ITC Ltd

NSE: ITC BSE: 500875FMCG

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]

₹309

52W: ₹287 — ₹444

PE 19.2 · Book ₹54.7 · +465% vs book

Market Cap₹3,87,348 Cr

Stock P/E19.2Price to Earnings

ROCE36.9%Return on Capital

ROE27.9%Return on Equity

Div. Yield4.66%Face Value ₹1

Strengths

+Company has reduced debt.
+Company is almost debt free.
+Stock is providing a good dividend yield of 4.59%.
+Company has a good return on equity (ROE) track record: 3 Years ROE 28.4%
+Company has been maintaining a healthy dividend payout of 79.3%

Weaknesses

−The company has delivered a poor sales growth of 8.73% over past five years.
−Earnings include an other income of Rs.17,929 Cr.

Shareholding Pattern

Promoters0%

FIIs34.83%

DIIs49.15%

Public15.96%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	0%	0%	0%	0%	0%	0%	0%	0%
FIIs	40.47%	40.53%▲0.1	40.17%▼0.4	39.87%▼0.3	37.98%▼1.9	37.39%▼0.6	36.11%▼1.3	34.83%▼1.3
DIIs	44.02%	44.59%▲0.6	44.91%▲0.3	45.19%▲0.3	46.91%▲1.7	47.41%▲0.5	48.9%▲1.5	49.15%▲0.3
Public	15.47%	14.83%▼0.6	14.88%▲0.1	14.9%▲0.0	15.07%▲0.2	15.16%▲0.1	14.95%▼0.2	15.96%▲1.0

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	16,550	15,696	15,734	16,373	18,649	17,053	17,248	19,750	18,021	18,017
Expenses	10,508	9,956	9,892	10,287	12,526	11,224	11,262	13,489	11,769	11,746
Operating Profit	6,042	5,739	5,842	6,087	6,123	5,828	5,986	6,261	6,252	6,271
OPM %	37%	37%	37%	37%	33%	34%	35%	32%	35%	35%
Net Profit	4,927	5,572	5,020	4,917	5,078	5,638	19,562	4,912	5,180	5,089
EPS ₹	3.95	4.47	4.02	3.94	4.06	4.51	15.63	3.92	4.13	4.06

AI Insights

Revenue Trend

TTM revenue at ₹73,037Cr, up 5.4% YoY. OPM at 34%.

Debt Position

Borrowings at ₹143Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,268Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 49.15% (+7.23pp change). FIIs: 34.83% (-8.79pp change). Promoters hold 0%.

Margin & Efficiency

ROCE declining from 51% (Mar 2014) to 37% (Mar 2025). Working capital days: 43.

Valuation

PE 19.2x with 36.9% ROCE. Price is 465% above book value of ₹54.7. Dividend yield: 4.66%.