ITC (ITC) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 saw consolidated gross revenue up 7.9% year-over-year (ex-Agri), with EBITDA up 2.2% and PAT up 4.2%; strong operating performance from group companies, notably ITC Infotech and ITC Hotels.

• H1 FY26 consolidated gross revenue rose 8.4% (ex-Paper up 4.6%), with PAT up 4.6%.

• Unaudited standalone and consolidated financial results for the quarter and six months ended 30th September 2025 were approved by the Board, including segment-wise revenue, results, assets, and liabilities.

• Voluntary delisting from The Calcutta Stock Exchange was approved; shares remain listed on NSE and BSE.

• Appointment and re-appointment of directors recommended for shareholder approval.

Financial highlights

• Standalone Q2 FY26 gross revenue was ₹19,148 crore, down 2.7% due to Agri segment; ex-Agri, revenue grew 7.1% YoY.

• Standalone total income for Q2 FY26 was ₹20,279.96 crore, with net profit from continuing operations at ₹5,179.82 crore.

• Consolidated Q2 FY26 gross revenue was ₹21,047 crore, down 1.6%; ex-Agri, up 7.9% YoY.

• Consolidated total income for Q2 FY26 was ₹21,840.26 crore, with net profit from continuing operations at ₹5,186.55 crore.

• Exceptional gain of ₹88.08 crore from insurance claim settlement recognized in both standalone and consolidated results.

Outlook and guidance

• Macro environment remains resilient in India, with GDP growth projected at 6.8% for FY26, though nominal GDP growth is decelerating.

• Key positives include improving growth outlook, higher Kharif crop output, fiscal/GST reforms, and benign inflation.

• The company continues to focus on growth across FMCG, Paperboards & Packaging, and Agri Business segments, leveraging core competencies and brand investments.

• Risks include geopolitical disruptions, trade barriers, commodity price volatility, and climate change.

• Persistent global uncertainty, US tariffs, weak China outlook, and geopolitical/climate risks pose downside threats.