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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹354897 Cr.
Stock P/E
17.7
P/B
4.9
Current Price
₹283.3
Book Value
₹ 57.9
Face Value
1
52W High
₹428.5
52W Low
₹ 277.1
Dividend Yield
5.12%

ITC Overview

Business

ITC Ltd. is an Indian multi-business conglomerate. Its core business originated with cigarettes and tobacco products, where it holds a dominant market position in India. Over time, ITC has significantly diversified its operations into fast-moving consumer goods (FMCG) beyond cigarettes (including foods, personal care, education and stationery, matches, incense sticks), Hotels, Paperboards, Paper & Packaging, and Agri-Business. The company's strategy involves leveraging its deep rural linkages, strong distribution network, and brand-building capabilities across these diverse sectors. It makes money primarily through the sale of its tobacco products, and increasingly through its expanding portfolio of FMCG brands, supported by its other asset-heavy divisions.

Revenue Mix

ITC operates primarily through five key segments:

FMCG – Cigarettes: This segment includes the manufacturing and sale of cigarettes and cigars. It remains the largest contributor to the company's profits, benefiting from high operating margins.

FMCG – Others: This segment encompasses a wide range of products including packaged foods (e.g., Aashirvaad, Sunfeast, YiPPee!), personal care (e.g., Fiama, Vivel), education & stationery products (e.g., Classmate), safety matches, and agarbattis (e.g., Mangaldeep). While growing rapidly in revenue, profitability in this segment is still evolving as the company invests heavily in brand building and distribution.

Hotels: ITC owns and manages a chain of premium and luxury hotels across India, operating brands like ITC Hotels, Welcomehotel, and Storii. This segment contributes a smaller portion of overall revenue and profit, and is cyclical.

Paperboards, Paper & Packaging: This segment manufactures and sells paperboards, specialty papers, and packaging solutions. It supports both internal consumption for ITC's FMCG products and external customers, contributing steadily to revenue and profits.

Agri-Business: This segment includes the procurement and export of agricultural commodities (e.g., wheat, rice, coffee, spices), as well as the sale of agri-inputs to farmers. It also provides critical backward integration for ITC's FMCG food businesses.

Industry

In the Cigarettes/Tobacco industry in India, ITC holds a dominant position, being the largest player by market share. The industry is highly regulated with significant taxes, advertising restrictions, and health warnings. Competition is limited to a few other organized players and the unorganized bidi segment. In non-cigarette FMCG, ITC operates in a highly competitive market with both multinational corporations and established Indian players. While its food brands have gained significant traction, it still faces strong competition across categories. In Hotels, it competes with other domestic and international luxury hotel chains. In Paperboards, it is a leading player, competing with domestic and international manufacturers. In Agri-Business, it operates in a fragmented market with numerous traders and larger agribusiness corporations.

MOAT

Brand Strength: ITC's cigarette brands enjoy high brand loyalty and strong recall, allowing for pricing power in a regulated environment. Its non-cigarette FMCG brands like Aashirvaad (flour) and Sunfeast (biscuits) have also built significant equity.

Extensive Distribution Network: Leveraging its cigarette business, ITC has one of the deepest and widest distribution networks in India, reaching millions of retail outlets, which provides a significant advantage for its diversified FMCG portfolio.

Backward Integration & Agri-Sourcing: Its Agri-Business segment provides critical backward integration for its food businesses, ensuring quality raw material sourcing and potentially better cost management.

Scale and Financial Strength: As a large, well-capitalized conglomerate, ITC has the financial muscle to invest heavily in brand building, R&D, and expanding manufacturing and distribution capabilities across its diverse businesses.

Diversified Portfolio: While not a traditional moat for individual segments, the diversified portfolio provides resilience, as weaknesses in one sector can be offset by strengths in others, leading to more stable overall earnings.

Growth Drivers

Non-Cigarette FMCG Growth: Increasing penetration and market share in foods, personal care, and other FMCG categories driven by rising disposable incomes, urbanization, and premiumization trends in India.

