loader2
Login Open ICICI 3-in-1 Account

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

ITC (decent performance excluding Agri business; Target: ₹505)

ICICIdirect Research 31 Oct 2025 DISCLAIMER

ITC’s net revenues (including other operating income) decreased by 3.4%yoy to Rs18,021 cr. Excluding the Agri business, revenues grew by 9% during the quarter.
Cigarette biz volume grew by 6% (maintained 5-6% vol growth trajectory; Non cigarette FMCG business grew by 7% despite GST 2.0 at fag end of the quarter. Agri registered decline of 30% due to high base and delayed orders affected by US tariff.
Better mix and stability in the input prices led to 299bps yoy increase in the gross margins to 54.6%; EBIDTA margins improved by 186bps YoY to 34.7%; Adjusted PAT grew by 5%yoy to Rs5115.2cr.
View: We expect FMCG business growth to improve in H2 with benefits of GST rate cut would help to drive better volumes key categories Recovery in the FMCG revenue growth and profitability coupled with improvement in the business performance of Paperboard, paper and packaging would help earnings growth to improve in the range of low to mid-teens and key performing trigger for the stock.

 

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere