ITC - ITC
📢 Recent Corporate Announcements
ITC Limited has initiated a postal ballot to seek shareholder approval for the appointment of Mr. Navin Agarwal as a Non-Executive Director for a three-year term starting April 1, 2026. Mr. Agarwal, a senior government official currently serving as Joint Secretary in the Ministry of Finance (DIPAM), will represent the Specified Undertaking of the Unit Trust of India (SUUTI). The proposed remuneration includes an annual commission ranging from ₹1 crore to ₹1.3 crore, in addition to sitting fees. Shareholders can participate in remote e-voting from February 17 to March 18, 2026, with final results expected on March 19, 2026.
- Appointment of Mr. Navin Agarwal as Non-Executive Director for a 3-year term effective April 1, 2026.
- Mr. Agarwal represents SUUTI and brings nearly 30 years of experience in public finance and capital markets.
- Proposed annual commission for the director role is set between ₹1,00,00,000 and ₹1,30,00,000.
- Remote e-voting period scheduled from February 17, 2026, to March 18, 2026.
- Results of the postal ballot to be declared on March 19, 2026, at 2:30 p.m. IST.
ITC Limited reported a resilient performance for Q3 FY26, with consolidated PAT (before exceptional items) growing 9.9% YoY and standalone gross revenue reaching Rs 19,200 crore. The FMCG-Others segment was a key highlight, delivering 11% revenue growth and a 42% surge in PBIT due to significant margin expansion. While the Cigarette business saw a 7.9% revenue increase, management warned of an 'unprecedented' hike in tax incidence effective February 1, 2026, which may impact future volumes. The Board has declared an interim dividend of Rs 6.50 per share.
- Standalone Gross Revenue stood at Rs 19,200 crore, up 6.3% YoY, with EBITDA margins expanding 50 bps to 35.1%.
- FMCG-Others segment PBIT surged 42% YoY, driven by 11% revenue growth and 145 bps EBITDA margin expansion.
- Cigarette segment net revenue grew 7.9% YoY, though management flagged a steep increase in GST and Excise Duty rates starting Feb 2026.
- Agri-Business revenue increased 6.3% YoY, led by value-added products and leaf tobacco exports.
- Board recommended an interim dividend of Rs 6.50 per share for the financial year ending March 31, 2026.
ITC Limited has announced a planned transition in its Board of Directors regarding the representative of the Specified Undertaking of the Unit Trust of India (SUUTI). Dr. Alok Pande will resign as a Non-Executive Director effective April 1, 2026. To fill this vacancy, the Board has recommended the appointment of Mr. Navin Agarwal for a three-year term beginning on the same date. This move ensures continuity in institutional representation on the board and follows standard succession procedures.
- Dr. Alok Pande to step down as Non-Executive Director effective April 1, 2026
- Mr. Navin Agarwal recommended for a 3-year term as a Non-Executive Director starting April 1, 2026
- Both outgoing and incoming directors represent the Specified Undertaking of the Unit Trust of India (SUUTI)
- The appointment is subject to the approval of the company's members
ITC Limited reported a steady performance for the quarter ended December 31, 2025, with consolidated Gross Revenue up 7.1% and PAT (before exceptional items) rising 9.9% YoY. The FMCG-Others segment was a major highlight, delivering 12.6% revenue growth and a significant 42% surge in PBIT due to 145 bps margin expansion. The Cigarette business maintained volume-led growth with a 7.9% revenue increase, although management warned of headwinds from a recent 'unprecedented' tax hike. The Board has declared an interim dividend of Rs. 6.50 per share.
- Consolidated PAT (before exceptional items) grew 9.9% YoY; Standalone Gross Revenue reached Rs. 19,200 crores.
- FMCG-Others segment PBIT surged 42% YoY, driven by 11% revenue growth and 145 bps EBITDA margin expansion.
