Earnings · ITC Limited
ITC reports its September-quarter numbers on 2 November 2026. Here are the date, the base to beat after a sharp cigarette-tax hit, the broker estimates found, and the figures to read first.
Quick answer
ITC Q2 results are due on Monday, 2 November 2026. The base to beat is Rs 5,126 crore standalone profit in Q2 FY26, against Rs 3,579 crore in Q1 FY27, which fell 27.1% on higher cigarette taxes. YES Securities expects Rs 3,925.8 crore; that is one broker, not a consensus.
Latest update (Friday, 30 October 2026, 10:00 PM IST): The results are not out. Business Today (updated 1:32 PM IST on 30 October) says ITC reports on 2 November; the filing time is not announced. This page becomes the live analysis after the filing.
Earlier entries:
- Friday, 30 October 2026, 6:00 PM IST: Kotak Neo listed ITC among the companies reporting on Monday, 2 November.
- Friday, 31 July 2026: ITC reported Q1 FY27, with standalone profit down 27.1%, as carried by Kotak Neo.
Key takeaways
- Date: Monday, 2 November 2026, per Business Today and a Kotak Neo weekly list.
- Base to beat: Q2 FY26 standalone profit of Rs 5,126 crore, up 2.7%.
- Latest quarter: Q1 FY27 standalone profit fell 27.1% to Rs 3,579 crore on higher cigarette taxes and weaker agri.
- Estimates: YES Securities expects Rs 3,925.8 crore; Emkay expects EBITDA down about 18%. Two views only.
- Trap: gross revenue rose 28.1% in Q1 while net revenue fell 14.4%; compare like with like.
In plain words: A results preview is a checklist made before the numbers arrive. For ITC it means four marks: cigarette volume, profit, revenue on the right basis and the one-off items. Knowing last year’s marks lets you judge the new figures in minutes.
Data note: Figures are as of Friday, 30 October 2026, 10:00 PM IST. The results date comes from two secondary reports; the filing itself was not opened for this page. Base figures are company results as reported by Business Standard, PTI via Newsdrum and Kotak Neo. Estimates come from two brokerages cited by Business Today. Derived numbers are my calculation.
When are the ITC Q2 results?
The ITC Q2 results date is Monday, 2 November 2026. The board approves standalone and consolidated results for the quarter ended 30 September 2026.
Business Today, updated at 1:32 PM IST on 30 October 2026, says ITC will report its Q2 earnings on 2 November and gives no time. Kotak Neo’s weekly list, posted at 6:00 PM IST the same day, also places ITC on Monday, 2 November, and notes that dates are based on announced board-meeting schedules and may change. The two reports agree, but neither gives a filing reference, so confirm the date on the BSE or NSE announcement page.
The filing time is not announced. For Q1 FY27 ITC reported on Friday, 31 July 2026, and a Nifty Trader preview then also said the exact time was not officially announced. Do not trust a screenshot that claims a time before the exchange page shows it.
What will the board approve?
The board will approve unaudited standalone and consolidated results for the quarter ended 30 September 2026. The estimates found for this page are standalone, so the standalone statement is the one to open first. SEBI’s listing regulations give 45 days after quarter-end, which is 14 November 2026, so 2 November is well inside the limit.
Is the date confirmed?
| Fact | Source | Status | What to do |
|---|---|---|---|
| Q2 earnings on Monday, 2 November 2026 | Business Today (30 Oct 2026, 1:32 PM IST) | Secondary report | Open the BSE or NSE filing to confirm |
| ITC listed among Monday, 2 November results | Kotak Neo weekly list (30 Oct 2026, 6:00 PM IST) | Partial list; dates may change | Check the exchange page on the day |
| Filing time | Not announced | Unknown | Do not act on unconfirmed screenshots |
Cite this table: PositionalCalls, “ITC Q2 FY27 Date Check, as of 30 October 2026”.
Treat any article that gives another date as unreliable until you see the filing. Peers such as Marico report on the same day, but their dates and numbers do not affect ITC’s.
What is the base to beat for the ITC Q2 results?
The base to beat is Q2 FY26 standalone net profit of Rs 5,126 crore, up 2.7%, and last quarter’s Rs 3,579 crore, down 27.1%.
| Measure | Q2 FY26 (Sep 2025) | Q1 FY27 (Jun 2026) | Note |
|---|---|---|---|
| Standalone net profit, Rs crore | 5,126 (+2.7%) | 3,579 (-27.1%) | Basis of the broker estimates |
| Consolidated net profit, Rs crore | 5,187 (+4.1%) | 4,509 (-15.6%) | Includes Rs 406 crore exceptional gain in Q1 |
| Consolidated profit before exceptional items, Rs crore | Not in sources | 4,103 (-23.2%) | Gain from gaining control of Sproutlife Foods |
| Consolidated revenue from operations, Rs crore | 21,256 (vs 21,536) | Not in sources | Q1 reported as gross and net revenue |
| Standalone gross revenue, Rs crore | Not in sources | 26,794 (+28.1%) | Reporting change in cigarettes |
| Standalone net revenue, Rs crore | Not in sources | 16,812 (-14.4%) | Comparable to the Q2 estimate basis |
Cite this table: PositionalCalls, “ITC Base-to-Beat Table, as of 30 October 2026”.
Here is the first useful sum. Q1 FY27 standalone profit of Rs 3,579 crore is already -30.2% against Q2 FY26’s Rs 5,126 crore (3,579 divided by 5,126, my calculation). A flat Q2 would therefore show a fall of about 30% on the year. To match the base, profit would have to rise +43.2% on Q1 (5,126 divided by 3,579).
How big is the one-off in the Q1 FY27 consolidated profit?
Consolidated profit of Rs 4,509 crore included an exceptional gain of Rs 406 crore from gaining control of Sproutlife Foods. Before exceptional items, consolidated profit was Rs 4,103 crore, down 23.2%. Against Q2 FY26’s Rs 5,187 crore, reported Q1 consolidated profit is -13.1% and the pre-exceptional figure -20.9% (my calculation). Which line you pick changes the story by about eight percentage points.
What do profit margins show?
Standalone profit as a share of net revenue was 21.3% in Q1 FY27 (3,579 divided by 16,812, my calculation). YES Securities’ Q2 figures imply 22.6% (3,925.8 divided by 17,394). Both sit on net revenue, so they can be compared. Do not divide profit by gross revenue, which would show a much lower margin.
ITC Q2 results preview: what do analysts expect?
Two brokerages were found. YES Securities expects standalone net profit of Rs 3,925.8 crore, down 22.9%, and Emkay Global expects EBITDA down about 18%. Two views are not a consensus.
| Item (standalone) | YES Securities | Emkay Global | Note |
|---|---|---|---|
| Net profit | Rs 3,925.8 crore, down 22.9% | Not given in source | Business Today, 30 Oct 2026 |
| Revenue | Rs 17,394 crore, down 3.5% | Net sales up 3% | Bases may differ |
| EBITDA | Rs 4,783.3 crore, down 23.5% | Down 15% or 18% (source differs) | Source does not reconcile |
| Cigarette volume | Down 6.0% | High single-digit decline | Company has not reported |
| Cigarette net sales and EBIT | Not given | Net sales down 21%, EBIT down 29% | Emkay detail |
| Other FMCG revenue | Up 11.5% | Up 13%, EBITDA up 8% | Both double-digit |
| Agri revenue | Up 35.0% | Up 6% | Wide gap between views |
| Paperboards and packaging | Up 9.0% | Up 30% incl. two months of Century acquisition | Acquisition effect |
Cite this table: PositionalCalls, “ITC Q2 FY27 Broker Views, as of 30 October 2026”.
YES Securities’ Rs 3,925.8 crore is +9.7% on Q1 FY27 and -23.4% on Q2 FY26’s Rs 5,126 crore (my calculation). The broker states a 22.9% fall, which implies a base near Rs 5,092 crore, so its base differs from the reported Rs 5,126 crore. Use the reported figure for your own comparison and treat the broker’s percentage as approximate.
