ITC logo

ITC

ITC NSE

Key Fundamentals

LargecapDiversified FMCGFMCG
Market Cap
3.3L Cr
Volatility
Moderate
P/E Ratio
16.16
EBITDA
₹29,744 Cr
Return on Equity
28.84%
Debt to Equity
0.03
Book Value
₹57.86
EPS
₹16.36
52W High
₹426.4
52W Low
₹255.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 5.67%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.2%
  • Company has been maintaining a healthy dividend payout of 74.5%

Weaknesses

1
  • The company has delivered a poor sales growth of 9.87% over past five years.

Growth Rate

Revenue Growth
4.41% higher than 3Y
Net Income Growth
4.9% higher than 3Y
Cash Flow Change
4.75% lower than 3Y
ROE
1.34% lower than 3Y
ROCE
-0.27% lower than 3Y
EBITDA Margin (Avg.)
-0.05% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

ITC Ltd has a market capitalisation of about ₹3,34,474 crore and trades at a P/E of 16.6x and a P/B of 4.63x. Its dividend yield is 5.41% and it has averaged a 35% ROE over the last 3 years. Business momentum has weakened: TTM sales are down 3% and TTM profit is down 1%. The stock has returned -34% over 1 year after a new cigarette tax structure took effect on 1 February 2026, which combines excise duty of ₹2,050-8,500 per 1,000 sticks with GST at 40%.

Bull Case 7
  • The company is almost debt free, and its 3-year average ROE of 35% (5-year: 32%, 10-year: 28%) shows it has consistently earned high returns on capital, which gives it balance-sheet room to absorb a tax shock.
  • The dividend yield of 5.41% is high for a large-cap FMCG company. It is supported by a sustained dividend payout ratio of about 74.5%.
  • The P/E of 16.6x is well below ITC's own recent history and below the Indian FMCG peer group, which usually trades at much higher multiples. This follows a 1-year stock decline of 34%.
  • The stock closed at ₹270.15 on 23 September 2026, about 36.6% below its 52-week high of ₹426.40. Much of the tax impact may already be reflected in the price.
  • ITC has shown pricing power. After the 1 February 2026 tax change it raised cigarette prices by about ₹22-25 per pack of 10 sticks, and management has said it will take calibrated pricing actions and rework its cigarette portfolio.
  • Over 5 years, sales and profit have both compounded at about 10% a year, a mid-cycle record that includes growth beyond the cigarette business.
  • Profit has fallen less than sales (TTM profit -1% vs TTM sales -3%), which suggests margins have held up relatively well despite pressure on revenue.
Bear Case 8
  • The tax regime effective 1 February 2026 set excise duty at ₹2,050-8,500 per 1,000 cigarette sticks on top of a 40% GST slab, replacing the earlier 28% GST plus compensation cess structure. This is a structural headwind for ITC's most profitable segment.
  • Retail cigarette prices rose by about ₹22-25 per pack of 10. Increases this large risk lower volumes and push consumers toward illicit or cheaper tobacco products.
  • The stock has returned -34% over 1 year and -14% CAGR over 3 years, and ITC lost nearly ₹1 lakh crore of market cap in January 2026 alone. The stock has been under sustained pressure.
  • Growth has turned negative: TTM sales are down 3% and TTM profit is down 1%. The 3-year sales CAGR (4%) and profit CAGR (3%) are also well below the 5-year figures of about 10%.
  • Long-term returns to shareholders have been weak: the stock's CAGR is only 4% over 5 years and 2% over 10 years, even though 10-year profit CAGR was 8%.
  • ROE has fallen from a 3-year average of 35% to 29% in the last year, which points to weaker returns on capital.
  • The P/B of 4.63x is still well above book value. If earnings keep falling, the stock may not be as cheap as the headline P/E of 16.6x suggests.
  • A 74.5% dividend payout leaves less profit for reinvestment. Future dividend growth depends on profits that are currently falling (TTM -1%).

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 8
  • Tax shock hits cigarette earnings Sep 23

    Since Feb 1, 2026, cigarettes carry 40% GST plus excise of ₹2,050-8,500 per 1,000 sticks. In Q1 FY27, cigarette net revenue fell 25% and segment results fell 35%.

  • Volume loss and illicit trade Sep 23

    Overall cigarette volumes fell about 20% in April 2026, and King Size was hit hardest. Illicit trade is about one-third of legal industry volume, which limits how much prices can rise.

  • Stock near 52-week lows Sep 29

    Shares traded at ₹264.25 on Sep 29. They are down 27.61% YTD, 35.32% over one year and 40.73% over three years, against a 52-week range of ₹255.50-426.40.

  • Input cost inflation squeezes margins Sep 29

    Sugar is at record highs, and edible oil, cocoa, coffee and packaging costs are rising. ITC Foods CEO Hemant Malik said prices will be held through the festive season, with possible hikes in Q3 or Q4 FY27.

  • Q1 FY27 profit decline Sep 16

    Consolidated profit fell 15.6% YoY to ₹4,508.79 crore, even though product revenue rose 27.82% to ₹29,409.82 crore. 360 ONE raised its FY27 volume decline assumption from -2.5% to -4% and cut PAT estimates by 4%.

  • Flat tobacco EBIT outlook Sep 5

    Kotak expects tobacco segment EBIT to stay flat over FY2026-29E. The market values the tobacco business at only about 11x forward earnings, and ITC has slipped to 23rd most valued Indian company.

  • Bearish technical setup Sep 23

    SBI Securities notes the stock is below key weekly moving averages with RSI under 40. The 20-week EMA at ₹280-285 is seen as resistance.

  • Happiest Minds deal execution risk Sep 2

    The merged entity's pro-forma EBITDA margin of 18.1% is below ITC Infotech's 18.5%, so the deal is mildly dilutive at first. It needs regulatory approval and about 15 months to close.

Positives 7
  • Staggered cigarette price hikes continue Sep 23

    Gold Flake Premium rose 8% to ₹135, Classic Connect 9.74% to ₹428 and Gold Flake Super Star 12.66% to ₹89. Management says 50-60% of the tax hike has been passed on, and 360 ONE sees realisation per stick reaching neutrality by Q4 FY27.

  • 360 ONE sees 65% upside Sep 16

    360 ONE kept its BUY rating and ₹440 SOTP target, 65.4% upside from ₹266, at 15.2x FY28 P/E. The stock rose 2.62% to ₹264.75 on the price-hike news.

  • Kotak adds ITC, sees value Sep 17

    Kotak added ITC to its large-cap model portfolio at a 1.5% weight. It calls the tobacco business cheap at 10.4x forward EPS, with an SoTP value of ₹360 and 19% CAGR in non-tobacco FMCG EBIT over FY26-29E.

  • Yoga Bar now fully owned Sep 28

    ITC bought the remaining 52.5% of Sproutlife Foods for about ₹645 crore in cash, making it a wholly owned subsidiary from Sep 28, 2026. Sproutlife's FY26 turnover grew 126% to ₹452 crore, and ITC's digital-first portfolio is at about ₹1,500 crore ARR.

  • Century Pulp boosts paper capacity Sep 18

    Completing the Century Pulp and Paper acquisition adds 4.8 lakh MT, taking capacity to about 1.5 million MT, more than 50% higher. This makes ITC India's largest integrated paperboards business.

  • FMCG-Others growth cushions cigarettes Sep 23

    Non-cigarette FMCG revenue grew 12% YoY in Q1 FY27 (16% excluding staples), with PBIT up 21%. Dairy, snacks, noodles and frozen foods are growing 20%+.

  • Happiest Minds merger creates IT scale Sep 2

    ITC Infotech will buy a 22.1% promoter stake for about ₹1,330 crore, then merge with Happiest Minds via a 25:81 share swap, leaving ITC with 73.4%. The combined firm targets $1 billion revenue by FY28 and listing by Q2/Q3 FY28.

Neutral 7
  • Aashirvaad ₹20,000 crore spend target Sep 13

    ITC aims to double consumer spend on Aashirvaad from about ₹10,000 crore to ₹20,000 crore in five years. Value-added adjacencies now make up about 16% of the staples portfolio, and FY26 FMCG consumer spend was about ₹37,000 crore.

  • Eastern India dairy expansion push Sep 28

    ITC wants to convert loose-milk buyers in Bihar, where over 80% of consumers buy loose milk, as well as West Bengal and Jharkhand. It runs seven processing plants and works with about 33,300 farmers through Project Gomukh.

  • Trading window closes for Q2 Sep 25

    The trading window for designated employees closes from Oct 1, 2026, ahead of the Q2 FY27 results.

