Paperboard to expand margins due to benefits of MIP Agri exports to take a knock in 1Q/1H27 ITC reported in line numbers enabled by strong growth in FMCG and Paperboard even as Cigarette sustained profitability while Agri business suffered as west Asia war affected exports. We expect cigarette business to show severe pressure on volumes and profitability as full impact of sharp increase in excise and subsequent price hikes play out. We expect downtrading in Kings and RSFT which can deteriorate sales mix also. We expect gradual but delayed recovery, once a base is settled. We expect ITC to...

ITC has lost -33.13% in the last 1 Year

ITC Ltd.

31 Jan 2026

282.70

0.71%

ITC (BUY): Sustained growth

Buy: ITC Ltd.

Target

BOB Capital Markets Ltd.

Cigarette volumes grew strongly by 7%, while Foods delivered a steady 11% YoY growth across most categories

Number of FII/FPI investors decreased from 913 to 863 in Jun 2026 qtr

ITC Ltd.

30 Jan 2026

282.70

0.71%

Healthy performance but non-event after tax hike

Neutral: ITC Ltd.

Target

Motilal Oswal

ITC continued to deliver a healthy performance in core segments in 3QFY26. Consol. gross cigarette sales grew 8% YoY (est. 7%) and volume rose ~6.5% (vs. est. 6%). The premium cigarette segment continued to outperform.

ITC Ltd. is trading below all available SMAs

ITC Ltd.

30 Jan 2026

282.70

0.71%

ITC Ltd.

Hold: ITC Ltd.

Target

ICICI Direct

Q3FY26 performance: ITC's net revenues grew by 5.7% YoY to Rs.18,017.1cr in Q3FY26. Growth was aided by 11.1% YoY growth in FMCG-others and 8% YoY growth in Cigarettes business. Gross margins witnessed 46bps YoY improvement to 54.9% due to favourable input price environment. EBITDA margins improved...

ITC Ltd. is trading below all available SMAs

ITC Ltd.

05 Jan 2026

282.70

0.71%

Company Update:ITC

Hold: ITC Ltd.

Recommendation Target

Axis Direct

We revise our rating to HOLD on the stock with an upside potential of 8% from the CMP.

ITC Ltd. is trading below all available SMAs

ITC Ltd.

02 Jan 2026

282.70

0.71%

ITC Ltd.

Hold: ITC Ltd.

Recommendation Target

ICICI Direct

Significant tax hike in cigarettes after a brief period of stable tax: Government has announced significant increase in the tax rate on cigarettes in the range of 20-55% (depending on various sizes) after a brief period of stable tax environment over FY22-25. Revised Excise duty on the cigarette stands in the range of Rs2,100/1000 sticks to Rs8,500/1000 sticks depending on the size of the cigarettes. This will be over and above the GST rate hike to 40% from 28% on cigarettes. Tax hike on cigarettes and other tobacco products will be effective from 1st Feb, 2026 with end of...

Number of FII/FPI investors decreased from 913 to 863 in Jun 2026 qtr

ITC Ltd.

01 Jan 2026

282.70

0.71%

Unprecedent tax hike; valuation multiples to reset

Neutral: ITC Ltd.

Recommendation Target

Motilal Oswal

The government in its recent notification has increased taxes on cigarettes, effective from 1st Feb’26. New rates will increase the taxes on cigarettes by ~50% (assuming NCCD continues).

ITC Ltd. is trading below all available SMAs

Is ITC Ltd. worth buying?

7014 Votes:

Buy 76.58%

Sell 12.3%

Hold 11.12%

RESEARCH REPORTS

Neutral SEE REPORTS >

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Buy SEE REPORTS >

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