ITC Q2 results 2026 preview: Shares of ITC Limited will remain in focus on Monday, as the FMCG major is set to announce its second quarter results for the financial year 2026-27 tomorrow. Its FMCG business may see double digit EBIT growth with flat margins, and cigarette business is expected to decline, according to experts.
ITC share price closed marginally higher on Friday, October 30. The FMCG stock has delivered 3.27% return in one week, but it has declined 27% in 2026 so far. As all eyes will be on ITC Q2 results tomorrow, here’s what to expect from the FMCG giant.
ITC Q2 results preview: What to expect on profit, revenue, EBITDA?
ITC may see 7% revenue growth during the quarter under review, whereas EBITDA may decline 24%, affected by weaker margins across segments, according to HDFC Securities report.
“We see EBIT margin to remain stressed. We see consolidated segment EBIT to see 20% decline YoY,” stated the brokerage in its report. The consumer goods giant may see double digit decline in its adjusted profit after tax (PAT)
Its FMCG business is expected to post healthy growth, highlighted Motilal Oswal Financial Services Limited (MOFSL) in its report, modelling 14% revenue growth in the segment.
ITC Q2 results expectations: Will cigarette business drive growth?
The Kolkata-headquartered conglomerate is likely to witness 74% growth in cigarette gross revenue, which is likely to lead to 20% decline in net sales (after surge in excise), noted HDFC Securities in its report, highlighting its expectation of 7% decline in volume growth in the segment.
“The company has achieved 75-80% price hikes, which is likely to help company achieve EBIT/Stick neutrality. The company has also series of new product launches to address volume. We see EBIT margin to remain stressed. We see consolidated segment EBIT to see 20% decline YoY.”
According to the MOFSL report, ITC’s cigarette business revenue is expected to decline 22%, and volume is anticipated to decline 8% on an annual basis.
“We model a 28% YoY decline in cigarette EBIT and margins to contract significantly YoY due to insufficient price hikes. In the FMCG business, we project a 10% EBIT growth, with flat margin,” stated the brokerage in its report.
ITC share price target
MOFSL maintained its ‘Neutral’ rating for ITC with a target price of ₹285 per share. Whereas, HDFC Securities, in its report, gave ‘Add’ rating with a target price of ₹200 per share.
ITC share price trend
Shares of ITC closed 0.74% higher at ₹265.60 per share on BSE with a market capitalisation of ₹3,32,847.60 crore on Friday. Its share price value has surged 3.27% in one week, but has declined 15.67% in six months, 27% in 2026 so far and around 36% in one year.
