ITC
ITC share price & financials
- Price
- ₹292.5
- Market cap
- ₹3.3L Cr
- Sector
- Fast Moving Consumer Goods
What ITC Limited does
ITC is a diversified Indian conglomerate that manufactures and markets cigarettes and packaged FMCG products (foods, personal care, education & stationery, agarbattis and safety matches) through an extensive omni-channel distribution network, while also running Paperboards, Paper & Packaging, and Agri-Business operations that source, process and export commodities such as leaf tobacco, spices, coffee and wheat. It earns through branded consumer product sales, cigarette trade, sale of paperboard/packaging materials to FMCG and other industrial customers, and agri-commodity trading/exports, supplemented by its wholly owned IT services subsidiary ITC Infotech. The Agri-Business also supplies identity-preserved raw materials (wheat, spices, leaf tobacco) to ITC's own FMCG brands, giving the group a backward-integrated value chain from farm to shelf.
Segments
- FMCG - Cigarettes
- FMCG - Others
- Paperboards, Paper & Packaging
- Agri Business
- Factories
- 250+ (including 12 state-of-the-art Integrated Consumer Goods Manufacturing & Logistics facilities)
- World-class Mother/Power Brands
- 30+
- Retail outlet reach
- Nearly 70 lakh outlets
- Household reach (FMCG)
- 28 crore households
- Distribution warehouses
- 50
- MSME manufacturing partners
- 7,500+
Quarterly results
Q1 FY27: revenue down 11.1%, net profit down 15.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19,990 | 18,790 | 18,765 | 21,495 | 19,502 −2% | 20,047 +7% | 17,825 −5% | 19,114 −11% |
| EBITDA | 6,552 | 6,362 | 6,519 | 6,816 | 6,695 +2% | 6,883 +8% | 6,924 +6% | 5,181 −24% |
| Net profit | 5,054 | 5,013 | 19,808 | 5,343 | 5,187 +3% | 5,018 +0% | 5,470 −72% | 4,509 −16% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −37.1% 1Y
1Y: ₹413.05 on 10 Sept 2025 → ₹259.85. High ₹421.6 (29 Oct 2025), low ₹255.5 (31 Aug 2026).
Financials, as filed
Revenue grew 3.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 34.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹70.9k Cr | ₹69.2k Cr | ₹75.3k Cr | ₹78.9k Cr |
| Operating profit | ₹25.7k Cr | ₹25.6k Cr | ₹26.0k Cr | ₹27.3k Cr |
| Operating margin | 36.2% | 37.1% | 34.5% | 34.6% |
| Interest | ₹43 Cr | ₹43 Cr | ₹46 Cr | ₹84 Cr |
| Depreciation | ₹1.8k Cr | ₹1.7k Cr | ₹1.6k Cr | ₹1.7k Cr |
| Net profit | ₹19.5k Cr | ₹20.8k Cr | ₹35.1k Cr | ₹21.0k Cr |
| Net margin | 27.5% | 30.0% | 46.5% | 26.6% |
| Cash from operations | ₹18.9k Cr | ₹17.2k Cr | ₹17.6k Cr | ₹18.5k Cr |
| Free cash flow | ₹16.2k Cr | ₹13.7k Cr | ₹15.5k Cr | ₹16.3k Cr |
| ROCE | 39.0% | 36.0% | 37.0% | 39.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Reserves | ₹59.1k Cr | ₹61.2k Cr | ₹67.9k Cr | ₹73.3k Cr | ₹69.8k Cr | ₹71.3k Cr |
| Borrowings | ₹271 Cr | ₹249 Cr | ₹306 Cr | ₹303 Cr | ₹363 Cr | ₹2.4k Cr |
| Other liabilities | ₹13.1k Cr | ₹14.5k Cr | ₹16.4k Cr | ₹16.9k Cr | ₹19.4k Cr | ₹18.7k Cr |
| Total liabilities | ₹73.8k Cr | ₹77.2k Cr | ₹85.8k Cr | ₹91.8k Cr | ₹90.8k Cr | ₹93.6k Cr |
| Fixed assets | ₹23.3k Cr | ₹24.2k Cr | ₹25.9k Cr | ₹27.8k Cr | ₹22.4k Cr | ₹22.4k Cr |
| Capital work in progress | ₹4.0k Cr | ₹3.2k Cr | ₹3.0k Cr | ₹2.9k Cr | ₹1.3k Cr | ₹1.6k Cr |
| Investments | ₹24.9k Cr | ₹24.8k Cr | ₹29.4k Cr | ₹31.1k Cr | ₹32.5k Cr | ₹38.1k Cr |
| Other assets | ₹21.6k Cr | ₹24.9k Cr | ₹27.6k Cr | ₹30.0k Cr | ₹34.5k Cr | ₹31.5k Cr |
| Total assets | ₹73.8k Cr | ₹77.2k Cr | ₹85.8k Cr | ₹91.8k Cr | ₹90.8k Cr | ₹93.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.75 pp while DIIs added +2.22 pp. The shareholder count grew 14% to 41,52,430.
