ITC Ltd

₹ 403 -0.01%

11 Dec 4:01 p.m.

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 ₹ 5,05,034 Cr.
Current Price ₹ 403
High / Low ₹ 472 / 390
Stock P/E 25.0
Book Value ₹ 56.7
Dividend Yield 3.56 %
ROCE 36.8 %
ROE 27.3 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 3.56%.
Company has a good return on equity (ROE) track record: 3 Years ROE 28.0%
Company has been maintaining a healthy dividend payout of 78.6%

Cons

Stock is trading at 7.10 times its book value
The company has delivered a poor sales growth of 8.81% over past five years.
Earnings include an other income of Rs.17,684 Cr.

* 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 Nifty 100 Nifty FMCG Nifty India Consumption Nifty 200 Nifty Dividend Opportunities 50 Nifty Low Volatility 50 Nifty50 Value 20 Nifty 100 Equal Weight BSE Allcap BSE LargeCap 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 Alpha Low-Volatility 30 Nifty Quality Low-Volatility 30 Nifty Alpha Quality Low-Volatility 30 Nifty Alpha Quality Value Low-Volatility 30 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	17,108	17,705	17,635	17,164	17,774	17,195	17,038	17,778	19,990	18,790	18,765	21,495	19,502
	10,849	11,000	11,011	10,494	11,320	10,985	10,736	11,233	13,438	12,428	12,246	14,678	12,807
Operating Profit	6,259	6,705	6,624	6,670	6,454	6,210	6,302	6,545	6,552	6,362	6,519	6,816	6,695
OPM %	37%	38%	38%	39%	36%	36%	37%	37%	33%	34%	35%	32%	34%
	455	595	683	722	674	820	868	771	690	803	15,391	751	739
Interest	13	9	12	10	10	12	11	10	15	10	11	16	20
Depreciation	462	447	461	442	453	384	385	403	416	416	411	423	435
Profit before tax	6,239	6,844	6,833	6,940	6,665	6,635	6,774	6,903	6,811	6,740	21,489	7,128	6,979
Tax %	25%	26%	24%	25%	26%	19%	23%	25%	26%	26%	8%	25%	26%
	4,682	5,080	5,243	5,190	4,965	5,407	5,191	5,177	5,054	5,013	19,808	5,343	5,187
EPS in Rs	3.73	4.03	4.16	4.10	3.93	4.28	4.10	4.08	3.99	3.94	15.76	4.19	4.09
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	35,306	38,817	39,192	42,768	43,449	48,340	49,388	49,257	60,645	70,919	67,932	75,323	78,552
	22,227	24,566	24,661	27,298	26,928	29,802	30,044	32,193	40,021	45,215	42,744	49,484	52,159
Operating Profit	13,080	14,252	14,531	15,470	16,521	18,537	19,344	17,065	20,623	25,704	25,188	25,839	26,392
OPM %	37%	37%	37%	36%	38%	38%	39%	35%	34%	36%	37%	34%	34%
	966	1,229	1,483	1,759	2,240	2,080	2,417	2,577	1,910	2,098	3,330	17,795	17,684
Interest	29	91	78	49	115	71	81	58	60	78	39	45	57
Depreciation	965	1,028	1,077	1,153	1,236	1,397	1,645	1,646	1,732	1,809	1,518	1,646	1,685
Profit before tax	13,052	14,362	14,859	16,026	17,409	19,150	20,035	17,938	20,740	25,915	26,961	41,943	42,335
Tax %	31%	32%	36%	35%	34%	33%	22%	25%	25%	25%	23%	16%
	9,001	9,779	9,501	10,477	11,493	12,836	15,593	13,383	15,503	19,477	20,751	35,052	35,351
EPS in Rs	7.45	8.04	7.74	8.47	9.24	10.27	12.45	10.69	12.37	15.44	16.39	27.77	27.98
Dividend Payout %	54%	52%	73%	56%	56%	56%	82%	101%	93%	100%	84%	52%

Compounded Sales Growth
10 Years:	7%
5 Years:	9%
3 Years:	7%
TTM:	9%

Compounded Profit Growth
10 Years:	8%
5 Years:	5%
3 Years:	9%
TTM:	1%

Stock Price CAGR
10 Years:	7%
5 Years:	15%
3 Years:	8%
1 Year:	-8%

Return on Equity
10 Years:	25%
5 Years:	26%
3 Years:	28%
Last Year:	27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	795	802	805	1,215	1,220	1,226	1,229	1,231	1,232	1,243	1,248	1,251	1,253
Reserves	26,442	30,934	41,875	45,198	51,290	57,915	64,044	59,116	61,223	67,912	73,259	68,779	69,819
	242	269	84	46	36	13	277	271	249	306	303	285	363
	13,369	13,948	8,888	9,440	11,695	12,585	11,760	13,143	14,491	16,370	16,944	17,688	19,368
Total Liabilities	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	91,754	88,003	90,803
	12,921	15,303	15,107	15,893	16,524	19,374	21,713	23,298	24,232	25,851	27,820	21,955	22,400
CWIP	3,117	2,700	2,560	3,730	5,508	4,136	3,256	4,011	3,226	3,003	2,861	1,091	1,305
Investments	7,284	6,943	11,748	17,581	22,053	25,043	28,663	24,871	24,841	29,415	31,114	34,720	32,548
	17,526	21,006	22,237	18,694	20,156	23,185	23,678	21,580	24,898	27,561	29,959	30,237	34,550
Total Assets	40,848	45,952	51,651	55,898	64,241	71,739	77,311	73,761	77,196	85,831	91,754	88,003	90,803

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	7,344	9,843	9,799	10,627	13,169	12,583	14,690	12,527	15,776	18,878	17,179	17,627
	-3,254	-5,275	-3,921	-3,251	-7,114	-5,546	-6,174	5,740	-2,238	-5,732	1,563	-564
	-4,122	-4,661	-5,613	-7,301	-6,221	-6,869	-8,181	-18,634	-13,580	-13,006	-18,551	-17,037
Net Cash Flow	-32	-93	266	75	-166	169	334	-367	-43	139	191	26

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	25	19	18	21	23	30	19	19	15	15	22	23
Inventory Days	228	212	244	185	173	165	187	189	150	148	191	178
Days Payable	58	50	63	60	80	74	76	78	61	59	65	55
Cash Conversion Cycle	195	181	199	145	115	122	129	129	104	105	148	146
Working Capital Days	7	-6	51	45	31	32	35	36	31	20	39	45
ROCE %	50%	47%	40%	36%	34%	34%	32%	28%	33%	39%	36%	37%

Shareholding Pattern

Numbers in percentages

5 Recently

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	42.99%	43.35%	43.62%	43.34%	43.26%	40.95%	40.47%	40.53%	40.17%	39.87%	37.98%	37.39%
	42.19%	42.08%	41.92%	41.94%	41.98%	43.76%	44.02%	44.59%	44.91%	45.19%	46.91%	47.41%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	14.78%	14.52%	14.41%	14.68%	14.71%	15.23%	15.47%	14.83%	14.88%	14.90%	15.07%	15.16%
No. of Shareholders	29,36,692	29,30,527	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	20.08%	18.00%	17.04%	14.65%	12.79%	11.99%	43.35%	40.95%	39.87%	37.39%
	35.79%	37.10%	38.20%	42.46%	42.50%	42.77%	42.08%	43.76%	45.19%	47.41%
	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%	15.16%
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	36,66,407

* 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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