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ITC Limited (500875) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹2.1T (≈ $21.9B) · ISIN INE154A01025

What is ITC Limited really worth?

IL ITC Limited 500875 · BSE
Price₹264.10
Fair Value₹212.74
Upside−19.5%
Quality81/100

A strong business, but trading 24% above our fair value of ₹212.74.

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Strengths

Highly profitable · 29.5% net margin
Low debt
Wide moat 87/100

Risks

!Mixed Growth (revenue 5y +9.7 %/yr)

For context

·3.84% dividend yield
Evidence: High Range ₹159.64 – ₹298.05

Fair value as of: Aug 14, 2026

From 26 valuation models · updated 21 days ago

Share price −7.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 81/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • A fairly wide model range (₹159.64 to ₹298.05) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹454.84 ₹152.85 Fair Value ₹212.74 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range ₹152.85 – ₹454.84 · fair‑value band ₹159.64 – ₹298.05 · the ₹264.10 price screens above the ₹212.74 fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

ITC Limited (500875) currently trades at ₹264.10, while our model-based Fair Value estimate is ₹212.74, implying the stock looks roughly 24.1% overvalued today. The Quality Score stands at 81/100 (high quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of ₹536.70 per share, and 13 of the 26 models we run sit above the ₹264.10 price. Bear case: the Asset-Based group reads lowest at ₹38.13, and 13 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, ITC Limited generated revenue of ₹465B at a net margin of 29.5%. Revenue declined 6.1% year over year. It earns a return on equity of 23.5%. The stock trades on a trailing P/E of 16.8 (as of Aug 14, 2026). Fundamentals as of Aug 14, 2026

Our scenario range runs from ₹159.64 (bear case) to ₹298.05 (bull case); at ₹264.10, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 1% fair-value upside, at −19%, 500875 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly ₹1.00 per share, which is 0.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹152.19 ₹247.37 ₹402.42 78
Growth DCF ₹154.91 ₹238.85 ₹366.85 77
Owner Earnings ₹340.87 ₹554.30 ₹901.99 75
All 26 models by family
DCF Models
FCF DCF ₹152.19 ₹247.37 ₹402.42 78
Owner Earnings ₹340.87 ₹554.30 ₹901.99 75
5Y Revenue Exit ₹95.31 ₹141.79 ₹199.94 72
5Y EBITDA Exit ₹174.69 ₹292.25 ₹430.72 74
5Y P/E Exit ₹317.11 ₹562.17 ₹824.24 69
10Y Revenue Exit ₹111.35 ₹159.54 ₹222.77 67
10Y EBITDA Exit ₹165.64 ₹267.18 ₹405.22 67
10Y P/E Exit ₹258.98 ₹460.27 ₹716.32 62
Earnings-Based
Graham-Dodd ₹192.02 ₹635.04 ₹849.53 64
Lynch FV ₹143.31 ₹204.72 ₹266.14 61
PEG = 1.0 ₹143.31 ₹204.72 ₹266.14 57
EPV ₹160.79 ₹189.10 ₹214.27 74
Dividend Discount
Gordon GGM ₹139.01 ₹303.48 ₹510.61 65
DDM Multi-Stage ₹139.01 ₹241.03 ₹316.27 66
Multiples
P/E Multiple ₹444.75 ₹592.99 ₹741.24 63
P/S Multiple ₹79.59 ₹106.12 ₹132.65 58
P/B Multiple ₹234.76 ₹313.02 ₹391.27 55
EV/EBIT ₹250.94 ₹334.47 ₹418.00 66
EV/EBITDA ₹207.43 ₹276.46 ₹345.49 67
EV/Revenue ₹69.98 ₹99.83 ₹129.67 53
Asset-Based
NCAV (Graham) ₹28.46 ₹38.13 ₹56.91 54
Growth DCF
Growth DCF ₹154.91 ₹238.85 ₹366.85 77
Rev-Margin DCF ₹95.31 ₹143.05 ₹199.38 72
Economic Profit
Residual Income ₹210.99 ₹293.43 ₹3,089 64
ROIC Compounder ₹173.18 ₹220.22 ₹274.61 72
Growth Earnings
Growth-Adj P/E ₹375.69 ₹536.70 ₹697.71 67

Widest divergence: Growth Earnings (₹536.70) versus Asset-Based (₹38.13). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 16.8 as of Aug 14, 2026
P/S ratio 7.14 P/E × margin
EPS (TTM) ₹11.15 price ÷ EPS = P/E 16.8
Dividend yield 3.8% payout 91.0%
Net margin 42.6% FY2025
Return on equity 23.5% TTM
More key figures
Profitability
Return on assets (EBIT) 25.3% avg 5y
Operating margin 32.7% TTM
Growth
Revenue (TTM) ₹465B TTM
Revenue growth (YoY) −6.1% 3y avg +7.8%
EPS growth (YoY) −18.0%

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 81/100

Of which business quality 76 · Market factors (momentum, volatility) 37

Profitability 91
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

ITC Limited engages in the fast moving consumer goods, hotels, paperboards, paper and packaging, agri, and information technology (IT) businesses in India and internationally.

