ITC - ITC
📢 Recent Corporate Announcements
ITC Limited has announced the cessation of Ms. Nirupama Rao as a Non-Executive Independent Director effective April 8, 2026. This change occurs due to the completion of her scheduled tenure as approved by the company's shareholders. The transition is a routine matter of corporate governance in compliance with SEBI Listing Obligations and Disclosure Requirements. There are no reported disagreements or operational impacts associated with this departure.
- Ms. Nirupama Rao ceased to be a Director effective April 8, 2026.
- The cessation is a result of the completion of her term as an Independent Director.
- The filing was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.
- The company has notified major exchanges including NSE, BSE, and international bodies in the US and Luxembourg.
ITC Limited has officially made Sproutlife Foods Private Limited (owner of the 'Yoga Bar' brand) a subsidiary effective April 1, 2026. While ITC's current shareholding stands at approximately 47.50%, it has now acquired the right to nominate the majority of the Board of Directors. Sproutlife has demonstrated strong growth, with its turnover nearly doubling from ₹108 crores in FY24 to ₹200 crores in FY25. This move is part of ITC's broader strategy to scale its 'future-ready' FMCG portfolio in the health and wellness space.
- Sproutlife Foods (Yoga Bar) officially became an ITC subsidiary on April 1, 2026, through board control.
- ITC maintains a 47.50% equity stake on a fully diluted basis while gaining majority board nomination rights.
- Target entity turnover grew from ₹88 crores in FY23 to ₹200 crores in FY25, showing a CAGR of over 50%.
- The acquisition targets the high-growth, digital-first health food segment to augment ITC's FMCG business.
ITC Limited has announced the voluntary dissolution of its step-down subsidiary, Blazeclan Americas Inc., effective March 24, 2026. The entity was a minor part of ITC's portfolio, contributing only ₹4.38 crores to the total income in FY 2024-25, which is approximately 0.006% of ITC's consolidated income. Its net worth was also negligible at ₹0.63 crore, representing just 0.001% of the company's total net worth. This move is part of a routine corporate restructuring and has no material impact on ITC's core operations.
- Blazeclan Americas Inc. was voluntarily dissolved effective March 24, 2026.
- The subsidiary contributed ₹4.38 crores to ITC's total income in FY 2024-25 (0.006%).
- Net worth of the dissolved entity was ₹0.63 crore as of March 31, 2025 (0.001% of ITC's net worth).
- The entity had been a step-down subsidiary of ITC since October 1, 2024.
ITC Limited has announced the closure of its trading window starting April 1, 2026, for all designated employees and their immediate relatives. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's audited financial results for the fiscal year ending March 31, 2026. The trading window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges. This is a standard regulatory procedure for listed companies to ensure market integrity during the earnings preparation period.
- Trading window closure effective from April 1, 2026.
- Closure pertains to the audited financial results for the fiscal year ending March 31, 2026.
- Restriction applies to Designated Employees and their immediate relatives under the ITC Code of Conduct.
- The window will reopen 48 hours after the results are announced to the NSE and BSE.
ITC Limited has announced the appointment of Mr. Navin Agarwal as a Non-Executive Director for a three-year term effective April 1, 2026, following shareholder approval via postal ballot. Mr. Agarwal, 55, represents the Specified Undertaking of the Unit Trust of India (SUUTI), a significant institutional stakeholder. He currently serves as Joint Secretary in the Ministry of Finance (DIPAM) and brings nearly 30 years of experience in public finance and capital markets. This appointment ensures continued representation for SUUTI on the ITC board.
- Appointment of Mr. Navin Agarwal as Non-Executive Director for a 3-year term starting April 1, 2026
- Mr. Agarwal represents SUUTI, a major institutional shareholder in ITC
- Brings nearly 30 years of experience across public finance, capital markets, and governance
- Currently serves as Joint Secretary in the Department of Investment and Public Asset Management (DIPAM)
ITC Limited shareholders have officially approved the appointment of Mr. Navin Agarwal as a Non-Executive Director for a three-year term effective April 1, 2026. The resolution was passed via a postal ballot with an overwhelming majority, receiving 99.18% of the votes in favor. Institutional participation was notably high, with 96.41% of institutional shares being voted. This move ensures the continuation of the company's governance framework as per the board's recommendations.
- Appointment of Mr. Navin Agarwal as Non-Executive Director approved for a 3-year term starting April 1, 2026.
- The resolution received 1008.53 crore votes in favor (99.18%) and 8.36 crore votes against (0.82%).
- Total voter turnout represented 81.16% of the company's outstanding shares.
- Institutional investors demonstrated high engagement, polling 96.41% of their total shareholding.
ITC Limited has allotted 2,38,850 ordinary shares of face value Re 1 each on March 18, 2026. This issuance resulted from the exercise of 23,885 options by employees under the company's ESOP schemes. Following this allotment, the company's total issued and subscribed share capital has increased to 12,52,94,68,231 shares. The dilution caused by this allotment is negligible relative to the company's massive equity base.
- Allotment of 2,38,850 ordinary shares of Re 1 each on March 18, 2026
- Shares issued upon the exercise of 23,885 options by eligible employees
- Total issued and subscribed share capital increased to Rs 1252,94,68,231
- The allotment committee meeting concluded at 3:15 p.m. on the date of issuance
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.
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.