Itc Limited · NSE:ITC
Itc — Q2 FY27 Earnings Presentation
49 slides from Itc's earnings presentation, Nov 2, 2026
Slide 1: Cover letter to stock exchanges
2nd November, 2026 The Manager The General Manager Listing Department Dept. of Corporate Services National Stock Exchange of India Ltd. BSE Ltd. Exchange Plaza, Plot No. C-1, G Block P. J. Towers, Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai 400 001 Mumbai 400 051 Dear Sirs, Unaudited Fin
Slide 2: cc: Securities Exchange Commission, Luxembourg Stock Exchange
cc: Securities Exchange Commission Division of Corporate Finance Office of International Corporate Finance Mail Stop 3-9 450 Fifth Street Washington DC 20549 U.S.A. cc: Societe de la Bourse de Luxembourg 35A Boulevard Joseph II L-1840 Luxembourg
Slide 3: Media Statement: Financial Results for Quarter ended 30 September 2026
ITC Limited Virginia House 37 J. L. Nehru Road Kolkata, 700 071, India Tel.: 91 33 2288 9371 Fax: 91 33 2288 0655 Media Statement November 2, 2026 Financial Results for the Quarter ended 30th September, 2026 Highlights • Robust growth across all Non-Cigarette Business segments - FMCG Revenue growth
Slide 4: Media Statement: FMCG and Cigarettes highlights
- Digital-first & Organic portfolio sustains high growth trajectory; up 70+% YoY; ARR4 over Rs. 1800 cr. - NewGen channels witness robust growth on the back of sharp execution of channel-specific joint business plans, collaborations, format-based assortments and category-specific sell-out strategies
Slide 5: Macro environment and FMCG-Others
Despite these pressures, the Indian economy continued to demonstrate strength, underpinned by resilient domestic demand across rural and urban markets. However, deficient and uneven monsoons and lower reservoir levels, alongside strengthening El Niño conditions, pose risks to agricultural output and
Slide 6: Frozen snacks, Dairy and Organic portfolio
from ‘Prasuma’, the Frozen snacks portfolio straddles multiple cuisines, viz. North Indian, Pan Asian, Oriental etc. • In the Dairy category, the ‘Aashirvaad Svasti’ fresh dairy and ghee portfolio sustained its high growth trajectory, driven by best-in-class quality, differentiated product range and
Slide 7: Agri exports and Paperboards, Paper & Packaging
• Exports of Agri commodities remain impacted by West Asia conflict-led disruptions, including delayed customer call-offs, constrained availability of shipping lines and sharp escalation in ocean freight - Market development initiatives in new geographies being stepped up. • Exports of Nicotine & Ni
Slide 8: Sustainability recognition and results links
Company achieved a ‘Leadership Level’ score of ‘A’ for CDP Forest, earning inclusion in the ‘A List’ in its first year of participation. The Company’s infrastructure facilities continue to set new benchmarks of sustainability. Till date, 9 units of the Company have achieved Platinum level certificat
Slide 9: Q2 FY27 Results
Q2 FY27 Results 2nd November, 2026 |1|
Slide 10: 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 11: Macro Economic Context
Macro Economic Context |3|
Slide 12: Global Growth moderating, India Remains Resilient
Global Growth moderating, divergences remain across Economies India Remains Resilient (%) FY27 ▪ Geopolitical disruptions & Rising commodities prices offset by ▪ India Remains Resilient | Upward revision in growth estimates AI-led investments ▪ West Asia led disruptions, imported inflation & El Niño
Slide 13: Renewed escalation in West Asia: Heightened Uncertainty
Geopolitics + Renewed escalation in West Asia → Heightened Uncertainty, Trade Disruptions, Inflationary pressures Heightened Uncertainty Global Inflation rising… to remain elevated (YoY%) Brent Crude Oil Prices escalating… again ($/bbl) Uncertainty Index US 10Y Yield tops 5% → at 20-yr high Spike in
Slide 14: Weakest Monsoon in 10 years
Weakest Monsoon in 10 years State-wise rainfall Vs. LPA (June-Sept period) Sharp rise in WPI inflation – Food & Fuel (YoY%) 47% of India noted drought-like or abnormally dry conditions (LY: 15%) Key Watch-Outs Agri Output | Inflation INR at record lows Source: IMD | MOSPI | Investing.com | indiadrou
Slide 15: Macro Economic Environment
