ITC Q2 FY27 Results Monday: How Much Will Cigarette Taxes Cost ITC? Q1 Profit Fell 27%

ITC Q2 FY27 Results on November 2: Why Investors Are Watching Cigarette Business Performance

ITC Ltd is approaching an important earnings announcement, but investors may have more reasons to worry than celebrate. The company will declare its Q2 FY27 financial results on Monday, November 2, 2026, with higher cigarette taxes, margin pressure and slowing profitability emerging as key concerns.

The biggest question is whether ITC can recover from the earnings pressure witnessed in the previous quarter or whether higher taxation will continue to weigh on its core cigarette business.

The company’s board will meet in Mumbai to consider and approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026.

Track Live : Results Calendar — NSE & BSE

ITC Q2 FY27 Results Date, Dividend News and Earnings Call Schedule

ITC informed stock exchanges through a regulatory filing dated October 16 about the scheduled board meeting.

Here are the important details investors should know:

• Results Date: Monday, November 2, 2026.
• Board Meeting: November 2, 2026.
• Results Period: Q2 and H1 FY27.
• Reporting Basis: Standalone and consolidated.
• Dividend Announcement: Not mentioned in the board meeting intimation.
• Earnings Call: Schedule yet to be confirmed.

The company has not specified the exact results announcement time. Investors should also note that no dividend proposal or record date has been confirmed in the available filing.

The actual Q2 FY26 profit base is ₹5,126 crore

ITC’s Q1 FY27 standalone net profit declined 27.1% year-on-year to ₹3,579 crore, compared with ₹4,911 crore in the corresponding quarter last year.

The previous year’s Q2 profit provides a challenging comparison base for the September-quarter results.

Track Live : NSE Option Chain — Live  |  BSE Option Chain — Live Sensex & Bankex Options Data Today

ITC Q2 FY27 Profit Expectations: Can the Company Beat Market Estimates?

Market expectations indicate that ITC could report a weaker September-quarter performance compared with the corresponding period last year.

YES Securities has estimated profit after tax (PAT) at approximately ₹3,925.8 crore. Zee Business estimates point towards revenue of around ₹17,237 crore and EBITDA of approximately ₹4,898 crore.

The broader estimates provided suggest that PAT could decline around 22%–23% year-on-year, while EBITDA may fall approximately 21.7%.

For comparison, ITC reported standalone PAT of ₹5,126 crore in Q2 FY26, while its Q1 FY27 standalone profit stood at ₹3,579 crore, down 27.1% sequentially from the previous year’s comparable quarter? Investors should distinguish the different reporting periods and standalone versus consolidated figures when comparing estimates.

Track Live : Nifty Levels Today  |  Sensex Levels Today

Cigarette Tax Pressure Remains the Biggest Concern for ITC Investors

The cigarette business will remain the most important segment to watch in the upcoming ITC Q2 results.

Higher excise duties and taxation have increased pressure on cigarette pricing, volumes and operating margins. This has become a major headwind for the company’s profitability.

Softer raw tobacco prices could provide some relief on input costs. However, investors will want to know whether these savings are sufficient to offset the impact of higher taxes.

The FMCG, paperboards and packaging, and agribusiness businesses will also be important. Their performance could help ITC manage pressure from its cigarette operations.

Read More : SBI Q2 FY27 Results Tuesday: Can the Bank Beat a Record Rs 21,121 Crore Profit?

YES Securities and Emkay Global have different expectations

The two brokerage views indicate that analysts expect pressure on ITC’s profitability, but their revenue and operating forecasts differ.

Brokerage estimates reported by Business Today on October 30, 2026.

ITC Hotels Performance Could Provide Support to Group Earnings

ITC Hotels has emerged as a potential bright spot ahead of the parent company’s results.

ITC Hotels reported Q2 FY27 revenue growth of 26% year-on-year to ₹1,054 crore, while PAT increased 52% to ₹203 crore.

This performance could provide support to the broader group’s earnings narrative, although investors will need to examine the actual consolidated contribution.

Non-cigarette FMCG business could provide some relief

The non-cigarette FMCG business is another important area investors will examine.

ITC’s FMCG portfolio includes brands such as Aashirvaad, Sunfeast, Bingo!, Yippee!, Savlon and Fiama.

Despite pressure on cigarettes, the business has demonstrated growth momentum.

Q1 FY27 performance

• FMCG-Others revenue reached ₹6,482 crore.

• Revenue increased approximately 12% year-on-year.

• Segment profit rose approximately 21% to ₹479 crore.

Q2 FY27 expectations

Emkay expects the FMCG business to deliver revenue growth of 13%, although margins could contract by approximately 50 basis points.

Agri-business: Brokerage estimates show a major difference

ITC’s agri-business is another segment that deserves attention.

During Q1 FY27, the segment reported revenue of approximately ₹8,082 crore, declining 17% year-on-year.

However, the underlying business reportedly grew approximately 9%, with reported revenue affected by trade disruptions and the timing of wheat-related business.

For Q2 FY27, brokerage expectations:

ITC Hotels has reported strong Q2 FY27 results, but there is an important corporate-structure distinction

ITC Hotels announced its September-quarter results ahead of ITC Limited.

ITC Hotels also signed 20 new hotel agreements during the first half of FY27, taking its managed hotel pipeline to 84 hotels with approximately 8,200 keys.

ITC Share Price Performance Ahead of Q2 FY27 Results

Market data as of October 30, 2026

ITC’s employee stock-option allotment increased its share capital

This is a smaller corporate development, but it is worth retaining in the corporate-action section.

On October 15, 2026, ITC allotted 13,95,500 ordinary shares of ₹1 each following the exercise of 1,39,550 employee stock options.

• Issued and subscribed share capital increased to ₹1,253.19 crore.

• Total ordinary shares increased to 12,531,912,581.

• Face value remained ₹1 per share.

The allotment committee meeting concluded at 7:10 PM on October 15.

Here’s What Happened Today and Why Traders Reacted

ITC’s upcoming results announcement has placed the stock under investor scrutiny, particularly after the pressure on cigarette profitability in Q1 FY27.

The stock has reportedly traded near its 52-week lows, around ₹253–₹265, making management commentary especially important.

Traders will closely monitor cigarette volumes, EBITDA margins, FMCG growth and the outlook for taxation. Any earnings surprise or positive management commentary could influence short-term trading sentiment.

What ITC Q2 Results Could Mean for Investors and Shareholders

ITC shares could remain sensitive to earnings expectations ahead of November 2.

Better-than-expected profitability, improving cigarette volumes and stronger FMCG performance may support investor confidence. However, continued margin contraction or weaker cigarette sales could trigger further selling pressure.

Ultimately, the November 2 results will help determine whether ITC’s earnings weakness is temporary or signals a longer period of pressure on its core cigarette business.