,007	1,118	1,302	1,542	998
	341	385	321	339	343	327	303	405
Plant in use, after depreciation	7	5	5	8	9	8	9	5
Plant being built	0	0	0	0	0	0	0	0
Intangible assets	10	8	10	24	1	17	12	1
Goodwill	2	2	8	8	8	8	8	2
Intangible assets being developed	0	0	0	0	0	0	0	0
Property held to earn rent	0	89	0	0	0	0	0	0
Investments	61	78	88	91	113	105	213	100
Stakes in joint ventures and associates	86	0	94	98	102	108	0	204
Loans given	105	119	51	39	26	23	9	35
Other financial assets	0	14	0	11	9	10	7	9
Deferred tax	50	39	39	40	41	33	35	34
Other assets	20	30	26	21	33	16	10	16
	1,306	807	820	668	775	975	1,239	593
Inventories	62	74	29	7	85	137	0	0
Trade receivables	102	81	54	80	57	80	72	172
Cash and cash equivalents	27	32	124	188	131	94	208	26
Other bank balances	126	96	113	105	133	182	183	203
Current investments	19	0	0	45	45	59	67	52
Loans given	878	446	426	195	231	338	598	80
Other financial assets	74	31	52	31	78	63	97	49
Other assets	19	47	22	16	15	21	15	10
Net debt	471	235	41	−210	−132	23	−94	−231

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 24 May	Mar 2023Filed 16 May	Mar 2024Filed 13 May	Mar 2025Filed 23 Jun	Mar 2026Filed 13 May
	249	302	−102	−209	125	−183
	139	256	−96	−199	142	−200
	169	263	−132	−260	23	−235
Receivables	−5	−26	23	−23	−286	−41
Inventories	45	22	−78	−52	137	0
Payables	37	26	18	39	173	−176
Other working capital	92	241	−95	−224	0	−19
Tax paid	−4	−8	−6	−11	−17	−14
Interest paid	0	0	0	0	0	32
Capital spending	1	5	11	6	6	1
Free cash flow	247	297	−113	−216	119	−184
	−12	−52	−21	1	3	−12
Plant and property sold	0	0	0	0	0	0
	−145	−186	66	172	−15	14
Borrowings raised	0	0	68	181	0	51
Borrowings repaid	−101	−150	0	0	6	0
Interest paid	−40	−26	−13	−25	−34	−32
Lease payments	−5	0	0	−6	−7	−5
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	19	22	20	0
Net change in cash	91	64	−57	−37	113	−181

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 24 May	Mar 2023Filed 16 May	Mar 2024Filed 13 May	Mar 2025Filed 23 Jun	Mar 2026Filed 13 May
Earnings per share	₹5.49	₹8.97	₹6.92	−₹1.16	₹2.92	₹0.31	₹2.21	₹3.56	₹8.14	₹5.76
Diluted earnings per share	₹5.49	₹8.97	₹6.84	−₹1.15	₹2.89	₹0.30	₹2.21	₹3.56	₹8.14	₹5.76
Book value per share	–	–	₹114.07	₹112.83	₹116.65	₹116.62	₹121.82	₹126.61	₹134.98	₹140.81
Shareholder yield	–	–	–	–	0.0%	0.0%	−5.3%	−3.2%	−3.2%	0.0%
Market cap at the year end (₹ crore)	1,578	1,148	843	368	471	577	349	698	630	476

Ratios

Consolidated, years to March.The Investment Trust of India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 24 May	Mar 2023Filed 16 May	Mar 2024Filed 13 May	Mar 2025Filed 23 Jun	Mar 2026Filed 13 May
Revenue growth	–	100.1%	89.8%	−27.2%	−29.8%	0.8%	−7.1%	−4.4%	22.7%	−19.4%
Operating profit growth	–	119.4%	25.9%	−52.0%	−13.3%	−38.0%	−36.9%	147.1%	79.8%	−37.7%
Net profit growth	382.3%	79.6%	−16.7%	–	–	−90.5%	697.7%	72.6%	129.9%	−24.4%
Earnings per share growth	–	63.4%	−22.9%	–	–	−89.4%	612.9%	61.1%	128.7%	−29.2%
	–	–	6.1%	–	2.6%	0.3%	1.9%	2.9%	6.2%	4.2%
	–	–	–	–	–	−2.3 pts	1.6 pts	1.0 pts	3.4 pts	−2.0 pts
From the net margin	–	–	–	–	–	−2.3 pts	1.8 pts	1.3 pts	2.5 pts	−0.8 pts
From asset turnover	–	–	–	–	–	0.0 pts	−0.1 pts	−0.5 pts	0.2 pts	−0.5 pts
From borrowing	–	–	–	–	–	0.0 pts	−0.1 pts	0.2 pts	0.6 pts	−0.8 pts
Return on capital employed	–	–	9.4%	5.1%	4.9%	3.0%	1.1%	3.8%	7.3%	6.0%
Cash conversion	–	–	–	–	1,628.5%	20,845.5%	−883.4%	−1,048.7%	273.0%	−526.6%
Interest cover	3.5	1.8	1.1	0.8	1.1	0.8	0.6	1.5	2.2	1.3
Debt to equity	–	–	1.07	0.61	0.46	0.21	0.27	0.52	0.48	0.07
Receivable days	–	–	59	64	61	90	69	102	74	220
Inventory days	–	–	79	167	179	29	391	2,022	184	–
Payable days	–	–	151	294	1,033	781	990	2,685	19,83,436	–
Cash conversion cycle, days	–	–	−13	−63	−792	−662	−530	−561	−19,83,178	–
Working capital days	–	–	426	371	377	84	235	511	383	139
Asset turnover	–	–	0.38	0.32	0.28	0.30	0.28	0.24	0.25	0.22
Assets per rupee of net worth	–	–	2.83	2.45	1.98	1.79	1.72	1.86	2.08	1.76
Sales per rupee of plant	–	–	86.32	89.32	65.29	41.12	34.91	35.65	40.28	54.75
Capital spending to depreciation	–	–	–	–	0.15	0.49	0.90	0.55	0.58	0.11
Plant being built, % of plant in use	–	–	2.4%	3.9%	3.9%	0.5%	0.0%	0.0%	0.0%	0.0%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.4%
Cash from operations against operating profit: −318.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.8%	−2.4%	−1.9%
Profit growth, yearly rate	18.2%	14.8%	37.8%
Return on equity, average	–	3.1%	4.4%
Return on capital employed, average	–	4.2%	5.7%
Operating margin, average	19.0%	16.2%	21.4%
Net margin, average	7.7%	7.3%	10.7%
Asset turnover, average	–	0.26	0.24
Cash conversion cycle, days, average	–	−4,96,233	−9,91,869
Interest cover, average	1.5	1.3	1.7
Debt to equity, average	–	0.31	0.36

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−67	−267	−183
Cash from investing	−82	−9	−12
Cash from financing	51	171	14
Capital spending	30	14	1
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	61	42	0
Borrowings raised	300	232	51
Borrowings repaid	156	6	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	5	5	8	5
Altman Z-scorePublished threshold 1.1	–	–	3.34	4.09	4.91	5.59	5.71	5.57	4.76	7.84
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.96	−3.19	−2.40	−1.56	−3.17	2.15
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−18.99	−23.21	12.72	18.88	−5.79	18.11
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	15.86	−0.28	−2.41	−2.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	6.23	−3.03	46.95	−21.67	45.50	−33.42	158.93
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	63.49	2.64	−129.29	1,066.03	130.18	−0.23	0.00
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−3.20	−1.28	−8.17	15.05	−2.80	7.77	−18.47
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.02	0.02	0.00	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	36.02	38.37	21.15	–	47.11	129.19	58.08	52.99	36.82	40.38
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	34.01	24.48	17.47	7.34	−9.59

A threshold marked as ours has no published figure; it is the line we read the check against.