Macro Economic Environment Key Heightened Key Positives Uncertainty Monitorables Stable growth outlook Strong Public Capex Inflation Geopolitical Rural Incomes + Consumer disruptions Resilient Domestic Improving Private Sentiment Foodgrain Output Demand Capex momentum Trade Barriers Strategic Strong
Slide 16: Headline Financials & Business Highlights
Q2 FY27 Results Headline Financials & Business Highlights |8|
Slide 17: Key Highlights: Q2 FY27
Robust growth across Key Highlights: Q2 FY27 Non-Cigarette Segments Standalone Consolidated Net Revenue Overall ▲ 3% ▲ 5% FMCG Others Segment ▲ 16% ▲ 19% Non-Cigarette Segments ▲ 18% ▲ 20% EBITDA Overall ▼ 17% ▼ 16% Non-Cigarette Segments ▲ 23% ▲ 22% |9|
Slide 18: Key Highlights: FMCG Others
FMCG Revenue growth Key Highlights at 14 Quarter High ▪ FMCG Others: 4th consecutive quarter of double-digit Revenue Growth ̶ Consolidated Revenue up 19% YoY (LTL: 17.3%, ex-Atta 23%) ̶ Biscuits, Snacks, Noodles, Spices, Salt, Frozen Snacks, Homecare & Notebooks (20%+ growth) | Dairy & Personal Wash
Slide 19: Key Highlights: Cigarettes and Agri
Cigarettes: Navigating Tax Increase Key Highlights Agri: Robust growth ▪ Cigarettes: Focused execution of strategic & calibrated response to navigate the unprecedented tax increase, balancing the interests of all stakeholders; improvement in QoQ performance ̶ Legal industry volumes remain under pres
Slide 20: Key Highlights: Paper and Fresh Food
Paper: Strong Recovery momentum Key Highlights Fresh Food: Robust trajectory ▪ Paperboards, Paper and Packaging: Strong recovery momentum; Revenue up 36% YoY; PBIT up 48% YoY ̶ CPP acquisition completed on 1st Aug’2026 ▪ LTL Seg. Revenue up 10%; Seg. PBIT up 52%; Margin expands 320 bps ̶ Improving d
Slide 21: FMCG Cigarettes
FMCG Cigarettes Gross Revenue: +78% Net Revenue: -21% Results: -27% | 13 |
Slide 22: Navigating Tax Increase
FMCG Cigarettes – Q2 FY27 Unprecedented increase in tax Navigating Tax Increase Calibrated Response Powerful Trademarks Re-architecting portfolio Execution Speed & Agility Insight | Innovation Minimise disproportionate Multiple interventions in Leverage strong TMs, width & Introduction of value loss
Slide 23: Reinforcing market standing
FMCG Cigarettes Reinforcing market standing Innovation Portfolio Fortification ▪ Classic & Gold Flake World Series ▪ Gold Flake ▪ Bristol ▪ Scissors ▪ Gold Flake Indie Paan Sleek ▪ Classic ▪ Players & Wave ▪ Flake Special ▪ Players Magic Mix Recent Introductions / New Variants Classic Gold Flake Ame
Slide 24: FMCG Others
FMCG Others Standalone Consolidated Revenue: +16% +19% Results: +28% +31% | 16 |
Slide 25: FMCG Others: Revenue growth
Revenue growth FMCG Others at 14 Quarter High ▪ Robust Consolidated Revenue growth of 19% YoY (LTL: 17.3%, ex-Atta 23%) - Biscuits, Snacks, Noodles, Spices, Salt, Frozen Snacks, Homecare & Notebooks (20%+) | Personal Wash & Dairy (high-teens) - Sustained growth momentum in NewGen channels - Strong p
Slide 26: FMCG Others: EBITDA margin expands
FMCG Others Segment PBIT up 28% YoY ▪ EBITDA Margin expands over 50 bps YoY and QoQ - Sharp input cost escalation across categories • Portfolio mix enrichment | Cost management initiatives | Calibrated pricing actions - Trade & marketing investments sustained at competitive levels towards supporting
Slide 27: Future-Ready Portfolio and Recent Launches
Future-Ready Portfolio Recent Launches Fortifying the Core Sunfeast Farmlite Sunrise Engage Mangaldeep Protein Oats & Almonds Cookies Dehati Chicken | Kadai Paneer | Fish Norohinkopaat Temple Sandal Gold Brazilian Maracuja Cognac | Wine Addressing Adjacencies Aashirvaad Sunfeast Dark Fantasy Aashirv
Slide 28: Impactful Brand Integration
Impactful Brand Integration | 20 |
Slide 29: Clutter-breaking Communication
Clutter-breaking Communication Flavour-Led Portfolio Expansion Activating the Festive Opportunities | 21 |
Slide 30: Agri Business
MM ENA Enduring Value Agri Business ITCMAARS a mena *® © & = ‘SEE VIDEOS FROM ‘OTHER FARMERS. wae ater at we
Slide 31: Agri Business: Robust growth despite disruptions
Robust growth despite Agri Business West Asia led disruptions ▪ Strong growth in VAAP* driven by Spices and Fruits & Vegetables Segment Revenue ▪ Leaf Tobacco 4452 cr. 12.0% - Lower domestic demand a/c unprecedented tax increase on Cigarettes - Exports perform well → Strong customer relationships I
Slide 32: Paperboards, Paper & Packaging
