Revenue from operations declined 7% year-on-year to ₹16,050 crore from ₹17,248.7 crore. The figure was below the CNBC-TV18 poll estimate of ₹18,275 crore.
EBITDA for the quarter rose 7.2% year-on-year to ₹6,426 crore from ₹5,994 crore, exceeding the CNBC-TV18 poll estimate of ₹6,275 crore. EBITDA margin expanded to 40% from 34.8% a year ago. The CNBC-TV18 poll had estimated margins at 34.3%.
On a standalone basis, ITC said it delivered a strong performance in the March quarter despite supply chain disruptions and logistical challenges arising from the ongoing West Asia conflict.
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The company’s FMCG business posted robust revenue growth of 15% year-on-year. ITC said the paper segment continued to improve, with profits rising 21% year-on-year and 24% sequentially. ITC said the performance of its agri business was impacted by timing differences due to the deferral of sales amid the West Asia conflict.
Overall, gross revenue rose 17.5% year-on-year during the quarter. EBITDA excluding the agri business increased 9%. For the full year, standalone gross revenue increased 10.1% year-on-year, while EBITDA rose 4.9%. EBITDA excluding the paper business grew 6% during the year.
The company said the amalgamation of Wimco Ltd and Sresta Natural Bioproducts Private Ltd was given effect from their respective appointed dates of April 1, 2025 and June 13, 2025. On a consolidated basis, ITC said group entities, including ITC Infotech India Ltd, Surya Nepal Private Ltd and ITC Hotels Ltd, delivered strong performance during the quarter.
Consolidated gross revenue rose 17.1% year-on-year in the March quarter, while EBITDA increased 6.9%. EBITDA excluding the agri business rose 8%. For the full year, consolidated gross revenue increased 10.3% year-on-year, and EBITDA rose 5.4%. EBITDA excluding the paper business grew 6%.
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ITC’s FMCG-Others business reported a 15% year-on-year increase in segment revenue during the quarter, while segment results surged 51%. Excluding Sresta, segment revenue growth stood at 14%.
The segment’s EBITDA margin expanded nearly 200 basis points year-on-year to 11% excluding Sresta. For the full year, segment revenue rose 10.1%, while segment results increased 14%. The company said strong growth was seen across categories, including staples, biscuits, snacks, frozen snacks, noodles, dairy, premium personal wash, home care, and agarbatti.
ITC said its notebooks business witnessed a rebound in the second half despite continued low-priced paper imports and opportunistic competition from local and regional players. The company said its premium portfolio and new-generation channels continued to perform well, while its digital-first and organic portfolio grew around 60% year-on-year, with annual recurring revenue crossing ₹1,350 crore.
ITC said prices of key input materials such as edible oil, soap noodles and packaging inputs surged sharply towards the end of the quarter amid the West Asia conflict. The company said the impact was being mitigated through market interventions, supply chain measures, cost management and pricing actions.
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The company also cited the increase in taxes on cigarettes effective February 1, 2026 and the transition to the new tax structure during the quarter. For the full year, the cigarettes business reported 8.2% year-on-year growth in net segment revenue and 5.1% growth in segment results.
ITC said the agri business segment was affected by geopolitical disruptions, timing differences and a high base. Full-year segment revenue rose 3%, while exports remained subdued during the quarter due to disruptions linked to the West Asia conflict.
The paper segment continued to improve during the quarter, with profits rising 21% year-on-year and 24% sequentially. ITC said the imposition of a Minimum Import Price on virgin multi-layer paperboard from August 22, 2025, led to a progressive decline in low-priced imports, while wood prices moderated amid improved availability. The company added that the specialty papers segment posted strong growth, led by décor paper.
The company’s board recommended a final dividend of ₹8 per ordinary share of ₹1 each for the financial year ended March 31, 2026, subject to shareholder approval at the 115th Annual General Meeting scheduled for Thursday, July 23, 2026.
ITC said the final dividend, if approved, will be paid between Friday, July 24, 2026 and Wednesday, July 29, 2026. The company had earlier declared an interim dividend of ₹6.50 per share on January 29, 2026. Total dividend for FY26 stands at ₹14.50 per ordinary share of ₹1 each. ITC has fixed Wednesday, May 27, 2026, as the record date for determining shareholder entitlement for the final dividend.
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Shares of ITC Ltd ended at ₹308.00, up by ₹0.45, or 0.15%, on the BSE.
