ITC Q2 Results FY27 Preview: Results Date, Expectations and the Numbers That Will Decide the September 2026 Quarter

Track the latest ITC Ltd. share price on Univest. With the September 2026 quarter now behind us, market attention is shifting to the upcoming ITC Q2 results, which will reveal how the FMCG-to-cigarettes conglomerate performed between July and September 2026. This preview covers only what ITC has already reported and the qualitative factors likely to matter for the ITC Q2 results, without forecasting any specific revenue or profit figure for the unreported quarter.

Jun26 revenue Rs 19,114 Cr, net profit Rs 4,509 Cr. Sep25 net profit Rs 5,187 Cr. CMP Rs 265.2, PE 16.85, dividend yield 5.45%, ROE 29.3%.

ITC is one of India's largest consumer conglomerates, spanning cigarettes, FMCG, hotels-linked income, paperboards and agri-business, and its quarterly numbers are closely tracked by a wide investor base. That scale is precisely why the ITC Q2 results draw attention every quarter, since even modest percentage moves translate into large absolute numbers for a company of this size.

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ITC Q2 Results: Likely Announcement Date

Large-cap Indian companies such as ITC have historically announced their September quarter (Q2) numbers in the second half of October. Going purely by this broad historical pattern, and not by any confirmed board notice, the ITC Q2 results could be expected sometime around that period. No official date has been announced yet, so investors should track the exchange filing or the company's investor relations page for the confirmed date of the ITC Q2 results rather than relying on any estimate.

What to Expect From the ITC Q2 Results

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Since the September 2026 quarter has already ended but the numbers are not yet public, this section stays qualitative and avoids stating any forecast figure. The ITC Q2 results will likely be assessed on whether the cigarette business can hold volume and pricing discipline, whether the FMCG-others segment sustains the margin gains seen in recent quarters, and whether agri-business revenue, which tends to be seasonal, adds volatility to the topline. Commentary on rural demand recovery and input cost trends for edible oil and other FMCG inputs will also shape how the market reads the ITC Q2 results.

Previous Quarter (Jun26) Performance

In the quarter ended June 2026, the last reported quarter before the ITC Q2 results, revenue stood at Rs 19,114 Cr with an operating profit of Rs 5,181 Cr and an operating margin of 27.11%. Net profit for the quarter was Rs 4,509 Cr. This marked a step down in both revenue and operating margin compared with the March 2026 quarter, which had posted Rs 17,825 Cr in revenue but a notably higher operating margin of 38.84% and net profit of Rs 5,470 Cr.

Q2 FY26 (Sep25) Base Quarter for Comparison

The base quarter that the ITC Q2 results will eventually be measured against on a year-on-year basis is September 2025. In that quarter, ITC reported revenue of Rs 19,502 Cr, an operating profit of Rs 6,695 Cr, an operating margin of 34.33%, and a net profit of Rs 5,187 Cr. This was a relatively strong quarter on margins, so the year-on-year comparison embedded in the ITC Q2 results this time will be measured against that healthier base rather than a depressed one.

Recent Trend Across the Last Five Quarters

Across the five quarters on record, revenue has moved from Rs 21,495 Cr in Jun25, to Rs 19,502 Cr in Sep25, Rs 20,047 Cr in Dec25, down to Rs 17,825 Cr in Mar26, and back up to Rs 19,114 Cr in Jun26. Operating margin has been in a relatively narrow band through most of this period, from around 31.71% to a peak of 38.84% in Mar26, before easing to 27.11% in Jun26. Net profit has ranged between roughly Rs 4,509 Cr and Rs 5,470 Cr across these quarters, a comparatively stable pattern that forms the backdrop for the upcoming ITC Q2 results.

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Key Factors to Watch

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Several qualitative factors could shape the ITC Q2 results. Cigarette taxation policy and any change in the goods and services tax structure remain a perennial watch point for the segment that still contributes the bulk of profitability. FMCG-others margin trajectory, particularly in staples and personal care, is another factor, along with paperboard demand linked to packaging and printing volumes. Agri-business performance, which depends heavily on commodity prices and export demand, can also swing the topline reported in the ITC Q2 results.

Valuation Snapshot

On valuation, ITC trades at a current market price of Rs 265.2, below both its 50-day moving average of Rs 274.17 and its 200-day moving average of Rs 309.94. The 52-week range is Rs 255.5 to Rs 426.4. The stock's trailing PE is 16.85 on an EPS of Rs 15.74, price to book is 4.58 against a book value of Rs 57.9, and return on equity stands at a strong 29.3%. Dividend yield is 5.45%, among the highest in the large-cap FMCG space, and the debt to equity ratio is very low at 0.03. Market capitalisation is around Rs 3,32,288 Cr. These are the metrics investors are likely to revisit once the ITC Q2 results are announced.

What to Watch Around the ITC Q2 Results

Beyond the headline print, readers following the ITC Q2 results should watch whether operating margin recovers from the 27.11% seen in Jun26 back toward the levels of Dec25 and Mar26, and whether revenue growth resumes after two consecutive quarters of decline. The relative strength index of 49.01 suggests the stock is currently in a fairly neutral zone, neither overbought nor oversold, heading into the results.

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Conclusion

The ITC Q2 results will be an important checkpoint for a conglomerate whose revenue and margin have both moderated slightly over the last two reported quarters after a strong Mar26. Investors would do well to wait for the actual filing rather than anchoring to any single quarter, given how the segment mix between cigarettes, FMCG and agri-business can shift the reported numbers. Until then, the broadly stable net profit trend across the last five quarters remains the most reliable qualitative guide available for the ITC Q2 results.

Disclaimer: Univest Securities Private Limited is a SEBI-registered Research Analyst (Registration No. INH000013776). This article is for educational and informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Figures cited are historical, publicly disclosed quarterly financials and current market data; no specific Q2 FY27 results, estimates, or forecasts are implied. Please consult a SEBI-registered investment adviser and verify data independently before making any investment decision.

FAQs

When will the ITC Q2 results be announced?

Ans. No confirmed date has been disclosed yet. Based on ITC's historical pattern of announcing September quarter results in the second half of October, the ITC Q2 results are likely to fall around that period, but investors should check the official exchange filing for the confirmed date.

What was ITC's revenue and profit in the previous quarter, Jun26?

Ans. In the June 2026 quarter, ITC reported revenue of Rs 19,114 Cr, an operating margin of 27.11%, and a net profit of Rs 4,509 Cr, a step down from the higher margin seen in the March 2026 quarter.

How did ITC perform in the Sep25 base quarter?

Ans. In September 2025, the base quarter for year-on-year comparison, ITC posted revenue of Rs 19,502 Cr, an operating margin of 34.33%, and a net profit of Rs 5,187 Cr. This relatively strong base is relevant context for the ITC Q2 results.

What is ITC's current valuation ahead of the Q2 results?

Ans. ITC trades at a trailing PE of 16.85, a price to book of 4.58, and a return on equity of 29.3%, with a dividend yield of 5.45% and a market capitalisation of around Rs 3,32,288 Cr as of the current market price of Rs 265.2.