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Last Updated: April 2, 2026, 3:08 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500875 | NSE: ITC

ITC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹229.97Overvalued by 21.24%vs CMP ₹292.00

P/E (17.7) × ROE (27.3%) × BV (₹56.70) × DY (4.92%)

₹242.25Overvalued by 17.04%vs CMP ₹292.00
MoS: -20.5% (Negative)Confidence: 53/100 (Moderate)Models: 1 Under, 2 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹270.7523%Fair (-7.3%)
Graham NumberEarnings₹188.9317%Over (-35.3%)
Earnings PowerEarnings₹152.3211%Over (-47.8%)
DCFCash Flow₹635.4811%Under (+117.6%)
Net Asset ValueAssets₹56.787%Over (-80.6%)
EV/EBITDAEnterprise₹219.309%Over (-24.9%)
Earnings YieldEarnings₹279.807%Fair (-4.2%)
ROCE CapitalReturns₹135.509%Over (-53.6%)
Revenue MultipleRevenue₹90.276%Over (-69.1%)
Consensus (9 models)₹242.25100%Overvalued
Key Drivers: Wide model spread (₹57–₹635) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 17.7%

*Investments are subject to market risks

Investment Snapshot

66
ITC Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 36.8% ExcellentROE 27.3% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.76% (6mo) SellingDII holding up 3.71% MF buying
Earnings Quality50/100 · Moderate
OPM stable around 36% Steady
Quarterly Momentum80/100 · Strong
Revenue (4Q): +8% YoY GrowingProfit (4Q): +73% YoY Strong
Industry Rank45/100 · Moderate
P/E 17.7 vs industry 17.7 In-lineROCE 36.8% vs industry 36.8% Average3Y sales CAGR: 7% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:08 am

Market Cap 3,65,485 Cr.
Current Price 292
Intrinsic Value₹242.25
High / Low 444/287
Stock P/E17.7
Book Value 56.7
Dividend Yield4.92 %
ROCE36.8 %
ROE27.3 %
Face Value 1.00
PEG Ratio1.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for ITC Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ITC Ltd 3,65,485 Cr. 292 444/28717.7 56.74.92 %36.8 %27.3 % 1.00
Industry Average365,485.00 Cr292.0017.7056.704.92%36.80%27.30%1.00

All Competitor Stocks of ITC Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 17,70517,63517,16417,77417,19517,03817,77819,99018,79018,76521,49519,50220,047
Expenses 11,00011,01110,49411,32010,98510,73611,23313,43812,42812,24614,67812,80713,165
Operating Profit 6,7056,6246,6706,4546,2106,3026,5456,5526,3626,5196,8166,6956,883
OPM % 38%38%39%36%36%37%37%33%34%35%32%34%34%
Other Income 59568372267482086877169080315,391751739322
Interest 9121010121110151011162019
Depreciation 447461442453384385403416416411423435431
Profit before tax 6,8446,8336,9406,6656,6356,7746,9036,8116,74021,4897,1286,9796,754
Tax % 26%24%25%26%19%23%25%26%26%8%25%26%26%
Net Profit 5,0805,2435,1904,9655,4075,1915,1775,0545,01319,8085,3435,1875,018
EPS in Rs 4.034.164.103.934.284.104.083.993.9415.764.194.093.94

Last Updated: February 5, 2026, 11:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 35,30638,81739,19242,76843,44948,34049,38849,25760,64570,91967,93275,32379,809
Expenses 22,22724,56624,66127,29826,92829,80230,04432,19340,02145,21542,74449,48452,896
Operating Profit 13,08014,25214,53115,47016,52118,53719,34417,06520,62325,70425,18825,83926,913
OPM % 37%37%37%36%38%38%39%35%34%36%37%34%34%
Other Income 9661,2291,4831,7592,2402,0802,4172,5771,9102,0983,33017,79517,203
Interest 299178491157181586078394567
Depreciation 9651,0281,0771,1531,2361,3971,6451,6461,7321,8091,5181,6461,700
Profit before tax 13,05214,36214,85916,02617,40919,15020,03517,93820,74025,91526,96141,94342,350
Tax % 31%32%36%35%34%33%22%25%25%25%23%16%
Net Profit 9,0019,7799,50110,47711,49312,83615,59313,38315,50319,47720,75135,05235,356
EPS in Rs 7.458.047.748.479.2410.2712.4510.6912.3715.4416.3927.7727.98
Dividend Payout % 54%52%73%56%56%56%82%101%93%100%84%52%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)8.64%-2.84%10.27%9.70%11.69%21.48%-14.17%15.84%25.63%6.54%68.92%
Change in YoY Net Profit Growth (%)0.00%-11.49%13.12%-0.58%1.99%9.79%-35.65%30.01%9.79%-19.09%62.38%

