NSE: ITC · BSE: 500875
ITC LTD
Operates a diversified portfolio spanning cigarettes, packaged FMCG goods, paperboards and packaging, and agri commodities. The cigarette business is the largest revenue contributor at Rs 40,601 cr in FY26, accounting for 40.8% of segment revenue. The FMCG-Others segment covers packaged foods, personal care, stationery and lifestyle retailing. The agri business handles leaf tobacco, wheat, rice, spices and other farm inputs and outputs, while Paperboards, Paper & Packaging brought in Rs 8,768.58 cr. The company recently completed the acquisition of Century Pulp and Paper, expected to lift paper capacity by 50%, and has lined up Rs 20,000 cr of planned capex with 6 projects in the pipeline. Materials are the largest cost input at 29.2% of revenue, followed by other operating expenses at 25.9% and employees at 7.5%. A sharp cigarette tax hike from February 2026 raised GST to 40% of retail price, and excise duty in Q1 FY27 rose over 7x to Rs 10,036 cr after GST Compensation Cess expiry, compressing that quarter's cigarette EBIT by 35%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. FMCG - Cigarettes (41%), FMCG - Others (24%), Agri Business (21%), Paperboards, Paper & Packaging (9%), Others (5%). Diversified, asset-heavy FMCG conglomerate with a high-margin regulated cigarette business funding expansion into lower-margin packaged goods, paper and agri.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 65,205 | 76,518 | 76,840 | 81,613 | 89,913 |
| EBITDA (ex other income) | 20,658 | 25,738 | 26,247 | 25,978 | 27,026 |
| margin % | 31.7 | 33.6 | 34.2 | 31.8 | 30.1 |
| Owners' profit | 15,243 | 19,192 | 20,459 | 34,747 | 20,689 |
| EPS, as reported (₹) | 12.37 | 15.50 | 16.42 | 27.79 | 16.52 |
| ROE % · ROCE % | 24.7 · 31.9 | 28.0 · 35.9 | 27.7 · 34.8 | 49.8 · 36.4 | 28.8 · 36.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 |
| Cash from operations | 15,776 | 18,878 | 17,179 | 17,627 | 18,464 |
| Capex | (2,142) | (2,743) | (3,563) | (2,279) | (2,183) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22,282 | 20,350 | 20,376 | 23,129 | 21,256 | 21,707 | 23,821 | 29,523 |
| Profit before tax | 6,840 | 6,532 | 6,738 | 7,059 | 6,912 | 6,652 | 7,033 | 5,775 |
| Net profit | 5,054 | 5,013 | 19,808 | 5,343 | 5,187 | 5,018 | 5,470 | 4,509 |
| EPS (₹) | 3.99 | 3.95 | 15.77 | 4.19 | 4.09 | 3.94 | 4.30 | 3.51 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| FMCG - Cigarettes | 40,601 | 40.8 |
| FMCG - Others | 24,322 | 24.4 |
| Agri Business | 20,787 | 20.9 |
| Paperboards, Paper & Packaging | 8,769 | 8.8 |
| Others | 5,036 | 5.1 |
| Total, before eliminations | 99,515 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN UNILEVER LTD. | 4,26,713 | 28.5 | 8.71 | 27.2 | 30.7 | 21.5 | 6.5 | 23.4 |
| ITC LTD ◆ | 3,25,141 | 16.4 | 4.46 | 11.1 | 28.8 | 35.9 | 11.1 | 21.1 |
| HINDUSTAN FOODS LIMITED | 6,666 | 42.5 | 5.72 | 20.6 | 12.8 | 9.8 | 25.1 | 8.8 |
| GODAVARI BIOREFINERIES L | 1,030 | 6707.7 | 1.31 | 14.3 | 0.4 | 0.4 | — | 0.5 |
| RANA SUGARS LTD. | 180 | 31.6 | 0.30 | — | 4.0 | 4.9 | — | (1.7) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.4 | 17.8 | 128 of 278 | 54% |
| P/B | 4.5 | 1.7 | 227 of 281 | 19% |
| ROCE | 35.9 | 7.5 | 14 of 331 | 96% |
| ROE | 28.8 | 7.3 | 20 of 283 | 93% |
| Debt / Equity | 0.0 | 0.3 | 68 of 281 | 76% |
| EBITDA margin | 21.1 | 8.3 | 46 of 272 | 83% |
| Revenue growth | 27.6 | 9.8 | 74 of 273 | 73% |
| Profit growth | (15.6) | 12.9 | 183 of 276 | 34% |
| Market cap | 325141 | 160 | 2 of 341 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board meeting on 2 Nov 2026 to consider Q2 FY27 results | results | low | — | — |
| 15 Oct 2026 · Allotment of shares under ITC Employee Stock Option Schemes | capital market events | low | — | — |
| 7 Oct 2026 · GQG Partners cuts ITC stake by 0.32% via open market sale | ownership changes | high | — | — |
| 5 Oct 2026 · ITC files routine dematerialisation certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · ITC acquires 100% stake in Sproutlife Foods (Yoga Bar) for about Rs 645 cr | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading Window Closure from 1st October 2026 | compliance | minimal | — | — |
| 21 Sept 2026 · ITC files newspaper ad copy on lost share certificates | compliance | minimal | — | — |
| 17 Sept 2026 · ITC allots 7.35 lakh shares under Employee Stock Option Schemes | capital market events | low | — | — |
| 9 Sept 2026 · ITC to attend Jefferies and J.P. Morgan India investor conferences | board shareholder meetings | low | — | — |
| 1 Sept 2026 · ITC subsidiary ITC Infotech amalgamates two step-down units | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.