ITC Financial Statements

Name: ITC Financials — historical data
Creator: StockeZee

For Mar 2026, ITC reported revenue of ₹89,913 crore and net profit of ₹20,689 crore. Return on equity stands at 29.30%. Profit & loss, balance sheet and cash flow across 9 reported years are below.

Updated 31 Jul 2026Source: NSE & BSE company filingsNifty 50 constituent

Latest year revenue: ₹89,913 Cr
EBITDA: ₹27,318 Cr
Operating margin: 30.38%
Profit after tax: ₹20,689 Cr
Net margin: 23.01%
EPS: ₹16.51
Latest year: Mar 2026
Years reported: 9

ITC profit & loss

Reported annual performance for ITC, oldest to newest. Figures in ₹ crore unless a row states otherwise.

ITC annual profit and loss statement. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue from Operations	47,689	49,862	51,393	53,155	65,205	76,518	76,840	81,613	89,913
Sales Growth YoY %	—	4.56%	3.07%	3.43%	22.67%	17.35%	0.42%	6.21%	10.17%
Other Income	1,832	2,174	2,598	2,633	1,836	1,980	2,728	2,530	2,426
Total Income	49,520	52,036	53,991	55,788	67,041	78,499	79,568	84,142	92,339
Cost of Goods Sold (COGS)	15,855	17,420	17,345	20,131	26,385	29,006	27,247	31,979	32,548
Cost of Materials Consumed	11,944	13,403	13,811	13,940	16,400	20,276	21,773	23,757	26,272
Purchases of Stock-in-Trade	2,884	4,221	4,238	6,837	10,671	9,088	6,063	8,947	8,826
Changes in Inventories	1,028	-203	-703	-645	-686	-359	-589	-726	-2,550
Gross Profit	31,833	32,442	34,048	33,024	38,820	47,512	49,593	49,634	57,365
Gross Margin %	66.75%	65.06%	66.25%	62.13%	59.54%	62.09%	64.54%	60.82%	63.8%
Total Operating Expenses	15,350	14,035	14,788	16,021	18,161	21,848	23,339	23,656	30,048
Employee Benefit Expense	3,761	4,178	4,296	4,463	4,891	5,736	6,134	6,170	6,782
Other Expenses	11,589	9,858	10,492	11,558	13,271	16,111	17,205	17,486	23,266
EBITDA	16,483	18,406	19,260	17,003	20,658	25,665	26,254	25,978	27,318
OPM %	34.56%	36.91%	37.48%	31.99%	31.68%	33.54%	34.17%	31.83%	30.38%
Total Non-Operating Expenses	1,739	1,442	1,567	1,690	1,772	1,925	1,855	1,691	1,504
Depreciation & Amortisation	1,236	1,397	1,645	1,646	1,732	1,809	1,816	1,646	1,711
Finance Costs	90	45	55	45	39	43	46	45	85
Exceptional Items (Before Tax)	413	0	-132	0	0	73	-8	0	-292
Profit Before Tax (PBT)	17,402	19,138	20,026	17,945	20,723	25,866	27,112	26,817	27,656
Tax Expense	5,916	6,314	4,442	4,555	5,237	6,438	6,389	6,890	7,015
Current Tax	5,893	6,192	4,846	4,464	5,307	6,451	6,165	6,510	6,413
Deferred Tax	23	122	-404	92	-69	-13	223	381	602
Effective Tax %	34%	32.99%	22.18%	25.38%	25.27%	24.89%	23.56%	25.69%	25.37%
Profit/Loss from Discontinued Operations	0	0	0	0	0	0	0	15,016	0
Total Profit for Period	11,493	12,836	15,593	13,383	15,503	19,477	20,751	35,052	21,018
Less: Non-controlling Interests	221	244	287	222	260	285	293	306	329
Net Profit (Owner's PAT)	11,271	12,592	15,306	13,161	15,243	19,192	20,459	34,747	20,689
Net Profit Margin %	23.64%	25.25%	29.78%	24.76%	23.38%	25.08%	26.62%	42.57%	23.01%
PAT Growth YoY %	—	11.72%	21.55%	-14.01%	15.82%	25.91%	6.6%	69.84%	-40.46%
Earnings Per Share (EPS)	₹9.24	₹10.27	₹12.45	₹10.69	₹12.37	₹15.44	₹16.39	₹27.77	₹16.51
Diluted Shares Outstanding (Cr.)	1,220	1,226	1,229	1,231	1,232	1,243	1,248	1,251	1,253
Profit/Loss from Associates	8	12	8	-7	17	49	28	110	377
Other Comprehensive Income (Net of Tax)	398	326	-1,470	207	81	91	2,956	-625	-643
Expenses	32,119	32,898	33,965	37,843	46,318	52,633	52,456	57,326	64,683
Material Cost %	25.05%	26.88%	26.87%	26.22%	25.15%	26.5%	28.33%	29.11%	29.22%
Employee Cost %	7.89%	8.38%	8.36%	8.4%	7.5%	7.5%	7.98%	7.56%	7.54%
Other Cost %	24.3%	19.77%	20.42%	21.74%	20.35%	21.06%	22.39%	21.43%	25.88%
Interest Coverage (x)	169.58	374.5	322.15	344.48	480.84	552.22	531.72	539.99	300.66

