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India
Reported ownership for FY2027-Q1 as of 2026-06-30.
As of 06 Nov 2026, 03:30 pm
Consolidated net revenue increased 5.1% year-on-year to ₹19,455 crore, while consolidated profit before tax declined 17.0% to ₹5,720 crore. This divergence was driven by a 21% drop in Cigarettes segment revenue due to an unprecedented tax increase, which offset strong growth in other divisions: Non-Cigarette FMCG grew 18-19%, Paperboards & Packaging surged 35.9%, and Agri Business rose 12%.
The Board approved the amalgamation of wholly owned subsidiary Sproutlife Foods Private Limited with ITC under Sections 230 and 232 of the Companies Act, 2013; this scheme is pending necessary approvals and not yet reflected in results. Additionally, the acquisition of Century Pulp and Paper from Aditya Birla Real Estate Limited was completed on August 1, 2026, and its results are included from that date forward.
As of 06 Nov 2026, 03:30 pm
Recent drawdown or price variability is materially high and may lead to larger short-term outcomes.
Primary driver: Price remains materially below a previous peak
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
The session opened materially above the previous close, indicating a sharp repricing at the open.
The move may reflect new information; subsequent price follow-through is worth monitoring.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Latest complete financial results for Q2 FY27 and comparative quarterly trends.
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27(Latest) |
|---|---|---|---|
| Revenue From Operations | ₹21,256 crore | ₹29,523 crore | PEAK₹30,578 crore |
| Expenses | ₹15,016 crore | ₹24,810 crore | PEAK₹25,462 crore |
| Finance Costs | ₹20.1 crore | PEAK₹39.8 crore | ₹38.3 crore |
| Profit Before Exceptional Items And Tax | PEAK₹6,824 crore | ₹5,369 crore | ₹5,623 crore |
| Profit Before Tax | PEAK₹6,912 crore | ₹5,775 crore | ₹5,598 crore |
| Tax Expense | PEAK₹1,792 crore | ₹1,352 crore | ₹1,465 crore |
| Profit Loss For Period | PEAK₹5,187 crore | ₹4,509 crore | ₹4,229 crore |
ITC’s consolidated revenue from operations rose 43.9% year on year to ₹30,578 crore in Q2 FY2026-27, while profit before exceptional items and tax declined 17.6% to ₹5,623 crore. Sequentially, that pre-exceptional profit increased 4.7%, but profit for the period fell 6.2% to ₹4,229 crore.
Revenue from operations increased to ₹30,578 crore from ₹29,523 crore in Q1 FY2026-27, a 3.6% rise, and from ₹21,256 crore in Q2 FY2025-26. Expenses were ₹25,462 crore, up 2.6% quarter on quarter and 69.6% year on year. Expenses therefore grew faster than revenue year on year, alongside a decline in pre-exceptional profit.
Profit before exceptional items and tax rose to ₹5,623 crore from ₹5,369 crore in Q1 FY2026-27, but was below ₹6,824 crore in Q2 FY2025-26. Profit before tax declined 3.1% sequentially to ₹5,598 crore. Tax expense increased 8.4% from Q1 to ₹1,465 crore, and profit for the period fell to ₹4,229 crore from ₹4,509 crore. Compared with Q2 FY2025-26, profit for the period was down 18.5% from ₹5,187 crore.
ITC’s revenue increased sharply year on year, but expenses rose faster and pre-exceptional profit declined. Sequentially, pre-exceptional profit recovered while profit for the period fell; the closing balance sheet also showed higher inventories and fixed assets alongside lower current borrowings.
Disclosed bulk and block transactions involving ITC, shown for the latest 90 days.
Exchange disclosures and regulatory announcements for ITC.
ITC Limited stated that its representatives will attend two investor conferences: the 29th CITIC CLSA India Forum 2026, organised by CLSA India Private Limited, on 16 November 2026 in Mumbai, and Morgan Stanley’s 25th Annual Asia Pacific Summit, 2026, on 18 and 19 November 2026 in Singapore. The notice provides conference participation details and no substantive business updates.
ITC Limited has filed an intimation with the NSE pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding its representatives' attendance at scheduled investor conferences. The company will participate in the 29th CITIC CLSA India Forum 2026 on November 16, 2026, in Mumbai, and Morgan Stanley’s 25th Annual Asia Pacific Summit, 2026 on November 18 and 19, 2026, in Singapore. These events are classified as physical group and one-to-one meetings for meeting investors and analysts.
