Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Sep - Publication of Advertisement re: Loss of Share Certificates
Source: Bse
ITC Limited (ITC)
Large CapFMCG stocks · Large cap · NSE
ITC is a diversified Indian conglomerate with significant presence in FMCG (Cigarettes & Others), Paperboards & Packaging, Agri-Business, and Information Technology. It focuses on 'Responsible Competitiveness' and 'Triple Bottom Line' performance.
₹262
+1.20 · +0.46%
Market cap ₹3,27,297 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 10:04 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
24Bearishfull bear SMA stack · MACD + · near 52W low · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 31
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ITCD candles · FIT view-13.8%Latest close ₹262.00 on 2026-10-21
Bar
+0.4%
RSI
48
MACD hist
0.17
52W pos
5%
2026-10-21O ₹261.00H ₹264.85L ₹260.15C ₹262.00Vol 2.1Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ITCNifty FMCGNifty 500
- ITC
- -6.8%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- -0.3 pp
Chart stats
21 Oct 2026- From 52W high
- -38.6%
- 52W range position
- 5%
- ATR (14)
- 2.2%
- Volume vs 20D
- 1.06x
- Avg traded value
- ₹538 Cr
- 20D price channel
- ₹253.2 - ₹271.1
₹426.4
₹253.2 - ₹426.4
₹5.8
Latest completed session
20-session average
33.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -11.1% · PAT -15.6% YoY
Technical
Bearish24
Price trend and sector-relative-strength timing.
Valuation
Legacy model+47.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -11% YoY · PAT -16% YoY · margin compression · +7% QoQ
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19,114 Cr | -11.1% | +7.2% |
| EBITDA | ₹5,181 Cr | -24.0% | -25.2% |
| Operating margin | 27.0% | -500 bps | -1200 bps |
| PAT | ₹4,509 Cr | -15.6% | -17.6% |
| PAT margin | 23.6% | -127 bps | -710 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.60
- P/B
- 4.51
- EV/EBITDA
- 12.03
- Market Cap
- 327297.00Cr
Profitability
- ROE
- 29.30%
- ROCE
- 38.90%
- ROA
- 21.56%
- Dividend Y
- 5.55%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 237.80×
- Altman Z
- 9.07
- Book Value
- 57.90
Cash Flow
- FCF Yield
- 4.93%
- FCF Positive Y
- 12/5
- OCF
- 18464.00 Cr
- EPS TTM
- 15.84
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 19.1k+7.2% vs prev
Net Profit
₹ CrLatest: 4,509-17.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth9/25
Quality18/20
Balance Sheet10/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 4.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 47.0%.
Main drags
- Growth is weaker at 9/25; verify the latest quarterly trend.
- Valuation is weaker at 18/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
16.6
PB
4.5
EV/EBITDA
12.0
ROE
29.3%
ROCE
38.9%
FCF Yield
4.9%
Debt/Equity
0.0
MoS
+47.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
68
Previous: 69 (-1)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+47.0%
Previous: +47.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
69
69
69
69
69
69
69
69
69
69
69
69
Factor attribution
Balance sheet
10-1
was 11
Modelled fair value
Graham Number
₹143.65
-82.4% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹494.52
+47.0% MoS
PEG
2.31
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VBL
Large
Varun Beverages Limited
FMCG
match 133
49
42.9
16.2%
+7%
FAIR VALUE
BRITANNIA
Large
Britannia Industries Limited
FMCG
match 132
48
45.4
53.5%
-209%
FAIR VALUE
NESTLEIND
Large
Nestle India Limited
FMCG
match 132
49
61.4
74.2%
-377%
FAIR VALUE
TATACONSUM
Large
TATA CONSUMER PRODUCTS LIMITED
FMCG
match 130
32
58.7
7.3%
-30%
WATCHLIST
BIKAJI
Large
Bikaji Foods International Limited
FMCG
match 129
47
45.5
17.5%
-1%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-12T00:53:43.523Z
Management commentary snapshot
ITC reported strong Q4 FY26 standalone gross revenue growth of 17.5% YoY, with FMCG-Others revenue up 15% YoY and Paper segment profits up 21% YoY. Full-year gross revenue grew 10.1% YoY, but cigarette taxes and geopolitical issues impacted Agri-Business.
While FMCG-Others shows robust growth and margin expansion, the unprecedented cigarette tax hike poses a significant challenge to a core segment. Agri-Business faces geopolitical and domestic policy headwinds. Paper segment shows recovery but overall outlook is mixed.
Growth engines
FMCG-Others Premiumization & New Gen Channels
Robust growth in premium portfolio and New Gen Channels (e-Commerce, Quick Commerce, Modern Trade) accounting for 34% of sales in key categories.
Digital-first & Organic Portfolio
Acquisitions like Sresta, Yogabar, Mother Sparsh, Prasuma delivered ~60% YoY growth, clocking ARR over Rs. 1350 cr.
Value-Added Agri Products (VAAP)
Rapid scale-up across spices, coffee, frozen marine, horticulture; grew 1.4x over two years, with organic spices volumes doubling.