Rural Consumption: Leveraging its extensive rural distribution and agricultural linkages, ITC is well-positioned to benefit from improving rural incomes and consumption patterns.

Digital Transformation & E-commerce: Investment in digital initiatives and direct-to-consumer (D2C) channels for its FMCG products can expand reach and efficiency.

Premiumization: Focus on premium products across FMCG segments (e.g., gourmet foods, luxury personal care) can drive higher value realization.

Potential Demerger: While speculative, a demerger of its non-cigarette FMCG or Hotels business could potentially unlock shareholder value by allowing these segments to be valued independently by the market.

Risks

Regulatory Risk (Tobacco): The core cigarette business faces continuous and increasing regulatory pressures, including higher taxation, stricter advertising bans, and graphic health warnings, which can impact volumes and profitability.

Intense Competition (FMCG): The non-cigarette FMCG segment operates in a highly competitive landscape, requiring continuous investment in brand building, product innovation, and distribution, which can pressure margins and market share.

Execution Risk in Diversification: Successfully scaling and achieving profitability across multiple diverse businesses requires strong execution, and missteps in any segment can impact overall performance.

Commodity Price Volatility: Fluctuations in raw material prices (e.g., agri-commodities, paper pulp) can impact the profitability of its Agri-Business, Food, and Paperboards segments.

ESG Concerns: As a major tobacco company, ITC faces significant environmental, social, and governance (ESG) scrutiny, which can deter certain institutional investors and impact its cost of capital or valuation multiples.

Hotel Business Cyclicality: The hotel segment is sensitive to economic downturns, travel restrictions, and health crises, making its revenue and profitability volatile.

Management & Ownership

ITC is a professionally managed company with a diverse board of directors. Unlike many Indian conglomerates, it does not have a single "promoter" family controlling it. Significant stakes are held by institutional investors, including Life Insurance Corporation of India (LIC) and Specified Undertaking of the Unit Trust of India (SUUTI), alongside foreign institutional investors and retail shareholders. The company has a history of stable management, with a focus on long-term strategy and diversification.

Outlook

ITC presents a unique investment case due to its diversified portfolio. The bull case rests on the continued strong cash generation from its highly profitable cigarette business, which funds the aggressive expansion and brand building in its non-cigarette FMCG segment. Successful scaling and eventual profitability of the FMCG-Others segment, coupled with the potential for value unlocking through structural changes (like demergers), could significantly re-rate the stock. The bear case, however, highlights the persistent regulatory overhang on its core tobacco business, which limits growth and valuation multiples. Additionally, the non-cigarette FMCG segment, while growing, faces intense competition and is still in an investment phase for many categories, requiring sustained capital allocation without immediate high profitability. The challenge for ITC remains to balance the profitability of its legacy business with the growth aspirations of its newer ventures while navigating regulatory and competitive pressures.

ITC Share Price

Live · BSE / NSE · Inception: 1910
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

ITC Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 18660 18562 19350 21536 20350 20376 23129 21256 21707 23821
Other Income 648 683 683 611 596 640 682 584 574 585
Total Income 19309 19245 20033 22147 20946 21017 23812 21840 22281 24407
Total Expenditure 12450 12259 12805 14984 13988 13857 16313 14561 14824 16897
Operating Profit 6859 6986 7228 7163 6958 7160 7499 7279 7457 7509
Interest 12 11 10 15 10 11 16 20 19 29
Depreciation 384 385 403 416 416 411 423 435 431 422
Exceptional Income / Expenses 0 0 0 0 0 0 0 88 -355 -25
Profit Before Tax 6463 6590 6815 6732 6532 6738 7059 6912 6652 7033
Provision for Tax 1228 1584 1726 1757 1726 1681 1785 1792 1736 1703
Profit After Tax 5235 5006 5089 4975 4806 5057 5275 5120 4916 5330
Adjustments 101 114 3 18 129 14671 -30 6 15 58
Profit After Adjustments 5335 5121 5092 4993 4935 19727 5244 5126 4931 5388
Adjusted Earnings Per Share 4.3 4.1 4.1 4 3.9 15.8 4.2 4.1 3.9 4.3

ITC Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 38835 39192 42777 43449 48353 49404 49273 60668 70937 67932 75323 89913
Other Income 1338 1536 1762 1837 2181 2601 2634 1892 1982 2756 2683 2425
Total Income 40173 40728 44538 45286 50533 52005 51907 62560 72919 70687 78007 92340
Total Expenditure 24692 24722 27316 26946 29927 30120 32258 40045 45239 42744 49499 62595
Operating Profit 15481 16006 17222 18340 20606 21885 19649 22515 27680 27943 28508 29744
Interest 91 78 49 115 71 81 58 60 78 39 45 84
Depreciation 1028 1077 1153 1236 1397 1645 1646 1732 1809 1518 1646 1711
Exceptional Income / Expenses 0 0 0 413 0 -132 0 0 73 0 0 -292
Profit Before Tax 14362 14859 16026 17409 19150 20035 17938 20740 25915 26400 26927 27656
Provision for Tax 4596 5358 5549 5916 6314 4442 4555 5237 6438 6209 6890 7016
Profit After Tax 9766 9501 10477 11493 12836 15593 13383 15503 19477 20191 20036 20641
Adjustments -102 -156 -188 -221 -244 -287 -222 -260 -285 268 14710 49
Profit After Adjustments 9663 9344 10289 11271 12592 15306 13161 15243 19192 20459 34747 20689
Adjusted Earnings Per Share 8 7.7 8.5 9.2 10.3 12.5 10.7 12.4 15.4 16.4 27.8 16.5

ITC Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 31735 42680 46413 52510 59141 65273 60347 62456 69155 74507 70030
Minority's Interest 225 261 295 334 343 377 347 366 384 383 368
Borrowings 61 27 18 12 8 6 6 5 3 2 0
Other Non-Current Liabilities 1771 2026 2051 2135 2235 2094 2371 2206 2549 3172 3271
Total Current Liabilities 12160 6658 7121 9250 10012 9560 10690 12164 13739 13690 14334
Total Liabilities 45952 51651 55898 64241 71739 77311 73761 77196 85831 91754 88003
Fixed Assets 15303 15107 15893 16524 19374 21328 22922 23867 25499 27479 21632
Other Non-Current Assets 5074 11682 13736 21323 20618 16477 15847 19096 20661 23209 22477
Total Current Assets 25574 24863 26269 26394 31747 39505 34992 34232 39671 41066 43893
Total Assets 45952 51651 55898 64241 71739 77311 73761 77196 85831 91754 88003

ITC Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 276 -2 264 339 174 343 677 310 267 406 597
Cash Flow from Operating Activities 9843 9799 10627 13169 12583 14690 12527 15776 18878 17179 17627
Cash Flow from Investing Activities -5275 -3921 -3251 -7114 -5546 -6174 5683 -2238 -5732 1563 -396
Cash Flow from Financing Activities -4661 -5613 -7301 -6221 -6869 -8181 -18634 -13581 -13006 -18551 -17037
Net Cash Inflow / Outflow -93 266 75 -166 169 334 -424 -43 139 191 194
Closing Cash & Cash Equivalent 183 264 339 174 343 677 310 267 406 597 622