ITC cigarette volume Q2 FY27: what to expect
Cigarette volume is the first number to read. YES Securities expects a 6.0% fall and Emkay a high single-digit decline. Both link the pressure to higher taxes. Emkay expects cigarette net sales down 21% and cigarette EBIT down 29%. A volume fall smaller than 6% would beat the YES view; a fall deeper than 9% would be worse than either.
Business Today reported ITC at Rs 262.50 on 30 October 2026, with a 52-week low of Rs 252.80 reached on 28 October and a market cap of Rs 3.32 lakh crore. That shows how cautious the market was before the results. It is context, not a forecast, and it does not tell you what the filing will show.
ITC net profit Q2 FY27: what could it look like?
These are arithmetic scenarios, not forecasts. A flat Q1 standalone profit of Rs 3,579 crore would be -30.2% on Q2 FY26, and the YES Securities estimate would be -23.4%.
Assumptions: standalone net profit; start point Rs 3,579 crore (Q1 FY27); Q2 FY26 standalone profit Rs 5,126.11 crore.
| Change over Q1 FY27 | Q2 FY27 profit, Rs crore | Change on Q2 FY26 |
|---|---|---|
| -5% | 3,400 | -33.7% |
| 0% | 3,579 | -30.2% |
| +5% | 3,758 | -26.7% |
| +10% | 3,937 | -23.2% |
Cite this table: PositionalCalls, “ITC Q2 FY27 Profit Scenarios, as of 30 October 2026”.
Three worked examples
- Flat profit: 3,579 divided by 5,126 gives -30.2% on the year.
- The YES estimate: 3,925.8 divided by 3,579 is +9.7% on Q1, and 3,925.8 divided by 5,126 is -23.4% on Q2 FY26.
- Back to the base: matching Rs 5,126 crore needs +43.2% on Q1, which is not in any estimate found.
The scenarios hold other lines constant. In practice volume, price hikes, input cost, agri timing and tax all move profit. A profit near the YES figure with volumes better than 6% would read differently from the same profit with a worse volume.
Which ITC profit and revenue figure should you compare?
Compare standalone with standalone, and net revenue with net revenue. ITC publishes gross and net revenue that differ by about Rs 10,000 crore in a single quarter.
| Figure | Q2 FY26 | Q1 FY27 | The trap |
|---|---|---|---|
| Standalone net profit, Rs crore | 5,126 | 3,579 | The base for broker estimates |
| Consolidated net profit, Rs crore | 5,187 | 4,509 reported; 4,103 before exceptional | Includes subsidiaries and a one-time gain |
| Standalone gross revenue, Rs crore | Not in sources | 26,794 (+28.1%) | Rose because of a reporting change |
| Standalone net revenue, Rs crore | Not in sources | 16,812 (-14.4%) | The comparable line |
| Cigarette gross revenue, Rs crore | Not in sources | 15,384 vs 8,520 | The article ties this to reporting changes |
| FMCG segment revenue, Rs crore | 15,473 (+7%) | Others only: 6,482 (+12%) | Q2 figure includes cigarettes; Q1 line is non-cigarette |
Cite this table: PositionalCalls, “ITC Definition-Trap Table, as of 30 October 2026”.
Gross revenue minus net revenue in Q1 was Rs 9,982 crore (26,794 minus 16,812, my calculation). The sources do not itemise it. A page that quotes the 28% gross rise as growth is describing a reporting change, not demand. The 14.4% net fall is the line to set against Q2 estimates.
Standalone versus consolidated
Standalone is ITC Limited alone. Consolidated adds subsidiaries and associates, so it is larger and carries items such as the Sproutlife gain. In Q1 the two fell by 27.1% and 15.6%, a gap that shows how much of the pressure sits in the standalone cigarette business.
The estimate base trap
A broker percentage is measured on that broker’s base. YES Securities’ 22.9% fall implies a base near Rs 5,092 crore, not the reported Rs 5,126 crore. Check the base before you compare any forecast with the table above.
