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ITC shares continue to rise after Q2 results 2026; jumps 3% today | More rally to come? Check target, upside, returns

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In short

ITC experienced a positive trading session on the back of resilient quarterly sales, despite its consolidated net profit declining 18.5% year-on-year to ₹4,229 crore. The earnings drop stemmed largely from the cigarette segment, where profit fell 27.2% and net revenue dipped 21%. However, overall revenue grew 5% to ₹20,454 crore, bolstered by paperboards packaging recovery and the fastest non-cigarette FMCG growth seen in 14 quarters.

Key points

  • The cigarette business faced significant headwinds with segment profit declining 27.2% al…: The cigarette business faced significant headwinds with segment profit declining 27.2% alongside a 21% fall in net revenue.
  • Diversification initiatives supported overall top-line expansion as non-cigarette FMCG po…: Diversification initiatives supported overall top-line expansion as non-cigarette FMCG posted its best revenue growth in 14 quarters.
  • Religare Broking maintained a buy recommendation on the stock with a long-term target pri…: Religare Broking maintained a buy recommendation on the stock with a long-term target price of ₹408 per share.

Sources checked by our analysis pipeline: 1

FMCG giant ITC share price continued its gaining streak and jumped over 3% in Wednesday's trading session after the company reported its financial results for the quarter ending on 30 September, 2026.

ITC shares opened at ₹272.90 apiece on NSE today, as compared to previous close of ₹273.90 on Tuesday and touched an intraday high of ₹276.15 on 4 November.

ITC reported an 18.5% year-on-year (YoY) decline in consolidated net profit for the September quarter of FY27, primarily due to a steep drop in earnings from its cigarette business. The decline came despite healthy growth across its non-cigarette FMCG, agriculture and paper businesses.

The company's consolidated net profit stood at ₹4,229 crore in Q2 FY27, compared with ₹5,187 crore in the corresponding quarter last year. However, consolidated revenue increased 5% YoY to ₹20,454 crore from ₹19,455 crore.

ITC's consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 15.7% YoY to ₹5,645 crore from ₹6,695 crore, indicating continued pressure on its operating profitability.

The cigarette segment was the biggest contributor to the earnings decline. Its segment profit dropped 27.2% YoY…

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