ITC Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:7%
TTM:13%
Compounded Profit Growth
10 Years:8%
5 Years:5%
3 Years:9%
TTM:0%
Stock Price CAGR
10 Years:8%
5 Years:19%
3 Years:11%
1 Year:-13%
Return on Equity
10 Years:25%
5 Years:26%
3 Years:28%
Last Year:27%

Last Updated: September 5, 2025, 7:55 am

Balance Sheet

Last Updated: December 4, 2025, 1:27 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 7958028051,2151,2201,2261,2291,2311,2321,2431,2481,2511,253
Reserves 26,44230,93441,87545,19851,29057,91564,04459,11661,22367,91273,25968,77969,819
Borrowings 24226984463613277271249306303285363
Other Liabilities 13,36913,9488,8889,44011,69512,58511,76013,14314,49116,37016,94417,68819,368
Total Liabilities 40,84845,95251,65155,89864,24171,73977,31173,76177,19685,83191,75488,00390,803
Fixed Assets 12,92115,30315,10715,89316,52419,37421,71323,29824,23225,85127,82021,95522,400
CWIP 3,1172,7002,5603,7305,5084,1363,2564,0113,2263,0032,8611,0911,305
Investments 7,2846,94311,74817,58122,05325,04328,66324,87124,84129,41531,11434,72032,548
Other Assets 17,52621,00622,23718,69420,15623,18523,67821,58024,89827,56129,95930,23734,550
Total Assets 40,84845,95251,65155,89864,24171,73977,31173,76177,19685,83191,75488,00390,803

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 7,3449,8439,79910,62713,16912,58314,69012,52715,77618,87817,17917,627
Cash from Investing Activity + -3,254-5,275-3,921-3,251-7,114-5,546-6,1745,740-2,238-5,7321,563-564
Cash from Financing Activity + -4,122-4,661-5,613-7,301-6,221-6,869-8,181-18,634-13,580-13,006-18,551-17,037
Net Cash Flow -32-9326675-166169334-367-4313919126
Free Cash Flow 4,4956,5527,4597,55610,3719,44212,27610,69313,76716,18413,72415,524
CFO/OP 87%100%102%104%116%99%102%99%101%98%92%93%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-229.00-255.00-70.00-31.00-20.005.00-258.00-254.00-229.00-281.00-278.00-260.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 251918212330191915152223
Inventory Days 228212244185173165187189150148191178
Days Payable 585063608074767861596555
Cash Conversion Cycle 195181199145115122129129104105148146
Working Capital Days 7-651453132353631203945
ROCE %50%47%40%36%34%34%32%28%33%39%36%37%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 43.35%43.62%43.34%43.26%40.95%40.47%40.53%40.17%39.87%37.98%37.39%36.11%
DIIs 42.08%41.92%41.94%41.98%43.76%44.02%44.59%44.91%45.19%46.91%47.41%48.90%
Government 0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%
Public 14.52%14.41%14.68%14.71%15.23%15.47%14.83%14.88%14.90%15.07%15.16%14.95%
No. of Shareholders 29,30,52730,13,79332,74,36033,35,81536,48,53737,56,54135,68,56037,10,16936,47,88636,48,98936,66,40736,08,157