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Get the ITC Q2 numbers and results on WhatsApp
- The ITC filing time and headline numbers, stamped
- Base-to-beat tables for the next company results
- Links to updated Q2 FY27 pages
What do ITC’s cigarette volume and other segments need to show?
Cigarettes carry the profit and the pressure. The Q2 question is whether volume falls about 6% to 9% and whether FMCG-others, paper and agri offset it.
| Segment | Q1 FY27 as reported | Q2 FY27 view | Source |
|---|---|---|---|
| Cigarettes | Net revenue down 25%; gross Rs 15,384 crore | Volume down 6% (YES); high single digit (Emkay) | Kotak Neo; Business Today |
| FMCG-Others | Revenue Rs 6,482 crore, +12%; segment profit Rs 479 crore, +21% | Revenue +11.5% (YES); +13%, EBITDA +8% (Emkay) | Kotak Neo; Business Today |
| Agri | Revenue Rs 8,082 crore, -17%; underlying +9% | +35% (YES); +6% (Emkay) | Kotak Neo; Business Today |
| Paperboards, Paper and Packaging | Revenue Rs 2,307 crore, +9%; profit Rs 224 crore, +38% | +9% (YES); +30% incl. acquisition (Emkay) | Kotak Neo; Business Today |
Cite this table: PositionalCalls, “ITC Segment Marks, as of 30 October 2026”.
Q1 agri revenue fell 17% on West Asia trade disruption and wheat timing, with underlying revenue up 9%. The two Q2 views differ widely, from +6% to +35%, so agri may be the line that decides whether a broker was too high or too low.
Paperboards growth of 30% in the Emkay view includes two months of the Century acquisition, which is not organic growth. Read the segment note for the split.
Which other results land around the ITC Q2 results?
Kotak Neo lists Marico, Petronet LNG and Thomas Cook among the other companies reporting on Monday, 2 November, with Bajaj Finserv and others on Tuesday.
The list is partial and dates may change. For the format of a results read, see our recent posts on Titan Q2 results, SBI Q2 results and Jio Platforms Q2 results. They cover other sectors, so only the method carries over. The Q2 results calendar lists the companies that have reported.
If you hold ITC shares and plan to sell later, our guide to capital gains tax on shares covers how gains are taxed. It is general information, not tax advice.
How to read the ITC Q2 results in 10 minutes
Read seven lines in order: cigarette volume, standalone profit, net revenue, EBITDA, FMCG-others, agri and the one-off notes.
| What to read | Mark to compare | Question to ask |
|---|---|---|
| Cigarette volume | Down 6% (YES); high single digit (Emkay) | Was the fall smaller than 6%? |
| Standalone net profit | Rs 5,126 crore (Q2 FY26); Rs 3,579 crore (Q1 FY27) | Is it above Rs 3,926 crore, the YES view? |
| Net revenue | Rs 16,812 crore (Q1 FY27) | Did net revenue rise on Q1? |
| EBITDA | Down 23.5% (YES); down 15% to 18% (Emkay) | Did EBITDA fall less than both views? |
| FMCG-others | +12% revenue in Q1; +11.5% to +13% views | Did growth stay in double digits? |
| Agri | -17% in Q1; +6% to +35% views | Which view was nearer? |
| Exceptional items | Rs 406 crore gain in Q1 consolidated | Is there any one-off in Q2? |
Cite this table: PositionalCalls, “ITC Results-Day Decoder, as of 30 October 2026”.
How to read the ITC filing on NSE or BSE
Open the exchange announcement, find the standalone statement and compare each line with the base table above, same measure, same basis.
- Open the BSE corporate announcements page or the NSE corporate filings page and search for ITC.
- Choose the financial results announcement for the quarter ended 30 September 2026.
- Find the standalone statement first, then the consolidated one.
- Check the unit, since filings may use Rs crore or Rs lakh.
- Read gross revenue, net revenue, EBITDA and net profit.
- Open the segment table for cigarettes, FMCG-others, agri and paper.
- Check the notes for exceptional items.
- Compare every figure with the base table.
