ITC Q4 Results: Net profit beats estimates; cigarette and FMCG businesses drive strong revenue growth
Sarthak Kumar
ITC Ltd reported a strong set of earnings for the quarter ended March 31, 2026, with profit and EBITDA coming in ahead of analyst estimates, supported by healthy growth in its cigarette and FMCG businesses.
The company posted revenue from operations of ₹21,694.67 crore in Q4 FY26, compared with ₹18,494.55 crore reported in the corresponding quarter last year, reflecting a growth of 17.3% year-on-year.
Net profit from continuing operations stood at ₹5,113.36 crore during the March quarter, up 4.9% from ₹4,874.93 crore reported in Q4 FY25. The figure was ahead of analyst estimates of ₹4,995 crore.
Operationally, EBITDA came in at ₹6,426 crore during the quarter compared with ₹5,987 crore in the year-ago period, registering a growth of 7.3% YoY. EBITDA also surpassed analyst estimates of ₹6,275 crore.
However, EBITDA margin moderated to 29.6% from 32.4% reported in the corresponding quarter last year and came below analyst expectations of 34.3%.
Profit before tax from continuing operations stood at ₹6,693.92 crore during Q4 FY26 against ₹6,417.07 crore reported in the corresponding quarter last year.
Cigarette and FMCG businesses remain key growth drivers
ITC’s FMCG-cigarettes segment reported revenue of ₹11,066.02 crore during the quarter, sharply higher than ₹8,399.61 crore reported in Q4 FY25.
The FMCG-others segment, which includes packaged foods, personal care and education products, reported revenue of ₹6,303.73 crore compared with ₹5,494.63 crore a year ago.
Total FMCG segment revenue stood at ₹17,369.75 crore during the quarter against ₹13,894.24 crore reported in the corresponding period last year.
On the profitability front, FMCG-cigarettes segment PBT came in at ₹5,488.16 crore compared with ₹5,117.86 crore in Q4 FY25, while FMCG-others segment PBT rose to ₹520.74 crore from ₹344.89 crore.
Total FMCG segment PBT stood at ₹6,008.90 crore during the March quarter, compared with ₹5,462.75 crore reported a year ago.
The agri business segment reported revenue of ₹3,074.86 crore against ₹3,649.16 crore in Q4 FY25, while segment PBT came in at ₹179.48 crore compared with ₹255.06 crore.
Paperboards, paper and packaging business revenue stood at ₹2,227.52 crore compared with ₹2,187.62 crore a year ago. Segment PBT for the business improved to ₹245.15 crore from ₹202.23 crore reported last year.
Expenses and margins
Among major cost heads, cost of materials consumed stood at ₹6,528.21 crore, while excise duty came in at ₹5,644.20 crore during the quarter.
Employee benefit expenses were reported at ₹922.02 crore, while other expenses stood at ₹2,927.78 crore. Depreciation and amortisation expenses came in at ₹362.44 crore.
Disclaimer: This article is based on the company’s exchange filing, analyst estimates and publicly available financial disclosures. It does not constitute investment advice.