ITC share price & results
- Jun 2026
- Sept 2026
India's largest FMCG conglomerate — cigarettes, packaged foods, personal care, paperboards, agri-business, IT.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 19,114 | −11.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 27.0 | −5.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 4,509 | −15.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 27.71 | −18.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 20.71 | +0.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -3.23 | −6.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −37.5% 1Y
1Y: ₹416.8 on 24 Oct 2025 → ₹260.5. High ₹421.6 (29 Oct 2025), low ₹255 (8 Oct 2026).
- Previous close
- ₹257.9
- Market cap
- ₹3.3L Cr
- 52-week range
- ₹255 – ₹421.6
- One year
- −38.07%
- Price to earnings (TTM to Jun 2026)
- 16.50×
- Return on equity (TTM to Jun 2026)
- 27.71%
Overview
- Symbol
- NSE:ITC
- Exchange
- NSE
- Currency
- INR
What ITC Limited does
Based on the company's own presentations, annual report and earnings calls.
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+
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −16% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 19,990 | 18,790 | 18,765 | 21,495 | 19,502 | 20,047 | 17,825 | 19,114 |
| Expenses | 13,438 | 12,428 | 12,246 | 14,678 | 12,807 | 13,165 | 10,900 | 13,934 |
| Operating profit | 6,552 | 6,362 | 6,519 | 6,816 | 6,695 | 6,883 | 6,924 | 5,181 |
| Operating margin | 33.0% | 34.0% | 35.0% | 32.0% | 34.0% | 34.0% | 39.0% | 27.0% |
| Other income | 690 | 803 | 15,391 | 751 | 739 | 322 | 700 | 1,148 |
| Interest | 15 | 10 | 11 | 16 | 20 | 19 | 29 | 40 |
| Depreciation | 416 | 416 | 411 | 423 | 435 | 431 | 422 | 428 |
| Profit before tax | 6,811 | 6,740 | 21,489 | 7,128 | 6,979 | 6,754 | 7,173 | 5,861 |
| Tax rate | 26.0% | 26.0% | 8.0% | 25.0% | 26.0% | 26.0% | 24.0% | 23.0% |
| Net profit | 5,054 | 5,013 | 19,808 | 5,343 | 5,187 | 5,018 | 5,470 | 4,509 |
| EPS (₹ per share) | 3.99 | 3.94 | 15.76 | 4.19 | 4.09 | 3.94 | 4.30 | 3.51 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 70,937 | 69,171 | 75,323 | 78,869 |
| Expenses | 45,272 | 43,535 | 49,345 | 51,550 |
| Operating profit | 25,665 | 25,636 | 25,978 | 27,318 |
| Other income | 2,054 | 3,084 | 17,655 | 2,512 |
| Interest | 43 | 43 | 46 | 84 |
| Depreciation | 1,808 | 1,664 | 1,646 | 1,711 |
| Profit before tax | 25,866 | 27,014 | 41,943 | 28,034 |
| Net profit | 19,477 | 20,753 | 35,052 | 21,018 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 1,232 | 1,243 | 1,248 | 1,251 | 1,253 | 1,253 |
| Reserves | 61,223 | 67,912 | 73,259 | 68,779 | 69,819 | 71,254 |
| Borrowings | 249 | 306 | 303 | 285 | 363 | 2,399 |
| Other liabilities | 14,491 | 16,370 | 16,944 | 17,688 | 19,368 | 18,731 |
| Total liabilities | 77,196 | 85,831 | 91,754 | 88,003 | 90,803 | 93,637 |
| Fixed assets | 24,232 | 25,851 | 27,820 | 21,955 | 22,400 | 22,443 |
| Capital work in progress | 3,226 | 3,003 | 2,861 | 1,091 | 1,305 | 1,602 |
| Investments | 24,841 | 29,415 | 31,114 | 34,720 | 32,548 | 38,128 |
| Other assets | 24,898 | 27,561 | 29,959 | 30,237 | 34,550 | 31,464 |
| Total assets | 77,196 | 85,831 | 91,754 | 88,003 | 90,803 | 93,637 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 12,527 | 15,776 | 18,878 | 17,179 | 17,627 | 18,464 |
| Cash from investing | 5,740 | -2,238 | -5,732 | 1,563 | -564 | -2,321 |
| Cash from financing | -18,634 | -13,580 | -13,006 | -18,551 | -17,037 | -16,147 |
| Net cash flow | -367 | -43 | 139 | 191 | 26 | -4 |
| Free cash flow | 10,693 | 13,767 | 16,184 | 13,724 | 15,524 | 16,332 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 19 | 15 | 15 | 22 | 23 | 18 |
| Inventory days | 189 | 150 | 148 | 191 | 178 | 209 |
| Days payable | 78 | 61 | 59 | 65 | 55 | 63 |
| Cash conversion cycle | 129 | 104 | 105 | 148 | 146 | 164 |
| Working capital days | 36 | 31 | 20 | 39 | 45 | 47 |
| Return on capital employed | 28.0% | 33.0% | 39.0% | 36.0% | 37.0% | 39.0% |