- Cigarette segment Net Revenue grew 7.9% YoY, supported by sustained volume-led momentum and premiumization.
- Board recommended an interim dividend of Rs. 6.50 per share for the financial year ending March 31, 2026.
- Digital-first and Organic portfolio brands (Yogabar, Mother Sparsh, etc.) saw a high growth trajectory of 60% YoY.
ITC Limited has declared an interim dividend of ₹6.50 per ordinary share for the financial year ending March 31, 2026. The announcement followed a Board meeting on January 29, 2026, where the company also approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The record date for determining shareholder eligibility for this dividend has been fixed as February 4, 2026. Shareholders can expect the dividend payment to be processed between February 26 and February 28, 2026.
- Interim dividend of ₹6.50 per ordinary share of ₹1 face value declared.
- Record date for dividend entitlement fixed as February 4, 2026.
- Dividend payment scheduled between February 26 and February 28, 2026.
- Board approved unaudited standalone and consolidated financial results for Q3 and 9M FY26.
- The Board meeting concluded at 6.25 p.m. following a 1.10 p.m. start.
ITC Limited has declared an interim dividend of ₹6.50 per ordinary share of ₹1 each for the financial year ending March 31, 2026. The company has fixed February 4, 2026, as the record date for determining shareholder eligibility for this payout. The dividend is scheduled to be paid between February 26 and February 28, 2026. This announcement was made alongside the approval of the company's unaudited financial results for the quarter and nine months ended December 31, 2025.
- Interim dividend of ₹6.50 per share declared on a face value of ₹1 each
- Record date for dividend entitlement fixed as February 4, 2026
- Dividend payment to be completed between February 26 and February 28, 2026
- Board approved unaudited standalone and consolidated financial results for Q3 FY26
- Statutory auditors S R B C & CO LLP completed the limited review of the results
ITC Limited reported a steady performance for Q3 FY26 with revenue from operations reaching ₹19,359.46 crore, compared to ₹18,290.24 crore in the same quarter last year. The company declared an interim dividend of ₹6.50 per share, maintaining its consistent payout policy. Net profit for the quarter stood at ₹5,088.83 crore, which was impacted by a one-time exceptional charge of ₹273.83 crore due to the implementation of New Labour Codes. Notably, the Hotel business has been demerged effective January 1, 2025, which affects year-on-year bottom-line comparisons.
- Revenue from operations grew 5.8% YoY to ₹19,359.46 crore.
- Declared an interim dividend of ₹6.50 per share with a record date of February 4, 2026.
- Cigarette segment revenue increased 8% YoY to ₹8,790.76 crore.
- FMCG-Others EBITDA grew to ₹601.71 crore from ₹462.71 crore YoY, showing margin improvement.
- Recognized a one-time exceptional expense of ₹273.83 crore related to gratuity and wage liabilities under New Labour Codes.
ITC Limited reported a 5.8% YoY growth in standalone revenue from operations at ₹19,359.46 crore for the quarter ended December 31, 2025. Net profit from continuing operations stood at ₹5,088.83 crore, compared to ₹5,421.36 crore in the previous year, primarily impacted by a one-time exceptional charge of ₹273.83 crore related to the New Labour Codes. The company declared an interim dividend of ₹6.50 per share with a record date of February 4, 2026. The Cigarette and FMCG-Others segments showed resilient growth, while the Hotel business has been successfully demerged as of January 1, 2025.
- Standalone Revenue from Operations grew 5.8% YoY to ₹19,359.46 crore.
- Declared an interim dividend of ₹6.50 per share for the financial year ending March 31, 2026.
- Cigarette segment revenue increased by 8% YoY to ₹8,790.76 crore.
- FMCG-Others segment EBITDA rose significantly to ₹601.71 crore from ₹462.71 crore YoY.
- Exceptional item of ₹273.83 crore recognized due to liability changes from the New Labour Codes, 2019-2020.