- FIIs
- 34.2%
- DIIs
- 49.1%
- Government
- 0.0%
- Public
- 16.6%
Since Jun 2025
- FIIs −3.75 pp
- DIIs +2.22 pp
- Public +1.54 pp
How it drifted, 12 quarters
Over this window FIIs fell from 43.3% to 34.2% — −9.1 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 43.3%, DIIs 41.9%, Government 0.0%, Public 14.7%.Dec '23: FIIs 43.3%, DIIs 42.0%, Government 0.0%, Public 14.7%.Mar '24: FIIs 41.0%, DIIs 43.8%, Government 0.0%, Public 15.2%.Jun '24: FIIs 40.5%, DIIs 44.0%, Government 0.0%, Public 15.5%.Sep '24: FIIs 40.5%, DIIs 44.6%, Government 0.0%, Public 14.8%.Dec '24: FIIs 40.2%, DIIs 44.9%, Government 0.0%, Public 14.9%.Mar '25: FIIs 39.9%, DIIs 45.2%, Government 0.0%, Public 14.9%.Jun '25: FIIs 38.0%, DIIs 46.9%, Government 0.0%, Public 15.1%.Sep '25: FIIs 37.4%, DIIs 47.4%, Government 0.0%, Public 15.2%.Dec '25: FIIs 36.1%, DIIs 48.9%, Government 0.0%, Public 14.9%.Mar '26: FIIs 34.8%, DIIs 49.1%, Government 0.0%, Public 16.0%.Jun '26: FIIs 34.2%, DIIs 49.1%, Government 0.0%, Public 16.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parag Parikh Mutual Funds Mutual fund newly disclosed 2.55% held
- Life Insurance Corporation Of India Insurer +0.47 pp 16.30% held
- Goldman Sachs Trust Ii - Goldman Sachs Gqg Partners International Opportunities Fund Global fund house +0.32 pp 2.06% held
- SBI Mutual Funds Mutual fund +0.07 pp 3.36% held
- UTI Mutual Funds Mutual fund +0.07 pp 1.48% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of ITC Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tobacco Manufacturers (India) Limited Corporate | 17.79% | unchanged |
| Life Insurance Corporation Of India Insurer | 16.30% | +0.47 pp |
| Specified Undertaking of the Unit Trust of India NBFC / DFI | 7.78% | unchanged |
| Myddleton Investment Company Limited Corporate | 3.88% | unchanged |
| SBI Mutual Funds Mutual fund | 3.36% | +0.07 pp |
| ICICI Prudential Mutual Funds Mutual fund | 3.30% | −0.28 pp |
| Parag Parikh Mutual Funds Mutual fund | 2.55% | newly disclosed |
| Goldman Sachs Trust Ii - Goldman Sachs Gqg Partners International Opportunities Fund Global fund house | 2.06% | +0.32 pp |
| NPS Trust (various Pension Funds) Pension / PF | 1.75% | unchanged |
| General Insurance Corporation Of India Insurer | 1.73% | unchanged |
| UTI Mutual Funds Mutual fund | 1.48% | +0.07 pp |
| Nippon Life India Trustee Mutual Funds Mutual fund | 1.47% | −0.14 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ITC
Filings to Aug 2026
0 new, 20 added, 12 trimmed, 1 sold out — net +109.70 L shares (+1.6%).
- Held by funds
- ₹17.9k Cr
- 48 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.8k Cr · 2.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹4.8k Cr | +9.83 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹3.3k Cr | +12.79 L | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹1.5k Cr | +11.79 L | Jan '19 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.2k Cr | +13.78 L | Dec '22 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹1.2k Cr | held | Jan '16 |
| SBI Contra Fund SBI Mutual Fund | ₹792 Cr | held | Aug '21 |
| Nippon India ETF BSE Sensex Nippon India Mutual Fund | ₹779 Cr | +8.52 L | Sep '14 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹716 Cr | held | May '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
20 added, 12 trimmed — net +1.10 cr shares (+1.6%)
- Funds are sitting on
- -9%
- vs est. average cost
- Held by funds
- ₹17.9k Cr
- 48 schemes · ≈ 6.2% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹4.8k Cr · 2.2% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds +29%
Aug '23 68.62 cr shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹260, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹176 — downside of 32%.
- Growth the price implies
- 9.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 2.6% a year
- net profit, FY23–FY26 · EPS 2.2%
- The gap
- 0.1 pp
- -32% downside if it only repeats history
Learn to analyse ITC Limited
Guides on how to read this kind of business and the numbers that matter.