ITC Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 8.04 7.74 8.47 9.24 10.27 12.45 10.69 12.37 15.44 16.39 27.77
CEPS(Rs) 8.98 8.76 9.57 10.43 11.61 14.02 12.21 13.99 17.13 17.39 17.33
DPS(Rs) 4.17 5.67 4.75 5.15 5.75 10.15 10.75 11.5 15.5 13.75 14.35
Book NAV/Share(Rs) 26.35 34.36 36.89 41.49 46.61 51.46 47.64 49.61 55.05 59.27 55.62
Core EBITDA Margin(%) 26.6 26.28 26.34 34.61 36.95 37.52 32.01 31.63 33.58 34.09 31.64
EBIT Margin(%) 27.19 27.13 27.38 36.75 38.55 39.14 33.86 31.9 33.97 35.78 33.05
Pre Tax Margin(%) 27.02 26.99 27.3 36.51 38.41 38.98 33.75 31.81 33.87 35.73 32.99
PAT Margin (%) 18.37 17.26 17.85 24.1 25.74 30.34 25.18 23.78 25.45 27.33 24.55
Cash Profit Margin (%) 20.3 19.21 19.81 26.69 28.54 33.54 28.27 26.43 27.82 29.38 26.57
ROA(%) 22.5 19.47 19.48 19.13 18.88 20.92 17.72 20.54 23.89 22.74 22.29
ROE(%) 33.21 25.97 24.28 24.08 23.82 25.9 21.96 25.89 30.07 28.36 27.9
ROCE(%) 48.72 39.99 36.03 35.4 34.42 32.33 28.65 33.87 39.49 36.79 37.3
Receivable days 15.18 12.92 13.65 19.73 24.59 23.43 17.39 13.89 12.92 17.24 19.56
Inventory Days 57.82 58.5 53.4 59.74 56.2 59.44 66.18 59.51 53.99 64.03 66.62
Payable days 50.98 58.64 56.84 70.85 73.39 75.12 72.06 60.43 57.11 63.97 54.82
PER(x) 27 28.25 33.11 27.71 28.88 13.81 20.43 20.28 24.83 26.15 14.76
Price/Book(x) 8.23 6.36 7.6 6.17 6.37 3.34 4.59 5.06 6.97 7.23 7.37
Dividend Yield(%) 1.92 2.59 1.69 2.01 1.94 5.9 4.92 4.59 4.04 3.21 3.5
EV/Net Sales(x) 6.52 6.58 7.9 7.12 7.44 4.13 5.36 5.02 6.65 7.77 6.76
EV/Core EBITDA(x) 16.36 16.12 19.61 16.87 17.45 9.33 13.45 13.52 17.04 18.89 17.85
Net Sales Growth(%) 9.96 0.92 9.15 1.57 11.29 2.17 -0.27 23.13 16.93 -4.24 10.88
EBIT Growth(%) 10.49 3.35 7.62 9.01 9.68 4.65 -10.54 15.58 24.96 1.72 2.01
PAT Growth(%) 8.62 -2.71 10.28 9.69 11.69 21.48 -14.17 15.84 25.63 3.67 -0.76
EPS Growth(%) 7.84 -3.68 9.42 9.03 11.23 21.22 -14.13 15.68 24.85 6.12 69.44
Debt/Equity(x) 0.01 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 2.1 3.73 3.69 2.85 3.17 4.13 3.27 2.81 2.89 3 3.06
Quick Ratio(x) 1.4 2.37 2.55 2.04 2.39 3.2 2.3 1.92 2.03 1.97 1.97
Interest Cover(x) 158.89 191.18 327.87 152.37 269.2 247.19 310.44 346.73 334.23 676.03 598.58
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +11% +7% +9% +7%
Operating Profit CAGR +2% +8% +5% +6%
PAT CAGR -1% +9% +5% +7%
Share Price CAGR -32% -14% +6% +2%
ROE Average +28% +29% +27% +26%
ROCE Average +37% +38% +35% +37%

ITC Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 0 %
FII 34.82 %
DII (MF + Insurance) 49.17 %
Public (retail) 99.98 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 0000000000
FII 43.2340.9340.4540.5240.1539.8637.9737.3836.134.82
DII 42.0143.7844.0444.6144.9445.2146.9347.4348.9149.17
Public 99.9499.9599.9599.9599.9799.9799.9799.9899.9899.98
Others 0.060.050.050.050.030.030.030.020.020.02
Total 100100100100100100100100100100

ITC Peer Comparison

Cigarettes/Tobacco Edit Columns

ITC Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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ITC Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 29%
  • Debtor days have improved from 63.97 to 54.82days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 0%.
  • Stock is trading at 4.9 times its book value.
  • The company has delivered a poor profit growth of 5% over past five years.
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