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  2. Reports ITC: Q2FY26 Results Update
314.95 -1.25 (-0.40%)

ITC: Q2FY26 Results Update
03-11-2025

Particulars (in crores)

Q2FY2026

Q2FY2025

YoY (%)

Revenue From Operations

21,255

21,536

-1.30%

EBITDA

7,344

7,167

2.47%

EBITDA Margin %

34.6%

33.3%

+130 BPS

EBIT

6,910

6,751

2.4%

EBIT Margin %

32.5%

31.3%

+120 BPS

PAT

5,186

5,054

2.6%

PAT Margin %

24.4%

23.5%

+90 BPS

FMCG-Cigarette business (41% of revenue):  Revenue grew 6.8% YoY and PBIT rose 4.3% YoY, led by strong growth in premium/differentiated variants and tighter last-mile execution helped gain market share. Leaf tobacco costs remain elevated but are partly offset by richer mix and cost controls, with procurement prices now moderating. 

FMCG- Others (26% of revenue): Delivered 8% YoY growth with segment EBITDA margin up 50 bps QoQ, aided by QoQ commodity stabilisation (still elevated YoY). Digital-first and Organic brands like YogaBar & MotherSparsh  scaled well, giving Rs. 1,100 Cr ARR, with strong demand across e-commerce, quick commerce and modern trade. In Branded Foods, Aashirvaad Atta reinforced leadership; value-added staples adjacencies are 1.7x in two years and now 15% of the Aashirvaad staples portfolio.

Agri-Business (18% of revenue): The Agri business saw a drop this quarter of 31% YoY because of timing issues and a high base last year, and value-added exports were soft as customers delayed orders amid US-tariff uncertainty. However, first-half performance was solid with Segment Revenue up 7% and Segment Results up 10%. Leaf Tobacco grew well, helped by strong farming know-how, quality, and customer ties. The team is building new markets, scaling value-added products, and continues to supply traceable, well-planned sourcing to the Branded Foods and Cigarettes businesses.

Paper Business (9% of revenue): Paper segment improved QoQ with profit up 17% and margins up 90 bps. Revenue grew 5% YoY on higher volumes; Specialty paper was strong, and Packaging & Printing saw a sequential pickup in domestic demand. The environment stayed tough (cheap imports, high wood costs, softer realizations), but wood prices are starting to ease and the business is driving cost control and portfolio upgrades. Policy support is building with a Minimum Import Price (22 Aug 2025) and recommended anti-dumping duties on China/Chile (Indonesia under probe). 

Other Business (5% of revenue): Other business grew by 21% YoY which includes high growth FoodTech platform has scaled over 60 cloud kitchens across 5 cities. 7 new kitchens were opened in this quarter. GMV crossed 90 Cr in H1 (FY25 GMV was 105 Cr).

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314.95 -1.25 (-0.40%)
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