  • ₹302 crore block trade Sep 18

    About 1.14 crore shares changed hands on BSE at ₹265.5 each, worth ₹302.03 crore. This is an unconfirmed real-time signal.

  • Investor conference participation Sep 9

    ITC attended the Jefferies India Forum on Sep 18 and the J.P. Morgan India Conference on Sep 21, 2026.

  • Puri on diversification journey Sep 28

    Non-cigarette FMCG took 17 years to reach ₹10,000 crore revenue, then grew to ₹24,000 crore in nine years up to FY26. Puri sees headroom in IT, FMCG, agri, hotels and paperboards.

  • Regional festive marketing campaigns Sep 6

    ITC Foods ran its most intensive campaign yet at the Jagannath Rath Yatra, featuring 13 Odia dishes made with Yippee noodles. Campaigns for Durga Puja and Chhath Puja are planned next.

TL;DR: ITC is under pressure from the Feb 2026 cigarette tax overhaul: Q1 FY27 cigarette segment results fell 35%, volumes are dropping, and the stock is down about 28% YTD near its 52-week low. Rising food input costs add to margin risk. On the other side, ITC keeps raising cigarette prices in steps, non-cigarette FMCG grew PBIT 21%, and it closed the Yoga Bar and Century Pulp deals, which leads brokerages like 360 ONE (₹440) and Kotak (₹360) to call the stock deeply undervalued. The trend looks to be stabilising rather than recovering, and the Q2 FY27 results will show whether price hikes are making up for lost volume and higher costs.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
17,164
17,774
17,195
17,038
17,778
19,990
18,790
18,765
21,495
19,502
20,047
17,825
19,114
Expenses
10,494
11,320
10,985
10,736
11,233
13,438
12,428
12,246
14,678
12,807
13,165
10,900
13,934
Operating Profit
6,670
6,454
6,210
6,302
6,545
6,552
6,362
6,519
6,816
6,695
6,883
6,924
5,181
OPM %
39%
36%
36%
37%
37%
33%
34%
35%
32%
34%
34%
39%
27%
Other Income
722
674
820
868
771
690
803
15,391
751
739
322
700
1,148
Interest
10
10
12
11
10
15
10
11
16
20
19
29
40
Depreciation
442
453
384
385
403
416
416
411
423
435
431
422
428
PBT
6,940
6,665
6,635
6,774
6,903
6,811
6,740
21,489
7,128
6,979
6,754
7,173
5,861
Tax %
25%
26%
19%
23%
25%
26%
26%
8%
25%
26%
26%
24%
23%
Net Profit
5,190
4,965
5,407
5,191
5,177
5,054
5,013
19,808
5,343
5,187
5,018
5,470
4,509
EPS in Rs
4.1
3.93
4.28
4.1
4.08
3.99
3.94
15.76
4.19
4.09
3.94
4.3
3.51
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
38,817
39,192
42,768
43,449
48,340
49,388
49,257
60,645
70,919
67,932
75,323
78,868
76,488
Expenses
24,566
24,661
27,298
26,928
29,802
30,044
32,193
40,021
45,215
42,744
49,492
51,562
50,806
Operating Profit
14,252
14,531
15,470
16,521
18,537
19,344
17,065
20,623
25,704
25,188
25,832
27,306
25,682
OPM %
37%
37%
36%
38%
38%
39%
35%
34%
36%
37%
34%
35%
34%
Other Income
1,229
1,483
1,759
2,240
2,080
2,417
2,577
1,910
2,098
3,330
17,803
2,523
2,908
Interest
91
78
49
115
71
81
58
60
78
39
45
85
108
Depreciation
1,028
1,077
1,153
1,236
1,397
1,645
1,646
1,732
1,809
1,518
1,646
1,711
1,715
PBT
14,362
14,859
16,026
17,409
19,150
20,035
17,938
20,740
25,915
26,961
41,943
28,033
26,766
Tax %
32%
36%
35%
34%
33%
22%
25%
25%
25%
23%
16%
25%
—
Net Profit
9,779
9,501
10,477
11,493
12,836
15,593
13,383
15,503
19,477
20,751
35,052
21,018
20,184
EPS in Rs
8.04
7.74
8.47
9.24
10.27
12.45
10.69
12.37
15.44
16.39
27.77
16.51
15.84
Div. Payout %
52%
73%
56%
56%
56%
82%
101%
93%
100%
84%
52%
88%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
802
805
1,215
1,220
1,226
1,229
1,231
1,232
1,243
1,248
1,251
1,253
Reserves
30,934
41,875
45,198
51,290
57,915
64,044
59,116
61,223
67,912
73,259
68,779
71,254
Borrowings
269
84
46
36
13
277
271
249
306
303
285
2,399
Other Liabilities
13,948
8,888
9,440
11,695
12,585
11,760
13,143
14,491
16,370
16,944
17,688
18,731
Total Liabilities
45,952
51,651
55,898
64,241
71,739
77,311
73,761
77,196
85,831
91,754
88,003
93,637
Fixed Assets
15,303
15,107
15,893
16,524
19,374
21,713
23,298
24,232
25,851
27,820
21,955
22,443
CWIP
2,700
2,560
3,730
5,508
4,136
3,256
4,011
3,226
3,003
2,861
1,091
1,602
Investments
6,943
11,748
17,581
22,053
25,043
28,663
24,871
24,841
29,415
31,114
34,720
38,128
Other Assets
21,006
22,237
18,694
20,156
23,185
23,678
21,580
24,898
27,561
29,959
30,237
31,464
Total Assets
45,952
51,651
55,898
64,241
71,739
77,311
73,761
77,196
85,831
91,754
88,003
93,637
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
9,843
9,799
10,627
13,169
12,583
14,690
12,527
15,776
18,878
17,179
17,627
18,464
Investing
-5,275
-3,921
-3,251
-7,114
-5,546
-6,174
5,740
-2,238
-5,732
1,563
-564
-2,321
Financing
-4,661
-5,613
-7,301
-6,221
-6,869
-8,181
-18,634
-13,580
-13,006
-18,551
-17,037
-16,147
Net Cash Flow
-93
266
75
-166
169
334
-367
-43
139
191
26
-4
Free Cash Flow
6,552
7,459
7,556
10,371
9,442
12,276
10,693
13,767
16,184
13,724
15,524
16,332
CFO/OP
100
102
104
116
99
102
99
101
98
92
93
91
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
19
18
21
23
30
19
19
15
15
22
23
18
Inventory Days
212
244
185
173
165
187
189
150
148
191
178
209
Days Payable
50
63
60
80
74
76
78
61
59
65
55
63
Cash Conversion Cycle
181
199
145
115
122
129
129
104
105
148
146
164
Working Capital Days
-6
51
45
31
32
35
36
31
20
39
45
47
ROCE %
47%
40%
36%
34%
34%
32%
28%
33%
39%
36%
37%
39%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.04%DIIs49.13%Others2.66%Public13.95%FIIs34.23%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Oct 2025 Oct 2025
4
Concall - Oct 2025 Oct 2025
5
Concall - Aug 2025 Aug 2025