| Dividend payout | 101.0% | 93.0% | 100.0% | 84.0% | 52.0% | 88.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
FMCG - Cigarettes contributes 47.3% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- FMCG - Cigarettes 47.3%
₹16,596.67 crore
- Agri Business 23.2%
₹8,137.81 crore
- FMCG - Others 19.0%
₹6,687.90 crore
- Paperboards, Paper & Packaging 6.6%
₹2,310.27 crore
- Others 3.9%
₹1,379.50 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| FMCG - Cigarettes | 16,596.67 | 47.3% |
| Agri Business | 8,137.81 | 23.2% |
| FMCG - Others | 6,687.90 | 19.0% |
| Paperboards, Paper & Packaging | 2,310.27 | 6.6% |
| Others | 1,379.50 | 3.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹35,112.15 crore
- Intersegment adjustment
- ₹5,702.33 crore
- Net segment revenue
- ₹29,409.82 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
FMCG - Cigarettes grew from 35% to 47% of revenue over the last two years.
| Segment | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| FMCG - Cigarettes | 35% | — | 42% | 34% | 41% | 42% | 48% | 47% | +73.7% |
| Agri Business | 28% | 24% | 17% | 34% | 18% | 17% | 13% | 23% | -16.3% |
| FMCG - Others | 22% | — | 25% | 20% | 26% | 26% | 25% | 19% | +15.3% |
| Paperboards, Paper & Packaging | 8% | 9% | 10% | 7% | 10% | 10% | 9% | 7% | +9.1% |
| Others | 4% | 4% | 5% | 4% | 5% | 6% | 5% | 4% | +16.7% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
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
Ownership
Who owns it
Domestic institutions hold 49.81% as of Sept 2026; institutions cut 0.33 pts since Jun 2026.
- Foreign institutions 33.22%
- Domestic institutions 49.81%
- Government 0.04%
- Public 16.93%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Insurer +0.16 pp 16.46% held
- Mutual fund +0.10 pp 1.57% held
- Mutual fund +0.09 pp 1.57% held
- Mutual fund +0.08 pp 3.44% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of ITC Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Corporate | 17.79% | unchanged |
| Insurer | 16.46% | +0.16 pp |
| NBFC / DFI | 7.78% | unchanged |
| Corporate | 3.88% | unchanged |
| Mutual fund | 3.44% | +0.08 pp |
| Mutual fund | 3.25% | unchanged |
| Mutual fund | 2.55% | unchanged |
| Global fund house | 1.96% | −0.10 pp |
| Pension / PF | 1.75% | unchanged |
| Insurer | 1.73% | unchanged |
| Mutual fund | 1.57% | +0.09 pp |
| Mutual fund | 1.57% | +0.10 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 Sep 2026
0 new, 21 added, 15 trimmed, 1 sold out — net +116.31 L shares (+1.2%).
- Held by funds
- ₹26.8k Cr
- 55 schemes
- Biggest holder
- Parag Parikh Flexi Cap Fund
- ₹8.0k Cr · 5.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹8.0k Cr | held | Mar '20 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹4.9k Cr | +0.09 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹3.4k Cr | +6.47 L | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹1.6k Cr | +13.51 L | Jan '19 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹1.3k Cr | +50.00 L | Jan '16 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.1k Cr | held | Dec '22 |
| Nippon India ETF BSE Sensex Nippon India Mutual Fund | ₹822 Cr | +7.63 L | Sep '14 |
| SBI Contra Fund SBI Mutual Fund | ₹815 Cr | held | Aug '21 |
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 Sep 2026
21 added, 15 trimmed — net +1.16 cr shares (+1.2%)
- Funds are sitting on
- -19%
- vs est. average cost
- Held by funds
- ₹26.8k Cr
- 55 schemes · ≈ 8.2% of the company
- Biggest holder
- Parag Parikh Flexi Cap Fund
- ₹8.0k Cr · 5.5% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y 1m · since Sep '12
Shares held by these funds +67%
Oct '23 102.03 cr shares Sep '26
Your own record
Start an Inve Case for ITC Limited
Free account: one company. Everything above stays public.
Write why you follow ITC Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other Fast Moving Consumer Goods companies
Learn to analyse ITC Limited
Guides on how to read this kind of business and the numbers that matter.







