FMCG · NSE: ITC
ITC
Q2 FY27 · From the investor presentation
- M.Cap
- ₹3,55,908Cr₹3.56L Cr
- P/E
- 18.8×
- 1Y return
- −30.21%
- From 52W high
- −31.1%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 30,578 | 21,256 | +43.9% | 29,523 | +3.6% |
| EBITDA | 5,645 | 6,695 | -15.7% | 5,181 | +9.0% |
| EBITDA margin | 18.5% | 31.5% | -1304 bps | 17.6% | +91 bps |
| One-off items | -26 | 88 | — | 406 | — |
| PBTProfit before tax | 5,598 | 6,912 | -19.0% | 5,775 | -3.1% |
| Net profit | 4,168 | 5,126 | -18.7% | 4,394 | -5.1% |
| EPS (₹) | 3.32 | 4.09 | -18.8% | 3.51 | -5.4% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
In short
- 01Standalone PAT fell 20.1% YoY to Rs 4,137 crore; standalone EBITDA fell 17.4%.
- 02Cigarette legal industry volumes remain under pressure after an unprecedented tax increase.
- 03FMCG Others consolidated revenue rose 19% YoY; segment EBITDA margin up over 50 bps.
- 04Paper segment revenue rose 36% and PBIT 48% YoY; CPP acquisition completed on 1 Aug 2026.
- 05Agri revenue rose 12% YoY; exports hit by West Asia conflict disruptions.
- 06Wood prices remain elevated but are expected to moderate going forward.
- 07Fresh Food GMV grew 53% YoY, with ARR crossing Rs 320 crore.
Segments
Non-Cigarette Segments: Non-cigarette EBITDA up 23% standalone and 22% consolidated
Slides · p. 17
Non-Cigarette Segments: Non-cigarette EBITDA up 23% standalone and 22% consolidated
“Non-Cigarette Segments ▲ 23% ▲ 22%”
Cigarettes: Cigarette portfolio rearchitected to fight global smuggled brands
Slides · p. 19
Cigarettes: Cigarette portfolio rearchitected to fight global smuggled brands
“Multiple interventions to rearchitect the portfolio, reinforce market standing & fight global smuggled brands”
Cigarettes: Cigarettes calibrated approach led to QoQ improvement in performance
Slides · p. 40
Cigarettes: Cigarettes calibrated approach led to QoQ improvement in performance
“Calibrated approach leading to QoQ improvement”
FMCG Others: FMCG Others consolidated revenue up 19% YoY (like-for-like 17.3%, ex-Atta 23%)
Slides · p. 18
FMCG Others: FMCG Others consolidated revenue up 19% YoY (like-for-like 17.3%, ex-Atta 23%)
“Consolidated Revenue up 19% YoY (LTL: 17.3%, ex-Atta 23%)”
Agri Business: Agri segment revenue up 12% YoY despite West Asia disruptions
Slides · p. 19
Agri Business: Agri segment revenue up 12% YoY despite West Asia disruptions
“Agri Segment: Robust growth despite West Asia led disruptions; Revenue up 12% YoY”
Demand
Paperboards, Paper and Packaging: Paper demand improving; pricing offsets severe input cost inflation
Slides · p. 4
Paperboards, Paper and Packaging: Paper demand improving; pricing offsets severe input cost inflation
“Improving demand scenario; Pricing actions mitigate severe inflation in input costs”
FMCG Others: Growth across NewGen channels; rebound in General Trade
Slides · p. 18
FMCG Others: Growth across NewGen channels; rebound in General Trade
“Robust growth across NewGen channels | Strong performance rebound in General Trade”
Margins and costs
FMCG Others: FMCG Others segment EBITDA margin up over 50 bps YoY and QoQ
Slides · p. 18
FMCG Others: FMCG Others segment EBITDA margin up over 50 bps YoY and QoQ
“Segment EBITDA margin expands over 50 bps on YoY & QoQ basis”
FMCG Others: FMCG input cost rise offset by mix, cost management and pricing
Slides · p. 18
FMCG Others: FMCG input cost rise offset by mix, cost management and pricing
“Sharp input cost escalation mitigated through mix enrichment, cost management initiatives & calibrated pricing actions”
FMCG Others: FMCG trade and marketing spend held at competitive levels
Slides · p. 26
FMCG Others: FMCG trade and marketing spend held at competitive levels
“Trade & marketing investments sustained at competitive levels towards supporting growth and market standing”
Paperboards, Paper and Packaging: Wood prices expected to moderate going forward
Slides · p. 7
Paperboards, Paper and Packaging: Wood prices expected to moderate going forward
“conditions and demand from competing industries. Prices are expected to moderate going forward.”
