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India Ratings has assigned ITI Limited’s bank facilities a credit rating of IND BB+/Stable/IND A4+. The rating reflects ITI’s weak operating profitability, with EBITDA losses in FY23 and FY24, though a recovery is visible in 9MFY25 backed by higher revenue and a strong order book of ₹15,965 Cr. Key concerns include high customer concentration, elevated receivables of ₹2,440.8 Cr, and significant net debt reduced from ₹1,795.5 Cr to ₹1,465.1 Cr via land monetisation and advance collections. Liquidity remains stretched but supported by government grants and advances. This rating affirms the credit risk tied to operational challenges and governance issues, while government support helps maintain debt servicing capacity.