Itc Limited · NSE:ITC
Itc — Q2 FY26 Earnings Presentation
38 slides from Itc's earnings presentation, Oct 30, 2025
Slide 1: Q2 FY26 Results
Q2 FY26 Results 30th October, 2025 |1|
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements including those describing the Company’s strategies, strategic direction, objectives, future prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain assumptions o
Slide 3: Macro Economic Context
Macro Economic Context |3|
Slide 4: Macro Economic Environment
Macro Economic Environment Global growth slowing amidst persistent uncertainty India remains resilient 20. 0 Real GDP Growth YoY 18. 0 Nominal Real 7.7 16. 0 14. 0 12.0 3.7 12. 0 9.8 8.8 2.4 10. 0 2.1 1.4 8.0 9.2 3.2 1.6 2.0 4.8 6.0 7.8 1.2 4.0 6.5 World Adv. Eco US Euro Area China 2.0 0.0 2024 2025
Slide 5: High Frequency Indicators – Mixed Trends
High Frequency Indicators – Mixed Trends Benign Inflation (%) Rural > Urban consumption (Index) Pick up in Real Rural wage growth (YoY%) Percent Percent Real Farm YoY% Real Non Farm YoY% Inflation Policy rate (RHS) 7 6% 7 3% 6 6 5 0% 5 4 -3% 3 4 2 -6% 1 3 -9% Source: MOSPI, RBI Source: CITI Source:
Slide 6: Next Generation GST Reforms
Next Generation GST Reforms GST Rate Reduction in > 50% FMCG Portfolio Enhanced Affordability | Consumption Boost 18% → 5% 12% → 5% Nil Rate Agile ▪ Benefit passed on to consumers Execution ▪ Effective communication with Trade / Consumers ▪ Quick turnaround of IT Systems re-configuration & testing T
Slide 7: India Macro
India Macro Key Key Heightened Positives Monitorables Uncertainty Geopolitical Broad based disruptions Improving Benign Urban demand revival of growth outlook Inflation recovery Private Capex Trade Barriers Fiscal / GST Strong Bank & Higher Kharif External Reforms & Corporate Commodity crop output A
Slide 8: Q2 FY26 Results Headline Financials & Business Highlights
Q2 FY26 Results Headline Financials & Business Highlights |8|
Slide 9: Key Highlights: Q2 FY26
Key Highlights: Q2 FY26 Standalone Consolidated Gross Revenue EBITDA Gross Revenue EBITDA +7.1% +2.1% +7.9% +2.2% (Ex Agri Business) (Ex Paper up 3.2%) (Ex Agri Business) (Ex Paper up 3.2%) PAT PAT +4.1% +4.2% Strong operating performance by Group EBITDA Margin at 35.1% 185 bps companies (ITC Infote
Slide 10: Key Highlights: H1 FY26
Key Highlights : H1 FY26 Standalone Consolidated Gross Revenue EBITDA Gross Revenue EBITDA +7.9% +2.5% +8.4% +3.2% (Ex Paper up 4.0%) (Ex Paper up 4.6%) PAT PAT +3.0% +4.6% Strong operating performance by Group companies (ITC Infotech, Surya Nepal, ITC Hotels) | 10 |
Slide 11: Key Highlights: FMCG – Others
Key Highlights ▪ FMCG – Others Segment sustained its Revenue growth momentum amidst GST transition & excessive rains in several parts of the country ̶ Revenue up 8% YoY excl. Notebooks ̶ Staples, Dairy, Premium Personal Wash & Agarbattis drive growth ̶ Continued deflationary conditions (low-priced p
Slide 12: Key Highlights: Cigarettes and Agri Business
Key Highlights ▪ Cigarettes Net Segment* Revenue up 6.8% YoY ̶ Strong performance sustained in differentiated & premium offerings ̶ Strategic portfolio & market interventions, with focus on competitive belts and to counter illicit trade, drive growth & reinforce market standing ̶ Leaf Tobacco consum
