Synopsis: Large-cap FMCG company’s shares are in focus today after analysing revenue segment wise.
The largest cigarette manufacturer and seller in the country is in the spotlight after analysing which segment contributes more revenue and profit to the company. Read the article below for detailed insights.
With a market capitalization of Rs. 5,06,625.76 crore, the shares of ITC Limited closed at Rs. 404.40 on Friday, down by 0.76 percent from its previous closing price of Rs. 407.50 per equity share.
Major Revenue-Contributing Segment of ITC
The company reported a gross revenue of Rs. 22,976.20 crore (including excise duty). After deducting inter-segment revenue of Rs. 1,928.75 crore, the revenue stands at Rs. 21,047.45 crore.
The Cigarettes segment remained the largest contributor with Rs. 9,414.34 crore, accounting for 41.0 percent of gross revenue, followed by Other FMCG products at Rs. 6,059.12 crore (26.3 percent). The Agri-Business segment generated Rs. 4,037.80 crore (17.6 percent), while Paperboards, Paper & Packaging contributed Rs. 2,220.32 crore (9.7 percent). The remaining Rs. 1,244.62 crore (5.4 percent) came from other segments, reflecting the company’s diversified and balanced business mix across multiple verticals.
Q2FY26 Results
ITC Limited reported Rs. 19,502 crore in revenue for the second quarter of FY26, a 2.44 percent decrease over Rs. 19,990 crore for the same period in FY25. It decreased by 9.27 percent as compared to Rs. 21,495 crore in Q1 FY26.
The company’s EBITDA for Q2 FY26 stood at Rs. 6,695 crore, down by 1.78 percent from Rs. 6,816 crore in Q1 FY26, but inclined by 2.18 percent from Rs. 6,552 crore in Q2 FY25.
The consolidated net profit for the second quarter of FY26 was Rs. 5,187 crore, which was 2.92 percent lower than the Rs. 5,343 crore reported in the previous quarter and increased by 2.63 percent from Rs. 5,054 crore in Q2 FY25. Profit growth was also reflected in earnings per share (EPS), which increased to approximately Rs. 4.09 in Q2 FY26 from Rs. 3.99 in Q2 FY25.
Segment-wise Performance
ITC Limited reported steady segmental growth across businesses in Q2 FY26. FMCG–Cigarettes revenue rose 6.8 percent YoY with 4.3 percent PBIT growth, driven by premium products and stable taxation. FMCG–Others grew 8 percent YoY (ex-Notebooks) led by strong performance in staples, dairy, personal wash, and agarbattis, with margins improving to 10 percent.
Agri Business saw modest growth due to timing and base effects but strong leaf tobacco exports. Paperboards, Paper & Packaging posted 5 percent YoY revenue growth and 17 percent QoQ profit rise, supported by specialty paper demand and sustainable packaging expansion. FoodTech, under ITC Next, scaled to 60+ kitchens across 5 cities with Rs. 90 crore GMV in H1 FY26, marking solid traction in its digital-first food offerings.
About the company
Founded in 1910 and headquartered in Kolkata, ITC Limited is a diversified Indian conglomerate with operations spanning FMCG, paperboards, packaging, agri-business, and hospitality. Its FMCG division includes a wide range of products such as cigarettes, foods, beverages, dairy, personal care, stationery, matches, and agarbattis under well-known brands.
The company also manufactures specialty papers and eco-friendly packaging, exports spices, coffee, and tobacco, and provides IT services, engineering solutions, project management, and property infrastructure services. Additionally, ITC operates a chain of luxury hotels, including the ITC Grand Central in Mumbai.
A return on equity (ROE) of about 27.3 percent, a return on capital employed (ROCE) of about 36.80 percent and a debt to equity ratio of 0 demonstrate the company’s financial position. At the moment, the company’s P/E ratio is 25.1x lower as compared to its industry P/E 50.5x.
As of September 2025, the company’s shareholding pattern shows that Foreign Institutional Investors (FIIs) hold 37.98 percent, while Domestic Institutional Investors (DIIs) own 47.41 percent. The Government holding stands at 0.04 percent, while the public shareholding stands at 15.16 percent, reflecting a healthy level of retail and institutional participation in the company.
Written By Akshay Sanghavi
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