ITC Limited has declared an interim dividend of ₹6.50 per share for the financial year ending March 31, 2026, with a record date of February 4, 2026. The company reported a 5.8% YoY increase in standalone revenue from operations to ₹19,359.46 crore for Q3 FY26. Net profit for the quarter stood at ₹5,088.83 crore, which was slightly impacted by a one-time exceptional charge of ₹273.83 crore related to the New Labour Codes. The cigarette and FMCG-Others segments showed steady growth, contributing ₹8,790.76 crore and ₹6,019.69 crore to the revenue respectively.
- Declared interim dividend of ₹6.50 per equity share with payment scheduled for late February 2026.
- Standalone Revenue from Operations grew 5.8% YoY to ₹19,359.46 crore.
- Cigarette segment revenue increased to ₹8,790.76 crore compared to ₹8,136.29 crore in the previous year.
- FMCG-Others EBITDA improved significantly to ₹601.71 crore from ₹462.71 crore YoY.
- Recognized an exceptional cost of ₹273.83 crore due to revised gratuity liabilities under New Labour Codes.
ITC Limited has been voluntarily assigned an ESG Score of 68, categorized as 'Strong', by ESG Risk Assessments & Insights Limited. This rating is based on the company's performance data for the financial year 2024-25. As a major Indian conglomerate, a high ESG score enhances ITC's appeal to institutional investors and ESG-focused funds. This disclosure reflects the company's ongoing commitment to sustainability and transparent corporate governance practices.
- Assigned an ESG Score of 68, which is classified as 'Strong' by the rating agency.
- Rating provided by ESG Risk Assessments & Insights Limited, a SEBI-registered ESG Rating Provider.
- The score is based on comprehensive data pertaining to the financial year 2024-25.
- Disclosure made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
ITC Limited has announced the allotment of 2,69,610 ordinary shares of ₹1 each on January 16, 2026. These shares were issued following the exercise of 26,961 options by employees under the company's ESOP schemes. Consequently, the company's total issued and subscribed share capital has increased to ₹1252,92,29,381. This is a routine corporate action with a negligible impact on the overall equity structure given the company's large share base.
- Allotment of 2,69,610 ordinary shares of ₹1 each on January 16, 2026
- Shares issued upon exercise of 26,961 options by eligible employees
- Total issued share capital increased to 12,52,92,29,381 shares
- The allotment committee meeting concluded at 3:40 p.m. on the date of issuance
ITC Limited has reported an improvement in its ESG (Environmental, Social, and Governance) score, which rose to 80.1 for the financial year 2024-25. This score, assigned by SEBI-registered SES ESG Research Private Limited, is an increase from the 79.3 recorded in the previous financial year 2023-24. The improvement reflects the company's ongoing commitment to sustainable business practices across its diverse segments, including FMCG and Agri-business. Such ratings are increasingly critical for attracting global institutional capital and ESG-focused investment funds.
- ESG score increased to 80.1 for FY 2024-25 from 79.3 in FY 2023-24.
- Rating assigned by SES ESG Research Private Limited, a SEBI-registered provider.
- The report was officially received by the company on January 14, 2026.
- The improvement reflects ITC's focus on sustainability across its FMCG, Paperboards, and Agri-business portfolios.
ITC Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The company confirmed that share certificates received for dematerialization were processed, mutilated, and cancelled within the mandatory 15-day timeframe. The names of the depositories have been substituted in the company's records as the registered owners. This filing is a standard procedural requirement to ensure the integrity of the electronic shareholding system.
- Compliance certificate filed for the quarter ended December 31, 2025
- Physical share certificates mutilated and cancelled within 15 days of receipt
- Dematerialized shares are listed on NSE, BSE, and The Calcutta Stock Exchange
- Depository names updated as registered owners in company records
ITC Limited has announced the closure of its trading window for designated employees and their relatives starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results. The closure pertains to the unaudited financial results for the third quarter ending December 31, 2025. The trading window will reopen 48 hours after the results are officially submitted to the stock exchanges.
