ITC Q1 PAT Down 27% YoY, FMCG Up 12%

Date: 31st July, 2026

Gross Revenue: ₹26,794 crore (up 28.1% YoY from ₹20,922 crore)
Net Revenue: ₹16,812 crore (down 14.4% YoY from ₹19,635 crore); ex-Agri business down 6% YoY
EBITDA: ₹4,514 crore (down 27.9% YoY from ₹6,261 crore)
PBT: ₹4,759 crore (down 27.3% YoY from ₹6,543 crore)
PAT: ₹3,579 crore (down 27.1% YoY from ₹4,911 crore)

Net Revenue: ₹18,955 crore (down 11.0% YoY from ₹21,304 crore); ex-Agri business down 2% YoY
EBITDA (before exceptional items): ₹5,181 crore (down 24.0% YoY from ₹6,816 crore)
PBT (before exceptional items): ₹5,455 crore (down 23.5% YoY from ₹7,128 crore)
PAT (before exceptional items): ₹4,103 crore (down 23.2% YoY from ₹5,343 crore)
Exceptional Items: Gain of ₹406 crore from remeasurement of pre-existing interest in Sproutlife Foods Private Limited
PBT (after exceptional items): ₹5,861 crore (down 17.8% YoY from ₹7,128 crore)
PAT (after exceptional items): ₹4,509 crore (down 15.6% YoY from ₹5,343 crore)

FMCG Cigarettes: ₹15,384 crore (up 81% YoY from ₹8,520 crore)
FMCG Others: ₹6,482 crore (up 12% YoY from ₹5,787 crore); ex-Staples up 16% YoY
Agri Business: ₹8,082 crore (down 17% YoY from ₹9,685 crore); underlying Revenue up 9% YoY adjusting for timing difference and West Asia disruptions
Paperboards, Paper & Packaging: ₹2,307 crore (up 9% YoY from ₹2,116 crore)
Others: ₹97 crore (up 41% YoY from ₹69 crore)
Total Segment Revenue: ₹32,352 crore (up 24% YoY from ₹26,177 crore)
Inter-Segment Revenue: ₹5,557 crore (up 6% YoY from ₹5,255 crore)

Delivered robust performance with Revenue up 12% YoY (ex-Staples up 16% YoY) and PBIT up 21% YoY
Dairy, Snacks, Noodles and Frozen Snacks led with 20%+ growth
Personal Care Products recorded mid-teens growth
Atta performance tempered by transient factors including heat waves, LPG shortage and benign wheat prices
Notebooks Business registered strong rebound
Segment EBITDA margin improved 55 bps YoY (ex-Sresta)
Digital-first & Organic portfolio (Yogabar, 24 Mantra, Prasuma & Meatigo, Mother Sparsh) sustained high-growth trajectory with ARR of approximately ₹1,500 crore
NewGen channels (e-Commerce, Quick Commerce, Modern Trade) witnessed robust growth

'Aashirvaad' Atta consolidated leadership position; value-added portfolio posted healthy growth
Launched 'Aashirvaad Chana Sattu' in select markets
'Aashirvaad' Salt sustained strong growth momentum
'Sunrise' Spices enhanced market standing; launched 'Sunrise Sattu Masala'
'Sunfeast' Biscuits and Cakes recorded resilient performance
'YiPPee!' Noodles delivered robust volume-led growth, sustaining market standing as strong No. 2 brand
'Bingo!' Snacks registered robust growth; introduced 'Bingo! Churros'
'ITC Master Chef' range of Frozen snacks grew at accelerated pace with 80+ products
'Aashirvaad Svasti' fresh dairy portfolio recorded robust growth in Bihar, West Bengal and Jharkhand
Beverages category registered strong growth; launched 'B Natural Coconut Cola' and Sunfeast Berry and Mango smoothies
'24 Mantra' organic products posted robust growth; integration completed during quarter

Recorded strong growth; fortified portfolio with new variants of 'Anushri 3 in 1'

Implemented strategic and calibrated response to unprecedented increase in tax
Over 30 interventions implemented to re-architect and fortify product portfolio
Staggered and agile pricing actions to mitigate risk of volume migration to illicit trade while protecting consumer franchise
Focused execution with speed and agility to enhance market responsiveness

Performance reflects impact of West Asia conflict led trade disruptions and high base (2 Yr. CAGR +8%)
Underlying Revenue up 9% YoY, adjusting for timing difference of wheat business and West Asia disruptions
Strong growth in Value-added Agri products (VAAP) driven by Spices and Fruits & Vegetables
Indian Leaf Tobacco Business impacted by lower domestic demand, subdued global offtake and delayed call offs
Provided strategic sourcing support to Foods Business; 95% of wheat for Aashirvaad Atta secured
Direct sourcing from FPOs through ITCMAARS scaled to about 40% of wheat sourced
Nicotine and Nicotine derivative exports scaled up; business turned PBIT positive in last 2 quarters

Sustained strong recovery momentum with Revenue up 9% YoY and PBIT up 38% YoY
Segment PBIT margin expanded 200 bps
Strong performance in anchor grades of value-added products, sustainable paperboards & packaging and exports
Broad based improvement in net realisations; wood cost moderated YoY
Robust growth in both Flexibles and Cartons packaging portfolio
Minimum Import Price (MIP) on Virgin Multi-layer Paperboard extended till 30th September 2026
Directorate General of Trade recommended imposition of Anti-dumping Duties on supplies from Indonesia

Continued robust growth trajectory with GMV growth of 90% YoY
ARR crossed ₹300 crore
Kitchen footprint expanded to 75 cloud kitchens across 5 cities
Operating under 4 brands: 'ITC Master Chef Creations', 'ITC Aashirvaad Soul Creations', 'ITC Sunfeast Baked Creations' & 'Sansho by ITC Master Chef'

Sustained global indices: 'water positive' (24 years), 'carbon positive' (21 years), 'solid waste recycling positive' (19 years)
Sustained 'AA' rating by MSCI-ESG for 8th successive year
Included in Dow Jones Best-in-Class (DJ BIC) Emerging Markets Index
CDP Water: 'A' rating 'Leadership Level'
CDP Climate: 'Leadership Level' score of 'A-'
CDP Forest: 'Leadership Level' score of 'A' in first year of participation
9 units achieved Platinum level certification under Alliance for Water Stewardship (AWS) Standard

Q1 FY27 marked by heightened uncertainty due to ongoing conflict in West Asia
Sharp increase & volatility in price of crude oil & crude-linked products
Significant trade & supply chain disruptions
India experiencing significant deficit in monsoon and lower Kharif sowing levels
Protracted conflict in West Asia and emerging El Niño conditions could weigh on growth, inflation and Current Account

Board of Directors approved the financial results for the quarter ended 30th June 2026 on 31st July 2026

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