ITC Ltd
ITC Ltd
FMCG F&OKey Fundamentals
LargecapDiversified FMCGFMCGInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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41 extracted metrics + investor summaries across FY00–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
4- Company is almost debt free.
- Stock is providing a good dividend yield of 5.31%.
- 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoITC Ltd is a nearly debt-free conglomerate with a market cap of ₹3.47 lakh crore, trading at a PE of 17.4x with a dividend yield of 5.21%. The company has delivered a 3-year ROE of 35% but has seen its stock decline 32% over the past year and TTM sales contract by 3%.
- Company is virtually debt-free, providing strong balance sheet flexibility and low financial risk
- Dividend yield of 5.21% is among the highest in large-cap FMCG space, supported by a consistent 74.5% payout ratio
- 3-year ROE of 35% and 5-year ROE of 32% indicate highly efficient capital deployment
- PE of 17.4x is significantly below the FMCG sector average of 40-50x, suggesting relative valuation comfort
- 10-year compounded sales growth of 7% and profit growth of 8% show long-term business scalability
- 5-year compounded profit growth of 10% demonstrates earnings resilience across business cycles
- Price-to-book of 4.83x is reasonable for a company generating 29% ROE in the last year
- Market cap of ₹3.47 lakh crore provides institutional liquidity and index weight stability
- Stock price has declined 32% over the past 1 year, significantly underperforming broader market indices
- TTM sales have contracted by 3%, signalling near-term revenue headwinds across segments
- TTM profit growth is negative at -1%, indicating margin pressure or volume weakness
- 3-year stock CAGR of -12% shows sustained de-rating despite stable fundamentals
- 5-year sales CAGR of only 10% is modest for a company of this scale in a growing economy
- 3-year compounded sales growth has decelerated to just 4% from 10% over 5 years, showing slowing momentum
- 10-year stock CAGR of just 2% indicates prolonged periods of shareholder value stagnation
- ROE has declined from 35% on a 3-year basis to 29% in the last year, suggesting potential return compression
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 19h ago- Q1 profit misses all estimates Aug 3
Net profit fell 27% YoY to ₹35.79B, missing the ₹40B estimate. EBITDA dropped to ₹45.14B vs ₹63B YoY with margins contracting from 31.7% to 26.7%.
- Cigarette tax hikes hurt earnings Aug 1
Standalone PAT dropped 27% YoY to ₹3,579 crore in Q1FY27, driven by cigarette tax increases and Agri trade disruptions.
- ESG score declines to 67 Jul 29
ITC's ESG score dropped one point to 67 (Strong) for FY25-26 per ESG Risk Assessments & Insights Limited.
- FMCG up 12%, Paper PBIT +38% Aug 1
Despite overall profit decline, FMCG revenue grew 12% YoY and Paper segment PBIT surged 38% in Q1FY27, showing diversification strength.
- Century Pulp acquisition completed Aug 1
ITC finalized the acquisition of Aditya Birla Real Estate's Century Pulp and Paper business on a slump sale basis as a going concern.
- ₹8 final dividend declared Jul 23
Shareholders approved ₹8 per share final dividend and reappointed key directors at the 115th AGM on July 23, 2026, with strong majority support.
- 4 new agriculture clusters planned Jul 23
ITC announced plans for 4 additional Open Sky Controlled Agriculture Clusters, deepening engagement with agriculture which represents 94% of operations.
- Nuvama investor conference attendance Aug 4
ITC representatives will participate in the 21st Nuvama India Investor Conference in Singapore on August 11-12, 2026 for physical meetings.
- Institutional block trades ~₹126 crore Jul 27
ITC recorded multiple block trades on NSE between Jul 23-27 totalling approximately ₹126 crore across 44.5 lakh shares at prices ranging ₹280-287 per share, indicating sustained institutional activity.
TL;DR: ITC delivered a weak Q1FY27 with broad-based misses on profit, revenue, and EBITDA driven by cigarette tax hikes and Agri disruptions. The silver lining is strong FMCG growth at 12% and Paper segment outperformance, plus strategic moves like the Century Pulp acquisition. Institutional block trades suggest steady large-investor interest despite earnings pressure. The trend is deteriorating on headline profitability, but segment diversification and capital allocation (dividend, acquisitions, agri expansion) provide a stabilizing floor — Q2 execution on FMCG momentum will be key to restoring sentiment.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
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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]