ITC logo

ITC

ITC NSE

Key Fundamentals

LargecapDiversified FMCGFMCG
Market Cap
3.3L Cr
Volatility
Moderate
P/E Ratio
16.4
EBITDA
₹29,744 Cr
Return on Equity
28.84%
Debt to Equity
0.03
Book Value
₹57.87
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 5.58%.
  • 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

ITC Ltd trades at a market cap of ₹3,25,140 Cr with a PE of 16.1x and a dividend yield of 5.59%. The company maintains a strong 3-year ROE of 35% and is virtually debt-free, though recent growth has slowed with TTM sales declining 3% and the stock down 38% over the past year.

Bull Case 7
  • Virtually debt-free balance sheet provides financial flexibility and resilience across economic cycles
  • Dividend yield of 5.59% is among the highest in the large-cap FMCG space, supported by a consistent payout ratio of 74.5%
  • 3-year ROE of 35.2% and 5-year ROE of 32% demonstrate sustained high capital efficiency well above cost of equity
  • 10-year compounded sales CAGR of 7% and profit CAGR of 8% indicate long-term earnings compounding ability
  • PE of 16.1x is at a significant discount to FMCG peers like HUL (~55x) and Nestle (~70x), offering valuation comfort
  • 5-year compounded profit growth of 10% shows the company has been able to expand earnings at a healthy pace over medium-term horizons
  • Price-to-book of 4.48x is reasonable for a business generating 29%+ ROE, suggesting the stock is not excessively priced relative to asset quality
Bear Case 8
  • Stock price has declined 38% over the past 1 year, reflecting significant negative sentiment and possible structural derating
  • TTM sales growth is negative at -3%, signalling near-term revenue headwinds across key segments
  • TTM profit growth is also negative at -1%, indicating margin or volume pressures despite the company's pricing power narrative
  • 3-year stock CAGR of -15% shows the stock has destroyed value for medium-term holders even as broader indices rallied
  • 5-year compounded sales growth of roughly 10% lags high-growth FMCG peers and is modest for a company of this scale
  • 10-year stock CAGR of just 1% highlights persistent underperformance and suggests markets have structurally discounted the cigarette-heavy business model
  • Heavy dependence on the cigarettes segment exposes the company to ongoing regulatory risk including taxation changes and advertising restrictions
  • 3-year compounded profit CAGR has slowed to 3%, down sharply from the 5-year rate of 10%, suggesting decelerating earnings momentum

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • Stock down 37% in 3 years Sep 5

    ITC shares declined 37% over three years vs Sensex gaining 15%, falling 38% from 52-week high of ₹426.50 to ~₹264. Tobacco business implied at just 11X forward P/E per Kotak reverse-SoTP.

  • Illicit trade risk post tax hike Aug 27

    CMD Sanjiv Puri flagged loss of franchise to illicit trade as biggest fear after recent cigarette tax increase, noting some market shift is likely given the magnitude of the hike. ITC is staging pricing to minimise impact.

  • FSSAI labelling dispute ongoing Aug 25

    FSSAI issued show cause notice over Aashirvaad '100% Atta' and '0% Maida' claims violating May 2025 advisory. Delhi HC granted interim relief restraining licence cancellation, next hearing Sep 9.

  • Tobacco EBIT flat through FY29 Sep 5

    Kotak models ITC tobacco segment EBIT to remain flat over FY2026-29E, while the stock has lost its top-10 most valued company status, now ranking 23rd with ₹3.31 lakh crore market cap.

Positives 6
  • Aashirvaad's FMCG scaling rapidly Sep 13

    Value-added variants scaled ~1.7x over two years to 16% of Aashirvaad's staples portfolio. Total FMCG consumer spend grew from ₹15,000 crore in FY20 to over ₹34,000 crore in FY25, reaching 260 million households.

  • FMCG-Others segment strong growth Sep 13

    FMCG-Others revenue up 12% YoY (16% ex-Staples) with segment PBIT up 21% YoY in Q1 FY27. Dairy, Snacks, Noodles and Frozen Snacks growing 20%+, with NewGen and Modern Trade channels at 34% of Branded Packaged Foods sales.

  • ITC Infotech-Happiest Minds merger Aug 31

    ITC Infotech acquiring 22.1% Happiest Minds stake for ₹1,330 crore, followed by amalgamation creating India's 11th-largest listed IT firm with ~$791M pro-forma revenue targeting $1B by FY28. ITC to hold 73.4% of combined entity valued at ₹18,000 crore.

  • Kotak SoTP implies 36% upside Sep 5

    Kotak assigns 12-month SoTP fair value of ₹360 vs current ₹264, with non-tobacco FMCG EBIT projected at 19% CAGR over FY2026-29E. Suggests vertical split of tobacco/non-tobacco could unlock significant shareholder value.

  • 7M retail outlet distribution Sep 13

    ITC products available at nearly 70 lakh retail outlets with market coverage ~2x pre-pandemic levels. UNNATI eB2B platform covers ~8 lakh outlets, and 12 ICML facilities support product freshness strategy.

  • GST ITC relief under examination Aug 17

    Government actively examining easing GST input tax credit restrictions on immovable property construction for own use, discussing with states. Would reduce costs for capital-intensive sectors if approved.

Neutral 3
  • Investor conference participation Sep 9

    ITC attending Jefferies India Forum on Sep 18, 2026 in Gurugram and J.P. Morgan India Conference on Sep 21, 2026 in Mumbai.

  • Regional festive marketing push Sep 6

    ITC Foods running intensive regional festival campaigns at Puri Jagannath Yatra, planning Durga Puja and Chhath Puja activations. Strategy shifting from product showcases to cultural integration with brands like Yippee and Bingo.

  • HC jurisdiction yet undecided Aug 25

    Delhi HC has not determined territorial jurisdiction over ITC's FSSAI challenge, directing written submissions. Interim protection holds until Sep 9 hearing, balancing regulatory enforcement with procedural fairness.

TL;DR: ITC's FMCG diversification is delivering strong results with FMCG-Others PBIT up 21% YoY and consumer spend doubling in five years, but the stock remains under severe pressure at -37% over three years as the core tobacco business faces flat earnings, tax-driven illicit trade risks, and an FSSAI labelling dispute. The Happiest Minds-ITC Infotech merger adds a new growth vector targeting $1B IT revenue by FY28. Kotak's ₹360 SoTP valuation suggests meaningful upside if the market re-rates the non-tobacco businesses, but near-term sentiment hinges on tobacco earnings stability and regulatory clarity on the atta labelling issue.

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 ₹3,25,140 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 16.40, on earnings per share of ₹16.36, against a book value of ₹57.87 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 5.59%.
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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