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Overview

Detailed Summary

ITC Limited is a diversified Indian conglomerate with core businesses spanning Cigarettes, FMCG (Packaged Foods, Personal Care, Staples, Snacks), Paperboards & Packaging, Agri Business, Information Technology services, and recently scaled FoodTech operations, pursuing a multi‑vertical model that leverages strong brands and an integrated supply chain.
Q3 FY26 financials show resilient performance: standalone gross revenue of Rs. 19,200 crore (+6.3% YoY), EBITDA up 7.6% with margin expansion to 35.1%, and consolidated PAT (bei) up 9.9% YoY, driven by double-digit growth in FMCG-Others and sustained momentum in the cigarettes business, demonstrating high cash generation and portfolio diversification benefits.
The FMCG-Others portfolio delivered double-digit revenue growth (+11% YoY) with 145 bps EBITDA margin expansion and 42% increase in segment PBIT, led by strong traction in NewGen channels and a 60% YoY surge in the digital-first and organic portfolio, signalling successful premiumisation and channel-focused execution by ITC Limited.
Significant policy and regulatory risk emerged: an unprecedented increase in cigarette GST and excise duty effective 1st February 2026 risks accelerating illicit trade and could materially affect legal volume recovery, farmer incomes and margins, a development ITC Limited is actively engaging policymakers on while highlighting supply-chain and socio‑economic implications.
Sustainability remains a strategic differentiator: ITC Limited continues as a global exemplar — carbon positive, water positive and solid waste recycling positive for decades — with multiple global sustainability recognitions, reinforcing brand and operational resilience while supporting long-term resource security across its plantations and agri sourcing.

Sector: Diversified FMCG
Industry: Diversified FMCG
Market Cap: 3,84,905 Cr
Volatility: Low Risk
P/E Ratio: 11.0
Industry P/E: 28.8
PEG Ratio: 1.9
P/B Ratio: 5.4
52W High: 444.15
52W Low: 287.00

Sales CAGR

1Y: 10.88%
3Y: 7.51%
5Y: 9.66%
10Y: 4.05%

Profit CAGR

1Y: 68.92%
3Y: 10.09%
5Y: 5.83%
10Y: 8.90%

ROE

TTM: 28.30%
3Y: 34.63%
5Y: 30.38%
10Y: 26.67%

ROCE

TTM: 38.12%
3Y: 35.43%
5Y: 33.54%
10Y: 32.64%

Technicals

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Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Diversified FMCG Diversified FMCG

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HINDUNILVR		2209.35	5,19,036 Cr	34.51	10.65	1.86	22.41	26.21	18.88
ITC		307.55	3,85,344 Cr	11.00	5.42	4.66	28.30	38.12	38.94
HNDFDS		489.50	6,241 Cr	46.63	6.00	0.00	12.15	12.66	4.79
GODAVARIB		308.70	1,673 Cr	74.13	2.31	0.00	6.43	9.12	1.54
SACHEEROME		350.00	759 Cr	31.82	6.14	0.00	17.69	23.85	15.00
DAVANGERE		3.90	593 Cr	69.90	1.70	0.00	2.51	5.91	1.10
ENCOMPAS		261.45	306 Cr	23.53	4.21	0.00	0.00	0.00	20.59
Median: 7 Co.	—	308.70	1,673 Cr	34.51	5.42	0.00	12.15	12.66	15.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	17,774	18,019	17,923	18,457	20,736	18,790	18,765	21,495	19,502	20,047
Expenses	11,320	11,516	11,296	11,709	13,974	12,428	12,246	14,678	12,807	13,165
Operating Profit	6,454	6,504	6,626	6,748	6,762	6,362	6,519	6,816	6,695	6,883
OPM %	36.31	36.09	36.97	36.56	32.61	33.86	34.74	31.71	34.33	34.33
Other Income	674	651	682	699	623	600	739	751	739	322
Interest	9.87	14	13	11	16	9.82	11	16	20	19
Depreciation	453	459	461	499	520	416	411	423	435	431
Profit Before Tax	6,665	6,682	6,834	6,938	6,848	6,536	6,836	7,128	6,979	6,754
Tax %	25.51	19.18	24.10	25.38	26.19	26.41	24.59	25.04	25.68	25.70
Net Profit	4,965	5,401	5,187	5,177	5,054	4,810	5,155	5,343	5,187	5,018
EPS in Rs	3.90	4.24	4.09	4.06	3.98	3.93	15.73	4.18	4.09	3.94

