ITC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • FMCG - Cigarettes: 45.9% • FMCG - Others: 29.9% • Agri Business: 15.2%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 37.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.1%
- Company comfortably covers its interest (383.7x coverage)
- Company has a consistent dividend-paying track record
- Stock looks reasonably valued - P/E of 17.3 is below its historical median
CONS
- Recent results are weak - TTM profit is down 45.1% versus prior year
- Total debt has risen sharply - up 115026.1% year on year
- Operating margins have contracted to 30.9% from 37.6%
- Recurring exceptional / one-off items are inflating headline profit
- Company has delivered a poor profit growth of 9.3% over past five years
- Stock is trading at 5.2x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITC | 261.20 | 16.50 | 327277.91 | 5.55 | 4508.79 | -15.62 | 29523.30 | 28.32 | 38.83 | 17.84 |
| GODFRYPHLP | 1976.00 | 22.53 | 30822.00 | 2.53 | 1983.90 | 456.84 | 38195.60 | 2020.43 | 33.70 | 5.49 |
| VSTIND | 208.55 | 57.13 | 3542.45 | 5.75 | 42.42 | -24.43 | 861.71 | 109.08 | 28.18 | 5.76 |
| IWP | 35.41 | 38.26 | 226.53 | 0.56 | 2.51 | 118.28 | 65.19 | 26.76 | 3.02 | 8.02 |
| NTCIND | 132.85 | 9.64 | 192.88 | 0.00 | 6.12 | 7.99 | 26.63 | 3.21 | 11.14 | 24.79 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16,843 | 17,549 | 16,701 | 16,732 | 17,457 | 19,686 | 18,055 | 18,267 | 20,911 | 19,148 | 19,200 | 21,463 | 26,943 | |
| 10,745 | 11,663 | 11,125 | 11,066 | 11,506 | 13,735 | 12,462 | 12,508 | 14,798 | 13,130 | 13,088 | 15,269 | 22,829 | |
| Operating Profit | 6,098 | 5,885 | 5,576 | 5,666 | 5,950 | 5,951 | 5,594 | 5,759 | 6,113 | 6,018 | 6,112 | 6,195 | 4,114 |
| OPM % | 36.20% | 33.54% | 33.39% | 33.86% | 34.09% | 30.23% | 30.98% | 31.53% | 29.23% | 31.43% | 31.83% | 28.86% | 15.27% |
| 709 | 896 | 1,134 | 797 | 699 | 874 | 1,615 | 795 | 662 | 986 | 798 | 655 | 645 | |
| Interest | 11 | 11 | 10 | 9 | 8 | 12 | 8 | 9 | 13 | 16 | 15 | 24 | 34 |
| Depreciation | 402 | 413 | 343 | 341 | 355 | 368 | 362 | 356 | 365 | 371 | 369 | 362 | 366 |
| Profit before Tax | 6,546 | 6,514 | 6,520 | 6,288 | 6,422 | 6,617 | 7,074 | 6,417 | 6,545 | 6,851 | 6,685 | 6,694 | 4,759 |
| Tax % | 25.10% | 24.36% | 16.89% | 23.06% | 24.94% | 24.80% | 23.36% | 24.03% | 24.95% | 24.40% | 23.88% | 23.61% | 24.81% |
| Net Profit | 4,903 | 4,927 | 5,419 | 4,837 | 4,820 | 4,976 | 5,421 | 4,875 | 4,912 | 5,180 | 5,089 | 5,113 | 3,579 |
| 3.94 | 3.96 | 4.35 | 4.02 | 3.86 | 3.98 | 4.34 | 3.89 | 3.93 | 4.13 | 4.06 | 4.08 | 2.86 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 40,089 | 40,628 | 44,996 | 45,620 | 45,485 | 56,341 | 66,043 | 62,628 | 69,326 | 71,984 | 86,755 | |
| 25,505 | 25,087 | 27,676 | 27,702 | 29,952 | 37,448 | 42,076 | 39,197 | 45,420 | 46,789 | 64,316 | |
| Operating Profit | 14,584 | 15,540 | 17,320 | 17,917 | 15,533 | 18,893 | 23,967 | 23,431 | 23,905 | 25,195 | 22,439 |
| OPM % | 36.38% | 38.25% | 38.49% | 39.28% | 34.15% | 33.53% | 36.29% | 37.41% | 34.48% | 35.00% | 25.86% |
| 2,002 | 2,566 | 2,494 | 2,893 | 3,252 | 2,649 | 2,520 | 3,592 | 4,103 | 3,117 | 3,084 | |
| Interest | 45 | 110 | 58 | 80 | 59 | 61 | 74 | 34 | 36 | 70 | 89 |
| Depreciation | 1,038 | 1,145 | 1,312 | 1,563 | 1,562 | 1,652 | 1,663 | 1,357 | 1,442 | 1,474 | 1,469 |
| Profit before Tax | 15,503 | 16,852 | 18,444 | 19,167 | 17,164 | 19,830 | 24,750 | 25,632 | 26,530 | 26,768 | 24,990 |
| Tax % | 34.20% | 33.40% | 32.42% | 21.03% | 24.08% | 24.06% | 24.23% | 22.32% | 24.26% | 24.21% | 24.13% |
