Financials ITC Limited

Stocks

ITC

INE154A01025

Tobacco

Market Closed - NSE India S.E. Other stock markets 07:05:08 2026-07-10 EDT			5-day change	1st Jan Change
281.75 ^INR	-0.11%		-2.83%	-30.09%

05-22	Nomura Adjusts ITC's Price Target to INR300 From INR318, Keeps at Reduce	MT
05-21	ITC Posts Sharp Decline in Fiscal Q4 Consolidated Profit	MT

Projected Income Statement: ITC Limited

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net sales ¹	563,413	702,513	654,408	693,235	719,838	756,947	826,358	875,400
Change	-	24.69%	-6.85%	5.93%	3.84%	5.16%	9.17%	5.93%
EBITDA ¹	189,337	239,445	244,786	240,248	252,082	234,660	261,357	278,678
Change	-	26.47%	2.23%	-1.85%	4.93%	-6.91%	11.38%	6.63%
EBIT ¹	172,815	222,817	228,308	225,829	237,342	217,450	244,668	261,198
Change	-	28.93%	2.46%	-1.09%	5.1%	-8.38%	12.52%	6.76%
Interest Paid ¹	-419.5	-418.1	-457.3	-448.4	-699.4	-657.2	-696.6	-809.3
Earnings before Tax (EBT) ¹	198,295	247,504	263,158	265,288	267,676	255,983	284,958	301,239
Change	-	24.82%	6.32%	0.81%	0.9%	-4.37%	11.32%	5.71%
Net income ¹	150,578	187,533	204,220	351,956	202,864	191,162	213,609	229,293
Change	-	24.54%	8.9%	72.34%	-42.36%	-5.77%	11.74%	7.34%
Announcement Date	5/18/22	5/18/23	5/23/24	5/22/25	5/21/26	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	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	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	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	197,499	180,212	180,171	160,505	180,190	-
Change	-	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%	14.5%	-8.75%	-0.02%	-10.92%	12.26%	-
EBITDA ¹	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	62,613	62,520	62,712	64,260	52,669	55,539
Change	-	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%	4.59%	-0.15%	0.31%	2.47%	-18.04%	5.45%
EBIT ¹	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	58,960	58,813	59,019	60,635	50,877	59,962
Change	-	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%	4.73%	-0.25%	0.35%	2.74%	-16.09%	17.86%
Charge d'intérêts	-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	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	65,451	68,515	66,850	-	49,643	-
Change	-	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%	4.68%	-2.43%	-	-	-
Net income ¹	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	49,124	51,798	50,888	51,134	37,713	-
Change	-	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%	-74.89%	5.44%	-1.76%	0.48%	-26.25%	-
Announcement Date	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	8/1/25	10/30/25	1/29/26	5/21/26	-	-

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	2022	2023	2024	2025	2026	2027	2028	2029
Net Debt ¹	-151,925	-201,851	-178,226	-183,135	-197,528	-285,011	-297,614	-310,673
Change	-	-32.86%	11.7%	-2.75%	-7.86%	-44.29%	-4.42%	-4.39%
Announcement Date	5/18/22	5/18/23	5/23/24	5/22/25	5/21/26	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: ITC Limited

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
CAPEX ¹	18,120	18,583	26,472	17,886	20,693	19,847	20,491	20,570
Change	-	2.55%	42.45%	-32.43%	15.69%	-4.09%	3.25%	0.38%
Free Cash Flow (FCF) ¹	129,958	160,534	134,710	149,624	150,257	174,408	189,555	198,576
Change	-	23.53%	-16.09%	11.07%	0.42%	16.07%	8.68%	4.76%
Announcement Date	5/18/22	5/18/23	5/23/24	5/22/25	5/21/26	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: ITC Limited

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Profitability
EBITDA Margin (%)	33.61%	34.08%	37.41%	34.66%	35.02%	31%	31.63%	31.83%
EBIT Margin (%)	30.67%	31.72%	34.89%	32.58%	32.97%	28.73%	29.61%	29.84%
EBT Margin (%)	35.2%	35.23%	40.21%	38.27%	37.19%	33.82%	34.48%	34.41%
Net margin (%)	26.73%	26.69%	31.21%	50.77%	28.18%	25.25%	25.85%	26.19%
FCF margin (%)	23.07%	22.85%	20.59%	21.58%	20.87%	23.04%	22.94%	22.68%
FCF / Net Income (%)	86.31%	85.6%	65.96%	42.51%	74.07%	91.24%	88.74%	86.6%
Profitability
ROA	20.53%	23.84%	24.08%	41.08%	23.46%	19.86%	22.73%	24.54%
ROE	25.01%	29.05%	29.21%	50.23%	29.44%	26.87%	28.51%	29.07%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.22%	2.65%	4.05%	2.58%	2.87%	2.62%	2.48%	2.35%
CAPEX / EBITDA (%)	9.57%	7.76%	10.81%	7.44%	8.21%	8.46%	7.84%	7.38%
CAPEX / FCF (%)	13.94%	11.58%	19.65%	11.95%	13.77%	11.38%	10.81%	10.36%
Items per share
Cash flow per share ¹	12.02	14.41	12.91	13.39	13.64	14.76	17.54	18.71
Change	-	19.94%	-10.42%	3.68%	1.92%	8.19%	18.84%	6.64%
Dividend per Share ¹	11.5	12.75	13.75	14.35	14.5	13.52	14.24	15.19
Change	-	10.87%	7.84%	4.36%	1.05%	-6.77%	5.36%	6.63%
Book Value Per Share ¹	49.82	54.47	57.86	54.26	55.81	57.4	61.14	63.8
Change	-	9.32%	6.22%	-6.22%	2.86%	2.85%	6.52%	4.34%
EPS ¹	12.22	15.11	16.35	28.11	16.19	15.35	17.07	18.31
Change	-	23.65%	8.21%	71.93%	-42.4%	-5.2%	11.24%	7.22%
Nbr of stocks (in thousands)	12,324,363	12,428,018	12,484,721	12,514,120	12,529,468	12,529,468	12,529,468	12,529,468
Announcement Date	5/18/22	5/18/23	5/23/24	5/22/25	5/21/26	-	-	-