ITC FMCG-Others EBITDA rises to Rs 722.86 crore in September

ITC Limited reported FMCG-Others earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 722.86 crore for the quarter ended 30 September 2026, up from Rs 593.45 crore a year earlier, while its results continued to include significant food and personal-care brand-building and gestation costs.

How did ITC FMCG-Others perform in the September 2026 quarter?

ITC’s FMCG-Others EBITDA rose to Rs 722.86 crore in the three months ended 30 September 2026, from Rs 593.45 crore in the corresponding 2025 quarter and Rs 631.06 crore in the preceding three months ended 30 June 2026. The year-on-year increase was Rs 129.41 crore, while the sequential increase was Rs 91.80 crore.

FMCG-Others segment revenue reached Rs 6,967.17 crore in the September 2026 quarter, compared with Rs 6,023.52 crore a year earlier and Rs 6,481.95 crore in the June 2026 quarter. The segment result, a separate measure presented in the segment statement, rose to Rs 558.30 crore from Rs 436.85 crore a year earlier and Rs 478.61 crore sequentially.

The Rs 164.56 crore difference between EBITDA and segment result in the September 2026 quarter is disclosed through separate measures, rather than a line-by-line reconciliation. ITC reports the Rs 722.86 crore EBITDA in a FMCG-Others note and the Rs 558.30 crore segment result in its standalone segment-results statement.

Are brand-building costs included in ITC FMCG-Others results?

Yes, ITC says FMCG-Others segment results include significant business-development, brand-building and gestation costs for Branded Packaged Foods and Personal Care Products. It also says continuing significant brand-building costs for a range of personal-care and branded packaged-food products are reflected in standalone “Other expenses” and FMCG-Others segment results.

Standalone other expenses were Rs 3,093.38 crore for the quarter ended 30 September 2026, compared with Rs 2,727.36 crore a year earlier and Rs 2,792.71 crore in the preceding quarter. ITC does not disclose how much of this company-wide expense line relates to FMCG-Others brand-building, personal care, or individual packaged-food categories.

The FMCG-Others portfolio comprises branded packaged foods, education and stationery products, personal-care products, safety matches and agarbattis. The packaged-food business includes staples and meals, snacks, dairy and beverages, biscuits and cakes, and chocolates, coffee and confectionery, meaning the Rs 722.86 crore EBITDA covers a portfolio with multiple product groups.

How did ITC FMCG-Others perform over six months?

ITC reported FMCG-Others EBITDA of Rs 1,353.92 crore for the six months ended 30 September 2026, up from Rs 1,138.10 crore in the corresponding six months of 2025. The increase of Rs 215.82 crore followed higher reported EBITDA in both the June 2026 and September 2026 quarters.

Six-month FMCG-Others revenue increased to Rs 13,449.12 crore from Rs 11,810.86 crore a year earlier, while segment result rose to Rs 1,036.91 crore from Rs 832.87 crore. Revenue increased by Rs 1,638.26 crore and segment result by Rs 204.04 crore across the comparable six-month periods.

The twelve-month EBITDA of Rs 2,411.94 crore for the year ended 31 March 2026 is not a like-for-like comparison with the September 2026 half year. It provides the latest full-year reference in the filing, while the comparable half-year EBITDA was Rs 1,138.10 crore in the period ended 30 September 2025.

How does ITC FMCG-Others compare with other segments?

ITC FMCG-Others revenue of Rs 6,967.17 crore was lower than FMCG-Cigarettes revenue of Rs 15,536.13 crore in the September 2026 quarter, but higher than Agri Business revenue of Rs 4,451.69 crore and Paperboards, Paper & Packaging revenue of Rs 3,015.85 crore. Total FMCG revenue, including cigarettes, was Rs 22,503.30 crore.

FMCG-Others recorded a Rs 558.30 crore segment result, above Agri Business at Rs 510.67 crore and Paperboards, Paper & Packaging at Rs 281.93 crore. FMCG-Cigarettes reported a Rs 3,813.45 crore segment result, while ITC separately disclosed EBITDA only for FMCG-Others in the segment note.

FMCG-Others revenue increased from Rs 6,023.52 crore in the September 2025 quarter to Rs 6,967.17 crore in the September 2026 quarter. FMCG-Cigarettes revenue rose from Rs 8,722.83 crore to Rs 15,536.13 crore, although ITC says gross revenue and excise-duty figures after the 1 February 2026 duty increase are not strictly comparable with earlier periods.

What is the basis for ITC’s segment reporting?

ITC reports operating segments consistently with internal reporting provided to its Corporate Management Committee, which it identifies as the chief operating decision maker. The September 2026 statement presents FMCG, Paperboards, Paper & Packaging, Agri Business and Others, with FMCG divided between Cigarettes and Others.

Employee stock-option and stock-appreciation-right charges are excluded from segment performance reviewed by the Corporate Management Committee because the awards are granted for the enterprise as a whole. ITC issued 10,48,850 ordinary shares of Rs 1 each under employee stock-option schemes during the quarter ended 30 September 2026, without disclosing a FMCG-Others-specific charge.

ITC’s unaudited standalone results for the quarter and six months ended 30 September 2026 were approved by its Board on 2 November 2026 after Audit Committee review. The filing says the statutory auditors issued an unmodified limited-review report on those results.

Conclusion

ITC’s FMCG-Others disclosure shows higher revenue, EBITDA and segment result in the September 2026 quarter and the first six months. Quarterly EBITDA rose to Rs 722.86 crore from Rs 593.45 crore while the business continued to carry brand-building, business-development and gestation costs for branded foods and personal care.

The disclosed matter to watch next is the proposed amalgamation of Sproutlife Foods Private Limited with ITC, which the Board approved on 2 November 2026 subject to necessary approvals. Sproutlife became a wholly owned subsidiary on 28 September 2026, but ITC says no effect of the pending amalgamation has been given in these results.