ITC Ltd

₹ 292 -3.22%

27 May - close price

About

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]

Key Points

Business Segments
1) FMCG Cigarettes (42% in H1 FY25 vs 40% in FY22): ^[1] ^[2] The company holds an 80% market share in the organized domestic cigarette market, offering brands like Insignia, India Kings, Classic, Gold Flake, American Club, Wills Navy Cut, Players, Scissors, Capstan, Berkeley, etc. This vertical is the most profitable business of the company with 78% contribution towards PBIT. In Q2 FY25, the segment revenue grew by 7% YoY, supported by volume growth and a relatively stable tax regime. ^[3] ^[4] ^[5]

Website BSE NSE

Market Cap ₹ 3,65,616 Cr.
Current Price ₹ 292
High / Low ₹ 429 / 287
Stock P/E 17.9
Book Value ₹ 55.8
Dividend Yield 4.97 %
ROCE 38.6 %
ROE 29.6 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 4.97%.
Company has a good return on equity (ROE) track record: 3 Years ROE 28.6%
Company has been maintaining a healthy dividend payout of 74.9%

Cons

The company has delivered a poor sales growth of 9.62% over past five years.
Working capital days have increased from 73.8 days to 146 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Diversified FMCG Diversified FMCG

Part of BSE Sensex Nifty 50 BSE 500 BSE Fast Moving Consumer Goods BSE 100 BSE 200 BSE Dollex 200 Nifty 500 BSE Dollex 30 Nifty 100 BSE Dollex 100 Nifty FMCG Nifty India Consumption Nifty 200 Nifty Dividend Opportunities 50 Nifty Low Volatility 50 Nifty50 Value 20 Nifty 100 Equal Weight BSE India Manufacturing Index BSE SENSEX 50 Nifty100 Quality 30 BSE Bharat 22 Index BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Low Volatility Index BSE Quality Index Nifty 50 Equal Weight Nifty 100 Low Volatility 30 BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty200 Quality 30 Nifty Total Market Nifty Quality Low-Volatility 30 Nifty Alpha Quality Low-Volatility 30 Nifty Alpha Quality Value Low-Volatility 30 BSE 200 Equal Weight BSE Sensex Sixty 65:35 BSE Sensex Sixty Nifty Top 10 Equal Weight Index BSE Sensex Equal Weight Nifty Non-Cyclical Consumer Nifty Top 15 Equal Weight Nifty500 Equal Weight Nifty Top 20 Equal Weight Nifty Rural Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 BSE India Sector Leaders BSE 1000 BSE 500 Quality 50 BSE 500 Dividend Leaders 50 Nifty500 Flexicap Quality 30 Nifty India FPI 150

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	16,398	15,828	16,550	15,696	15,734	16,373	18,649	17,053	17,249	19,750	18,021	18,092	16,050
	10,189	9,578	10,508	9,956	9,892	10,287	12,526	11,224	11,262	13,489	11,769	11,820	9,625
Operating Profit	6,209	6,250	6,042	5,739	5,842	6,087	6,123	5,828	5,987	6,261	6,252	6,271	6,426
OPM %	38%	39%	37%	37%	37%	37%	33%	34%	35%	32%	35%	35%	40%
	819	709	896	1,287	979	796	976	1,831	15,482	662	986	799	655
Interest	12	11	11	10	9	8	12	8	9	13	16	15	24
Depreciation	422	402	413	343	341	355	368	362	356	365	371	372	362
Profit before tax	6,595	6,546	6,514	6,673	6,470	6,519	6,719	7,290	21,104	6,545	6,851	6,683	6,694
Tax %	23%	25%	24%	16%	22%	25%	24%	23%	7%	25%	24%	24%	24%
	5,087	4,903	4,927	5,572	5,020	4,917	5,078	5,638	19,562	4,912	5,180	5,087	5,113
EPS in Rs	4.09	3.94	3.95	4.47	4.02	3.94	4.06	4.51	15.63	3.92	4.13	4.06	4.08
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	36,490	36,583	40,080	40,620	44,983	45,620	45,485	56,341	66,043	62,628	69,324	71,984
	22,970	22,843	25,474	25,041	27,551	27,635	29,895	37,448	42,062	39,193	45,407	46,776
Operating Profit	13,519	13,740	14,605	15,578	17,431	17,985	15,590	18,893	23,981	23,435	23,917	25,208
OPM %	37%	38%	36%	38%	39%	39%	34%	34%	36%	37%	34%	35%
	1,518	1,767	1,981	2,528	2,382	2,825	3,195	2,649	2,506	4,100	19,194	3,103
Interest	78	72	45	110	58	80	59	61	74	34	36	70
Depreciation	962	1,001	1,038	1,145	1,312	1,563	1,562	1,652	1,663	1,357	1,442	1,474
Profit before tax	13,998	14,434	15,503	16,852	18,444	19,167	17,164	19,830	24,750	26,144	41,633	26,768
Tax %	31%	35%	34%	33%	32%	21%	24%	24%	24%	22%	15%	24%
	9,608	9,328	10,201	11,223	12,464	15,136	13,032	15,058	18,753	20,422	35,196	20,286
EPS in Rs	7.99	7.73	8.40	9.20	10.17	12.31	10.59	12.22	15.09	16.36	28.12	16.19
Dividend Payout %	52%	73%	57%	56%	57%	82%	102%	94%	103%	84%	51%	90%

Compounded Sales Growth
10 Years:	7%
5 Years:	10%
3 Years:	3%
TTM:	4%

Compounded Profit Growth
10 Years:	8%
5 Years:	9%
3 Years:	3%
TTM:	4%

Stock Price CAGR
10 Years:	3%
5 Years:	8%
3 Years:	-11%
1 Year:	-33%

Return on Equity
10 Years:	26%
5 Years:	28%
3 Years:	29%
Last Year:	30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	29,934	40,852	44,126	50,180	56,724	62,800	57,774	60,167	66,351	70,985	66,649	68,676
	53	42	26	18	11	332	329	311	325	312	157	2,162
	13,407	8,333	8,849	10,963	11,837	10,874	12,246	13,382	14,343	14,782	15,952	16,825
Total Liabilities	44,196	50,031	54,216	62,381	69,798	75,235	71,580	75,092	82,262	87,328	84,009	88,916
	14,178	14,011	14,880	15,566	18,486	20,518	22,188	23,221	24,174	25,743	19,988	20,553
CWIP	2,114	2,419	3,537	5,026	3,401	2,780	3,333	2,466	1,697	1,087	1,071	1,473
Investments	8,405	13,325	18,585	23,397	26,578	30,631	26,984	27,282	32,721	34,739	35,987	39,111
	19,498	20,277	17,213	18,393	21,332	21,307	19,075	22,123	23,670	25,759	26,963	27,779
Total Assets	44,196	50,031	54,216	62,381	69,798	75,235	71,580	75,092	82,262	87,328	84,009	88,916

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,309	9,212	10,002	12,651	11,749	13,806	11,494	14,808	17,912	16,118	16,751	17,095
	-4,820	-3,711	-2,780	-6,691	-5,082	-5,517	6,555	-1,517	-5,159	2,128	39	-1,538
	-4,574	-5,465	-7,138	-6,020	-6,601	-7,891	-18,379	-13,337	-12,730	-18,255	-16,766	-15,694
Net Cash Flow	-85	36	84	-60	67	399	-330	-46	22	-9	24	-138
Free Cash Flow	6,264	7,074	7,105	10,103	8,990	11,693	9,914	13,133	16,102	13,572	15,120	15,075
CFO/OP	100%	102%	104%	118%	99%	103%	99%	102%	99%	93%	94%	91%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	17	17	20	21	30	17	17	13	13	19	21	15
Inventory Days	195	231	180	167	160	170	173	139	134	173	173	203
Days Payable	47	60	58	78	71	73	75	59	55	61	52	60
Cash Conversion Cycle	165	188	141	110	119	114	115	93	92	130	142	158
Working Capital Days	-13	48	44	28	30	28	29	26	14	32	43	146
ROCE %	48%	40%	35%	34%	34%	32%	28%	33%	38%	36%	37%	39%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cumulative Paperboard Plantation/Afforestation Area
Lakh Acres

x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	xx.xx	x.xx	xx.xx	xx.xx	xx.xx
xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
x	x	x		x	x	x	x	x	x	x
x,xxx			x,xxx		xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
				x.xx		x.xx	x.xx	x.xx	x.xx	x.xx
									x.xx	x.xx

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FMCG Brands Annual Consumer Spend
Rs. Crores

Retail Outlet Reach
Million Outlets

Hotels Total Room Inventory
Rooms

Agri-Commodity Sourcing Volume
Million Tonnes

ITCMAARS Farmer Registrations
Million Farmers

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	43.62%	43.34%	43.26%	40.95%	40.47%	40.53%	40.17%	39.87%	37.98%	37.39%	36.11%	34.83%
	41.92%	41.94%	41.98%	43.76%	44.02%	44.59%	44.91%	45.19%	46.91%	47.41%	48.90%	49.15%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	14.41%	14.68%	14.71%	15.23%	15.47%	14.83%	14.88%	14.90%	15.07%	15.16%	14.95%	15.96%
No. of Shareholders	30,13,793	32,74,360	33,35,815	36,48,537	37,56,541	35,68,560	37,10,169	36,47,886	36,48,989	36,66,407	36,08,157	40,41,653

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	20.08%	18.00%	17.04%	14.65%	12.79%	11.99%	43.35%	40.95%	39.87%	34.83%
	35.79%	37.10%	38.20%	42.46%	42.50%	42.77%	42.08%	43.76%	45.19%	49.15%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%
	44.13%	44.90%	44.76%	42.89%	44.71%	45.24%	14.52%	15.23%	14.90%	15.96%
No. of Shareholders	5,47,642	7,95,843	8,57,729	13,02,214	21,96,475	28,40,964	29,30,527	36,48,537	36,47,886	40,41,653

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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