Slide 13: Key Highlights: Paperboards, Paper and Packaging
Key Highlights ▪ Paperboards, Paper and Packaging Segment: Paper Segment performance improves sequentially with profit up 17% (margins up 90 bps QoQ) ̶ Overall Industry remains impacted by low-priced supplies, high wood prices & subdued realisation ▪ Initial signs of moderation in wood prices with i
Slide 14: ITC Next Strategy
ITC Next Strategy Future Tech | Consumer Centric | Climate Positive | Inclusive Multiple Drivers Innovation and Supply Chain Digital Sustainability Cost Agility & of Growth R&D 2.0 Productivity Agile Agile Digital first culture Responsible Structural Future Ready Purposeful Resilient Competitiveness
Slide 15: FMCG Cigarettes
MM ENA Enduring Value FMCG Cigarettes
Slide 16: FMCG Cigarettes – Q2 FY26
FMCG Cigarettes – Q2 FY26 ▪ Net Segment Revenue* up 6.8% YoY ▪ Strong growth sustained in differentiated and premium offerings Segment Revenue ▪ Strategic portfolio and market interventions with focus on competitive belts and to 8723 cr. 6.7% counter illicit trade, drive volume-led growth and reinfo
Slide 17: FMCG Cigarettes: Reinforcing market standing
FMCG Cigarettes Reinforcing market standing Innovation Portfolio Fortification • Classic Connect • Gold Flake • Scissors • American Club Clove Mint • Classic • Flake Spl • Gold Flake Indie Mint • Silk Cut Red Recent Introductions • Classic Clove • Gold Flake SLK Range • Flake Insta Fresh • Classic R
Slide 18: FMCG Others Q2 FY26
‘Besan ‘porPeDy ‘Set the mood for monsoon POPPED TO with crispy pakoras, PERFECTION gf € ROLL INTO. A NEW FANTAS MM ENA Enduring Value ENGAGE classmate THIS NAVRATRI, : ; Enjoy Learning AND SPREAD THE FRAGRANCE OF LOVE FMCG Others Q2 FY26 AIM. Pace Pe om emnn Paperkraft
Slide 19: FMCG Others – Q2 FY26
FMCG Others – Q2 FY26 ▪ Revenue growth momentum sustained amidst GST transition & excessive rains; Segment Revenue up 8% YoY ex-Notebooks - Staples, Dairy, Premium Personal Wash & Agarbattis drive growth - Notebooks industry continues to operate under deflationary conditions due to low-priced paper
Slide 20: FMCG Others: Segment EBITDA margin up 50 bps QoQ
Sequential improvement in FMCG Others margins continues ▪ Segment EBITDA margin up 50 bps QoQ - Prices of major commodities (viz edible oil, wheat, maida, cocoa, soap noodles etc.) remain elevated on YoY basis ▪ Businesses continued to mitigate impact through focused cost management initiatives, pre
Slide 21: Future-Ready Portfolio
Future-Ready Portfolio Recent Launches Fortifying the Core Engage EDT Addressing New Growth Absolute | Intensity Adjacencies Vectors Aashirvaad Bingo! Dark Fantasy Sunfeast Baked Creations ITC Master Chef Pink Salt |Butter & Peanut Butter Choco | Vanilla Mangaldeep Scent French Style Butter Cookies
Slide 22: Deepening Consumer Engagement
Deepening Consumer Engagement Impactful Brand Integration | 22 |
Slide 23: Clutter breaking communication
Clutter breaking communication Sharpening Value Proposition Festive Prep with Savlon | 23 |
Slide 24: Agri Business
A Enduring Value Agri Business
Slide 25: Agri Business – Q2 FY26
