NSE:ITCNSEConsumer Defensive
ITC Limited
📊 Tobacco
Day ₹305
₹315 Overbought
52W ₹287
₹444 Oversold
₹313.75
▲ ₹9.30 (+3.05%)
Vol: 16,418,514 · Avg: 22,409,471
As of April 29, 2026 · 06:44 IST
COMPOSITE RISK SCORE
65 MODERATE
VAL:17/25 · FIN:23/25 · GRO:13/25 · TECH:12/25
📈 P/E RATIO
19.3x
Trailing
📖 P/B RATIO
5.5x
Price to Book
💰 EPS
₹16.26
TTM
🏛 MARKET CAP
₹393,112Cr
Large Cap
📊 ROE
49.6%
Return on Equity
📈 REV GROWTH
6.7%
YoY
🏢 Company Analysis · ITC Limited
💼 BUSINESS MODEL
  • ITC Limited engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally..
  • The company offers cigarettes and cigars; foods, including staples, spices, biscuits, confectionery and gums, snacks, noodles and pasta, beverages, dairy products, ready-to-eat meals, chocolates, coffee, and frozen foods; personal care products; education and stationery, such as balls, gels and roller pens, mechanical pencils, geometry boxes, erasers, sharpeners and rulers, wax crayons, plastic crayons, and sketch pens and oil pastels; safety matches; and agarbattis and dhoops under various brands, as well as operates a hotel under the ITC Grand Central name in Mumbai..
  • It also provides virgin, recycled, coated barrier, cupstock base, liner, liquid packaging, antifungal, solid, and graphic boards, as well as specialty papers; surfacing, print base, barrier, overlay, and liner papers; plastic substitution products; and packaging products, including cartons, flexible, tobacco, and green packaging products..
  • In addition, the company exports feed ingredients, food grains, marine products, processed fruits, coffee products, leaf tobacco products, and spices; and offers information technology services for the banking and financial services, healthcare, manufacturing, consumer goods, travel, and hospitality industries, as well as produces and commercializes seed potato technology products..
  • Operates in Tobacco within the Consumer Defensive sector.
  • Workforce of 22,041 employees.
🏰 MOAT & COMPETITION
  • Mega-cap (₹393,112 Cr) — dominant market position with significant scale advantages.
  • Profit margin of 43.9% suggests pricing power / cost moat.
  • Key competitors: ITC, Hind. Unilever, Godavari Bioref., Hindustan Foods.
🚀 CATALYSTS
  • No specific near-term catalysts identified from available data.
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹290 — ₹486 (mean ₹359, 33 analysts).
  • Favorable asymmetry — upside potential of +55% vs downside floor of -8% (7.3x reward-to-risk).
  • P/E of 19.3x — fair value territory; catalysts needed for re-rating.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Hold (33 analysts).
  • Latest quarter earnings change: -0% YoY — relatively flat.
✅ PROS
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.54%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.0%
  • Company has been maintaining a healthy dividend payout of 78.6%
❌ CONS
  • The company has delivered a poor sales growth of 8.81% over past five years.
  • Earnings include an other income of Rs.17,203 Cr.
VALUATION
17/25
25% WEIGHT
  • P/E at 19x
  • P/B at 5.5x
  • Analyst target: ₹359 (+14.4%)
  • 1Y return: -23.4%
FINANCIAL HEALTH
23/25
25% WEIGHT
  • ROE: 49.6%
  • Profit margin: 43.9%
  • Revenue growth: 6.7%
  • Debt/Equity: 1%
GROWTH
13/25
25% WEIGHT
  • Revenue growth: 6.7%
  • Earnings growth: 0.0%
  • Beta: -0.12
  • Sector: Consumer Defensive
TECHNICAL
12/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
48.4 38.7 29.0 19.3 9.5 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 42.1 Mar 2015: 39.0 Mar 2016: 40.5 Mar 2017: 37.0 Mar 2018: 34.0 Mar 2019: 30.6 Mar 2020: 25.2 Mar 2021: 29.3 Mar 2022: 25.4 Mar 2023: 20.3 Mar 2024: 19.1 Mar 2025: 11.3 TTM: 11.2 11.2
💎 Valuation & Financial Metrics
P/E RATIO
19.3x
Trailing twelve months
P/B RATIO
5.5x
Price to Book value
ROE
49.6%
Return on Equity
PROFIT MARGIN
43.9%
Net profit margin
OPM
32.2%
Operating profit margin
