ITC Detailed 2026 forecast read here
ITC is a leading Indian company that makes and sells many products; its products include food items, personal care products, notebooks, and stationery. The company also runs hotels, paper and packaging businesses, farming-related services, and IT services. It started as a tobacco company, but later expanded into many different businesses. Today, it is one of India’s largest companies and is known for its strong brands, quality products, support for farmers, and focus on sustainable growth.
ITC Company Overview
ITC was founded in 1910 and is situated in Kolkata, and is led by Chairman and Managing Director Sanjiv Puri. It is one of the biggest companies in India and works in many businesses, including food and personal care products, farming-related businesses, hotels, paper and packaging, and IT services. It also operates hotels, supports millions of farmers through its agri-business activities, and provides technology services through ITC Infotech. It started as a tobacco company but later expanded into many different industries. Today, it is known for its trusted brands, quality products, environmental efforts, and important contribution to India’s economy.
ITC Latest Results
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
| Equity Capital | 1,243 | 1,248 | 1,251 | 1,253 |
| Reserves | 67,912 | 73,259 | 68,779 | 71,254 |
| Borrowings + | 306 | 303 | 285 | 2,399 |
| Other Liabilities + | 16,370 | 16,944 | 17,688 | 18,886 |
| Total Liabilities | 85,831 | 91,754 | 88,003 | 93,792 |
| Fixed Assets + | 25,851 | 27,820 | 21,955 | 22,545 |
| CWIP | 3,003 | 2,861 | 1,091 | 1,499 |
| Investments | 29,415 | 31,114 | 34,720 | 38,128 |
| Other Assets + | 27,561 | 29,959 | 30,237 | 31,620 |
| Total Assets | 85,831 | 91,754 | 88,003 | 93,792 |
ITC Revenue Growth
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
| Sales + | 70,919 | 67,932 | 75,323 | 78,868 |
| Expenses + | 45,215 | 42,744 | 49,484 | 51,550 |
| Operating Profit | 25,704 | 25,188 | 25,839 | 27,318 |
| OPM % | 36% | 37% | 34% | 35% |
| Other Income + | 2,098 | 3,330 | 17,795 | 2,511 |
| Interest | 78 | 39 | 45 | 85 |
| Depreciation | 1,809 | 1,518 | 1,646 | 1,711 |
| Profit before tax | 25,915 | 26,961 | 41,943 | 28,033 |
| Tax % | 25% | 23% | 16% | 25% |
| Net Profit + | 19,477 | 20,751 | 35,052 | 21,018 |
| EPS in Rs | 15.44 | 16.39 | 27.77 | 16.51 |
| Dividend Payout % | 100% | 84% | 52% | 88% |
ITC Business Analysis
It operates in many different sectors. This helps the company earn income from multiple sources and reduces its dependence on any one business. The company sells everyday consumer products, runs hotels, exports agricultural products, manufactures paper and packaging materials, and provides IT services. Its cigarette business also contributes a large share of its profits. The company continues to introduce new products and focuses on environmentally friendly business. Its strong business structure and multiple revenue sources help support its long-term growth and stability.
The company was started as Imperial Tobacco Company of India Limited. At first, the company mainly worked in the tobacco business. As time passed, it expanded into many other industries and reduced its dependence on tobacco. The company entered businesses such as consumer products, hotels, paper and packaging, agriculture, and IT services. This helped the company to earn money from different sources and build a stronger business. In June 2026, its share price target would be ₹324, as per stock market analysts.
According to stock market analysts, its share price would be between ₹260 to ₹324 in June 2026.
| Month/Year | Minimum Price | Maximum Price |
| June 2026 | 260 | 324 |
It runs multiple businesses, which helps it earn income from multiple sources. This is useful because if one business grows slowly, other businesses can help support the company. Its main businesses include consumer products, hotels, agriculture, paper and packaging, and information technology services. The company remain strong and stable even when market conditions change. In July 2026, its share price target would be ₹333, as per stock market analysts.
According to stock market analysts, its share price would be between ₹256 to ₹333 in July 2026.
| Month/Year | Minimum Price | Maximum Price |
| July 2026 | 256 | 333 |
It makes and sells many products that people use in their daily lives. Its products are available in cities, towns, and villages across India through a large sales and distribution network. The consumer products business has helped the company grow beyond its tobacco operations. It regularly introduces new products and improves existing ones to meet customer needs. In August 2026, its share price target would be ₹360, as per stock market analysts.
According to stock market analysts, its share price would be between ₹270 to ₹360 in August 2026.
| Month/Year | Minimum Price | Maximum Price |
| August 2026 | 270 | 360 |
The company buys agricultural products from farmers and helps them use better farming methods and modern technology. It also helps farmers get better access to markets where they can sell their products. This support helps farmers increase their income and improve productivity. It also exports agricultural products to other countries, which helps strengthen India’s export business. In September 2026, its share price target would be ₹387, as per stock market analysts.
