Skip to content
ITC logo

ITC

ITC NSE
₹280.00 +6.10 (+2.23%)
P/E
18.57
View as Markdown
MCP
Close 4 Nov 2026 ₹280.00 −127.50 −31.3% 1Y
Start ₹407.50

Key Fundamentals

LargecapDiversified FMCGFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
38.90%
Debt to Equity
0.01
EPS (TTM)
₹15.08
Book Value
₹56.98
Market Cap
—
P/E (TTM)
18.57
P/B
4.91
ROE
29.30%
Dividend Yield
5.29%
EBITDA
₹29,744 Cr
52W High
₹413.30
52W Low
₹252.80
Day Range
₹272.10 – ₹283.50
Volume
4,24,52,845

Peer Comparison

Fast Moving Consumer Goods › Diversified FMCG

ITC peer comparison
HUL
₹1,977.1030.84₹4,60,520 Cr9.510.97%31.00%28.40%₹68,359 Cr₹15,073 Cr
ITC (this company)
₹280.0017.68₹3,52,421 Cr4.915.29%29.30%38.90%₹77,255 Cr₹20,184 Cr
Hindustan Foods
₹567.6543.00₹6,863 Cr5.920.00%14.60%14.10%₹4,400 Cr₹159 Cr
Godavari Biorefineries
₹224.877,495.67₹1,097 Cr1.460.00%4.08%6.43%₹2,013 Cr₹0 Cr
Davangere Sugar Company
₹1.9732.83₹332 Cr0.750.00%1.99%5.52%₹249 Cr₹8 Cr
Median 5 companies₹280.0032.83₹6,863 Cr4.910.00%14.60%14.10%₹4,400 Cr₹159 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
74
Strong
Returns, margins, earnings quality 22% weight
Valuation
55
Good
Cheap vs sector & own history 24% weight
Growth
29
Poor
Sales & profit trajectory 9% weight
Financial Health
90
Strong
Solvency, leverage, coverage 9% weight
Momentum
46
Average
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 5.18%.
  • 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish6310
OscillatorsBearish432
Moving AveragesStrong Bullish208

Key readings

RSI (14)
67.29
Neutral
MACD (12,26,9)
1.76
Bullish
SMA (50)
264.18
Bullish
SMA (200)
290.75
Bearish

As of

Analyst Rating

Based on 33 analysts
BUY61%

20 of 33 analysts rate Buy, 11 Hold, 2 Sell.

As of

BUY
20
61%
HOLD
11
33%
SELL
2
6%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+7.24%
5Y+9.87%
3Y+3.60%
1Y+4.71%
TTM−1.65%

Net profit

Net profit growth by window
10Y+8.26%
5Y+9.45%
3Y+2.57%
1Y−40.04%
TTM−45.61%

Operating cash flow

Operating cash flow growth by window
10Y+6.54%
5Y+8.07%
3Y−0.74%
1Y+4.75%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−2.46 pp
5Y−0.02 pp
3Y−1.62 pp
1Y+0.33 pp
TTM−1.71 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹42,768 Cr
Mar 2018₹43,449 Cr
Mar 2019₹48,340 Cr
Mar 2020₹49,388 Cr
Mar 2021₹49,257 Cr
Mar 2022₹60,645 Cr
Mar 2023₹70,919 Cr
Mar 2024₹67,932 Cr
Mar 2025₹75,323 Cr
Mar 2026₹78,868 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹10,477 Cr
Mar 2018₹11,493 Cr
Mar 2019₹12,836 Cr
Mar 2020₹15,593 Cr
Mar 2021₹13,383 Cr
Mar 2022₹15,503 Cr
Mar 2023₹19,477 Cr
Mar 2024₹20,751 Cr
Mar 2025₹35,052 Cr
Mar 2026₹21,018 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹5,890 Cr −3.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-11-03, ITC Ltd trades at ₹273.9 with a market cap of ₹3,32,748 crore, a PE of 17.29x, and a dividend yield of 5.44%. The company is virtually debt-free with a debt-to-equity of 0.03 and maintains a strong ROE of 28.84%, but recent revenue and profit growth have turned negative on a TTM basis while the stock has declined 37% over the past year from a 52-week high of ₹413.3.

