Financials ITC Limited

Equities

ITC

INE154A01025

Tobacco

Market Closed - NSE India S.E. Other stock markets 07:49:41 2025-07-14 EDT			5-day change	1st Jan Change
419.40 ^INR	+0.62%		+1.66%	-13.28%

07-07	INDIA STOCKS-Indian benchmarks end flat as consumer stocks offset broader losses amid tariff uncertainty	RE
07-02	INDIA STOCKS-Indian shares dip as financials drag; HDB Financial gains 13.6% in debut trade	RE

Projected Income Statement: ITC Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	454,851	563,413	702,513	654,408	693,235	758,758	827,950	909,459
Change	-	23.87%	24.69%	-6.85%	5.93%	9.45%	9.12%	9.84%
EBITDA ¹	155,225	189,337	239,445	244,786	240,248	265,304	294,822	318,651
Change	-	21.98%	26.47%	2.23%	-1.85%	10.43%	11.13%	8.08%
EBIT ¹	139,606	172,815	222,817	228,308	225,829	245,253	276,438	293,763
Change	-	23.79%	28.93%	2.46%	-1.09%	8.6%	12.72%	6.27%
Interest Paid ¹	-474.7	-419.5	-418.1	-457.3	-448.4	-408.2	-419.6	-442
Earnings before Tax (EBT) ¹	171,642	198,295	247,504	263,158	265,288	287,297	319,065	345,245
Change	-	15.53%	24.82%	6.32%	0.81%	8.3%	11.06%	8.21%
Net income ¹	130,316	150,578	187,533	204,220	351,956	214,819	240,104	262,691
Change	-	15.55%	24.54%	8.9%	72.34%	-38.96%	11.77%	9.41%
Announcement Date	6/1/21	5/18/22	5/18/23	5/23/24	5/22/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	89,113	111,831	117,874	132,947	122,171	127,310	158,623	155,308	172,896	161,299	162,257	175,061	158,282	165,501	164,832	165,793	170,001	193,277	170,528	172,482	179,283	-	-
Change	-	25.49%	5.4%	12.79%	-8.1%	4.21%	24.6%	-2.09%	11.32%	-6.71%	0.59%	7.89%	-9.58%	4.56%	-0.4%	0.58%	2.54%	13.69%	-11.77%	1.15%	3.94%	-	-
EBITDA ¹	26,466	40,606	42,814	44,730	39,922	46,150	51,021	52,244	56,475	58,643	62,232	62,094	62,501	60,416	60,243	61,626	62,955	63,340	58,284	59,864	62,761	-	-
Change	-	53.43%	5.44%	4.48%	-10.75%	15.6%	10.55%	2.4%	8.1%	3.84%	6.12%	-0.22%	0.65%	-3.34%	-0.29%	2.3%	2.16%	0.61%	-7.98%	2.71%	4.84%	-	-
EBIT ¹	22,484	36,781	38,904	40,851	35,967	42,136	46,928	47,784	52,360	54,423	58,160	57,875	58,476	56,284	56,075	57,473	58,646	58,897	54,666	56,299	60,387	62,209	62,209
Change	-	63.59%	5.77%	5%	-11.96%	17.15%	11.37%	1.82%	9.58%	3.94%	6.87%	-0.49%	1.04%	-3.75%	-0.37%	2.49%	2.04%	0.43%	-7.18%	2.99%	7.26%	3.02%	0%
Charge d'intérêts	-167.9	-137.6	-137.8	-31.4	-103.2	-104.5	-106.9	-104.9	-91.3	-106.7	-101.8	-118.3	-107.2	-105.1	-123.8	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	31,284	42,743	48,476	48,539	40,154	48,801	54,920	54,420	55,396	59,385	66,775	65,948	65,456	65,135	67,250	65,317	65,517	67,535	70,736	64,168	65,580	-	-
Change	-	36.63%	13.41%	0.13%	-17.28%	21.54%	12.54%	-0.91%	1.79%	7.2%	12.44%	-1.24%	-0.75%	-0.49%	3.25%	-2.87%	0.31%	3.08%	4.74%	-9.28%	2.2%	-	-
Net income ¹	23,428	32,324	36,628	37,484	30,135	36,972	41,562	41,910	41,694	44,661	50,310	50,869	49,027	49,270	55,721	50,202	49,174	50,783	56,382	195,616	50,516	-	-
Change	-	37.97%	13.32%	2.34%	-19.61%	22.69%	12.42%	0.84%	-0.51%	7.12%	12.65%	1.11%	-3.62%	0.49%	13.09%	-9.9%	-2.05%	3.27%	11.03%	246.94%	-74.18%	-	-
Announcement Date	7/24/20	11/6/20	2/11/21	6/1/21	7/24/21	10/27/21	2/3/22	5/18/22	8/1/22	10/20/22	2/3/23	5/18/23	8/14/23	10/19/23	1/29/24	5/23/24	8/1/24	10/24/24	2/6/25	5/22/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2024 S1	2024 S2	2025 S1
Net sales ¹	323,783	-	363,278
Change	-	-	-
EBITDA ¹	-	-	126,306
Change	-	-	-
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts	-	-245	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income	-	-	-
Change	-	-	-
Announcement Date	10/19/23	5/23/24	10/24/24