What it costs: reading a filing is free. If you trade the stock, brokerage, securities transaction tax and other charges apply, so check your broker’s current schedule. Tax angle: dividends and gains follow the current tax rules, so see our guide to capital gains tax on shares or ask a tax adviser. Scam warning: on results day, fake “result alert” groups and sure-shot tips circulate. Nobody can guarantee a gain, and official filings are free.
What is the results-day checklist for ITC?
- Confirm the date on the BSE or NSE announcement page.
- Note the filing time and stamp what you read with it.
- Open the standalone statement before any headline.
- Compare net profit with Rs 5,126 crore and Rs 3,579 crore.
- Compare net revenue with net revenue, not gross.
- Read cigarette volume against the 6% to 9% views.
- Check the notes for any exceptional gain.
- Check the agri and FMCG-others lines.
- Write your own plan before the price moves.
What are the risks around the ITC Q2 results?
How to grade ITC’s September-quarter numbers: a reading guide
Use the table as a reading aid, not a forecast. The cut-offs are my illustration, built from the two broker views and the Q1 marks.
Assumptions: standalone; YES Securities’ Rs 3,925.8 crore and 6% volume fall as the better marks; Emkay’s high single-digit fall as the weaker mark; Q1 FY27 FMCG-others growth of 12%.
| Mark | Stronger | In line | Weaker |
|---|---|---|---|
| Cigarette volume | Fall smaller than 6% | Fall of 6% to 9% | Fall deeper than 9% |
| Standalone net profit | Above Rs 3,926 crore | Rs 3,579 to 3,926 crore | Below Rs 3,579 crore |
| Net revenue | Above Rs 17,394 crore | Rs 16,812 to 17,394 crore | Below Rs 16,812 crore |
| FMCG-others revenue growth | 13% or higher | 11.5% to 13% | Below 11.5% |
| Exceptional items | None or small | Disclosed and separated | Large and not separated |
Cite this table: PositionalCalls, “ITC Q2 FY27 Reading Guide, as of 30 October 2026”.
Worked example: suppose volume falls 7%, standalone profit is Rs 3,700 crore, net revenue is Rs 17,000 crore and FMCG-others grows 12%. Volume and revenue read in line, profit is in line (3,700 is 3.4% above Q1), and FMCG-others is in line. Profit would still be 27.8% below Q2 FY26 (3,700 divided by 5,126, my calculation). The grade and the headline growth point in different directions.
A strong reading describes the quarter only. It is not a signal to buy, sell or hold, and a weak one is not a signal either. Prices react to many things, including what the market already expected.
What do most people miss on ITC results day?
- Gross revenue is not growth. Q1 gross rose 28.1% while net fell 14.4% because of a reporting change.
- Standalone and consolidated differ. Q1 fell 27.1% and 15.6% on the two bases.
- The consolidated gain is one-off. Rs 406 crore sits inside Rs 4,509 crore.
- Two views are not a consensus. YES and Emkay differ on agri by almost 30 points.
- Broker bases differ. A 22.9% fall is not measured on Rs 5,126 crore.
- Paper growth may be acquired. Part of the 30% view is two months of Century.
- The filing time is unknown. Avoid acting on an unconfirmed screenshot.
Analyst’s note: how to think about this quarter
- What stands out (reasoning): a cigarette tax hit meets a base of Rs 5,126 crore, so profit will look weak on the year even if volume holds.
- Easy to miss: net revenue, not gross, is the line that matches the estimates.
- What would change the view: a cigarette volume fall deeper than 9%, or a large new one-off.
- Caution: one quarter does not fix a long-term value. This page gives no target or recommendation.
- Reader action: read standalone figures first and match each to the base table.
Bottom line
Known: ITC reports on 2 November 2026; the base is Rs 5,126 crore standalone profit, and Q1 FY27 was Rs 3,579 crore, down 27.1%.
Not known yet: the filing time, the actual figures and any wider consensus than two brokers.
Your move: use the decoder table and compare same-basis figures.
Next read: the Q2 results calendar, which lists the companies reporting next.