Bull Case 7
  • Near-zero leverage with a debt-to-equity ratio of just 0.03, giving ITC significant financial flexibility and resilience through economic cycles.
  • Attractive dividend yield of 5.44% as of 2026-11-03, backed by a healthy payout ratio of 74.5%, offering meaningful income to shareholders.
  • Consistently high return on equity — 3-year average ROE of 35% and 5-year average of 32% — reflecting efficient capital allocation and strong profitability.
  • ROCE of 36.47% indicates the company generates robust returns on total capital employed, well above the cost of capital for most Indian corporates.
  • Compounded profit growth of 10% over 5 years and 8% over 10 years demonstrates a track record of steady earnings expansion over longer horizons.
  • PE of 17.29x is below the broader FMCG sector average in India, and the stock trading at ₹273.9 — down 33.7% from its 52-week high of ₹413.3 — suggests valuations have compressed meaningfully.
  • Compounded sales growth of 10% over 5 years and 7% over 10 years shows the company has been able to grow its topline at a reasonable pace across cycles.
Bear Case 7
  • TTM revenue growth has turned negative at -3%, signalling a near-term slowdown or decline in the company's topline momentum.
  • TTM profit growth is -1%, indicating earnings have stalled or marginally declined in the most recent period despite the longer-term track record.
  • The stock has delivered a 1-year return of -37%, representing severe capital erosion and reflecting deteriorating market sentiment.
  • 3-year stock CAGR of -14% shows the underperformance is not a short-term blip but a sustained trend of negative shareholder returns.
  • 3-year compounded sales growth of only 4% and profit growth of 3% point to a meaningful deceleration from the 5-year and 10-year growth rates.
  • Even over 10 years, stock CAGR is just 1%, implying that long-term shareholders have seen almost no capital appreciation despite underlying profit growth of 8% over the same period.
  • Last year ROE of 29% has declined from the 3-year average of 35%, suggesting returns on equity may be trending downward.

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

AI News Digest

9h ago

TL;DR: ITC is navigating the worst of a structural cigarette tax shock, with Q2FY27 net profit down 18.5% and cigarette EBIT falling 27% YoY. The bright spot is the non-cigarette FMCG business delivering its strongest growth in 14 quarters and sequential improvement in cigarette earnings (EBIT up 14% QoQ). The stock has declined ~35% over the past year but valuations at 16-18x P/E with ~5% dividend yield are drawing selective upgrades. The trend is cautiously improving — if remaining price hikes land by Mar 2027 without further volume erosion, H2FY27 should mark the earnings trough.

Headwinds 5
  • Cigarette EBIT down 27% YoY Nov 03

    Cigarette segment profit fell 27.2% to ₹3,813 crore in Q2FY27, with volumes declining 7-8% YoY and net cigarette revenue dropping 21% due to the February 2026 excise duty restructuring.

  • Consolidated net profit falls 18.5% Nov 03

    Q2FY27 consolidated net profit declined 18.45% YoY to ₹4,229 crore from ₹5,187 crore, with standalone PBT falling to ₹5,482 crore from ₹6,847 crore.

  • Stock down 35% in one year Oct 30

    ITC emerged as the biggest Nifty 50 laggard with a 37% decline over the Halloween-to-Halloween period, hitting a 52-week low of ₹252.80 on Oct 28 versus a high of ₹421.65.

Positives 4
  • Non-cigarette FMCG surges 16-19% Nov 03

    FMCG-Others posted its strongest revenue growth in 14 quarters at 16-19% with EBIT rising 28-31%, marking the fourth consecutive quarter of double-digit growth. Digital-first portfolio grew 70%+ YoY crossing ₹1,800 crore ARR.

  • Revenue beats estimates by 2% Nov 03

    Q2FY27 revenue came in ~2% above consensus estimates, with consolidated net revenue of ₹30,578 crore.

  • Attractive dividend yield at ~5% Nov 03

    At current levels near ₹269, ITC offers a dividend yield of approximately 5%, with P/E of 15.9-17.8x representing a 24-32% discount to the 5-year average of 23.5x.

Neutral 5
  • Sproutlife Foods merger approved Nov 02

    ITC board approved amalgamation of wholly owned subsidiary Sproutlife Foods (Yoga Bar brand) with effect from Apr 1, 2026, integrating the brand's operations into the parent.

  • GST Council ITC credit reforms Oct 08

    The 57th GST Council meeting recommended allowing input tax credit on employer health and life insurance, expanding ITC eligibility on outdoor catering and telecom towers, effective Apr 1, 2027.