Paperboards, Paper & Packaging | 24 |
Slide 33: Paperboards, Paper & Packaging: Strong Recovery Momentum
Strong Recovery Momentum Paperboards, Paper & Packaging LTL NTO ↑10% | Profits ↑52% ▪ Improving demand scenario; Pricing actions mitigate severe inflation in input costs ▪ Robust traction continues in anchor grades of value-added paperboards & exports Segment Revenue ▪ MIP on virgin multi-layered pa
Slide 34: Fresh Food Business
MM ENA Enduring Value Fresh Food Business Baked Creations
Slide 35: Fresh Food Business: Robust growth trajectory
Fresh Food Business Robust growth trajectory ▪ Full-stack platform → Being progressively introduced across India Pure Veg Home Style Indian ― Robust GMV growth of 53% YoY; ARR crosses 320 cr. ― Network extended to 80+ cloud kitchens; 7 new kitchens opened during Q2 ― ‘Prasuma Chilli Chow’ introduced
Slide 36: Financials
Financials | 28 |
Slide 37: Key Financials – Standalone – Q2 FY27
Key Financials – Standalone – Q2 FY27 Rs. Cr. Q2 FY27 Q2 FY26 GOLY Gross Revenue 28,152 19,208 46.6% Net Revenue 18,449 17,893 3.1% EBITDA 5,160 6,250 -17.4% PBT (bei) 5,507 6,759 -18.5% Exceptional Item -26 88 PBT 5,482 6,847 -19.9% PAT 4,137 5,176 -20.1% Exceptional items: CY: Expenses incurred in
Slide 38: Key Financials – Consolidated – Q2 FY27
Key Financials – Consolidated – Q2 FY27 Rs. Cr. Q2 FY27 Q2 FY26 Goly(%) Gross Revenue 30431 21047 44.6% Net revenue 20454 19455 5.1% EBITDA 5645 6695 -15.7% PBT (bei) 5720 6891 -17.0% Strong performance by Group entities PAT (bei) 4249 5121 -17.0% ITC Infotech, SNPL, Sproutlife and ITCHL Exceptional
Slide 39: Segment Revenue
Strong growth of 18% Segment Revenue in Non-Cigarette Businesses Q2 • Cigarettes: YoY - Net Revenue ↓21% YoY Rs. cr. FY27 FY26 growth Segment Revenue • FMCG Others a) FMCG - Cigarettes 15,536 8,723 78.1% - Biscuits, Snacks, Noodles, Spices, Salt, Frozen, Homecare - Others 6,967 6,024 15.7% & Noteboo
Slide 40: Segment Results
Robust growth of 24% Segment Results in Non-Cigarette Businesses Q2 YoY Rs. cr. FY27 FY26 growth • Cigarettes Segment Results ‒ Calibrated approach leading to QoQ improvement a) FMCG - Cigarettes 3,813 5,241 -27.2% in performance - Others 558 437 27.8% Total FMCG 4,372 5,678 -23.0% • FMCG Others b)
Slide 41: ITC – A Global Exemplar in Sustainability
ITC – A Global Exemplar in Sustainability | 33 |
Slide 42: Impactful Social Performance
Impactful Social Performance Pathway 1: Conserving Natural Resource Ecosystems and Enhancing Resilience of Agriculture & Allied Livelihoods ITC e-Choupal On-farm livelihood diversification Off-farm livelihood diversification Water Stewardship Climate Smart Agriculture (CSA) 4 Million Farmers – Affor
Slide 43: Sustainability 2.0 and Targets 2030
Sustainability 2.0 Sustainability Targets 2030 REDUCE I RECYCLE I RESTORE Raising the Bar Strategic Interventions to Combat Climate Change Renewable Specific GHG Recyclable Plastic Plastic Energy Emissions Packaging Neutrality De-Carbonisation Climate Adaptation and 100% Resilience 50% 50% 100% Coll
Slide 44: Sustainability – Highlights
Sustainability – Highlights • 9 ITC Units have received AWS (Alliance for Water Stewardship) Platinum certification • ~51% energy from renewable sources in FY26. • Sustained Plastic Neutrality in FY26 (fifth year in a row) in line with EPR requirements. • More than 1000 suppliers, including 100% cri
Slide 45: ITC Infotech
ITC Infotech | 3737|
Slide 46: ITC Infotech: Robust growth trajectory sustained
Robust growth ITC Infotech trajectory sustained Q2'27 highlights Revenue Adj. EBITDA^ Rs. 1,387 cr. Revenue | US$ 145 Mn Rs.cr. H1 YoY +17.4% Rs.cr. H1 YoY +20.3% CC +8.8% —●— Margin % 18.4% 700 18.4% 18.0% Adj. EBITDA margin^ 600 2,698 500 2,299 497 Revenue Growth 400 413 Reported CC 300 YoY 18.5%
Slide 47: ITC Infotech: Geography, vertical, service line
ITC Infotech Geography Vertical Service line CPG, Retail & Mfg Next Gen 58.3% Enterprise IT Americas 24.0% 61.0% BFSI 15.2% Industry 4.0 Europe 44.7% 20.6% Travel & Hosp. 13.3% RoW 31.3% Cloud, Data & AI Others 13.2% 18.4% 12 48.0% 13,202 86.9% 13.3% Utilisation Voluntary US$10 Mn+ clients Top 10 cl
Slide 48: ITC: Enduring Value
ITC: Enduring Value A passion for in a way that is and Profitable growth... Sustainable… Inclusive. | 40 |
Slide 49: 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