| Net Profit | 10,201 | 11,223 | 12,464 | 15,136 | 13,032 | 15,058 | 18,753 | 19,910 | 20,093 | 20,286 | 18,961 |
| EPS | 8.38 | 9.16 | 10.13 | 12.31 | 10.59 | 12.22 | 15.11 | 15.95 | 16.06 | 16.19 | — |
| Dividend Payout % | 56.56% | 56.00% | 56.55% | 82.43% | 101.54% | 94.12% | 102.72% | 86.22% | 89.37% | 89.56% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 10%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- 3%
STOCK PRICE CAGR
- 10 Years:
- 0%
- 5 Years:
- 4%
- 3 Years:
- -17%
- 1 Year:
- -37%
RETURN ON EQUITY
- 10 Years:
- 26%
- 5 Years:
- 28%
- 3 Years:
- 29%
- Last Year:
- 30%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,215 | 1,220 | 1,226 | 1,229 | 1,231 | 1,232 | 1,243 | 1,248 | 1,251 | 1,253 |
| 42,527 | 48,306 | 54,726 | 60,778 | 56,067 | 58,851 | 65,610 | 70,477 | 66,220 | 68,228 | |
| 42 | 85 | 50 | 355 | 517 | 361 | 429 | 374 | 205 | 2,476 | |
| Trade Payables | 2,551 | 3,382 | 3,368 | 3,447 | 4,119 | 4,223 | 4,351 | 4,490 | 4,490 | 5,272 |
| 7,882 | 9,388 | 10,428 | 9,426 | 9,646 | 10,425 | 10,629 | 10,739 | 11,838 | 11,687 | |
| Total Liabilities | 54,216 | 62,381 | 69,798 | 75,235 | 71,580 | 75,092 | 82,262 | 87,328 | 84,005 | 88,916 |
| 14,880 | 15,566 | 18,486 | 20,132 | 21,811 | 22,856 | 23,822 | 25,370 | 19,590 | 20,094 | |
| Capital Work in Progress | 3,491 | 5,017 | 3,391 | 2,776 | 3,330 | 2,442 | 1,681 | 1,078 | 1,068 | 1,473 |
| 18,585 | 23,397 | 26,578 | 30,631 | 26,984 | 27,282 | 32,721 | 34,739 | 35,983 | 39,111 | |
| 7,864 | 7,237 | 7,587 | 8,038 | 9,471 | 9,998 | 10,594 | 12,632 | 15,061 | 17,932 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,311 | 3,911 | 2,926 | |
| Cash & Bank | 2,747 | 2,595 | 3,769 | 6,843 | 4,002 | 3,878 | 3,831 | 6,218 | 3,185 | 2,136 |
| 6,648 | 8,569 | 9,986 | 6,815 | 5,983 | 8,636 | 9,613 | 3,980 | 5,208 | 5,246 | |
| Total Assets | 54,216 | 62,381 | 69,798 | 75,235 | 71,580 | 75,092 | 82,262 | 87,328 | 84,005 | 88,916 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15,215 | 18,370 | 17,235 | 18,456 | 15,450 | 19,318 | 23,712 | 16,118 | 16,754 | 17,095 | |
| Cash from Investing | -2,780 | -6,691 | -5,082 | -5,517 | 6,498 | -1,517 | -5,159 | 2,128 | 138 | -1,538 |
| Cash from Financing | -7,138 | -6,020 | -6,601 | -7,891 | -18,379 | -13,337 | -12,730 | -18,255 | -16,766 | -15,694 |
| 84 | -60 | 67 | 399 | -387 | -46 | 22 | -9 | 127 | -138 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - ITC Limited has informed the Exchange about Schedule of meet
2026-09-01 - ITC Limited has informed the Exchange about Amalgamation of Blazeclan Technologies Private Limited and Cloudlytics Technologies Private Limited with ITC Infotech India Limited
2026-08-31 - ITC Limited has informed the Exchange about Strategic combination of ITC Infotech India Limited and Happiest Minds Technologies Limited
2026-08-14 - ITC Limited has informed the Exchange regarding of 313800 Options.
2026-08-14 - ITC Limited has informed the Exchange about participation in Investor Conference
2026-08-13 - ITC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-04 - ITC Limited has informed the Exchange about Schedule of meet
2026-08-01 - ITC Limited has informed the Exchange about Acquisition of Pulp and Paper Undertaking of Aditya Birla Real Estate Limited - Update
2026-07-31 - ITC Limited has informed the Exchange about General Updates
News
Recent coverage and analyst commentary for ITC
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ITC Ltd.
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