ITC · Research view

ITC Ltd

NSE: ITCBSE: 500875ISIN INE154A01025Face value ₹1standalone

₹257

−3.02% · 2026-10-01 · 52-wk ₹256–₹422

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 2295.6% while net profit fell 40.0% — worth checking how the balance sheet is being funded.

Importance 77 / 95 · financial health

WatchTalking point

Profit lagging revenue

Revenue grew 10.2% but profit declined 40.0%, so the company kept less of each rupee of revenue as profit.

Importance 74 / 95 · growth

WatchTalking point

Growing, but less profitably

Revenue grew 10.2% but EBITDA margin fell 1.9 percentage points to 33.1%, so the company kept less of each rupee of revenue as operating profit.

Importance 62 / 95 · growth

ConcernTalking point

Margins at a multi-year low

EBITDA margin of 33.1% is the thinnest in 4 years (prior range 34.5% to 37.7%).

Importance 57 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Fast Moving Consumer Goods › Fast Moving Consumer Goods › Diversified FMCG › Diversified FMCG.

Market cap: ₹3.22 L cr
FY2026 revenue: ₹81,640 cr
FY2026 net profit: ₹20,286 cr
Net worth: ₹69,929 cr
Total debt: ₹2,026 cr
EPS (basic): ₹16.20
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 2 diversified fmcg.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 10.2% but profit declined 40.0%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +8.1%over 4 years
Revenue growth: +10.0%vs last year
Net profit growth: −42.4%vs last year
Change in net profit since FY22: +35%

Revenue grew 10.2% but EBITDA margin fell 1.9 percentage points to 33.1%, so the company kept less of each rupee of revenue as operating profit.

Profit has swung sharply over 4 years (from ₹15,503 to ₹35,052) — one year is a weak guide to the earnings power.

Net profit fell 40.0% year on year (FY2025 → FY2026).

Revenue has compounded at 8.4% a year over 4 years (₹65,205 → ₹89,913) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Watch

Q1 FY27 net profit declined 15.6% while revenue grew 27.6% vs the same quarter last year — a gap of 43.3 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 revenue was ₹29,523 cr, up 27.6% from ₹23,129 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Concern

Q1 FY27 EBITDA margin was 19.8%, down 12.65 percentage points from 32.4% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	22,282	—	5,054	—	22.7%
Q3 FY25	20,350	+4.4%	5,013	−7.3%	24.6%
Q4 FY25	20,376	+4.8%	19,808	+281.6%	97.2%
Q1 FY26	23,129	+15.5%	5,343	+3.2%	23.1%
Q2 FY26	21,256	−4.6%	5,187	+2.6%	24.4%
Q3 FY26	21,707	+6.7%	5,018	+0.1%	23.1%
Q4 FY26	23,821	+16.9%	5,470	−72.4%	23.0%
Q1 FY27	29,523	+27.6%	4,509	−15.6%	15.3%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹96,307 crTTM
EBITDA: ₹28,082 crTTM
EBIT: ₹26,366 crTTM
PBT: ₹26,372 crTTM
Net profit: ₹20,184 crTTM

C. Corporate actions

27 May 2026DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share

4 Feb 2026DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share

28 May 2025DividendFinal Dividend - Rs. - 7.8500 — ₹7.85/share

12 Feb 2025DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share

6 Jan 2025DemergerSpin Off

4 Jun 2024DividendFinal Dividend - Rs. - 7.5000 — ₹7.50/share

8 Feb 2024DividendInterim Dividend - Rs. - 6.2500 — ₹6.25/share

30 May 2023DividendSpecial Dividend - Rs. - 2.7500 — ₹2.75/share

30 May 2023DividendFinal Dividend - Rs. - 6.7500 — ₹6.75/share

15 Feb 2023DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share

26 May 2022DividendFinal Dividend - Rs. - 6.2500 — ₹6.25/share

14 Feb 2022DividendInterim Dividend - Rs. - 5.2500 — ₹5.25/share

10 Jun 2021DividendFinal Dividend - Rs. - 5.7500 — ₹5.75/share

22 Feb 2021DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

6 Jul 2020DividendDividend - Rs. - 10.1500 — ₹10.15/share

22 May 2019DividendDividend - Rs. - 5.7500 — ₹5.75/share

25 May 2018DividendDividend - Rs. - 5.1500 — ₹5.15/share

5 Jun 2017DividendDividend - Rs. - 4.7500 — ₹4.75/share

1 Jul 2016Bonus issueBonus issue 1:2 — 2:3

30 May 2016DividendDividend - Rs. - 8.5000 — ₹8.50/share

3 Jun 2015DividendDividend - Rs. - 6.2500 — ₹6.25/share

3 Jun 2014DividendDividend - Rs. - 6.0000 — ₹6.00/share

31 May 2013DividendDividend - Rs. - 5.2500 — ₹5.25/share

11 Jun 2012DividendDividend - Rs. - 4.5000 — ₹4.50/share

10 Jun 2011DividendSpecial Dividend - Rs. - 1.6500 — ₹1.65/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

EBITDA margin of 33.1% is the thinnest in 4 years (prior range 34.5% to 37.7%).

Rule MARGIN_AT_MULTI_YEAR_LOW

EBITDA margin now: 34.9%
5-year range: 34.9–40.0%
ROE FY2026: 29.4%
ROCE FY2026: 38.6%

ROE declined from 48.3% to 29.3% year on year.

EBITDA margin fell from 34.9% to 33.1% of revenue.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 2295.6% while net profit fell 40.0% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹2,026 cr
Operating cash flow ÷ net profit: 0.84×FY2026
Free cash flow: ₹15,075 cr
Current ratio: 3.04×

Free cash flow has been positive in 5 of the last 5 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 diversified fmcg (FY2026, consolidated).

Not enough peers in this set report the underlying metrics yet for a ranking.

Context

Trades at 15.95× earnings — 29% below the diversified fmcg median of 22.43×.

Rule PE_BELOW_PEERS

P / E: 16.0×TTM to Jun 26
P / B: 4.4×latest book
P / S: 3.3×TTM sales
Earnings yield: 6.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 15.3× · P/S 3.5× · ROE 29.3%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: −36.6%
3-year return: −42.2%
5-year return: +9.2%
From 52-wk high: −39.0%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹272
vs 200-day avg: Below₹305
RSI (14): 38.1neutral
MACD histogram: 0.3
From 52-wk high: −39.0%
From 52-wk low: +0.6%
30-day volatility: 24.6%ann.
6-month return: −12.8%

RSI (14) · 0–10038.1 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 2295.6% while net profit fell 40.0% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 77
Watch
Profit lagging revenue
Revenue grew 10.2% but profit declined 40.0%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 74
Watch
Growing, but less profitably
Revenue grew 10.2% but EBITDA margin fell 1.9 percentage points to 33.1%, so the company kept less of each rupee of revenue as operating profit.
REVENUE_UP_MARGIN_DOWN · conviction 62
Concern
Margins at a multi-year low
EBITDA margin of 33.1% is the thinnest in 4 years (prior range 34.5% to 37.7%).
MARGIN_AT_MULTI_YEAR_LOW · conviction 57
Watch
Volatile earnings
Profit has swung sharply over 4 years (from ₹15,503 to ₹35,052) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 56
Concern
Returns declining
ROE declined from 48.3% to 29.3% year on year.
ROE_DETERIORATED_YOY · conviction 54
Concern
Profit fell
Net profit fell 40.0% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 51
Concern
Margins compressing
EBITDA margin fell from 34.9% to 33.1% of revenue.
MARGIN_COMPRESSED_YOY · conviction 40

Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Revenue	59,746	70,251	70,105	74,236	81,640
Total income	62,336	72,689	73,644	77,690	84,927
EBITDA	21,524	26,382	28,017	27,479	28,495
Profit before tax	19,830	24,750	26,316	26,529	26,768
Net profit	15,058	18,753	20,422	35,196	20,286
EPS (₹)	12.2	15.2	16.4	28.1	16.2
Net worth	61,400	67,594	72,233	67,900	69,929
Total debt	5	5	3	2	2,026
Operating cash flow	14,808	17,912	16,118	16,751	17,095
Free cash flow	13,133	16,102	13,572	15,120	15,075

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	17.6	-0.2	5.9	10.0
Profit growth YoY	—	24.5	8.9	72.3	-42.4
Profitability
EBITDA margin %	36.0	37.6	40.0	37.0	34.9
Net margin %	24.2	25.8	27.7	45.3	23.9
Return on equity %	24.5	29.1	29.2	50.2	29.4
Return on capital %	32.4	38.3	37.7	37.2	38.6
Leverage & cash
Debt to equity	0.00	0.00	0.00	0.00	0.03
Cash flow ÷ profit	0.98	0.96	0.79	0.48	0.84
Current ratio	2.70	2.84	2.91	3.03	3.04