ITC Share Price adds 2%. Lists on Top Nifty Performers Today

4 Nov 2026 , 11:13 AM

Shares of ITC Ltd gained 3% to trade at Rs 282 in the early trades on Wednesday, November 4, 2026. It was the top Nifty 50 gainer for the day as the company’s Q2 FY27 numbers showed erosion in cigarette business’ profitability while FMCG business grew.

Key Takeaways

• ITC reported a standalone net profit of Rs 4,137.12 crore for the September quarter, down 20.1% year on year.
• Profit before interest and tax of ITC’s cigarette business fell 27% on year to Rs 3,813.5 crore.
• Non-cigarette FMCG sales grew by 16% to Rs 6,967.2 crore in the year.
• JPMorgan said further price increases, particularly in the RSFT category, could help stabilise cigarette EBIT by the fourth quarter.

ITC’s 2026 decline reached 24.3% after the 3% early-trade gain

As the share in early trade went up 3% on NSE, becoming one of the top gainers on the Nifty 50 index and was trading at Rs 282 around 9:41 am.

ITC’s shares had declined 24.3% so far in 2026, compared with an 8.5% fall in the Nifty 50 over the same period. ITC reported standalone net profit of Rs 4,137.12 crore for the September quarter, compared with Rs 5,180 crore a year earlier, marking a 20.1% year-on-year decline.

Revenue from operations increased by 45% to Rs 28,317.7 crore during the year under review, ITC said in a statement.

ITC’s cigarette EBIT fell 27% to Rs 3,813.5 crore

ITC reported that cigarette segment profit before interest and tax fell 27% year on year to Rs 3,813.5 crore. Cigarette segment revenue rose 78% to Rs 15,536.1 crore to reach Rs 15,536.1 crore.

ITC’s market capitalisation stood at Rs 3.46 lakh crore at around 9:41 am. At the same time, the Sensex was up 378 points, or 0.5%, at 77,296, while the Nifty was up 112 points at 23,923.

JPMorgan linked cigarette pressure to 7–8% volume decline

JPMorgan estimated that cigarette volumes fell 7–8% after price increases were delayed. The brokerage said ITC’s portfolio restructuring and staggered price increases could gradually narrow the decline in cigarette profitability.

JPMorgan said additional price increases in the RSFT category could help stabilise cigarette EBIT by the fourth quarter.

Non-cigarette FMCG revenue grew 16% to Rs 6,967.2 crore

ITC reported that non-cigarette FMCG revenue rose 16% year on year to Rs 6,967.2 crore, its strongest growth in 14 quarters. The segment’s PBIT increased 28% to Rs 558.3 crore.

CLSA said non-cigarette revenue and EBITDA grew 18% and 23%, respectively, supported by FMCG growth, a recovery in paperboards and strong performance in the agri business.

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