ITC Q2 FY26: Solid Margins Driven by Cigarettes & FMCG 📈

ITC Q2 FY26: Inline Results, Strong Margin Beat Led by Cigarettes & FMCG Growth | Business


ITC’s Q2 FY26 earnings were largely in line with estimates but featured a strong margin beat led by its cigarette and FMCG segments.

Revenue: down 3.5% YoY (in line with expectations)

EBITDA: up 2% YoY

Net Profit: up 2% YoY

EBITDA Margins: expanded sharply to 34.7% vs 32.8% last year.

While ITC’s agri business declined 31% YoY due to a high base, the cigarette business grew 7%, with volumes estimated up 6%.
The FMCG segment rose 7%, driven by staples, personal care, and premium brands such as Aashirvaad, Mangaldeep, Fiama, and Sunfeast.
ITC’s food-tech venture also scaled up to 60 cloud kitchens across five cities, with seven new kitchens added during the quarter.

Brokerages remain bullish —

Citi: Buy, TP ₹500

Goldman Sachs: Buy, TP ₹490

Morgan Stanley: Overweight, TP ₹469

Meanwhile, Swiggy posted an inline performance, with revenue up 12% sequentially and EBITDA loss narrowing to ₹798 crore from ₹954 crore.
Growth was driven by strong order volumes in food delivery and higher traction in online grocery, though profitability remains a work in progress.

Both stocks reflect India’s consumption resilience, even amid regulatory headwinds and cautious market sentiment.

#itc #swiggy #earnings #fmcg #consumption #markets #etnow

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