Shareholding Pattern Chart

No. of Shareholders

ITC Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Parag Parikh Flexi Cap Fund 209,900,994 5.05 6761.96148,665,7112026-02-23 00:14:5241.19%
ICICI Prudential Value Fund 97,252,019 5.19 3132.9778,901,3312026-02-23 00:14:5223.26%
ICICI Prudential Multi Asset Fund 68,525,718 2.73 2207.5649,218,0262026-02-23 00:14:5239.23%
Nippon India Large Cap Fund 42,829,812 2.75 1379.7635,329,8122026-02-23 00:14:5221.23%
HDFC Balanced Advantage Fund 41,476,926 1.25 1336.18N/AN/AN/A
Mirae Asset Large Cap Fund 39,981,915 3.19 1288.0243,675,0342026-02-23 00:14:52-8.46%
SBI Contra Fund 31,014,741 2.05 999.1426,766,7412025-12-08 03:14:3115.87%
Kotak Multicap Fund 28,500,000 4.04 918.1327,250,0002026-02-23 00:14:524.59%
Nippon India Multi Cap Fund 28,013,819 1.85 902.47N/AN/AN/A
ICICI Prudential Equity & Debt Fund 27,096,739 1.77 872.92N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 27.7916.4215.5012.3710.70
Diluted EPS (Rs.) 27.7516.3815.4612.3710.70
Cash EPS (Rs.) 29.2418.0517.0913.9712.22
Book Value[Excl.RevalReserv]/Share (Rs.) 55.9659.9955.9550.9849.31
Book Value[Incl.RevalReserv]/Share (Rs.) 55.9659.9955.9550.9849.31
Revenue From Operations / Share (Rs.) 60.1956.7757.0849.2340.03
PBDIT / Share (Rs.) 22.7823.2122.2418.2515.95
PBIT / Share (Rs.) 21.4721.7620.7916.8514.62
PBT / Share (Rs.) 21.4321.7220.8116.8214.58
Net Profit / Share (Rs.) 27.9216.6015.6312.5710.88
NP After MI And SOA / Share (Rs.) 27.7716.3915.4412.3710.69
PBDIT Margin (%) 37.8440.8838.9737.0739.85
PBIT Margin (%) 35.6638.3236.4234.2236.51
PBT Margin (%) 35.6038.2536.4634.1536.41
Net Profit Margin (%) 46.3829.2327.3825.5227.17
NP After MI And SOA Margin (%) 46.1228.8627.0525.1226.71
Return on Networth / Equity (%) 49.6127.4527.7524.4021.80
Return on Capital Employeed (%) 36.4134.7635.8131.8928.49
Return On Assets (%) 39.4422.2722.3419.7217.82
Asset Turnover Ratio (%) 0.830.790.820.750.61
Current Ratio (X) 3.063.002.892.813.27
Quick Ratio (X) 1.961.952.021.912.29
Inventory Turnover Ratio (X) 5.001.661.841.571.48
Dividend Payout Ratio (NP) (%) 23.4041.0038.8142.4446.74
Dividend Payout Ratio (CP) (%) 22.3437.6635.4638.1141.55
Earning Retention Ratio (%) 76.6059.0061.1957.5653.26
Cash Earning Retention Ratio (%) 77.6662.3464.5461.8958.45
Interest Coverage Ratio (X) 632.67630.60639.94571.51440.45
Interest Coverage Ratio (Post Tax) (X) 443.21452.07449.03394.44301.35
Enterprise Value (Cr.) 509274.61528208.39472093.81304785.83264644.53
EV / Net Operating Revenue (X) 6.767.456.665.025.37
EV / EBITDA (X) 17.8618.2317.0813.5513.48
MarketCap / Net Operating Revenue (X) 6.817.556.725.095.46
Retention Ratios (%) 76.5958.9961.1857.5553.25
Price / BV (X) 7.327.186.894.954.46
Price / Net Operating Revenue (X) 6.817.556.725.095.46
EarningsYield 0.060.030.040.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ITC Ltd. is a Public Limited Listed company incorporated on 24/08/1910 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L16005WB1910PLC001985 and registration number is 001985. Currently Company is involved in the business activities of Manufacture of cigarettes, cigarette tobacco. Company's Total Operating Revenue is Rs. 69323.52 Cr. and Equity Capital is Rs. 1251.41 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Cigarettes & Tobacco ProductsVirginia House, 37, Jawaharlal Nehru Road, Kolkata West Bengal 700071Contact not found
Management
NamePosition Held
Mr. Sanjiv PuriChairman & Managing Director
Mr. Hemant MalikExecutive Director
Mr. Sumant BhargavanExecutive Director
Mr. Supratim DuttaExecutive Director & CFO
Mr. Ajit Kumar SethNon Executive Director
Mr. Shyamal MukherjeeNon Executive Director
Mr. Sunil PanrayNon Executive Director
Mr. Anand NayakNon Executive Director
Ms. Nirupama RaoNon Executive Director
Mr. Hemant BhargavaNon Executive Director
Mr. Alka Marezban BharuchaNon Executive Director
Mr. Atul SinghNon Executive Director
Mr. Pushpa SubrahmanyamNon Executive Director
Mr. Chandra Kishore MishraNon Executive Director
Mr. Siddhartha MohantyNon Executive Director
Mr. Alok PandeNon Executive Director

FAQ

What is the intrinsic value of ITC Ltd and is it undervalued?

As of 16 April 2026, ITC Ltd's intrinsic value is ₹242.25, which is 17.04% lower than the current market price of ₹292.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (27.3 %), book value (₹56.7), dividend yield (4.92 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of ITC Ltd?

ITC Ltd is trading at ₹292.00 as of 16 April 2026, with a FY2026-2027 high of ₹444 and low of ₹287. The stock is currently near its 52-week low. Market cap stands at ₹3,65,485 Cr..

How does ITC Ltd's P/E ratio compare to its industry?

ITC Ltd has a P/E ratio of 17.7, which is below the industry average of 17.70. This is broadly in line with or below the industry average.

Is ITC Ltd financially healthy?

Key indicators for ITC Ltd: ROCE of 36.8 % indicates efficient capital utilization; ROE of 27.3 % shows strong shareholder returns. Dividend yield is 4.92 %.

Is ITC Ltd profitable and how is the profit trend?

ITC Ltd reported a net profit of ₹35,052 Cr in Mar 2025 on revenue of ₹75,323 Cr. Compared to ₹15,503 Cr in Mar 2022, the net profit shows an improving trend.

Does ITC Ltd pay dividends?

ITC Ltd has a dividend yield of 4.92 % at the current price of ₹292.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in ITC Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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