Fresh Food Business (Cloud Kitchens)
New growth vector with GMV doubling YoY to ~Rs. 220 cr., expanding to ~70 cloud kitchens across 5 cities.
Capacity and execution
Integrated Consumer Goods Manufacturing and Logistics Facilities (ICMLs)
Currently, 12 ICMLs are operational, enabling delivery of fresher products and reducing distance to market.
Fresh Food Cloud Kitchens
Expanded operating footprint to approx. 70 cloud kitchens, with 25 opened during the year.
Nicotine Products Facility
State-of-the-art facility at Mysuru stabilized, with plans to rapidly scale up exports in the ensuing year.
Tailwinds
Resilient Domestic Economy
India's Real GDP grew 7.6% in FY26, projected 6.9% in FY27, supported by private consumption and improving rural/urban demand.
Moderating Input Costs (Paper)
Wood prices witnessed moderation in H2 FY26 amidst improved availability, providing partial relief to the Paper segment.
Digital Adoption & Infrastructure
Accelerated digital adoption and improved infrastructure & connectivity are structural drivers for India’s rapid growth.
Headwinds
Unprecedented Cigarette Tax Hike
Significant changes in taxation structure w.e.f. Feb 1, 2026, leading to an unprecedented increase in tax incidence on cigarettes.
Geopolitical Disruptions
West Asia conflict caused supply chain disruptions, logistical challenges, and deferral of Agri-Business sales, impacting exports and input costs.
Low-Priced Imports (Paper)
Cheap supplies of paperboards and paper from China and Indonesia, often below cash-cost levels, continue to challenge the domestic industry.
Government Restrictions (Agri)
Imposition of stock limits and export restrictions on key agri-commodities to ensure food security limited business opportunities.
Risk radar
Illicit Cigarette Trade
Punitive taxes on legal cigarettes enhance tax arbitrage for unscrupulous players, potentially boosting illicit trade and impacting revenue.
Prolonged Geopolitical Conflict
Ongoing West Asia conflict and emerging El Niño conditions pose risks to growth, inflation, Current Account, and consumer sentiment.
Input Material Price Volatility
Sharp surge in prices of key input materials (edible oil, soap noodles, packaging) towards Q4 end due to West Asia conflict.
Regulatory Environment (Cigarettes & Paper)
Extremely stringent regulations and discriminatory taxation on cigarettes, and need for sustained safeguard measures against cheap paper imports.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall growth and comparing against previous periods, especially for FMCG. QoQ is important for sequential momentum in segments like Paperboards, where recovery from specific interventions (MIP) and input cost moderation are recent.
Sector KPIs management disclosed
FMCG-Others Revenue Growth
Q4 Segment Revenue up 15% YoY (14% YoY ex-Sresta); Full Year Segment Revenue up 10.1% YoY (ex-Notebooks up 11.3% YoY).
FMCG-Others EBITDA Margin
Q4 EBITDA margin up ~200 bps YoY to 11% (ex-Sresta).
Cigarettes Net Segment Revenue
Full Year Net Segment Revenue up 8.2% YoY (strong performance till Jan’26).
Paper Segment PBIT
Q4 Segment PBIT up 21% YoY and 24% QoQ.
Management forward view
Mitigating Cigarette Tax Impact
Management is adopting staggered and agile pricing actions and re-architecting the product portfolio to minimize volume shift to illicit trade.
Scaling Nicotine Products
Plans are on the anvil to rapidly scale up the Nicotine & Nicotine derivative products business in the ensuing year.
Strengthening Agri-Value Chains
Scaling up ITCMAARS, a crop-agnostic full-stack AgriTech platform, to enhance competitiveness, market linkages, and value creation for farmers.
Expanding Fresh Food Business
Progressively introducing the Fresh Food Business across India, leveraging expertise in food science, FMCG brands, and culinary skills.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Cigarette Volume Shift | Unprecedented tax hike w.e.f. Feb 1, 2026. | Effectiveness of staggered pricing and portfolio re-architecture in minimizing volume shift to illicit trade. |
| FMCG-Others Margin Sustainability | Q4 EBITDA margin at 11% (ex-Sresta), up 200 bps YoY. | Ability to mitigate sharp input cost surges through market interventions, supply chain agility, and judicious pricing. |
| Agri-Business Export Recovery | Exports subdued due to West Asia conflict and high base. | Scale-up in Nicotine products and new market development to offset geopolitical disruptions. |
| Paper Segment Safeguard Measures | Partial relief from MIP on Virgin Multi-layer Paperboard. | Sustained safeguard measures against low-priced imports and continued moderation in wood prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 43rd percentile within FMCG. Main check: results consistency is weak at 36/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
79 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · FMCG: 43rd pctile, median 79 · Large: 62nd pctile, median 73
Evidence depth
Financial-only
79 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
36
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.9%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ITC Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Sep - Allotment of Shares under the Company''s Employee Stock Option Schemes
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 31 Aug - ITC Infotech to acquire 22.106% Happiest Minds stake and amalgamate, pending approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.