ITITC500875Quarterly results

Q2 FY27 media statement: non-cigarette segments grow, overall EBITDA lower, cigarette volumes under tax pressure

Q2 FY27: non-cigarette businesses led growth.

By ScoutQuest · Mon 2 Nov 2026, 6:32 PM IST · 2 min read

FMCG Others consolidated revenue

up 19% YoY (LTL 17.3%)

Paper segment revenue / PBIT

revenue up 36%, PBIT up 48%

Overall consolidated Net Revenue / EBITDA

Net Revenue up 5%, EBITDA down 16%

Headline picture

This is the media statement and investor presentation shared along with the unaudited results for the quarter and six months ended 30th September 2026. The Board of Directors, at its meeting on 2nd November 2026, approved the financial results. The company's own summary says growth came from all non-cigarette segments, while the cigarettes business navigated what it calls an unprecedented tax increase.

Overall numbers in the statement's highlights table

• Net Revenue overall up 5% consolidated and 3% standalone
• EBITDA overall down 16% consolidated and 17% standalone
• FMCG Others segment Net Revenue up 19% consolidated and 16% standalone
• Non-Cigarette Segments Net Revenue up 20% consolidated and 18% standalone, with their EBITDA up 22% consolidated and 23% standalone

FMCG segment

• Consolidated revenue up 19% YoY, with like-to-like growth of 17.3% and 23% excluding Atta
• EBITDA margin expanded 50 bps YoY
• Fourth consecutive quarter of double-digit revenue growth
• Biscuits, Snacks, Noodles, Spices, Salt, Frozen Snacks, Homecare and Notebooks led with 20%+ growth, supported by high-teens growth in Dairy and Personal wash
• Digital-first and Organic portfolio up 70+% YoY, with annual revenue run rate over Rs. 1800 cr.

Paperboards, Paper and Packaging

• Segment revenue up 36% YoY (like-to-like 10%)
• Segment PBIT up 48% YoY (like-to-like 52%), with PBIT margin expanding 320 bps
• The acquisition of the Century Pulp and Paper undertaking at Lalkuan, Uttarakhand was completed on 1st August 2026
• Minimum Import Price on Virgin Multi-layered Paperboard has been extended till 31st March 2027

Agri Business

• Segment revenue up 12% YoY, led by value-added agri products such as Spices and Fruits & Vegetables, and by leaf tobacco exports
• The business was affected by West Asia conflict-led disruptions and by lower domestic leaf tobacco demand following the cigarette tax increase

Fresh Food Business

• GMV up 53% YoY, with annual revenue run rate crossing Rs. 320 cr.
• 7 new kitchens opened during the quarter, taking the footprint to 80+ cloud kitchens

Cigarettes

• Legal industry volumes remain under pressure due to the steep tax increase
• The company describes a calibrated response, including new variants and own trademarks, and reports a sharp rise in seizures of smuggled cigarette consignments by enforcement agencies

How to read this

• The growth in this quarter is carried by the non-cigarette segments, which are shown growing at double digits with expanding margins.
• At the same time, overall EBITDA is shown lower year-on-year even as non-cigarette EBITDA rose, so the cigarettes segment is the weak spot in this set of numbers.
• The statement also flags external risks: geopolitical tensions, trade disruptions, elevated crude-linked input costs, freight costs, and in India a broad-based rise in headline inflation.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev