1. At a Glance
Industrial Investment Trust Ltd (IITL) is that rare BSE-listed company which was incorporated in 1933 and still manages to confuse modern investors in 2026. With a market cap of ~₹305 Cr, a stock price hovering around ₹135, and a book value of ~₹200, IITL trades at a tempting 0.67x P/B—the kind of number that makes deep-value hunters salivate before reality slaps them with a ROE of 0.91%.
The latest quarter looks deceptively exciting on the surface: Q3 FY26 PAT of ~₹6.1 Cr, up 218% YoY, and revenue growth of over 360% YoY. But zoom out, and this is still a company where profit growth over the last year is -84%, sales are lumpy, and returns on capital barely clear the RBI savings account hurdle.
This is not a high-growth fintech. This is a holding-company-cum-investment-trust-cum-real-estate-side-hustle, sprinkled with private equity ambitions and governance drama. Curious? Good. You should be.
2. Introduction
IITL is what happens when a company is older than Indian independence but still wants to cosplay as a modern NBFC. Registered as a Systemically Important Non-Deposit Taking NBFC, IITL doesn’t lend aggressively to retail borrowers or chase fintech valuations. Instead, it parks capital in investments, loans to group companies, government securities, mutual funds, and the occasional real estate project.
In FY23, about 85% of revenue came from interest income, with the rest split between real estate sales, fair value gains, and miscellaneous income. Translation: if interest income sneezes, IITL catches a cold.
The company has also been in portfolio-cleaning mode—selling stakes in associate and JV entities, including World Resorts Limited (₹65.52 Cr sale) and restructuring exposure to IITL Projects and Nimbus group entities. Add to this an open offer in Feb 2024 for
41.72% stake worth ₹258.69 Cr, and you already know this stock has more corporate action than earnings predictability.
So the real question: is IITL a hidden balance-sheet bargain or just a value trap with excellent paperwork?
3. Business Model – WTF Do They Even Do?
Let’s simplify IITL’s business model like explaining it to a tired investor at 11 pm:
- They invest money.
- Mostly in group companies, associates, and joint ventures.
- They earn interest income, not operating margins.
- Occasionally, they sell real estate or long-held investments.
- They also dabble in private equity and margin funding, because why not?
As of FY23, investments in subsidiaries, associates, and JVs were valued at ₹576,820.98 lakh, with ₹27,820.64 lakh parked in government securities. That’s a lot of balance sheet for a company generating ~₹20 Cr annual revenue.
This is not a compounding machine. It’s more like a capital allocator with mood swings, where profits depend on:
- Interest rates
- Fair value adjustments
- Exit timing of investments
- And whether group companies behave themselves
Would you trust your capital to this model? Or are you just here because the P/B looks cheap?
4. Financials Overview
Quarterly Comparison (Consolidated, ₹ Cr)