Part of the stock market research series.
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ITC Q2 results: frequently asked questions
When are the ITC Q2 results?
The ITC Q2 results are due on Monday, 2 November 2026. Business Today (30 October 2026) says ITC will report its Q2 earnings on 2 November, and a Kotak Neo weekly list also shows ITC on that day. The filing time is not announced; confirm on the BSE or NSE announcement page.
What was ITC net profit in Q2 FY26?
ITC reported standalone net profit of Rs 5,126 crore in Q2 FY26, up 2.7%, as reported by Business Standard, and consolidated net profit of Rs 5,187 crore, up 4.1%, as reported by PTI via Newsdrum.
What did ITC report in Q1 FY27?
For the June 2026 quarter, Kotak Neo reported standalone net profit of Rs 3,579 crore (down 27.1%) and consolidated net profit of Rs 4,509 crore (down 15.6%). Consolidated profit included an exceptional gain of Rs 406 crore.
Why did ITC profit fall in Q1 FY27?
Kotak Neo attributed the fall to higher cigarette taxes and weaker agri performance, linking the cigarette pressure to an unprecedented tax increase announced earlier in the year and the agri decline to West Asia trade disruption.
What do analysts expect in the ITC Q2 results preview?
Two brokerages were found. YES Securities expects standalone net profit of Rs 3,925.8 crore, down 22.9%, and revenue of Rs 17,394 crore. Emkay Global expects EBITDA down about 18% and a high single-digit fall in cigarette volume. Two views are not a consensus.
What is the ITC cigarette volume expectation for Q2 FY27?
YES Securities expects cigarette volumes to fall 6.0%, and Emkay Global expects a high single-digit decline, as reported by Business Today on 30 October 2026. The company has not reported volumes for the quarter.
Why do ITC gross and net revenue differ so much?
In Q1 FY27 standalone gross revenue was Rs 26,794 crore, up 28.1%, while net revenue was Rs 16,812 crore, down 14.4%. The gap of about Rs 9,982 crore (my calculation) reflects a change in how cigarette revenue is reported, so compare the same line with the same line.
Is ITC standalone or consolidated profit the headline?
Both are published. The estimates found for this page are standalone, so compare them with Rs 5,126 crore. Consolidated profit, which includes subsidiaries, was Rs 5,187 crore in Q2 FY26 and Rs 4,509 crore in Q1 FY27.
Where can I read the ITC Q2 results filing?
Use the BSE corporate announcements page or the NSE corporate filings page and search for ITC. Open the financial results PDF. Ignore forwarded “result alert” images and any message that promises sure-shot calls.
By when must ITC publish its Q2 results?
SEBI’s listing regulations give listed companies 45 days after quarter-end for quarterly results. For the quarter ended 30 September 2026 that is 14 November 2026 (my calculation), so a 2 November release is well inside the limit.
Sources
- BSE corporate announcements: where the ITC filing appears.
- NSE corporate filings: financial results: the same filing on NSE.
- Business Today: ITC shares near 52-week low ahead of Q2, 30 October 2026.
- Kotak Neo: Q2 results this week, 30 October 2026.
- Kotak Neo: ITC Q1 FY27 results, 31 July 2026.
- Business Standard: ITC Q2 FY26 results, 30 October 2025.
- PTI via Newsdrum: ITC Q2 FY26 consolidated.
- Nifty Trader: ITC Q1 FY27 preview, 2026.
Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: I checked the results date in two reports, took base figures from company results as reported by Business Standard, PTI and Kotak Neo, took estimates from Business Today, and marked every derived number as my calculation. Figures are as of Friday, 30 October 2026, 10:00 PM IST.
Shubham Chaudhary is the founder of PositionalCalls, an independent Indian stock market research website. He writes company fundamentals, quarterly results analysis, IPO analysis and sector research for NSE and BSE listed companies, with a focus on banking stocks, insurance and long-term value investing. Every article is built from primary sources such as RBI, SEBI, NSE and BSE filings and company annual reports, and states its risks plainly in simple language for retail investors.
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