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India Tourism Development Corp. Ltd. (ITDC) AI Stock Analysis

IN:ITDC

India Tourism Development Corp. Ltd.

(NSE:ITDC)

Select Model
Rating:59Neutral
Price Target:INR 615.00â–²(4.49% Upside)
Action:reiterated
Date:10/16/26

ITDC earns a moderate score. The most significant positive is its pristine, virtually debt-free balance sheet paired with a strong post-pandemic profit recovery and 22.4% ROE. This is offset by the single largest risk: deeply negative FY2025 operating and free cash flow despite reported profits, raising questions about earnings quality and cash conversion. Valuation is the next biggest drag, with a P/E near 70 and a minimal 0.44% dividend yield leaving little margin for error, especially with FY2026 revenue and margins projected to soften. Technicals are neutral — the stock holds above its 100- and 200-day averages but momentum has flattened, with price just under its short-term averages and a mildly negative MACD. High beta adds volatility risk.

Positive Factors
Very low leverageThe exceptionally conservative balance sheet gives ITDC substantial financial resilience and flexibility. Minimal debt reduces interest and refinancing pressure, allowing more operating cash to support hotel, tourism, and event activities while limiting the damage from business fluctuations.
Negative Factors
Revenue contractionThe shift from revenue expansion to a decline in 2026 signals weaker top-line momentum across ITDC’s tourism and hospitality activities. If this persists, lower revenue can reduce operating leverage, constrain reinvestment, and make the recent profitability improvement harder to extend.

India Tourism Development Corp. Ltd. (ITDC) vs. iShares MSCI India ETF (INDA)

-40%-30%-20%-10%0%10%20%30%IN:ITDC-3.74%INDA-12.02%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
INR 56.20B
Dividend Yield
0.50%
Average Volume (3M)
20.23K
Price to Earnings (P/E)
61.5
Beta (1Y)
2.31
Revenue Growth
-9.37%
EPS Growth
3.25%
Country
India
Employees
455
Sector
General
Sector Strength
55
Industry
Travel Lodging

India Tourism Development Corp. Ltd. Business Overview & Revenue Model

Company Description

India Tourism Development Corporation Ltd., along with its subsidiaries, is dedicated to developing, constructing, and managing a diverse portfolio of hospitality establishments, including hotels, beach resorts, and dining facilities, catering to tou...

How the Company Makes Money

ITDC generates revenue primarily by providing tourism and hospitality services through multiple operating verticals. A major source is income from hospitality operations, including room rentals and allied hotel services, along with food-and-beverage...

India Tourism Development Corp. Ltd. Financial Statement Overview

Summary

A mixed picture. The balance sheet is the standout strength (score 82): essentially debt-free with a debt-to-equity ratio of 0.002, steadily rising equity to ₹4.23 billion, and ROE of 22.4% in FY2025. The income statement is solid (score 68), with revenue tripling from ₹1.77 billion in FY2021 to ₹5.70 billion in FY2025 and net margins improving to 14.3%, though FY2026 estimates point to a ~4% revenue decline and EBITDA margin compression from ~21.6% to ~17.1%. Cash flow is the clear weak link (score 42): FY2025 operating cash flow swung to -₹3.29 billion and free cash flow to -₹3.38 billion despite ₹815 million of reported net income, a material disconnect that follows a pattern of erratic cash conversion in FY2021 and FY2023.

Income Statement

68Positive

Balance Sheet

82Very Positive

Cash Flow

42Neutral
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue5.35B5.33B5.70B5.32B4.61B2.94B
Gross Profit2.52B2.50B2.66B2.53B2.25B908.75M
EBITDA1.15B1.21B1.06B1.15B883.80M151.08M
Net Income823.47M827.11M815.45M646.02M551.20M42.43M
Balance Sheet
Total Assets07.62B7.46B10.66B9.34B5.84B
Cash, Cash Equivalents and Short-Term Investments2.71B2.71B2.19B1.78B2.06B2.19B
Total Debt06.35M6.35M6.35M6.30M6.30M
Total Liabilities-4.11B3.51B3.94B6.87B6.06B3.10B
Stockholders Equity4.11B4.23B3.64B3.89B3.38B2.83B
Cash Flow
Free Cash Flow22.72M747.87M-3.38B408.46M-247.87M101.10M
Operating Cash Flow56.41M850.09M-3.29B423.32M-117.65M156.37M
Investing Cash Flow-384.45M-873.43M-133.62M43.05M-29.84M49.02M
Financing Cash Flow-248.73M-248.73M-216.14M-190.56M00

India Tourism Development Corp. Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price588.60

Price Trends

50DMA656.18Negative
100DMA663.74Negative
200DMA596.22Negative

Market Momentum

MACD-18.67Positive
RSI30.01Neutral
STOCH20.60Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ITDC, the sentiment is Negative. The current price of 588.60 is below the 20-day moving average (MA) of 644.22, below the 50-day MA of 656.18, and below the 200-day MA of 596.22, indicating a bearish trend. The MACD of -18.67 indicates Positive momentum. The RSI at 30.01 is Neutral, neither overbought nor oversold. The STOCH value of 20.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ITDC.

India Tourism Development Corp. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

IN:ITDC against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
IN:INDHOTELIN:INDHOTEL79OutperformINR 1.16T52.26―0.40%15.38%31.11%
IN:TAJGVKIN:TAJGVK75OutperformINR 18.96B4.57―0.66%22.41%194.35%
IN:CHALETIN:CHALET69NeutralINR 177.25B33.39―0.25%6.05%85.08%
IN:EIHOTELIN:EIHOTEL68NeutralINR 179.23B25.16―0.52%8.34%4.47%
IN:ITDCIN:ITDC59NeutralINR 50.48B61.50―0.50%-9.37%3.25%
IN:LEMONTREEIN:LEMONTREE59NeutralINR 86.59B36.79――10.46%9.16%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%

* General Sector Average

Performance Comparison

-40%-20%0%20%IN:ITDCIN:CHALETIN:EIHOTELIN:INDHOTELIN:LEMONTREEIN:TAJGVKDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
IN:ITDC and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
IN:ITDCIndia Tourism Development Corp. Ltd.588.60-29.45-4.76%
IN:CHALETChalet Hotels Ltd.809.40-147.60-15.42%
IN:EIHOTELEIH Limited286.60-107.16-27.22%
IN:INDHOTELIndian Hotels Co. Ltd.814.0070.269.45%
IN:LEMONTREELemon Tree Hotels Ltd.109.30-58.95-35.04%
IN:TAJGVKTAJGVK Hotels & Resorts Ltd.302.35-110.47-26.76%

India Tourism Development Corp. Ltd. Corporate Events

India Tourism Development Corp. Sets Digital AGM for September 22, 2026

Aug 29, 2026

India Tourism Development Corporation Limited has scheduled its 61st Annual General Meeting for September 22, 2026, at 12:00 IST, to be conducted via video conferencing and other audio-visual means in line with regulatory provisions. The AGM notice a...

India Tourism Development Corporation Sets Record Date for FY26 Dividend

Aug 29, 2026

India Tourism Development Corporation Ltd. has announced that its board has recommended a final dividend of Rs 2.95 per equity share with a face value of Rs 10 for the financial year 2025-26, subject to shareholder approval at the annual general meet...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 16, 2026