¹INR in Million

Estimates

Forecast Balance Sheet: ITC Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-177,192	-151,925	-201,851	-178,226	-183,135	-256,544	-232,738	-226,802
Change	-	14.26%	-32.86%	11.7%	-2.75%	-40.08%	9.28%	2.55%
Announcement Date	6/1/21	5/18/22	5/18/23	5/23/24	5/22/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: ITC Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	15,821	18,120	18,583	26,472	17,886	26,298	23,590	23,288
Change	-	14.53%	2.55%	42.45%	-32.43%	47.03%	-10.3%	-1.28%
Free Cash Flow (FCF) ¹	99,119	129,958	160,534	134,710	149,624	187,829	208,814	220,962
Change	-	31.11%	23.53%	-16.09%	11.07%	25.53%	11.17%	5.82%
Announcement Date	6/1/21	5/18/22	5/18/23	5/23/24	5/22/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: ITC Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	34.13%	33.61%	34.08%	37.41%	34.66%	34.97%	35.61%	35.04%
EBIT Margin (%)	30.69%	30.67%	31.72%	34.89%	32.58%	32.32%	33.39%	32.3%
EBT Margin (%)	37.74%	35.2%	35.23%	40.21%	38.27%	37.86%	38.54%	37.96%
Net margin (%)	28.65%	26.73%	26.69%	31.21%	50.77%	28.31%	29%	28.88%
FCF margin (%)	21.79%	23.07%	22.85%	20.59%	21.58%	24.75%	25.22%	24.3%
FCF / Net Income (%)	76.06%	86.31%	85.6%	65.96%	42.51%	87.44%	86.97%	84.11%
Profitability
ROA	17.75%	20.53%	23.84%	24.08%	41.08%	23.55%	26.67%	29.3%
ROE	21.18%	25.01%	29.05%	29.21%	50.23%	30.15%	31.8%	35.62%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.48%	3.22%	2.65%	4.05%	2.58%	3.47%	2.85%	2.56%
CAPEX / EBITDA (%)	10.19%	9.57%	7.76%	10.81%	7.44%	9.91%	8%	7.31%
CAPEX / FCF (%)	15.96%	13.94%	11.58%	19.65%	11.95%	14%	11.3%	10.54%
Items per share
Cash flow per share ¹	9.338	12.02	14.41	12.91	13.39	16.6	18.78	20.95
Change	-	28.68%	19.94%	-10.42%	3.68%	24.05%	13.13%	11.53%
Dividend per Share ¹	10.75	11.5	12.75	13.75	14.35	15.1	17	18.73
Change	-	6.98%	10.87%	7.84%	4.36%	5.22%	12.59%	10.19%
Book Value Per Share ¹	47.94	49.82	54.47	57.86	54.26	57.59	61.19	60.73
Change	-	3.94%	9.32%	6.22%	-6.22%	6.14%	6.25%	-0.75%
EPS ¹	10.59	12.22	15.11	16.35	28.11	17.2	19.18	20.72
Change	-	15.39%	23.65%	8.21%	71.93%	-38.8%	11.51%	8.03%
Nbr of stocks (in thousands)	12,309,904	12,324,363	12,428,018	12,484,721	12,514,120	12,522,082	12,522,082	12,522,082
Announcement Date	6/1/21	5/18/22	5/18/23	5/23/24	5/22/25	-	-	-