According to stock market analysts, its share price would be between ₹287 to ₹387 in September 2026.
| Month/Year | Minimum Price | Maximum Price |
| September 2026 | 287 | 387 |
It runs some of India’s well-known hotels and provides quality hospitality services. Its hotels offer comfortable rooms, restaurants, meeting facilities, and other services for travellers. The company focuses on providing a good customer experience and maintaining high service standards. The hotel business gives it another source of income and helps strengthen its reputation. In October 2026, its share price target would be ₹400, as per stock market analysts.
According to stock market analysts, its share price would be between ₹300 to ₹400 in October 2026.
| Month/Year | Minimum Price | Maximum Price |
| October 2026 | 300 | 400 |
The company invests in research and development to create better products and services. The company studies customer preferences and market trends to understand what people want. The company also uses new ideas and technology to improve manufacturing, packaging, and business operations. Its focus on innovation helps the company to stay competitive and continue growing in different industries. In November 2026, its share price target would be ₹442, as per stock market analysts.
According to stock market analysts, its share price would be between ₹324 to ₹442 in November 2026.
| Month/Year | Minimum Price | Maximum Price |
| November 2026 | 324 | 442 |
Today, it works in consumer products, agriculture, hotels, paper and packaging, information technology, and other businesses. The company focuses on quality, innovation, sustainability, and community development. Its presence in different industries helps reduce risk and supports long-term growth. The company continues to be one of India’s leading companies with a strong business foundation and a trusted reputation. In December 2026, its share price target would be ₹476, as per stock market analysts.
According to stock market analysts, its share price would be between ₹350 to ₹476 in December 2026.
| Month/Year | Minimum Price | Maximum Price |
| December 2026 | 350 | 476 |
| Month/Year | Minimum Price | Maximum Price |
| June 2026 | 260 | 324 |
| July 2026 | 256 | 333 |
| August 2026 | 270 | 360 |
| September 2026 | 287 | 387 |
| October 2026 | 300 | 400 |
| November 2026 | 324 | 442 |
| December 2026 | 350 | 476 |
Bull Case & Bear Case
Bull Case:
- This company increased its revenue from ₹74,653 crore in FY24 to ₹80,943 crore in FY25.
- Its net profit increased from ₹20,422 crore in FY24 to ₹34,747 crore in FY25, showing strong profit growth.
- The company achieved gross revenue growth of 10.2% in FY25.
- It declared a total dividend of ₹14.35 per share for FY25, giving good returns to shareholders.
- The company generated an operating cash flow of more than ₹22,000 crore during FY25, showing strong cash generation.
- ITC has a market value of over ₹5.5 lakh crore, making it one of the biggest companies in India.
- The FMCG business recorded revenue of more than ₹21,000 crore in FY25.
- The hotel’s business got its highest-ever revenue and profit during FY25.
- The company has maintained a return on equity of around 25% or higher, showing efficient use of shareholder money.
Bear Case:
- More than 70% of the company’s profit is estimated to come from its cigarette business, which means it still depends heavily on one segment.
- Cigarettes contribute around 35%–40% of total revenue but generate most of the company’s profits.
- Growth in cigarette sales is usually low, which may limit future growth.
- The FMCG business generates more than ₹21,000 crore in annual revenue, but its profit margins are much lower than the cigarette business.
- Revenue grew by around 8.4% in FY25, which is lower than the growth rate of many fast-growing companies.
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
| FIIs + | 40.53% | 40.17% | 39.87% | 37.98% | 37.39% | 36.11% | 34.83% |
| DIIs + | 44.59% | 44.91% | 45.19% | 46.91% | 47.41% | 48.90% | 49.15% |
| Government + | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
| Public + | 14.83% | 14.88% | 14.90% | 15.07% | 15.16% | 14.95% | 15.96% |
| No. of Shareholders | 35,68,560 | 37,10,169 | 36,47,886 | 36,48,989 | 36,66,407 | 36,08,157 | 40,41,653 |
ITC Technical Analysis
Its stock has shown a recovery trend over the last few years after spending a long period moving within a limited price range. The stock has been making higher highs and higher lows, which is generally considered a positive sign in technical analysis. This suggests that buyers have been gradually gaining control and supporting the share price during market corrections. If it continues to hold its important support zones and maintains buying interest, the stock may continue its upward movement in the long term. But also, after a strong rally, short-term corrections and profit booking are normal and can create temporary weakness in the share price.
Conclusion
It is one of India’s largest companies and has businesses in many sectors, including consumer products, cigarettes, hotels, agriculture, paper and packaging, and IT services. Having different businesses helps the company earn income from multiple sources and reduces its dependence on any one segment. The company has shown good financial performance with growing revenue, strong profits, healthy cash flow, and regular dividend payments. The increase in shareholding by domestic investors also shows confidence in the company. Overall, it is a strong and well-established company that has the potential to deliver steady growth in the coming years.