ANALYST TARGET
₹359
Range: ₹290 - ₹486
Yahoo Finance ↗
PEG RATIO
1.78
Price/Earnings to Growth
EV/EBITDA
13.5x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
4.71%
Annual yield
ROA
38.9%
Return on Assets
GROSS MARGIN
55.9%
Gross profit margin
INDUSTRY AVERAGES — DIVERSIFIED FMCG
P/E 42.8x (below avg)
P/B 8.0x (sector fair)
ROCE 14.3% (above avg)
ROE 25% (sector good)
OPM 20% (sector good)
Div Yield 3.19%
D/E <30 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹19,841 Cr— ₹4,993 Cr— N/A 36.1%
Q3 FY25 ₹18,580 Cr-6.4% ₹4,935 Cr-1.2% N/A 37.5%
Q4 FY25 ₹18,565 Cr-0.1% ₹19,727 Cr+299.8% N/A 39.1%
Q1 FY26 ₹21,373 Cr+15.1% ₹5,244 Cr-73.4% N/A 35.4%
Q3 FY26 ₹19,918 Cr-6.8% ₹4,931 Cr-6.0% N/A 36.2%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹60,081 Cr— ₹15,243 Cr— ₹15,776 Cr—
FY23 ₹70,245 Cr+16.9% ₹19,192 Cr+25.9% ₹18,878 Cr+19.7%
FY24 ₹67,391 Cr-4.1% ₹20,459 Cr+6.6% ₹17,179 Cr-9.0%
FY25 ₹74,653 Cr+10.8% ₹34,747 Cr+69.8% ₹17,627 Cr+2.6%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How ITC Limited Makes Its Money
Revenue ₹19.9K Cr Cost of Revenue ₹8.4K Cr Gross Profit ₹11.5K Cr Op. Expenses ₹5.0K Cr Operating Inc. ₹6.5K Cr Tax ₹1.7K Cr Other ₹574 Cr Net Income ₹4.9K Cr (24.8% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of ITC Limited's Balance Sheet
Total Assets ₹88.1K Cr Cash & Equiv.: ₹620 Cr (0.7%) Receivables: ₹4.7K Cr (5.4%) Inventory: ₹15.8K Cr (18.0%) Other Current: ₹22.7K Cr (25.8%) PP&E: ₹19.2K Cr (21.8%) Goodwill: ₹897 Cr (1.0%) Other Intangibles: ₹2.7K Cr (3.1%) Other Non-Curr.: ₹21.4K Cr (24.3%) Liab. + Equity ₹88.1K Cr Current Liab.: ₹14.3K Cr (16.3%) Other Liab.: ₹3.4K Cr (3.8%) Equity: ₹70.4K Cr (79.9%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into ITC Limited's Cash Flow
Operating CF ₹17.6K Cr Capital Exp. ₹2.3K Cr Free Cash Flow ₹15.3K Cr Dividends ₹17.8K Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +17,16417,77417,19517,03817,77819,99018,79018,76521,49519,50220,047
Expenses +10,49411,32010,98510,73611,23313,43812,42812,24614,67812,80713,165
Operating Profit6,6706,4546,2106,3026,5456,5526,3626,5196,8166,6956,883
OPM %39%36%36%37%37%33%34%35%32%34%34%
Other Income +72267482086877169080315,391751739322
Interest1010121110151011162019
Depreciation442453384385403416416411423435431
Profit before tax6,9406,6656,6356,7746,9036,8116,74021,4897,1286,9796,754
Tax %25%26%19%23%25%26%26%8%25%26%26%
Net Profit +5,1904,9655,4075,1915,1775,0545,01319,8085,3435,1875,018
EPS in Rs4.103.934.284.104.083.993.9415.764.194.093.94
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +43,44948,34049,38849,25760,64570,91967,93275,32379,809
Expenses +26,92829,80230,04432,19340,02145,21542,74449,48452,896
Operating Profit16,52118,53719,34417,06520,62325,70425,18825,83926,913
OPM %38%38%39%35%34%36%37%34%34%
Other Income +2,2402,0802,4172,5771,9102,0983,33017,79517,203
Interest1157181586078394567
Depreciation1,2361,3971,6451,6461,7321,8091,5181,6461,700
Profit before tax17,40919,15020,03517,93820,74025,91526,96141,94342,350
Tax %34%33%22%25%25%25%23%16%
Net Profit +11,49312,83615,59313,38315,50319,47720,75135,05235,356
EPS in Rs9.2410.2712.4510.6912.3715.4416.3927.7727.98
Dividend Payout %56%56%82%101%93%100%84%52%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital1,2201,2261,2291,2311,2321,2431,2481,2511,253
Reserves51,29057,91564,04459,11661,22367,91273,25968,77969,819
Borrowings +3613277271249306303285363
Other Liabilities +11,69512,58511,76013,14314,49116,37016,94417,68819,368
Total Liabilities64,24171,73977,31173,76177,19685,83191,75488,00390,803
Fixed Assets +16,52419,37421,71323,29824,23225,85127,82021,95522,400
CWIP5,5084,1363,2564,0113,2263,0032,8611,0911,305
Investments22,05325,04328,66324,87124,84129,41531,11434,72032,548
Other Assets +20,15623,18523,67821,58024,89827,56129,95930,23734,550
Total Assets64,24171,73977,31173,76177,19685,83191,75488,00390,803
