i-Tail Corporation Public Company Limited (SET: ITC) has disclosed to ‘Kaohoon’ that the company will convene a board meeting on April 29, 2026, to approve and announce its financial results for the first quarter of 2026.
Initial guidance suggests that the company’s performance is expected to meet market expectations or show growth compared to the previous quarter and the same period last year, in line with the expansion of its core operations as a leading global pet food manufacturer.
During the first quarter of 2026, ITC continued to witness strong market demand and managed to adjust its product mix towards higher-margin items. The company also maintained efficient overall cost management, including raw materials and energy costs, as well as operating expenses, keeping them at appropriate levels. This was achieved despite late-quarter pressures from ongoing global economic volatility and the conflict in the Middle East, factors which will require close monitoring going forward.
Previously, Mrs. Yuwaporn Pumprasert, Chief Financial Officer of ITC, reiterated the company’s 2026 target to boost sales in US dollar terms by 9-12%, a level that outpaces the market by a factor of 3-4 times. Sales in Thai baht are targeted to grow 8-11% year-on-year, driven by a focus on all geographic markets and an expanded high-margin product portfolio, aiming for a gross profit margin (GPM) of 23-25%.
Bualuang Securities (BLS) noted that, for 1Q26, the impact of ongoing conflicts remains limited for ITC. Sales are forecasted to grow by 12-15% year-on-year, with a higher gross profit margin, mainly attributed to an increased proportion of premium products. Net profit is projected at 814 million baht, representing a 20% year-on-year increase and a 3% rise from the previous quarter, outperforming earlier estimates of 732 million baht.
The effects of the ongoing conflict on costs, specifically packaging (making up one-third of total costs) and tuna (15% of total costs), will remain key points to watch by the end of 2Q26. ITC currently holds inventory that should last until approximately May 2026 and is in negotiations with suppliers to secure raw materials and adjust pricing in response to changing cost structures, a strategy expected to be implemented from mid-2026 onwards.
The brokerage maintains a positive outlook on ITC amid geopolitical crises, citing sustained strong product demand into 2Q26. Attention will focus on ITC’s cost management and ability to implement price increases. Strong demand is expected to support these pricing adjustments and help offset cost pressures, thus supporting overall margin stability.
Meanwhile, Maybank Securities (Thailand) recommends a ‘Buy’ rating for ITC with a target price of 18.60 baht per share. The analyst forecasts that 1Q26 normalized profit will reach 794 million baht, up 14% year-on-year, supported by robust sales driven by strong demand in the U.S. and recovering customer bases in Europe and Asia. However, this represents a 4% decline from the previous quarter, attributed to a narrowing gross profit margin and a higher effective tax rate.
Management anticipates increases in raw material costs late in 2Q26 as inventory, sufficient for about two months, draws down. The main drivers are higher oil-linked input prices, such as plastic packaging and tuna.
ITC has plans to gradually adjust its product prices to pass on these costs to customers from 2Q26 onward, which should help keep full-year gross profit margin within the targeted 23–25% range. Logistics costs, on the other hand, are not expected to be significantly impacted, as around 70–80% of the company’s customers are responsible for their own delivery expenses.
