ITC Q2 FY27 Results: Consolidated Net Profit ₹4,229 Crore on Total Income of ₹31,086 Crore
- Earnings
- FMCG and diversified
Reviewed byKeshav SehgalBlacklitt Research
ITC (NSE: ITC) reported consolidated total income of ₹31,085.76 crore and net profit of ₹4,229.33 crore for the quarter ended 30 Sep 2026, it said in a filing on 02 Nov 2026. Standalone total income was ₹29,125.19 crore and standalone net profit ₹4,137.12 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹31,085.76 crore, up 42.3% YoY and 3.0% QoQ
- Net profit: ₹4,229.33 crore, down 18.5% YoY and 6.2% QoQ
- EPS: ₹3.32 basic, against ₹4.09 a year earlier
- Exceptional items: ₹25.66 crore expense in the quarter, from the Century Pulp and Paper acquisition
Standalone
The company on its own, without its subsidiaries
- Total income: ₹29,125.19 crore, up 43.2% YoY and 5.6% QoQ
- Net profit: ₹4,137.12 crore, down 20.1% YoY and up 15.6% QoQ
- EPS: ₹3.30 basic, against ₹4.13 a year earlier
- FMCG-Others EBITDA: ₹722.86 crore, against ₹593.45 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 31,085.76 | 21,840.26 | +42.3% | 30,179.01 | +3.0% | |
| Revenue from operations | 30,578.40 | 21,255.86 | +43.9% | 29,523.30 | +3.6% |
| Other income | 507.36 | 584.40 | -13.2% | 655.71 | -22.6% |
| 4,229.33 | 5,186.55 | -18.5% | 4,508.79 | -6.2% | |
| Profit before tax | 5,694.62 | 6,978.68 | -18.4% | 5,860.85 | -2.8% |
| Finance costs | 38.27 | 20.05 | +90.9% | 39.78 | -3.8% |
| Depreciation | 490.60 | 434.80 | +12.8% | 427.73 | +14.7% |
| Tax expense | 1,465.29 | 1,792.13 | -18.2% | 1,352.06 | +8.4% |
| Net profit margin | 13.61% | 23.75% | -10.14 pp | 14.94% | -1.33 pp |
| EPS, basic (₹) | 3.32 | 4.09 | -18.8% | 3.51 | -5.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income rose 42.3% YoY, but net profit fell 18.5%, so the profit margin narrowed from 23.75% to 13.61%. Revenue from operations grew 43.9% while other income fell 13.2%, and the filing ties the year-on-year comparison to a change in how excise duty is reported.
The filing says that after GST Compensation Cess expired, GST and Central Excise duty on cigarettes rose from 1 Feb 2026, and that gross revenue and excise duty for the quarter and the six months are not strictly comparable with earlier periods.
Finance costs of ₹38.27 crore are 0.1% of total income, up 90.9% from ₹20.05 crore. Tax expense of ₹1,465.29 crore is 25.7% of consolidated profit before tax of ₹5,694.62 crore.
Net profit attributable to owners of the parent was ₹4,168.40 crore, against ₹5,126.11 crore a year earlier, and ₹60.93 crore was attributable to non-controlling interests. The quarter's exceptional item was a ₹25.66 crore expense linked to the Century Pulp and Paper acquisition, while the year-earlier quarter carried a ₹88.08 crore insurance settlement gain.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 29,125.19 | 20,340.97 | +43.2% | 27,588.56 | +5.6% | |
| Revenue from operations | 28,317.67 | 19,441.50 | +45.7% | 26,943.23 | +5.1% |
| Other income | 807.52 | 899.47 | -10.2% | 645.33 | +25.1% |
| 4,137.12 | 5,175.70 | -20.1% | 3,578.82 | +15.6% | |
| Profit before tax | 5,481.75 | 6,847.35 | -19.9% | 4,759.41 | +15.2% |
| Finance costs | 31.76 | 16.76 | +89.5% | 33.78 | -6.0% |
| Depreciation | 427.85 | 373.58 | +14.5% | 366.48 | +16.7% |
| Tax expense | 1,344.63 | 1,671.65 | -19.6% | 1,180.59 | +13.9% |
| Net profit margin | 14.20% | 25.44% | -11.24 pp | 12.97% | +1.23 pp |
| EPS, basic (₹) | 3.30 | 4.13 | -20.1% | 2.86 | +15.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 20.1% YoY, slightly more than the 19.9% fall in profit before tax, while total income rose 43.2%. Standalone net profit rose 15.6% QoQ, faster than total income, which rose 5.6%.
Other income of ₹807.52 crore is 2.8% of standalone total income and 14.7% of profit before tax of ₹5,481.75 crore. Standalone tax expense of ₹1,344.63 crore is 24.5% of profit before tax.
Standalone FMCG-Others EBITDA was ₹722.86 crore for the quarter, against ₹593.45 crore a year earlier. The filing does not give the reason for the fall in standalone net profit beyond the exceptional item and the excise changes.
Consolidated net profit of ₹4,229.33 crore is ₹92.21 crore higher than standalone.
The six-month consolidated exceptional items of ₹380.22 crore include a ₹405.88 crore gain on remeasuring the existing stake in Sproutlife Foods Private Limited, recorded in the quarter ended 30 Jun 2026. Sproutlife became a subsidiary from 1 Apr 2026 and a wholly owned subsidiary from 28 Sep 2026.
Inference
The Board approved a Scheme of Amalgamation of Sproutlife Foods Private Limited with the company, subject to necessary approvals, under Sections 230 and 232 of the Companies Act, 2013. The filing says no effect of the scheme has been given in these results.
The company paid dividends of ₹10,023.57 crore standalone and ₹10,026.20 crore consolidated in the half year. The filing does not state the dividend record date or the per-share dividend for the period, and it does not state the cash consideration or valuation basis for the Century Pulp and Paper acquisition.
Filed with BSE on . Reference: Original filing (PDF)
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