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +10,62713,16912,58314,69012,52715,77618,87817,17917,627
Cash from Investing Activity +-3,251-7,114-5,546-6,1745,740-2,238-5,7321,563-564
Cash from Financing Activity +-7,301-6,221-6,869-8,181-18,634-13,580-13,006-18,551-17,037
Net Cash Flow75-166169334-367-4313919126
Free Cash Flow7,55610,3719,44212,27610,69313,76716,18413,72415,524
CFO/OP104%116%99%102%99%101%98%92%93%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days212330191915152223
Inventory Days185173165187189150148191178
Days Payable608074767861596555
Cash Conversion Cycle145115122129129104105148146
Working Capital Days453132353631203945
ROCE %36%34%34%32%28%33%39%36%37%
🏭 Industry Peers — Diversified FMCG
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1ITC ★₹31419.1₹393,04936.8%+9.6%82
2Hind. Unilever₹2,32450.1₹546,04527.9%+9.6%57
3Godavari Bioref.₹32631.0₹1,6695.8%+126.9%42
4Hindustan Foods₹48942.8₹5,83814.3%+35.2%32
5Davangere Sugar₹461.8₹5256.7%-61.3%1
★ ITC is the top-ranked techno-fundamental pick in Diversified FMCG
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
FIIs40.17%39.87%37.98%37.39%36.11%34.83%
DIIs44.91%45.19%46.91%47.41%48.90%49.15%
Government0.04%0.04%0.04%0.04%0.04%0.04%
Public14.88%14.90%15.07%15.16%14.95%15.96%
No. of Shareholders37,10,16936,47,88636,48,98936,66,40736,08,15740,41,653
🟢 CATALYSTS
🏆Positive Revenue Growth: Revenue growing at 6.7% YoY.
💹High ROE (49.6%): Above sector norm of 25% — efficient capital use.
🔀Healthy Margins (43.9%): Above sector norm of 20%.
🇮Analyst Upside (14%): Mean target of ₹359 above current price.
🇳Low Beta (-0.12): Less volatile than market — defensive play.
🔴 RISKS
📜Market Risk: Broader market correction or sentiment shift could impact stock.
💰Sector Risk: Regulatory or competitive changes in Consumer Defensive space.
🔓Execution Risk: Growth may not meet elevated expectations.
🕸 Factor Analysis · Radar
Momentum 4/10: 1M +9.1%, 6M -24.0%, RSI 61, MACD bullish, Below 200DMA Sentiment 6/10: Analyst upside +14.4%, Rec: hold Value 6/10: P/E 19.3, P/B 5.5, PEG 1.78, EV/EBITDA 13.5 Quality 7/10: Margin 43.9%, D/E 1 Low Volatility 10/10: Beta -0.12, Ann. vol 19% Momentum 4 Sentiment 6 Value 6 Quality 7 Low Vol 10
Momentum 4/10
1M +9.1%, 6M -24.0%, RSI 61, MACD bullish, Below 200DMA
Sentiment 6/10
Analyst upside +14.4%, Rec: hold
Value 6/10
P/E 19.3, P/B 5.5, PEG 1.78, EV/EBITDA 13.5
Quality 7/10
Margin 43.9%, D/E 1
Low Volatility 10/10
Beta -0.12, Ann. vol 19%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYCapture 14.4% analyst upside; strong 37% ROCE compoundsOPM of 32% provides margin buffer
HOLDRetain existing position; wait for better entry; FII stake falling (-1.28%)Miss further upside if momentum continues; 1M return of +9.1% shows momentum
SELLLock in -23.4% 1Y returnAvoid further drawdown
REASONS TO BUY
  • Analyst upside of 14.4% with mean target of ₹359
  • ROCE at 37% indicates strong capital efficiency
  • ROE of 49.6% above sector norm of 25%
  • Revenue growing at 6.7% YoY (sector norm: 4%)
REASONS TO SELL / AVOID
  • FII stake falling (-1.28%) — institutional exit signal
📰 Latest News
British American Tobacco plans to offload stake in India's ITC Hotels
Reuters · 2025-12-04T14:28
Stocks to watch this week: Broadcom, Lululemon, British American Tobacco, Dr Martens and Rémy Cointreau
Yahoo Finance UK · 2025-05-30T11:50
RECOMMENDATION
SPECULATIVE BUY
COMPOSITE SCORE
65/100
ITC Limited trades at ₹313.75 with a composite risk score of 65/100. The stock scores 17/25 on valuation, 23/25 on financial health, 13/25 on growth, and 12/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 14.4% with a mean target of ₹359. Revenue growth is at 6.7%.

Bottom Line: Positive for Consumer Defensive but monitor closely. The current recommendation is SPECULATIVE BUY.
PROFITABLE HIGH ROE UPSIDE POTENTIAL CHEAP
RISK SCORE REPORT · NSE:ITC · GENERATED APR 29, 2026 06:44 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.