ITC revenue and profit trend

Reported annual revenue and net profit, oldest to newest. Two panels because the two measures live on different scales — one shared axis would distort both.

ITC balance sheet

Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.

ITC annual balance sheet with assets, liabilities and equity. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Equity	59,484	65,651	60,694	62,822	69,539	74,890	70,398	72,873
Equity Share Capital	1,226	1,229	1,231	1,232	1,243	1,248	1,251	1,253
Reserves & Surplus	57,915	64,044	59,116	61,223	67,912	73,259	68,779	71,254
Equity Method Investments	—	—	263	269	338	550	4,712	5,288
Total Equity	59,484	65,651	60,694	62,822	69,539	74,890	70,398	72,873
Non-Current Liabilities	2,302	2,157	2,435	2,274	2,605	3,246	3,359	4,232
Long-term Borrowings	8	6	6	5	3	2	—	60
Deferred Tax Liabilities	2,052	1,627	1,736	1,673	1,629	2,141	2,582	3,090
Non-Current Provisions	162	175	188	221	259	288	303	389
Other Non-Current Liabilities	7	16	16	36	83	150	35	42
Non-Current Financial Liabilities	82	338	496	343	634	666	439	711
Current Liabilities	10,012	9,560	10,690	12,164	13,739	13,690	14,334	16,687
Short-term Borrowings	2	1	4	1	35	10	91	2,126
Trade Payables	3,510	3,630	4,319	4,417	4,659	4,798	4,807	5,640
Current Financial Liabilities	4,699	5,090	5,869	6,281	7,156	7,048	6,876	9,937
Other Current Financial Liabilities	1,187	1,459	1,546	1,863	2,462	2,241	1,978	2,171
Other Current Liabilities	4,838	4,073	4,294	5,116	5,571	5,595	6,148	5,038
Current Provisions	51	148	194	80	101	107	80	424
Current Tax Liabilities	424	249	333	687	912	941	1,230	1,289
Total Liabilities	12,314	11,716	13,125	14,438	16,344	16,936	17,693	20,919
Total Non-Current Assets	40,051	37,862	38,827	43,027	46,212	50,761	44,197	43,084
Property, Plant & Equipment (PPE)	18,626	19,633	19,154	20,207	21,117	23,082	17,429	17,471
Capital Work-in-Progress	4,126	3,252	4,004	3,198	2,985	2,851	1,088	1,499
Intangible Assets	546	525	2,011	2,013	2,727	2,678	2,725	3,174
Investment Property	—	385	377	364	352	341	322	303
Non-Current Investments	11,696	10,715	9,762	12,307	11,845	17,620	13,721	12,090
Loans – Non-Current	8	5	4	7	5	4	8	5
Other Non-Current Assets	2,392	2,467	2,306	2,201	2,253	2,364	1,648	1,660
Non-Current Financial Assets	14,090	11,336	9,868	13,904	15,590	18,033	15,286	12,438
Net Fixed Assets	23,298	23,410	25,169	25,419	26,829	28,612	21,241	22,144
Total Current Assets	31,747	39,505	34,992	34,232	39,671	41,066	43,893	50,708
Inventories	7,860	8,879	10,397	10,864	11,771	14,153	15,638	18,623
Trade Receivables	4,035	2,562	2,502	2,462	2,956	4,026	4,720	3,923
Cash & Cash Equivalents	318	650	290	271	463	626	620	643
Current Investments	13,348	17,948	14,846	12,264	17,233	12,944	16,288	20,751
Loans – Current	7	6	3	7	7	10	10	9
Current Financial Assets	23,041	29,613	23,390	21,953	26,195	25,379	26,685	30,052
Other Current Assets	846	1,013	1,205	1,416	1,705	1,533	1,570	2,033
Other Current Financial Assets	1,500	1,819	1,379	2,565	1,119	1,182	1,656	2,361
Net Working Capital	21,735	29,946	24,302	22,069	25,931	27,375	29,559	34,021
Additional Asset Fields	403	434	405	430	436	455	456	521
Def Tax Assets	59	56	59	64	52	72	88	155
Non Controlling Int	343	377	347	366	384	383	368	366
Total Assets	71,798	77,367	73,819	77,260	85,883	91,826	88,091	93,792
Total Borrowings	10	7	9	6	39	11	91	2,186
Net Debt	-308	-643	-281	-266	-425	-615	-529	1,543
Debt to Equity (x)	0	0	0	0	0	0	0	0.03
Current Ratio (x)	3.17	4.13	3.27	2.81	2.89	3	3.06	3.04

