ITL Industries Limited

ITL.BO

Industrial - Machinery · Industrials

Exchange

Bombay Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Weak

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

Insider Activity

59.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 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

Profit per sale

Gross Margin

14.9%

Thin — 14.9% gross margin

Profit after running costs

Operating Margin

7.3%

Modest — 7.3% operating margin

Return on the money invested

ROCE

11.5%

Below par — 11.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+16.3%

Fast-growing sales (+16.3% YoY)

Profit growth

EPS YoY

+77.1%

Earnings growing fast (+77.1% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.25

Conservative — low debt load (0.25)

Covers its interest

Interest Cover

6.54x

Adequate interest coverage (6.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.3x

no trend

Attractive valuation — P/E 6.3

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.33%

no trend

Small dividend — 0.33% yield

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

Dividend record

Dividend Growth

+40.0%

no trend

Dividend growing fast (40.0% YoY)

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