ITC Limited Q2 FY27 Results: Net Profit ₹4,229 cr

ITC Limited has filed its Consolidated financial results for the quarter ended 2026-09-30 with NSE. Revenue from operations was ₹30,578 cr, while net profit stood at ₹4,229 cr. These are reported statement figures, not estimates or a board-meeting announcement.

Official Q2 FY27 scorecard

All amounts are in ₹ crore, except per-share earnings in rupees. Comparisons use verified same-basis official quarterly filings; a dash means an individual figure or percentage could not be verified. Unavailable periods are omitted, not estimated.

Year-on-year performance: what changed

• Revenue from operations: ₹30,578 cr, compared with ₹21,256 cr in the same quarter last year; increased by ₹9,323 cr (+43.9%).

• Net profit / loss: ₹4,229 cr, compared with ₹5,187 cr in the same quarter last year; decreased by ₹957 cr (-18.5%).

• Profit before tax: ₹5,598 cr, compared with ₹6,912 cr in the same quarter last year; decreased by ₹1,315 cr (-19.0%).

• Operating profit (derived EBITDA): ₹5,645 cr, compared with ₹6,695 cr in the same quarter last year; decreased by ₹1,050 cr (-15.7%).

• Basic EPS: ₹3.32, compared with ₹4.09 in the same quarter last year; decreased by ₹0.77 (-18.8%).

Quarter-on-quarter performance

• Revenue from operations: ₹30,578 cr, compared with ₹29,523 cr in the immediately preceding quarter; increased by ₹1,055 cr (+3.6%).

• Net profit / loss: ₹4,229 cr, compared with ₹4,509 cr in the immediately preceding quarter; decreased by ₹279 cr (-6.2%).

• Profit before tax: ₹5,598 cr, compared with ₹5,775 cr in the immediately preceding quarter; decreased by ₹177 cr (-3.1%).

• Operating profit (derived EBITDA): ₹5,645 cr, compared with ₹5,181 cr in the immediately preceding quarter; increased by ₹464 cr (+9.0%).

• Basic EPS: ₹3.32, compared with ₹3.51 in the immediately preceding quarter; decreased by ₹0.19 (-5.4%).

Year-on-year comparisons match the same season; sequential comparisons measure the change from the preceding three-month period and may reflect seasonality. Neither comparison alone establishes the business cause of the movement. Scorecard percentage changes use the absolute prior-period value; a loss turnaround is not ordinary profit growth.

Margins and financial ratios

• Net profit margin: 13.83%. Previous quarter: 15.27%, down 144 basis points. Year-ago quarter: 24.40%, down 1057 basis points.

• Derived EBITDA margin: 18.46%. Previous quarter: 17.55%, up 91 basis points. Year-ago quarter: 31.50%, down 1304 basis points.

• Total expenses / revenue: 83.27%. Previous quarter: 84.04%, down 0.77 percentage points. Year-ago quarter: 70.64%, up 12.63 percentage points.

• Other income / total income: 1.63%. Previous quarter: 2.17%, down 0.54 percentage points. Year-ago quarter: 2.68%, down 1.04 percentage points.

• Effective tax rate (tax expense / positive PBT): 26.18%. Previous quarter: 23.41%, up 2.76 percentage points. Year-ago quarter: 25.93%, up 0.25 percentage points.

Margin movements are measured in basis points, not percentage growth: 100 basis points equals one percentage point. Cost ratios measure the share of reported revenue absorbed by a cost, not a forecast.

Cost structure and operating earnings

• Cost of materials: ₹7,729 cr (previous quarter ₹6,982 cr, +10.7% QoQ) (year-ago ₹6,577 cr, +17.5% YoY) — 25.28% of revenue

• Employee costs: ₹1,887 cr (previous quarter ₹1,877 cr, +0.5% QoQ) (year-ago ₹1,654 cr, +14.0% YoY) — 6.17% of revenue

• Finance costs: ₹38.27 cr (previous quarter ₹39.78 cr, -3.8% QoQ) (year-ago ₹20.05 cr, +90.9% YoY) — 0.13% of revenue

• Depreciation: ₹491 cr (previous quarter ₹428 cr, +14.7% QoQ) (year-ago ₹435 cr, +12.8% YoY) — 1.60% of revenue

The derived EBITDA proxy, adjusted to exclude other income and exceptional items, was ₹5,645 cr, equivalent to +18.5% of revenue against +31.5% a year earlier. Reconciliation: profit before tax ₹5,598 cr + finance costs ₹38.27 cr + depreciation ₹491 cr − other income ₹507 cr − signed exceptional items -₹25.66 cr. This is an analytical calculation, not company-reported EBITDA; statement classification and exceptional-item signs should be checked against the official notes. A rising expense ratio means the reported costs absorb more of the revenue denominator; it does not by itself identify demand, pricing or efficiency changes.

Tax, other income and earnings quality

Profit before tax was ₹5,598 cr. Reported tax expense was ₹1,465 cr, equivalent to 26.18% of positive profit before tax. Other income was ₹507 cr, or 1.63% of total income; its recurring or non-recurring nature must be checked in the notes. The statement reports exceptional items of -₹25.66 cr; the number alone does not identify their nature or recurrence. Net profit is not the same as cash generated from operations, and no cash-conversion conclusion is drawn without a verified cash-flow statement.

Earnings per share

Basic EPS was ₹3.32. Diluted EPS was not verified. EPS is expressed in rupees per share, not crore. Profit and EPS can move differently when share counts change; this report does not infer a share issuance, buyback or dilution event without verified disclosures.

Reporting basis and disclosure checks

This report uses Consolidated figures only; standalone and consolidated statements are not combined. The reporting period ends on 2026-09-30; the exchange records the filing time as 02-Nov-2026 18:55:59. The quarter-end date is not the announcement date. Segment performance, cash flow, debt, exceptional items, dividend decisions, auditor qualifications and management guidance are not asserted where the structured filing has not verified them. Read the attached official statement and notes before drawing conclusions.

What to track after the result

Compare future revenue, earnings and margins on the same reporting basis and accounting period. Check the official notes for restatements and non-recurring items; a quarterly profit number is not a share-price forecast. No live share-price reaction, analyst consensus, dividend or guidance is inferred from these statement figures.

Sources

• NSE official financial-result filing
• NSE official comparison filing — quarter ended 2026-06-30
• NSE official comparison filing — quarter ended 2025-09-30
• ITC Limited quarterly-results history

Disclosure: Financial information and analysis only; not investment advice. Official filings can be amended; missing or unsupported fields are not estimated.