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ITC INR

ITC Limited is an Indian conglomerate primarily involved in fast-moving consumer goods (including cigarettes, foods, personal care, and stationery), hotels, paperboards and packaging, and agri-businesses such as exporting agricultural products and leaf tobacco.

At a glance: strengths & risks
✓Low leverage (0.1x EBITDA)✓Cheaper than own history (EV/EBITDA 12.7 vs avg 18.5)✗Revenue declining (-11% y/y, Q1 2026)✗Profit falling (-16% y/y, Q1 2026)✗Margins compressing (32%→27%, Q1 2026)

Sector: Consumer staples

IN_ITC

Price chart

258 INRDay -0.50%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
258 INR · -0.50%
Market cap
3232.7 bn INR

Growth

Δ revenue y/y
-11.1%
Δ EBITDA y/y
-24.0%

Multiples

P/E (LTM)
16.3x
3y avg: 20.0x
P/B (FY)
4.5x
P/E (ann.)
18.4x
EV/EBITDA (LTM)
12.7x
3y avg: 18.5x
EV/EBITDA (ann.)
15.7x

Cash return

Dividend yield
5.6%
FCF yield (LTM)
5.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-30.4%
↓ details

Liquidity

Daily turnover (listing)
3.1 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL190.0
y/y -11.1%
47.5
y/y -25.7%
4.3
y/y 1.1%
51.8
y/y -24.0%
43.9
y/y -16.2%
———
y/y —
728.7
y/y 3.5%
24.2%≈ 15.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK174.2
y/y 4.5%
64.9
y/y 12.8%
1.7
y/y —
66.6
y/y -13.6%
53.9
y/y -72.7%
——937.9
y/y 6.5%
725.1
y/y 3.5%
28.7%15.4Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL199.2
y/y 6.0%
64.5
y/y 8.5%
4.3
y/y —
68.8
y/y 15.8%
49.3
y/y -0.1%
———
y/y —
715.9
y/y -5.5%
9.2%≈ -5.3Yahoo Finance
2025-09-30Q3 2025 (3M)OK195.0
y/y -6.0%
62.6
y/y 0.3%
6.9
y/y —
69.5
y/y 11.3%
51.3
y/y 2.7%
——908.0
y/y -3.5%
715.9
y/y -5.5%
28.9%≈ -5.3stockanalysis.com
2025-06-30Q2 2025 (3M)PARTIAL213.7
y/y 15.8%
63.9
y/y 2.3%
4.2
y/y —
68.2
y/y 9.1%
52.4
y/y 3.0%
———
y/y —
704.0
y/y -6.0%
29.9%≈ -5.3Yahoo Finance
2025-03-31Q1 2025 (3M)OK166.7
y/y —
57.6
y/y —
—
y/y 7.4%
77.1
y/y —
197.3
y/y —
——880.9
y/y -4.1%
700.3
y/y -6.0%
47.7%-5.3Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL187.9
y/y 4.3%
59.5
y/y -1.6%
—
y/y —
59.5
y/y -1.6%
49.3
y/y -7.5%
———
y/y —
757.9
y/y 8.8%
8.7%≈ -57.3stockanalysis.com
2024-09-30Q3 2024 (3M)OK207.4
y/y 16.7%
62.4
y/y 4.0%
—
y/y —
62.4
y/y 4.0%
49.9
y/y 1.9%
——940.7
y/y 8.0%
757.9
y/y 8.8%
26.5%-57.3stockanalysis.com
2024-06-30Q2 2024 (3M)PARTIAL184.6
y/y —
62.5
y/y —
—
y/y —
62.5
y/y —
50.9
y/y —
———
y/y —
748.9
y/y —
27.3%≈ -6.1stockanalysis.com
2024-03-31FY 2024 (12M)OK—
y/y -4.1%
—
y/y -1.0%
—
y/y 0.4%
—
y/y -0.9%
—
y/y 6.6%
——918.3
y/y 6.9%
745.1
y/y 7.7%
28.4%-6.1Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL180.2
y/y —
60.4
y/y —
—
y/y —
60.4
y/y —
53.4
y/y —
———
y/y —
696.3
y/y —
10.2%≈ -53.6stockanalysis.com
2023-09-30Q3 2023 (3M)OK177.7
y/y —
60.0
y/y —
—
y/y —
60.0
y/y —
49.0
y/y —
——871.4
y/y —
696.3
y/y —
28.2%-53.6stockanalysis.com
2023-03-31FY 2023 (12M)OK702.5
y/y —
239.0
y/y —
18.1
y/y —
257.1
y/y —
191.9
y/y —
188.8-27.4858.8
y/y —
691.6
y/y —
—-4.2Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

050 000100 000150 000200 0002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%2023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

-60 000-40 000-20 000020 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is broadly cash-backed
In a typical year of 2022–2026 operating cash flow came to 0.89x of reported net profit; after capex, 0.79x.
year20222023202420252026
cash flow / profit1.03x0.98x0.84x0.51x0.89x
accruals, % of assets—0.4%3.6%19.4%2.4%
net debt / EBITDA 0.1x · capex 1.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -30.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (51 809 − 68 165) × 5.01
-81 874
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (3 232 688 + 15 431) ÷ 259 340
12.5x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (12.5 + 11) ÷ 2
11.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -20 715 + 0 + 0 − 0
-20 715
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-81 874 × 11.8 + -20 715) ÷ 3 232 688
-30.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +5% vs +11% the year before — a -6.0 pp move. 3-year CAGR +4%.
revenue growth by year: 2024 -4% · 2025 +11% · 2026 +5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Consumer staples. Each peer is shown as it trades and re-priced onto this company's market (India) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Indofood Sukses MakmurIndonesia3.61.4x6.2x
PEPSICO INCUS186.212.8x10.0x
Indofood CBP Sukses MakmurIndonesia4.62.8x12.1x
PROCTER & GAMBLE CoUS339.615.7x12.3x
Philip Morris International Inc.US303.218.9x14.9x
Walmart Inc.US869.319.7x15.5x
COCA COLA COUS384.326.1x20.6x
COSTCO WHOLESALE CORP /NEWUS408.030.6x24.1x
Hindustan UnileverIndia48.029.4x29.4x
Unilever IndonesiaIndonesia3.57.6x32.6x
Group median17.3x15.2x
Group average16.5x17.8x
This companyIndia34.312.7x12.7x

Group median 17.3x as traded, 15.2x adjusted; this company 12.7x — a 17% discount.

Group average 16.5x as traded, 17.8x adjusted; against the average this company is at a 29% discount.

At the adjusted group median the market cap would be +20% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-278 INREx-dividend: 8 INR per sharePaidYahoo Finance (ex-div)
2026-02-046.5 INREx-dividend: 6.5 INR per sharePaidYahoo Finance (ex-div)
2025-05-287.85 INREx-dividend: 7.85 INR per sharePaidYahoo Finance (ex-div)
2025-02-126.5 INREx-dividend: 6.5 INR per sharePaidYahoo Finance (ex-div)
2024-06-047.5 INREx-dividend: 7.5 INR per sharePaidYahoo Finance (ex-div)
2024-02-086.25 INREx-dividend: 6.25 INR per sharePaidYahoo Finance (ex-div)
2023-05-309.5 INREx-dividend: 9.5 INR per sharePaidYahoo Finance (ex-div)
2023-02-156 INREx-dividend: 6 INR per sharePaidYahoo Finance (ex-div)
2022-05-266.25 INREx-dividend: 6.25 INR per sharePaidYahoo Finance (ex-div)
2022-02-145.25 INREx-dividend: 5.25 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of ITC — from primary filings.

Frequently asked questions

What is ITC's P/E ratio?
ITC trades at a P/E of 16.3x (price to trailing 12-month earnings).
What is ITC's EV/EBITDA?
ITC trades at 12.7x EV/EBITDA.
What is ITC's P/B ratio?
ITC trades at a P/B of 4.5x.
What is ITC's dividend yield?
ITC's trailing 12-month dividend yield is 5.6%.
What is ITC's return on equity (ROE)?
ITC's ROE is 24.2%.
What is ITC's market capitalization?
ITC's market cap is 3232.7 bn INR.

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