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	58,705	47,689	49,862	51,393	53,155	65,205	76,518	76,840	81,613	79,786
Expenses	27,341	26,966	29,946	30,144	32,270	40,010	45,272	44,627	49,345	53,326
Operating Profit	31,364	20,723	19,916	21,250	20,885	25,195	31,246	32,214	32,268	26,460
OPM %	53.43	43.45	39.94	41.35	39.29	38.64	40.84	41.92	39.54	33.16
Other Income	1,768	2,252	2,185	2,474	2,626	1,854	2,102	2,748	2,640	2,713
Interest	24	90	45	55	45	39	43	46	45	54
Depreciation	1,153	1,236	1,397	1,645	1,646	1,732	1,809	1,816	1,646	1,770
Profit Before Tax	16,026	17,409	19,150	20,035	17,938	20,740	25,915	27,140	26,927	27,348
Tax %	34.62	33.98	32.97	22.17	25.39	25.25	24.84	23.54	25.59	25.54
Net Profit	10,477	11,493	12,836	15,593	13,383	15,503	19,477	20,751	20,036	20,363
EPS in Rs	—	—	9.99	12.18	10.51	12.16	15.30	16.30	27.70	27.94
Dividend Payout %	56.21	55.98	56.15	81.53	100.47	92.97	100.26	83.94	51.71	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	805	1,215	1,220	1,226	1,229	1,231	1,232	1,243	1,248	1,251
Reserves	41,875	45,198	51,290	57,915	64,044	59,116	61,223	67,912	73,259	68,779
Borrowings	71	38	29	10	275	270	249	306	303	285
Other Liabilities	8,942	9,493	11,750	12,648	11,819	13,201	14,555	16,422	17,016	17,776
Total Liabilities	51,692	55,943	64,289	71,798	77,367	73,819	77,260	85,883	91,826	88,091
Fixed Assets	15,107	15,893	16,524	19,374	21,328	22,922	23,867	25,499	27,479	21,632
CWIP	2,560	3,730	5,508	4,136	3,256	4,011	3,226	3,003	2,861	1,091
Investments	11,748	17,581	22,053	25,043	29,049	25,247	25,205	29,767	31,455	35,042
Other Assets	22,278	18,739	20,204	23,244	23,734	21,639	24,961	27,613	30,031	30,325
Total Assets	51,692	55,943	64,289	71,798	77,367	73,819	77,260	85,883	91,826	88,091

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	9,799	10,627	13,169	12,583	14,690	12,527	15,776	18,878	17,179	17,627
Cash from Investing Activity	-3,921	-3,251	-7,114	-5,546	-6,174	5,740	-2,238	-5,732	1,563	-564
Cash from Financing Activity	-5,613	-7,301	-6,221	-6,869	-8,181	-18,634	-13,581	-13,006	-18,551	-17,037
Net Cash Flow	266	75	-166	169	334	-367	-43	139	191	26

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	43.63%	43.34%	43.26%	40.95%	40.47%	40.54%	40.17%	39.87%	37.98%	37.39%	36.11%	34.83%
DIIs	41.96%	41.96%	42.03%	43.81%	44.06%	44.63%	44.96%	45.22%	46.94%	47.44%	48.92%	49.19%
Public	14.41%	14.69%	14.71%	15.25%	15.47%	14.83%	14.88%	14.91%	15.08%	15.17%	14.96%	15.98%
Total Shareholders	30,13,793	32,74,360	33,35,815	36,48,537	37,56,541	35,68,560	37,10,169	36,47,886	36,48,989	36,66,407	36,08,157	40,41,653

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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