- Trading window closure effective from January 1, 2026.
- Closure is in anticipation of Q3 results for the period ending December 31, 2025.
- Applies to all Designated Employees and their Immediate Relatives as per ITC Code of Conduct.
- Window to remain closed until 48 hours post-announcement of the financial results.
ITC Limited has announced the allotment of 1,95,210 ordinary shares of ₹1 each on December 19, 2025. These shares were issued following the exercise of 19,521 options by employees under the company's ESOP schemes. Consequently, the company's total issued and subscribed share capital has risen to 12,52,89,59,771 shares. This is a standard corporate procedure with a very minor impact on the total equity base.
- Allotment of 1,95,210 ordinary shares of ₹1 each on December 19, 2025
- The issuance resulted from the exercise of 19,521 employee stock options
- Total issued share capital increased to 12,52,89,59,771 shares
- The allotment committee meeting concluded at 3:10 p.m. on the date of issue
Financial Performance
Revenue Growth by Segment
As of H1 FY2026, Cigarettes contributed 37% to segment revenue (down from 47% in FY2018), FMCG-Others 23%, Agri-business 27%, Paperboards and Packaging 8%, and Others 5%. In H1 FY2025, the Agri-business segment witnessed a revenue growth of ~32% YoY, while standalone gross revenue in Q2 FY2026 grew 7.1% YoY (excluding Agri-business).
Geographic Revenue Split
Not specifically disclosed in available documents, though the company operates across 22 Indian states for agri-sourcing and has a significant presence in Nepal through its subsidiary Surya Nepal Private Limited.
Profitability Margins
Net Profit Margin (NPM) stood at 29% in FY2024 and moderated to 26% in FY2025. Operating Profit Margin (OPM) was 37.0% in FY2024 compared to 36.3% in FY2023. H1 FY2026 OPM moderated to 33% from 35% in H1 FY2025 due to paperboard weakness and higher agri-business mix.
EBITDA Margin
Standalone EBITDA margin stood at 35.1% in Q2 FY2026, representing a 185 bps YoY increase. Overall EBITDA grew 2.1% YoY in the same period.
Capital Expenditure
ITC plans to invest INR 20,000 Cr across businesses over the medium term. This includes an estimated INR 3,500 Cr for the acquisition of Century Pulp and Paper (CPP) from Aditya Birla Real Estate Limited.
Credit Rating & Borrowing
Commercial Paper rated [ICRA]A1+ (reaffirmed in November 2025). The company maintains a conservative capital structure with negligible debt (INR 11 Cr as of March 31, 2024) and long-term repayment obligations of only INR 58 Cr in FY2026.
Operational Drivers
Raw Materials
Key raw materials include leaf tobacco, wheat, dairy, and agricultural commodities for the FMCG and Agri segments, and wood pulp/recycled fiber for the paperboard division. Agri-commodity sourcing handles ~3.5 million tonnes of annual volume.
Import Sources
Sourced across 22 Indian states and more than 20 agri-value chains. Specific international import countries are not listed, though leaf tobacco is a major internal and export commodity.
Key Suppliers
Not specifically named, but the company utilizes a robust supply chain and agri-farm network for backward integration.
Capacity Expansion
Planned investment of INR 20,000 Cr over the medium term. Acquisition of Century Pulp and Paper will add significant manufacturing capacity for pulp and paper products.
Raw Material Costs
Agri-business revenue grew 32% in H1 FY2025, but its higher share in the revenue mix contributed to a moderation in overall OPM to 34% from 38% because agri-trading typically operates on lower margins than cigarettes.
Manufacturing Efficiency
Paperboard PBIT margin expanded by 100 bps in Q2 FY2026 over Q1 FY2026, despite a 32% YoY decline in segment PBIT for H1 FY2026 due to industry headwinds.