Agri Business – Q2 FY26 ▪ High base effect and timing difference - H1 Revenue +7% YoY & Profits +10% YoY ▪ Strong growth in Leaf tobacco exports - Crop development expertise| Superior product quality| Strong customer relationships Segment Revenue ▪ Value-added Agri portfolio relatively subdued → del
Slide 26: Paperboards, Paper & Packaging
Paperboards, Paper & Packaging | 26 |
Slide 27: Paperboards, Paper & Packaging – Q2 FY26
Paperboards, Paper & Packaging – Q2 FY26 Segment Results up 17% QoQ ▪ Performance improves sequentially with Profits ↑17% QoQ; margins ↑90 bps QoQ Segment Revenue - Low-priced supplies, subdued realisations & elevated wood prices continue to impact 2220 cr. 5.0% Industry; Initial signs of moderation
Slide 28: Financials
Financials | 28 |
Slide 29: Key Financials - Standalone
Key Financials - Standalone Q Rs. Cr. 2 Q2 FY26 Q2 FY25 GOLY P Gross Revenue 19,148 19,686 -2.7% ex Agri up 7.1% YoY Net Revenue 17,834 18,447 -3.3% EBITDA 6,252 6,123 2.1% ex Paper up 3.2% YoY PBT 6,851 6,617 3.5% PAT 5,180 4,976 4.1% CY profit includes exceptional item of Rs.88 cr. (proceeds recei
Slide 30: Key Financials – Consolidated
Key Financials – Consolidated Rs. Cr. Q2 FY26 Q2 FY25 Goly(%) Gross Revenue 21047 21387 -1.6% ex Agri up 7.9% YoY EBITDA 6695 6552 2.2% ex Paper up 3.2% YoY PBT 6979 6736 3.6% PAT 5187 4979 4.2% Total Comprehensive Income 5052 4642 8.8% Strong performance by Group companies led by ITC Infotech India
Slide 31: Segment Revenue
Segment Revenue Q2 • FMCG Others YoY Rs. cr. FY26 FY25 - Sustained growth momentum amidst GST transition & growth excessive rains – Revenue up 8% YoY excl. Notebooks Segment Revenue - Staples, Dairy, Premium Personal Wash & Agarbattis a) FMCG - Cigarettes 8723 8177 6.7% drive growth - Others 5964 55
Slide 32: Segment Results
Segment Results Q2 YoY Rs. cr. FY26 FY25 growth • Cigarettes Segment Results ‒ Leaf tobacco consumption cost remain elevated a) FMCG - Cigarettes 5241 5023 4.3% - Others 440 442 -0.3% • Moderation in leaf tobacco procurement prices Total FMCG 5681 5465 3.9% witnessed in current crop cycle b) Agri Bu
Slide 33: ITC – A Global Exemplar in Sustainability
ITC – A Global Exemplar in Sustainability | 33 |
Slide 34: Impactful Social Performance
Impactful Social Performance On-farm livelihood Off-farm livelihood ITC e-Choupal Natural Resources diversification – Afforestation diversification – Livestock Climate Smart Agriculture Management – Water 4 Million Farmers Development Over 31.7 lac* acres covered Stewardship Over 14.2 lac acres Over
Slide 35: ITC Infotech
ITC Infotech | 3535|
Slide 36: ITC Infotech
ITC Infotech Customer Centricity | Employee Centricity | Operational Excellence • Broad based growth; Healthy Total Contract Value (TCV) signings • Investments continue in capability building in strategic focus areas, sales org. & infrastructure EBITDA margin @ upper-end of mid-tier IT cos. EBITDA a
Slide 37: ITC: Enduring Value
ITC: Enduring Value A passion for in a way that is and Profitable growth... Sustainable… Inclusive. | 37 |
Slide 38: Links
Links Product/initiative Link Bingo! on Instagram https://www.instagram.com/bingo_snacks/ YiPPee! on Instagram https://www.instagram.com/sunfeast_yippee/ Aashirvaad on Instagram https://www.instagram.com/aashirvaad/ Sunfeast Dark Fantasy on Instagram https://www.instagram.com/sunfeastdarkfantasy/ Mo