ITC Q2 results: standalone net profit falls 20.1% to Rs 4,137.12 crore

ITC Limited reported a standalone net profit of Rs 4,137.12 crore for the quarter ended 30 September 2026, 20.1% lower than the Rs 5,175.70 crore it earned in the same quarter a year earlier. The board approved the unaudited results on 2 November 2026, according to the company's filing with the stock exchanges. Revenue from operations rose 45.7% to Rs 28,317.67 crore from Rs 19,441.50 crore.

What Happened

Against the previous quarter, ended 30 June 2026, standalone net profit rose 15.6% from Rs 3,578.82 crore, and revenue from operations rose 5.1% from Rs 26,943.23 crore. Earnings per share for the quarter were Rs 3.30, against Rs 4.13 a year earlier. For the six months ended 30 September 2026, net profit was Rs 7,715.94 crore, down 23.5% from Rs 10,086.43 crore.

The filing says the revenue figures reflect a sharp increase in excise duty. After the GST Compensation Cess expired, the Government of India raised GST and central excise duty on cigarettes from 1 February 2026. Excise duty is not excluded from gross revenue, so gross revenue and excise duty are "not strictly comparable" with earlier periods, the filing says. Excise duty for the quarter was Rs 9,916.65 crore, against Rs 1,360.74 crore a year earlier.

The cigarettes segment's result fell 27.2% to Rs 3,813.45 crore. The other FMCG businesses rose 27.8% to Rs 558.30 crore, agri business rose 11.2% to Rs 510.67 crore, and paperboards, paper and packaging rose 47.6% to Rs 281.93 crore.

ITC completed its acquisition of the pulp and paper business of Aditya Birla Real Estate Limited, operated as Century Pulp and Paper, on 1 August 2026, and the filing records Rs 25.66 crore of related expenses as an exceptional item. The board also approved a scheme to merge Sproutlife Foods Private Limited, now a wholly owned subsidiary, into ITC, subject to approvals.

What It Means

The filing shows profit falling even as revenue rose, with the cigarettes segment's result lower than a year earlier while the other FMCG, agri and paper segments' results were higher. The figures above are from the standalone statement; the filing also reports consolidated results. Because the paper business is included only from 1 August 2026, the filing says the results and that segment's figures are not comparable with previous periods.

Source: NSE filing: ITC results, quarter ended 30 September 2026