  • ITC to attend investor forums Nov 04

    ITC representatives will participate in the 29th CITIC CLSA India Forum in Mumbai on Nov 16 and Morgan Stanley's Asia Pacific Summit in Singapore on Nov 18-19, 2026.

Quarterly Results

₹ Cr
ITC quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
17,774
17,195
17,038
17,778
19,990
18,790
18,765
21,495
19,502
20,047
17,825
19,114
20,269
Expenses
11,320
10,985
10,736
11,233
13,438
12,428
12,246
14,678
12,807
13,165
10,900
13,934
14,624
Operating Profit
6,454
6,210
6,302
6,545
6,552
6,362
6,519
6,816
6,695
6,883
6,924
5,181
5,645
OPM %
36%
36%
37%
37%
33%
34%
35%
32%
34%
34%
39%
27%
28%
Other Income
674
820
868
771
690
803
15,391
751
739
322
700
1,148
579
Interest
10
12
12.59
11.25
16.38
10
11
16
20
19
29
40
38.27
Depreciation
453
384
385
403
416
416
411
423
435
431
422
428
491
PBT
6,665
6,635
6,774
6,903
6,811
6,740
21,489
7,128
6,979
6,754
7,173
5,861
5,695
Tax %
26%
19%
23%
25%
26%
26%
8%
25%
26%
26%
24%
23%
26%
Net Profit
4,965
5,407
5,191
5,177
5,054
5,013
19,808
5,343
5,187
5,018
5,470
4,509
4,229
EPS (₹)
3.93
4.28
4.1
4.08
3.99
3.94
15.76
4.19
4.09
3.94
4.3
3.51
3.33
YoY Sales growth
4
−3
−3
4
12
9
10
21
−2
7
−5
−11
4

Profit & Loss

₹ Cr
ITC profit and loss, annual, ₹ crore
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
77,255
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
52,623
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
24,632
OPM %
37%
37%
36%
38%
38%
39%
35%
34%
36%
37%
34%
35%
32%
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
2,748
Interest
91
78
49
115
71
81
58
60
78
39
45
85
127
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
1,771
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
25,482
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
19,226
EPS (₹)
8.04
7.74
8.47
9.24
10.27
12.45
10.69
12.37
15.44
16.39
27.77
16.51
15.08
Div. Payout %
52%
73%
56%
56%
56%
82%
101%
93%
100%
84%
52%
88%
—
Sales growth
10
1
9
2
11
2
0
23
17
−4
11
5
−2

Balance Sheet

₹ Cr
ITC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 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
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
70,149
Borrowings
269
84
46
36
13
277
271
249
306
303
285
2,399
491
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
24,462
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
96,356
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
26,766
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
1,924
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
30,135
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
37,530
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
96,356

Cash Flow

₹ Cr
ITC cash flow, annual, ₹ crore
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/EBITDA
100
102
104
116
99
102
99
101
98
92
93
91

Ratios

ITC financial ratios, annual
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

Log in to view ITC insights

67 extracted metrics across FY00–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 49.82%
  • FIIs 33.22%
  • Public 14.19%
  • Others 2.74%
  • Government 0.04%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Jul 2026
    PPT
  • Concall · May 2026
    PPT
  • Q3 FY26 concall · Jan 2026
    PPT
  • Q2 FY26 concall · Oct 2025
    PPT
  • Q1 FY26 concall · Aug 2025
    PPT

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.
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 Fast Moving Consumer Goods sector, in the Diversified FMCG industry.
What is the PE ratio of ITC Ltd?
ITC Ltd trades at a PE ratio of 18.57 as of 4 Nov 2026, on earnings per share of ₹15.08, against a book value of ₹56.98 per share.
What is the 52-week high and low of ITC Ltd?
Over the last 52 weeks ITC Ltd has traded between ₹252.8 and ₹413.3 as of 4 Nov 2026.
Does ITC Ltd pay dividends?
ITC Ltd has a dividend yield of 5.29%.
What is the Return on Equity (ROE) of ITC Ltd?
ITC Ltd reported a return on equity of 29.30%. Its debt-to-equity ratio is 0.01.

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.

Website itcportal.com
CEO Mr. Sanjiv Puri
Employees 22,041
Listed 23 Aug 1995
Face Value ₹1

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ITC.md for ITC Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Diversified FMCG stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month