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Indian conglomerate best known for cigarettes, alongside packaged foods, personal care, paperboard/packaging, agri-trading and hotels.
Indian conglomerate best known for cigarettes, alongside packaged foods, personal care, paperboard/packaging, agri-trading and hotels.
Cigarettes generate most of the profit and fund the expansion into packaged food and personal care, which sell through the same wholesale and retail network. British American Tobacco is a large shareholder. The hotels business was demerged and listed separately in early 2025.
In one line: A blend of Altria and General Mills.
Moat: narrow (brand, distribution, regulatory licence). Dominant cigarette brand portfolio and one of India's largest FMCG distribution networks.
Headquarters: Kolkata, India · Founded: 1910 · Employees: 48,637
Size ITC (ITC.NS) is an India Consumer Staples company (Tobacco) with a market value of $37.5B, the 24th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹283.15 on 6 Nov 2026.
Performance Over six months the shares fell 7.9%, against +6.5% for the median peer and 0.0% for the India market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +4.7%); the operating margin is 29.6% (peer median 25.1%).
Valuation It trades at 20.2× forward earnings against a peer median of 12.9× (most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 19.8 points above its cost of capital (13.5% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹773B | ₹786B | ₹750B | ₹677B | ₹706B |
| Revenue growth | — | +5% | +11% | -4% | — |
| Gross profit | ₹360B | ₹341B | ₹320B | ₹307B | ₹303B |
| EBITDA | ₹246B | ₹276B | ₹260B | ₹253B | ₹254B |
| Net income | ₹189B | ₹207B | ₹347B | ₹205B | ₹192B |
| Free cash flow | n/a | ₹172B | ₹164B | ₹147B | ₹174B |
| Capital expenditure | n/a | ₹21.8B | ₹22.8B | ₹35.6B | ₹27.4B |
| Total debt | ₹4.91B | ₹24.0B | ₹2.85B | ₹3.03B | ₹3.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ITC ITC.NS | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% |
| Godfrey Phillips India GODFRYPHLP.NS | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% |
| Hindustan Unilever HINDUNILVR.NS | $49.6B | -12% | +6% | 21% | 41.5× | 27.2% |
| Nestle India NESTLEIND.NS | $26.0B | -13% | +22% | 21% | 59.4× | 36.6% |
| Britannia Industries BRITANNIA.NS | $12.1B | -18% | +7% | 17% | 41.7× | 28.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ITC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.6% | +6.6% | 3rd lowest of 6 |
| 6-month return | -7.9% | +6.5% | lowest of 6 |
| Distance from 52-week high | -33.6% | -8.7% | lowest of 6 |
| Revenue growth (TTM) | -1.6% | +4.7% | lowest of 6 |
| Operating margin | 29.6% | 25.1% | 3rd highest of 6 |
| Forward P/E | 20.2× | 12.9× | most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 13.2% | -5.3% | most demanding of 6 |
| Growth delivered (Del g) | +9.8% | +2.7% | 2nd highest of 6 |
| Hurdle (Req g minus delivered) | +3.4 pp | -10.2 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | +19.8 pp | +8.4 pp | 2nd highest of 6 |
| EV / EBITDA | 13.6× | 10.4× | most expensive of 6 |
| Net debt / EBITDA | -0.8× | 1.4× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ITC ITC.NS | India | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% | +9.8% |
| Imperial Brands IMB.L | United Kingdom | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% | +2.7% |
| Japan Tobacco 2914.T | Japan | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% | +10.6% |
| KT&G 033780.KS | South Korea | $14.5B | +7% | +11% | 21% | 15.2× | -4.2% | +5.4% |
| Altria MO | United States | $127B | +13% | +2% | 75% | 12.9× | -10.9% | -0.7% |
| British American Tobacco p.l.c BATS.L | United Kingdom | $132B | -1% | +1% | 38% | 12.6× | 3.8% | -0.1% |