KOLKATA: ITC, India’s Rs 1.25 lakh crore conglomerate, demonstrated the resilience of its multi-business model in the quarter ended 30th September 2025, posting net profit from continuing operations of Rs 5,179.82 crore—up 4.1 per cent—as its diversification investments continue to mature. For the half year, profit surged three per cent to Rs 10,092.18 crore, underscoring the momentum building across its portfolio.
The numbers reveal a company hitting its stride. Cigarettes, the engine that funds ITC’s expansion ambitions, delivered robust 6.7 per cent revenue growth to Rs 8,722.83 crore, with segment profit reaching Rs 5,240.66 crore. This performance, achieved despite elevated taxation, provides the cash flow for the group’s ambitious forays into branded foods, personal care and digital ventures.
More importantly, ITC’s strategic investments in FMCG are showing tangible progress. The other FMCG businesses—spanning Aashirvaad staples, Bingo snacks, Sunfeast biscuits and personal care products—grew revenue 6.9 per cent to Rs 5,964.44 crore. Whilst brand-building costs continue to weigh on near-term margins, EBITDA for this segment improved to Rs 594.08 crore. Management’s patient capital approach is paying dividends as these brands gain market share in India’s vast consumption economy.
The paperboards division, a testament to ITC’s manufacturing prowess, grew revenue 5 per cent to Rs 2,219.92 crore with healthy margins. The agri business, though affected by seasonal commodity price volatility, remains a critical link in ITC’s farm-to-fork value chain.
On a consolidated basis—reflecting the group’s expanding footprint through subsidiaries including ITC Infotech and new acquisitions like Sresta Natural Bioproducts—the picture brightens further. Revenue stood at Rs 21,255.86 crore whilst profit climbed 4.2 per cent to Rs 5,186.55 crore. For the half year, consolidated profit jumped 4.6 per cent to Rs 10,529.96 crore, with earnings per share at Rs 8.28.
The company’s balance sheet remains fortress-like, with total assets of Rs 90,802.66 crore and negligible debt. Cash generation remained strong, with operating activities throwing off Rs 5,782.15 crore in the half year, funding both dividends of Rs 9,823.58 crore and continued capital expenditure of Rs 1,006.71 crore.
The board’s decision to appoint Amitabh Kant, architect of India’s economic reforms as former Niti Aayog chief, as an independent director signals ambitions for the next phase of growth. The reappointment of Hemant Malik as wholetime director ensures continuity in execution.
ITC’s transformation from a cigarette company into a diversified consumer powerhouse is well underway. With market-leading positions emerging in multiple FMCG categories, a robust pipeline of innovation, and the financial muscle to sustain long-term investments, the company is positioning itself to capture India’s consumption boom. The patience investors have shown may soon be rewarded as scale benefits begin to flow through.
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