WEBSITE BSE:533177 NSE: IL&FS TRANS Inc. Year: 2000 Industry: Engineering - Construction My Bucket: Add Stock
Last updated: 15:31
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1. Business Overview
IL&FS Transportation Networks Ltd. (IL&FSTRANS) is an infrastructure development company focused primarily on surface transportation projects in India. Its core business model involves developing, operating, and managing roads, highways, and other transport infrastructure. Historically, it operated through various models including Build-Operate-Transfer (BOT) (both toll and annuity-based), Engineering-Procurement-Construction (EPC) contracts, and Hybrid Annuity Model (HAM) projects. The company aimed to generate revenue through toll collections from operational BOT toll projects, annuity payments from BOT annuity/HAM projects, and construction fees from EPC contracts.
2. Key Segments / Revenue Mix
Historically, IL&FSTRANS's revenue streams typically came from:
Toll-based projects: Revenue generated from collecting tolls on operational highways and roads.
Annuity-based projects: Fixed or semi-fixed payments received from the concessionaire authority (e.g., NHAI) over the concession period.
EPC contracts: Revenue from engineering, procurement, and construction services for infrastructure projects.
Operations & Maintenance (O&M): Fees for maintaining operational projects.
Specific contribution percentages for these segments are not publicly available in detail, especially given the company's current state of resolution.
3. Industry & Positioning
The Indian Engineering - Construction sector, particularly in road infrastructure, is highly competitive, featuring large domestic players (e.g., L&T, IRB Infra, PNC Infratech, Dilip Buildcon, GMR Infra) and some international entities. Historically, IL&FSTRANS was a significant player, particularly in the BOT concession space, with a substantial portfolio of operational and under-construction road assets. However, following the severe financial crisis and resolution process of its parent IL&FS Group, the company's competitive positioning has been severely compromised. Its current focus is on the monetization and divestment of its existing assets as part of the group's resolution, rather than actively bidding for and executing new projects or competing in the market for fresh contracts.
4. Competitive Advantage (Moat)
Historical Advantages (now largely eroded):
Project Execution Capability: Historically, the company had proven experience in developing and executing large-scale and complex road infrastructure projects.
Asset Portfolio: A significant portfolio of operational toll and annuity road assets provided a revenue base.
Funding Access (via parent): Before its crisis, its association with the IL&FS Group potentially facilitated access to project financing.
Current Situation: Due to the financial distress and resolution process, the company's brand reputation is severely damaged, its access to capital markets is virtually non-existent for new projects, and its operational focus has shifted from growth to asset resolution. Therefore, it currently possesses little to no sustainable competitive advantage (moat) in the traditional sense.
5. Growth Drivers
For IL&FSTRANS, in its current state, traditional "growth drivers" are not applicable. The company is primarily in a resolution phase. Its focus is on:
Asset Monetization: Divestment of its operational road assets to maximize recovery for creditors.
Debt Resolution: Reducing liabilities through asset sales and negotiations with lenders.
Historically, growth drivers for infrastructure companies in India included government impetus on infrastructure development, increased budgetary allocations for roads, new project awards by NHAI, and favorable policy frameworks like HAM.
6. Risks
Resolution Process Uncertainty: The overarching risk is the ongoing, complex, and potentially lengthy resolution process of the IL&FS Group, which directly impacts IL&FSTRANS. The timing and valuation of asset sales are uncertain.
Liquidity and Solvency: The company and its parent group faced severe liquidity challenges and are undergoing debt resolution.
Asset Valuation Risks: The ability to divest assets at fair or expected valuations is critical for debt recovery, but market conditions and buyer interest can fluctuate.
Legal & Regulatory Challenges: Potential litigation from various stakeholders (lenders, contractors, shareholders) and regulatory hurdles during the resolution process.
Reputational Damage: The IL&FS crisis has severely damaged the brand, making it impossible to secure new business or financing under its existing identity.
Traffic Risks (for remaining operational toll assets): Lower-than-projected traffic volumes could impact the value of toll-based assets during divestment.
7. Management & Ownership
IL&FS Transportation Networks Ltd. is a subsidiary of IL&FS Ltd., which is currently under a government-appointed board as part of a comprehensive resolution plan for the entire IL&FS Group. The management of IL&FSTRANS, therefore, operates under the direct oversight and strategic direction of this resolution-appointed board. Their primary mandate is to facilitate the orderly resolution of the company, which predominantly involves the monetization of assets to repay creditors and minimize losses, rather than pursuing new business growth or operational expansion. The ultimate ownership structure is intertwined with the complex web of the IL&FS Group and is subject to the ongoing resolution.
8. Outlook
The outlook for IL&FS Transportation Networks Ltd. is fundamentally tied to the success and efficiency of the IL&FS Group's resolution process.
Challenges: The company faces severe financial distress, a damaged reputation, and is not operating as a going concern in the traditional sense of growing its business. The resolution process is complex, lengthy, and the final recovery for various stakeholders remains uncertain. Asset valuations in a distressed sale environment may be lower than historical book values.
Potential for Resolution: The government-appointed board is actively working on asset monetization and debt restructuring across the IL&FS Group, including IL&FSTRANS. A successful and timely divestment of its various road assets could lead to significant debt reduction and some recovery for creditors. The outcome will largely dictate whether any residual value can be unlocked, though the prospects for equity holders are typically very low in such severe distress scenarios. The focus is on value preservation and recovery, not future organic growth.
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Market Cap ₹75 Cr.
Stock P/E -0.1
P/B -
Current Price ₹2.3
Book Value ₹ 0
Face Value 10
52W High ₹4.4
Dividend Yield 0%
52W Low ₹ 1.8
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1039 | 844 | 795 | 998 | 749 | 686 | 713 | 1218 | 807 |
| Other Income | 144 | 285 | 224 | 114 | 248 | 334 | 367 | 394 | 229 |
| Total Income | 1183 | 1129 | 1019 | 1112 | 997 | 1020 | 1080 | 1612 | 1035 |
| Total Expenditure | 809 | 681 | 632 | 733 | 577 | 508 | 591 | 1037 | 827 |
| Operating Profit | 374 | 448 | 387 | 378 | 420 | 512 | 489 | 575 | 209 |
| Interest | 331 | 367 | 349 | 331 | 380 | 422 | 410 | 430 | 489 |
| Depreciation | 2 | 2 | 3 | 7 | 6 | 6 | 5 | 6 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 40 | 79 | 36 | 41 | 35 | 85 | 73 | 139 | -285 |
| Provision for Tax | 22 | 22 | -20 | -65 | 10 | 25 | 13 | 33 | -37 |
| Profit After Tax | 18 | 57 | 56 | 106 | 25 | 60 | 60 | 107 | -248 |
| Adjustments | -18 | -57 | -56 | -106 | -25 | -60 | -60 | -107 | 248 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0.5 | 1.7 | 1.7 | 3.2 | 0.8 | 1.8 | 1.8 | 3.2 | -7.5 |
| #(Fig in Cr.) | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1616 | 2773 | 3369 | 3405 | 3523 | 4382 | 3676 | 3537 | 180 | 100 | 3424 |
| Other Income | 85 | 138 | 197 | 267 | 359 | 669 | 843 | 1173 | 607 | 133 | 1324 |
| Total Income | 1701 | 2910 | 3566 | 3672 | 3882 | 5052 | 4520 | 4709 | 786 | 232 | 4747 |
| Total Expenditure | 1079 | 2213 | 2717 | 2813 | 2744 | 3945 | 2922 | 2705 | 1705 | 398 | 2963 |
| Operating Profit | 622 | 697 | 849 | 859 | 1138 | 1107 | 1597 | 2004 | -919 | -166 | 1785 |
| Interest | 160 | 273 | 399 | 525 | 744 | 1220 | 1388 | 1650 | 1288 | 19 | 1751 |
| Depreciation | 10 | 11 | 11 | 11 | 10 | 10 | 14 | 22 | 21 | 20 | 22 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14341 | -768 | 0 |
| Profit Before Tax | 452 | 414 | 439 | 323 | 384 | -123 | 196 | 332 | -16569 | -973 | 12 |
| Provision for Tax | 164 | 161 | 168 | 57 | 65 | -26 | -41 | 80 | 432 | 0 | 34 |
| Profit After Tax | 288 | 252 | 271 | 266 | 319 | -97 | 236 | 252 | -17000 | -973 | -21 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21 |
| Profit After Adjustments | 288 | 252 | 271 | 266 | 319 | -97 | 236 | 252 | -17000 | -973 | 0 |
| Adjusted Earnings Per Share | 13.8 | 12.1 | 13 | 11.8 | 9.5 | -3 | 7.2 | 7.7 | -516.8 | -29.6 | -0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -44% | -70% | -51% | 0% |
| Operating Profit CAGR | 0% | NAN% | NAN% | 0% |
| PAT CAGR | 0% | NAN% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -33% | -12% | -1% | -29% |
| ROE Average | 0% | 3% | 3% | 8% |
| ROCE Average | -90% | -82% | -45% | -15% |
| #(Fig in Cr.) | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1785 | 1944 | 2125 | 2982 | 3580 | 2706 | 2829 | 3076 | -13884 | -14860 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 375 | 400 | 1860 | 2691 | 4115 | 6452 | 8566 | 8792 | 0 | 0 |
| Other Non-Current Liabilities | 373 | 256 | 334 | 428 | 567 | 744 | 861 | 849 | 219 | 136 |
| Total Current Liabilities | 2320 | 3440 | 2930 | 3626 | 4898 | 4728 | 4388 | 7112 | 17291 | 17851 |
| Total Liabilities | 4853 | 6040 | 7248 | 9727 | 13160 | 14630 | 16644 | 19829 | 3625 | 3128 |
| Fixed Assets | 37 | 30 | 25 | 29 | 139 | 43 | 140 | 138 | 129 | 80 |
| Other Non-Current Assets | 3295 | 4128 | 4662 | 5687 | 7369 | 7970 | 9695 | 11230 | 3218 | 1701 |
| Total Current Assets | 1521 | 1882 | 2562 | 4011 | 5652 | 6618 | 6808 | 8461 | 279 | 1346 |
| Total Assets | 4853 | 6040 | 7248 | 9727 | 13160 | 14630 | 16644 | 19829 | 3625 | 3128 |
| #(Fig in Cr.) | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 143 | 8 | 4 | 5 | 11 | -4 | -146 | 15 | 58 | -146 |
| Cash Flow from Operating Activities | 258 | 422 | -32 | 98 | -260 | -866 | 1029 | -309 | 1153 | -19 |
| Cash Flow from Investing Activities | -531 | -910 | -395 | -997 | -2017 | -591 | -2624 | 2980 | -1528 | 177 |
| Cash Flow from Financing Activities | 138 | 485 | 429 | 904 | 2286 | 1314 | 1756 | -2629 | 171 | 9 |
| Net Cash Inflow / Outflow | -135 | -4 | 1 | 6 | 9 | -142 | 161 | 43 | -204 | 167 |
| Closing Cash & Cash Equivalent | 7 | 4 | 5 | 11 | 20 | -146 | 15 | 58 | -146 | 21 |
| # | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 13.81 | 12.1 | 13 | 11.83 | 9.48 | -2.96 | 7.19 | 7.65 | -516.79 | -29.58 |
| CEPS(Rs) | 14.28 | 12.6 | 13.53 | 13.91 | 12.99 | -2.67 | 7.61 | 8.33 | -516.15 | -28.97 |
| DPS(Rs) | 3.5 | 4 | 4 | 4 | 4 | 2 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 85.57 | 93.2 | 101.88 | 130.84 | 126.64 | 82.27 | 86 | 93.52 | -422.07 | -451.72 |