Logistics & Distribution
Not disclosed as a specific percentage, but the company leverages an extensive nationwide distribution network as a core competitive advantage.
Strategic Growth
Expected Growth Rate
7.90%
Growth Strategy
Growth is driven by a 'Cigarettes-plus' strategy: diversifying into FMCG-Others (staples, dairy, personal care), expanding the agri-business (leaf tobacco and value-added products), and inorganic growth such as the INR 3,500 Cr acquisition of Century Pulp and Paper. The demerger of the hotel business (ITC Hotels Ltd) allows for a more focused capital allocation.
Products & Services
Cigarettes, branded packaged foods (staples, snacks, dairy, frozen foods, chocolates, ghee), personal care products, stationery, safety matches, agarbatti, paperboards, specialty packaging, and IT solutions/services.
Brand Portfolio
Gold Flake, Century Pulp and Paper, ITC Infotech, Surya Nepal.
New Products/Services
Recent additions include chocolates, ghee, dairy, and frozen food products to the branded packaged foods segment.
Market Expansion
Focusing on value-added agricultural products and premium personal care; expanding the FMCG footprint through omni-channel distribution.
Market Share & Ranking
ITC is the largest cigarette manufacturer and seller in India and holds a leading position in the paperboards and specialty packaging segments.
Strategic Alliances
Joint ventures include ITC Filtrona Limited (50% ownership) and Logix Developers Private Limited (27.9% ownership).
External Factors
Industry Trends
The cigarette industry faces a stable tax regime currently, which supports revenue growth. The FMCG industry is seeing a shift toward staples and convenience foods, while the paperboard industry is facing temporary margin pressure.
Competitive Landscape
Faces competition from unorganized tobacco players and global/domestic FMCG giants like HUL and Nestle in the 'Others' segment.
Competitive Moat
The moat is built on a dominant market share in cigarettes (78% of EBIT), a massive distribution network, and deep backward integration into agri-sourcing. These are sustainable due to high entry barriers in tobacco and the scale of the agri-supply chain.
Macro Economic Sensitivity
Sensitive to agricultural output (climate-dependent) and domestic consumption trends. Excessive rains in Q2 FY2026 impacted FMCG-Others operations.
Consumer Behavior
Increasing demand for staples, dairy, and premium personal care products is driving growth in the FMCG-Others segment.
Geopolitical Risks
Exposed to trade restrictions on agricultural commodities and disruptions in international markets (e.g., Nepal operations were resilient despite disruptions in September 2025).
Regulatory & Governance
Industry Regulations
Highly regulated cigarette industry; any material change in government policy regarding tobacco sales or health warnings can significantly impact profitability.
Environmental Compliance
Exposed to risks regarding plastic packaging restrictions and manufacturing discharge norms; the company is seeking eco-friendly packaging alternatives.
Taxation Policy Impact
Cigarettes are subject to stringent taxation and statutory compliance. The transition to a new GST regime in certain segments posed operational challenges in late 2025.
Legal Contingencies
Not disclosed in specific INR values, though the company monitors regulatory developments in the cigarette industry as a primary risk factor.
Risk Analysis
Key Uncertainties
Regulatory changes in tobacco (high impact on 78% of EBIT), climate change affecting agri-inputs, and commodity price volatility in the FMCG segment.
Geographic Concentration Risk
Concentrated in India, with sourcing across 22 states. International exposure includes Nepal (Surya Nepal Private Limited).
Third Party Dependencies
Dependence on a network of farmers for 3.5 million tonnes of agri-commodities and contractual labor for manufacturing and services.
Technology Obsolescence Risk
The company is addressing digital transformation through its 'Others' segment (ITC Infotech) and IT solutions for internal business synergies.
Credit & Counterparty Risk
Superior liquidity with over INR 20,000 Cr in free cash and liquid investments as of March 31, 2025, ensures minimal counterparty risk.