IL&FS Transportation Networks Limited

Industrials — Infrastructure Operations · BSE

₹1.96+₹0.04 (+2.08%)

DalalBaazaar Score

26 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of IL&FS Transportation Networks Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

IL&FS Transportation Networks Limited develops, operates, manages, and maintains transportation infrastructure projects in India and internationally. The company undertakes highway, flyover, bridge, road, metro rail, city bus, and border check post projects.

IndustryInfrastructure Operations

SectorIndustrials

Employees268

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of the level reported are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

DalalBaazaar Score

26/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

27/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

20/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 3.86x — earnings must service borrowings before shareholders see anything.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.07 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 3.86x. Interest is payable whether or not the business has a good year.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Free cash flow remains positive✗ not reported
Profit that never becomes cash eventually stops being profit.

Investment Checklist

3 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 4 neutral · 6 weak

Market Cap

₹64 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-14.49

Loss-making

Negative earnings per share — the business is losing money

ROE

3.2%

Weak

Weak capital efficiency

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

3.86x

High

High leverage

Revenue Growth (YoY)

76.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-53.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹518 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

-2.6%

Weak

Assets generate little profit

Operating Margin

34.4%

Good

Healthy core-business profitability

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.07

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.24

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.0 / 2.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

52.1

Neutral momentum

Financial Trend (Annual)

Year	Revenue	Gross Profit	Net Income
2014	₹6,587 Cr	₹0 Cr	₹463 Cr
2015	₹6,503 Cr	₹0 Cr	₹444 Cr
2016	₹7,947 Cr	₹0 Cr	₹312 Cr
2017	₹7,984 Cr	₹0 Cr	₹146 Cr

Balance Sheet & Cash Flow — FY2017

Total Assets

—

Total Liabilities

—

Total Debt

—

Cash & Equivalents

—

Operating Cash Flow

—

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.3%

Corporate Actions

Ex-Dividend Date

29 Jul 2016

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%

Recent News

6 general

IL&FS Transportation Networks Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

IL&FS Transportation Networks Limited (IL&FSTRANS.BO) Stock Price, News, Quote & History

Yahoo! Finance Canada, 10 Oct

IL&FS Transportation Networks Bull Case vs Bear Case for 2026

Univest, 11 Sept

IL&FS TRANSPORTATION NETWORKS Share Price

Upstox, 05 May

IL&FS Transportation holds 26.37% stake in Noida Toll Bridge

scanx.trade, 20 Jun

IL&FS Transportation Networks Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 1 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