ITC Limited’s Board approved unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2026, and approved, subject to necessary approvals, a Scheme of Amalgamation of wholly owned subsidiary Sproutlife Foods Private Limited with ITC under Sections 230 and 232 of the Companies Act, 2013. ITC also reported that its 1 August 2026 acquisition of Century Pulp and Paper was included in results from that date; prior-period results are consequently not comparable. The statutory auditors issued unmodified limited-review reports.
ITC Limited’s Board approved unaudited standalone and consolidated financial results, segment results, balance sheets and cash-flow statements for the quarter and six months ended September 30, 2026, and noted unmodified limited-review reports from S R B C & CO LLP. The results report that ITC completed its acquisition of Century Pulp and Paper from Aditya Birla Real Estate Limited on August 1, 2026, on a going-concern slump-sale basis; the acquired business is included from that date and results are consequently not comparable with prior periods. The Board also approved, subject to necessary approvals, a scheme to amalgamate wholly owned subsidiary Sproutlife Foods Private Limited with ITC under Sections 230 and 232 of the Companies Act, 2013; the scheme has not been reflected in the results pending approval. During the quarter, 10,48,850 ordinary shares of ₹1 each were allotted under employee stock-option schemes, taking issued and paid-up share capital to ₹1,253,05,17,081 as of September 30, 2026.
ITC Limited submitted its Unaudited Financial Results for the quarter and six months ended 30th September 2026 to the NSE and BSE on 2nd November 2026. The Board of Directors approved these results on the same date. Consolidated net revenue increased 5.1% YoY to Rs. 19,455 Cr., while consolidated PBT (before exceptional items) declined 17.0% to Rs. 5,720 Cr. due to a 21% drop in Cigarettes segment net revenue following an unprecedented tax increase. Conversely, Non-Cigarette FMCG segments grew 18-19% YoY, Paperboards & Packaging revenue surged 35.9% YoY (aided by the completed acquisition of Century Pulp & Paper), and Agri Business revenue rose 12% YoY despite West Asia trade disruptions. Group entities, including ITC Infotech, Sproutlife Foods, and ITC Hotels, delivered strong performance.
ITC Limited’s Board approved on 2 November 2026 a Scheme of Amalgamation of its wholly owned subsidiary, Sproutlife Foods Private Limited, with ITC under Sections 230 and 232 of the Companies Act, 2013. The scheme is subject to necessary approvals and is stated to take effect from 1 April 2026. Upon effectiveness, Sproutlife’s shares held by ITC and its nominees will be cancelled and extinguished; ITC will issue no fresh shares, and its shareholding pattern will not change.
Integrated Filing- Financials|Original|
Integrated Filing- Financials|Original|
Recent market and company developments associated with ITC.
The Nifty and Sensex closed the Samvat approximately 4% and 5% lower, respectively, though a strong rally in the final seven days significantly cushioned what would have been steeper declines. While broader market indices faced headwinds, midcap, smallcap, and Nifty Bank indices posted positive returns, with pharma and metal sectors leading gains of 24% and 23%. Conversely, FMCG stocks fell 18%, and individual laggards like ITC dropped 31%, highlighting a challenging year characterized by divergent performance across sectors and stocks.
ITC is expected to report a weak second quarter with cigarette operating profit falling nearly 30% year-on-year due to higher taxation and an estimated 8% decline in volumes. While consolidated revenue and EBITDA are projected to drop by 3% and 20% respectively, growth in the FMCG and paper businesses is anticipated to provide partial support against these pressures.
India's major FMCG companies, including Hindustan Unilever, Emami, Marico, and ITC, are leveraging established brand trust to expand into new product categories such as protein nutrition, baby care, specialized hair care, and health-focused snacks. This strategy aims to capitalize on shifting consumer preferences and existing distribution networks, with firms reporting strong early traction and robust quarterly financial performance across these diversified segments.
Indian stocks retreated from early highs as investors adopted a cautious stance ahead of the release of inflation data for the week ending May 3, which is estimated at 7.5 per cent. While frontline indices like the Sensex and Nifty slipped slightly, mid- and small-cap shares maintained gains, supported by positive global cues and easing crude oil prices. Brokerage firm Anagram Stock Broking advised clients to lighten commitments before the data release, noting that while the figures are unlikely to be bullish, markets have historically risen following such announcements.