Full company description

ITC Limited engages in the fast moving consumer goods, hotels, paperboards, paper and packaging, agri, and information technology (IT) businesses in India and internationally. The company primarily offers cigarettes and cigars; staples, spices, biscuits, confectionery and gums, snacks, noodles and pasta, beverages, dairy, ready to eat meals, chocolate, coffee, and frozen foods; personal care products; education and stationery products; safety matches; and incense sticks under various brands. It also retails formals and casual wear products, and other lifestyle products under the WLS brand. In addition, the company offers paper boards and specialty paper products; and packaging products, such as carton board, flexible, tobacco, and green packaging products, as well as operates approximately 100 hotels under the ITC Hotel, WelcomHotel, Fortune, and WelcomHeritage brands. Further, it exports feed ingredients, food grains, marine products, processed fruits, coffee products, leaf tobacco products, and spices; and offers IT services and solutions. Additionally, the company offers technology services and solutions for the banking, financial services, consumer packaged goods, manufacturing, travel, hospitality, and healthcare industries. The company also provides property infrastructure and real estate maintenance, business consulting, real estate development, and agro-forestry and other related services; manages and operates golf courses; fabricates and assembles machinery for tube filling, cartoning, wrapping, conveyor solutions, and engineering services; and produces and commercializes seed potato technology products. ITC Limited was incorporated in 1910 and is headquartered in Kolkata, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ITC Limited reported revenue of ₹816B in FY2025 versus ₹532B in FY2021, a compound +11.3%/yr. Reported net income was ₹347B in FY2025, compounding +27.5%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
₹816B
Latest YoY
+10.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.7%
Avg. revenue growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.9%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.4% (6.6 + 3.8)
Revenue +11.3%/yr
FY21 ₹532B
FY22 ₹652B
FY23 ₹765B
FY24 ₹739B
FY25 ₹816B
Net income +27.5%/yr
FY21 ₹132B
FY22 ₹152B
FY23 ₹192B
FY24 ₹205B
FY25 ₹347B

500875 screens 24% overvalued. Compare with Philip Morris International Inc →

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Cite: Fair Value Calculator (2026). "ITC Limited Fair Value". https://www.fairvalue-calculator.com/stock/500875

Peer Group

Other · 129 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 81 · Top 25%
Fair Value upside −23% · Below median
Return on equity (TTM) 24% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 29% · Top 25%
Operating margin (TTM) 33% · Top 25%
Revenue growth −6% · Bottom 25%
Dividend yield (TTM) 3.8% · Above median

Valuation Multiples vs Other median · lower = cheaper

P/E (TTM) 16.8× · Pricier than median
P/B 2.94× · Pricier than 75% of peers
P/S (TTM) 4.43× · Pricier than 75% of peers
EV/EBITDA 12.3× · Pricier than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Tobacco

Similar stocks

10 more Tobacco stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
Philip Morris International Inc PM $190.48 $103.71 −46%
British American Tobacco p.l.c. BTI $56.13 $61.07 +9%
Altria Group MO $68.65 $81.81 +19%
KT&G Corporation 033780 175,500 KRW 110,656 KRW −37%
PT Hanjaya Mandala Sampoerna Tbk, HMSP 745.00 IDR 1,041 IDR +40%
Smoore International Holdings 6969 HK$9.24 HK$4.19 −55%
Godfrey Phillips India Limited GODFRYPHLP ₹2,160 ₹1,194 −45%
PT Gudang Garam Tbk, GGRM 20,675 IDR 16,988 IDR −18%
TABAK TABAK 19,100 CZK 23,215 CZK +22%
China Tobacco International (HK) Company 6055 HK$23.86 HK$24.09 +1%

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Frequently asked questions

Is ITC Limited (500875) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of ₹212.74 versus a price of ₹264.10, about −19% upside (overvalued).
What is the fair value of 500875?
Our model-based fair value for ITC Limited is ₹212.74 (as of Aug 14, 2026), built from audited fundamentals. The current price: ₹264.10.
What is the quality score of 500875?
ITC Limited has a Quality Score of 81/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of ITC Limited (500875)?
ITC Limited reported trailing-twelve-month revenue of about ₹465B (latest available figure, as of Aug 14, 2026).
What is the net profit margin of 500875?
The net profit margin of ITC Limited is about 29.5%, meaning it keeps roughly 29.5% of revenue as net income. Based on the latest reported figures.
Does ITC Limited pay a dividend?
ITC Limited currently shows a dividend yield of about 3.84% relative to its recent price (as of Aug 14, 2026).
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