ITC cash flow statement

Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.

ITC annual cash flow statement across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Net Cash from Operating Activities	15,776	18,878	17,179	17,627	18,464
Profit Before Tax	20,723	25,866	27,112	26,817	27,656
Depreciation & Amortisation	1,732	1,809	1,816	1,951	1,711
Finance Costs	39	43	46	50	85
Working Capital Changes	-100	-767	-3,337	-2,742	-2,762
Tax Paid	-4,982	-6,250	-6,120	-6,350	-6,374
Net Cash from Investing Activities	-2,238	-5,732	1,563	-396	-2,321
Purchase of PPE	-2,142	-2,743	-3,563	-2,279	-2,183
Sale of Fixed Assets	133	49	42	175	50
Interest Received	1,035	1,324	1,138	1,072	917
Net Cash from Financing Activities	-13,581	-13,006	-18,551	-17,037	-16,147
Proceeds from Borrowings	0	0	8	90	2,121
Repayment of Borrowings	-0	-1	-2	-54	-105
Interest Paid	-40	-41	-46	-50	-82
Dividend Paid	-13,788	-15,418	-19,899	-17,763	-18,272
Buyback / Redemption of Shares	-0	0	0	0	0
Lease Liabilities Paid	-59	-59	-67	-66	-68
Net Change in Cash	-43	139	191	191	-4
Effect of Foreign Exchange Changes	0	0	0	-2	0
Free Cash Flow	13,634	16,135	13,616	15,348	16,281
CFO / PBT (x)	0.76	0.73	0.63	0.66	0.67

ITC key ratios

Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.

ITC trades at a P/E of 17.28× against a sector median of 34.07× — a 49% discount. Sector comparisons can mislead for conglomerates with mixed business lines.

ITC valuation, profitability, return and leverage ratios
Ratio	Category	Value
P/E (TTM)	Valuation	17.28
Forward P/E	Valuation	16.56
P/B	Valuation	4.93
PEG (TTM)	Valuation	1.78
EV / EBITDA (TTM)	Valuation	11.62
P/S (TTM)	Valuation	4.53
Operating margin	Profitability	34.6%
Net margin (TTM)	Profitability	26%
Return on equity	Return ratios	29.3%
Return on capital employed	Return ratios	38.9%
Return on assets	Return ratios	17.6%
Debt to equity	Leverage & liquidity	0.03
Beta	Leverage & liquidity	0.62
EPS (TTM)	Per share	₹16.52
Book value	Per share	₹57.87
Revenue / share (TTM)	Per share	₹62.92
Cash flow / share	Per share	₹14.74
Dividend yield	Shareholder returns	5.59%
Dividend payout (TTM)	Shareholder returns	134.8%

How this is calculated

Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.

Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.

ITC: frequently asked questions

What is ITC's annual revenue?

ITC reported revenue of ₹89,913 crore in Mar 2026, up 10.2% on the previous financial year.

Is ITC profitable?

ITC reported a net profit of ₹20,689 crore in Mar 2026, down 40.5% on the previous financial year.

What is ITC's EPS?

ITC reported earnings per share of ₹16.51 for Mar 2026.

What is ITC's operating margin?

ITC's operating margin for Mar 2026 was 30.38%.

What is ITC's return on equity?

ITC's return on equity stands at 29.30%. ROE measures profit generated per rupee of shareholder equity.

How many years of ITC financials are shown?

9 reported financial years are tabulated on this page, the most recent being Mar 2026.

Are these figures consolidated or standalone?

Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.

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Disclaimer

The data, ratios and commentary about ITC Ltd (ITC) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.