The BSE Sensex and NSE Nifty indices surged by 2,008.61 points (2.60%) and 576 points (2.40%) respectively, driven by a sharp decline in crude oil prices, optimism regarding a resolution to the West Asia conflict, and Democratic Party control of the US Congress following midterm elections. This rally contributed to a six-session gain where the Sensex rose 8.27% and the Nifty gained 8%, supported by sustained foreign institutional investor inflows and positive sentiment from US markets. Top-performing stocks included Bajaj Finance, InterGlobe Aviation, ICICI Bank, Maruti, Mahindra & Mahindra, a
Air India CEO Tewolde Gebremariam stated that the airline's full turnaround could take 15-20 years as it plans to expand its widebody fleet and long-haul operations. He indicated a strategic shift to route more Europe- and America-bound flights from Mumbai rather than Delhi due to airspace restrictions over Pakistan, while also exploring Bengaluru as a potential third hub. The new chief executive acknowledged rising fuel costs and geopolitical uncertainties as short-term challenges but expressed confidence in the carrier's long-term growth under Tata Group ownership.
ITC shares rose 6% over two days to Rs 283.5, recovering from a 52-week low after reporting a nearly 19% year-on-year drop in Q2 consolidated net profit to Rs 4,229 crore despite a 5% revenue increase. International brokerages Nuvama and Jefferies maintained bullish ratings with target prices of Rs 310 and Rs 350 respectively, citing resilience in the non-cigarette FMCG segment and expectations that the cigarette business is nearing its earnings bottom.
Indian benchmark indices Sensex and Nifty extended their rally for a fifth consecutive day, driven by significant foreign institutional investor inflows of Rs 6,836.81 crore and easing global crude oil prices. The positive market sentiment was further supported by good corporate earnings and attractive valuations in large-cap stocks, although Asian peers largely traded lower.
Comprehensive Section Breakdown for ITC
Strategic Vision: Diversified conglomerate with integrated business segments.
• Integrated supply chain across diverse business segments.
• Direct sourcing network connecting farmers to consumer product manufacturing.
• Internal packaging and paperboard manufacturing capabilities.
Total assets stood at ₹96,356 crore at 30 September 2026, compared with ₹93,792 crore at 31 March 2026. Inventories rose to ₹22,975 crore from ₹18,623 crore; trade receivables increased to ₹4,754 crore from ₹3,923 crore, and trade payables to ₹6,283 crore from ₹5,640 crore. Property, plant and equipment was ₹20,010 crore, up from ₹17,471 crore.
Cash and cash equivalents were ₹835 crore, compared with ₹643 crore at 31 March 2026. Current borrowings were ₹183 crore, down from ₹2,126 crore, while non-current borrowings were ₹60 crore. Equity attributable to owners of the parent was ₹71,402 crore, versus ₹72,507 crore at 31 March 2026.
Category: Manufacturing
A manufacturer of cigarettes in India, maintaining a portfolio across brand segments.
Category: Consumer Goods
Develops and distributes packaged foods, personal care items, education/stationery products, and matches.
Key Products & Services: Aashirvaad • Sunfeast • Bingo! • Yippee! • Fiama • Vivel • Classmate
Category: Supply Chain
Procures, processes, and exports agricultural commodities including wheat, feed ingredients, tobacco leaves, and organic spices.
Category: Manufacturing
Manufactures specialty paperboards, packaging boxes, and printing materials for food, pharmaceutical, and consumer goods packaging.
Category: Hospitality
Manages a hotel chain, operating under brands like ITC Hotels and Welcomhotel.
Key Products & Services: ITC Hotels • Welcomhotel
Core Thesis: Legacy cash-generating segments support and supply its consumer brands through an integrated model.
• Cigarettes as the Capital Core: The cigarette division generates primary cash flow to fund capital expenditures and brand-building for non-tobacco segments. • Agri-Business & e-Choupal Supply Integration: The Agri-Business Division uses the e-Choupal network to directly source raw ingredients from farmers for packaged foods. • Backward Integration (Packaging & Paperboards): The Packaging and Paperboards division supplies packaging materials for both cigarette and FMCG products, ensuring quality control. • Ecosystem Distribution: A distribution network services retail channels across rural and urban markets to enable scaling of new FMCG brands.