| Core EBITDA Margin(%) | 33.2 | 20.18 | 19.35 | 17.38 | 22.11 | 9.99 | 20.51 | 23.51 | -849.89 | -300.23 |
| EBIT Margin(%) | 37.86 | 24.77 | 24.87 | 24.91 | 32.02 | 25.05 | 43.07 | 56.03 | -8511.03 | -958.47 |
| Pre Tax Margin(%) | 27.96 | 14.92 | 13.04 | 9.48 | 10.9 | -2.8 | 5.32 | 9.38 | -9228.43 | -977.74 |
| PAT Margin (%) | 17.83 | 9.1 | 8.05 | 7.81 | 9.05 | -2.22 | 6.43 | 7.12 | -9468.82 | -977.74 |
| Cash Profit Margin (%) | 18.43 | 9.48 | 8.38 | 8.13 | 9.33 | -2.01 | 6.81 | 7.75 | -9457.16 | -957.7 |
| ROA(%) | 6.84 | 4.63 | 4.08 | 3.13 | 2.78 | -0.7 | 1.51 | 1.38 | -144.96 | -28.82 |
| ROE(%) | 17.14 | 13.53 | 13.33 | 11.25 | 10.97 | -3.3 | 8.54 | 8.53 | 0 | 0 |
| ROCE(%) | 18.05 | 16.45 | 15.91 | 12.59 | 12.11 | 9.39 | 11.86 | 12.82 | -169.39 | -89.99 |
| Receivable days | 148.45 | 120.63 | 140.39 | 219.41 | 271.17 | 270.4 | 314.76 | 292.49 | 3186.86 | 192.97 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0.4 | 1.36 | 2.19 | 39.02 | 67.82 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 5234.28 | 0 | 0 | 0 | 0 |
| PER(x) | 15.84 | 14.86 | 12.73 | 9.56 | 20.03 | 0 | 15.22 | 7.94 | 0 | 0 |
| Price/Book(x) | 2.56 | 1.93 | 1.63 | 0.86 | 1.5 | 0.87 | 1.27 | 0.65 | -0.01 | -0 |
| Dividend Yield(%) | 1.49 | 2.07 | 2.25 | 3.45 | 2.05 | 2.78 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 3.99 | 2.33 | 2.13 | 2.13 | 3.53 | 2.7 | 4.02 | 4.25 | 85.7 | 153.23 |
| EV/Core EBITDA(x) | 10.37 | 9.28 | 8.47 | 8.43 | 10.93 | 10.69 | 9.25 | 7.5 | -16.74 | -91.94 |
| Net Sales Growth(%) | 91.11 | 71.59 | 21.52 | 1.05 | 3.48 | 24.39 | -16.11 | -3.8 | -94.92 | -44.58 |
| EBIT Growth(%) | -4.79 | 12.24 | 22.01 | 1.22 | 33.01 | -2.7 | 44.27 | 25.16 | -871.04 | 93.76 |
| PAT Growth(%) | -11.3 | -12.41 | 7.48 | -1.89 | 19.78 | -130.57 | 342.65 | 6.5 | -6852.59 | 94.28 |
| EPS Growth(%) | -11.3 | -12.41 | 7.48 | -9.04 | -19.83 | -131.24 | 342.65 | 6.5 | -6852.6 | 94.28 |
| Debt/Equity(x) | 1.06 | 1.4 | 1.76 | 1.55 | 2.08 | 3.57 | 4.07 | 4.39 | -1.11 | -1.04 |
| Current Ratio(x) | 0.66 | 0.55 | 0.87 | 1.11 | 1.15 | 1.4 | 1.55 | 1.19 | 0.02 | 0.08 |
| Quick Ratio(x) | 0.66 | 0.55 | 0.87 | 1.11 | 1.15 | 1.4 | 1.55 | 1.19 | 0.02 | 0.07 |
| Interest Cover(x) | 3.82 | 2.52 | 2.1 | 1.61 | 1.52 | 0.9 | 1.14 | 1.2 | -11.86 | -49.73 |
| Total Debt/Mcap(x) | 0.42 | 0.73 | 1.08 | 1.62 | 1.55 | 4.08 | 3.2 | 6.75 | 81.73 | 436.63 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.22 | 73.22 | 73.22 | 73.22 | 73.22 | 72.45 | 73.22 | 73.22 | 73.22 | 73.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.57 | 0.57 | 0.57 | 0.51 | 0.44 | 0.44 | 0.44 | 0.41 | 0.41 | 0.41 |
| Public | 26.21 | 26.21 | 26.21 | 26.27 | 26.34 | 27.11 | 26.34 | 26.37 | 26.37 | 26.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 24.08 | 24.08 | 24.08 | 24.08 | 24.08 | 24.08 | 24.08 | 24.08 | 24.08 | 24.08 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.19 | 0.19 | 0.19 | 0.17 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | 0.14 |
| Public | 8.62 | 8.62 | 8.62 | 8.64 | 8.67 | 9.01 | 8.67 | 8.68 | 8.68 | 8.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 32.9 | 32.9 | 32.9 | 32.9 | 32.9 | 33.24 | 32.9 | 32.9 | 32.9 | 32.9 |
* The pros and cons are machine generated.
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