Frequently Asked Questions about ITC

What does ITC Ltd do?
Established in 1910, ITC is the largest cigarette manufacturer and seller in the country. ITC operates in four business segments at present — FMCG Cigarettes, FMCG Others, Paperboards, Paper and Packaging, and Agri Business. [1]
Where is ITC Ltd (ITC) listed?
ITC Ltd trades as ITC on the NSE and under code 500875 on the BSE.
Which sector does ITC Ltd belong to?
ITC Ltd is classified under the FMCG sector, in the Diversified FMCG industry.
What is the market capitalisation of ITC Ltd?
ITC Ltd has a market capitalisation of ₹3,26,859 Cr, which places it in the Large Cap band.
What is the PE ratio of ITC Ltd?
ITC Ltd trades at a PE ratio of 16.16, on earnings per share of ₹16.36, against a book value of ₹57.86 per share.
What is the 52-week high and low of ITC Ltd?
Over the last 52 weeks ITC Ltd has traded between ₹255.5 and ₹426.4.
Does ITC Ltd pay dividends?
ITC Ltd has a dividend yield of 5.52%.
What is the Return on Equity (ROE) of ITC Ltd?
ITC Ltd reported a return on equity of 28.84%. Its debt-to-equity ratio is 0.03.

Company Information

Established in 1910, ITC is the largest cigarette manufacturer and seller in the country. ITC operates in four business segments at present — FMCG Cigarettes, FMCG Others, Paperboards, Paper and Packaging, and Agri Business. [1]

Website itcportal.com
CEO Mr. Sanjiv Puri
Employees 22,041
Listed 1995-08-23
Face Value ₹ 1
Issued Size 12,52,89,59,772

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