Acquisitions and new business
Paperboards, Paper and Packaging: Century Pulp and Paper acquisition completed on 1 Aug 2026
Slides · p. 20
Paperboards, Paper and Packaging: Century Pulp and Paper acquisition completed on 1 Aug 2026
“CPP acquisition completed on 1 Aug’2026”
Sproutlife Foods became a wholly owned subsidiary from 28 September 2026
Slides · p. 3
Sproutlife Foods became a wholly owned subsidiary from 28 September 2026
“Sproutlife Foods Private Limited (wholly owned subsidiary w.e.f. 28 September 2026) & ITC Hotels Limited.”
One-offs
Exceptional item this quarter was expenses on the CPP acquisition
Slides · p. 37
Exceptional item this quarter was expenses on the CPP acquisition
“CY: Expenses incurred in relation to the acquisition of CPP”
Risks
Cigarettes: Cigarette legal industry volumes under pressure due to tax increase
Slides · p. 4
Cigarettes: Cigarette legal industry volumes under pressure due to tax increase
“Cigarettes Business: Legal industry volumes remain under pressure due to unprecedented increase in tax”
Cigarettes: Sharp rise in seizures of smuggled cigarettes signals tax arbitrage exploitation
Slides · p. 19
Cigarettes: Sharp rise in seizures of smuggled cigarettes signals tax arbitrage exploitation
“Sharp increase in seizures of smuggled cigarette by enforcement agencies across the country → signalling growing”
Agri Business: Agri business hit by West Asia conflict and delayed customer call-offs
Slides · p. 19
Agri Business: Agri business hit by West Asia conflict and delayed customer call-offs
“Agri business remains impacted by West Asia conflict led disruptions & delayed call off by customers”
Leaf Tobacco: Cigarette tax increase continues to affect leaf tobacco business
Slides · p. 4
Leaf Tobacco: Cigarette tax increase continues to affect leaf tobacco business
“Unprecedented tax increase on Cigarettes continues to affect overall leaf tobacco business”
Leaf Tobacco: Tobacco Board announced significant cut in FCV tobacco crop size
Slides · p. 6
Leaf Tobacco: Tobacco Board announced significant cut in FCV tobacco crop size
“significant reduction in FCV tobacco crop size announced by the Tobacco Board is likely to have”
Other
Standalone PAT Rs 4,137 crore vs Rs 5,176 crore, down 20.1%
Slides · p. 37
Standalone PAT Rs 4,137 crore vs Rs 5,176 crore, down 20.1%
“PAT 4,137 5,176 -20.1%”
Standalone EBITDA Rs 5,160 crore vs Rs 6,250 crore, down 17.4%
Slides · p. 37
Standalone EBITDA Rs 5,160 crore vs Rs 6,250 crore, down 17.4%
“EBITDA 5,160 6,250 -17.4%”
Standalone net revenue Rs 18,449 crore, up 3.1%
Slides · p. 37
Standalone net revenue Rs 18,449 crore, up 3.1%
“Net Revenue 18,449 17,893 3.1%”
Consolidated PAT Rs 4,229 crore vs Rs 5,187 crore, down 18.5%
Slides · p. 38
Consolidated PAT Rs 4,229 crore vs Rs 5,187 crore, down 18.5%
“PAT 4229 5187 -18.5%”
Consolidated net revenue Rs 20,454 crore, up 5.1%
Slides · p. 38
Consolidated net revenue Rs 20,454 crore, up 5.1%
“Net revenue 20454 19455 5.1%”
Sources
- Investor presentation, Q2 FY27 Filed 2 Nov 2026 · 49 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.