Diversified conglomerate ITC Ltd reported a 20.1% year-on-year decline in consolidated net profit to ₹4,137 crore for the second quarter ended September 30, 2026, compared with ₹5,176 crore in the corresponding quarter last year.
The company's profit marginally exceeded Bloomberg's consensus estimate of ₹4,129 crore. Consolidated revenue from operations, meanwhile, grew 1.8% year-on-year to ₹18,401 crore from ₹18,081 crore in Q2 FY26, surpassing the analyst estimate of ₹17,520 crore, according to NDTV Profit.
The cigarette business remained under pressure following higher tax levies, which impacted legal consumption. The segment's results declined 27.2% year-on-year to ₹3,813 crore.
In contrast, ITC's non-cigarette FMCG business recorded its strongest performance in 14 quarters, with segment revenue increasing 19% year-on-year to ₹22,503.30 crore. Growth was supported by double-digit expansion across its staples, snacks and personal wash portfolios. Segment profit before interest and tax (PBIT) rose 27.8% to ₹558 crore.
The company's agri-business reported revenue of ₹4,451.69 crore, while the paperboards segment generated revenue of ₹3,015.85 crore during the quarter.
ITC's operating margin stood at 28%, compared with 34.6% in the preceding quarter, reflecting the margin pressures during the period.
