“Abneesh Roy views ITC as a 1-2 year hold, not a short-term trade. He expects a 4-5% volume decline in the cigarette business in H1FY27 due to tax hikes and illegal market share gains, with Q4 volumes flat and negative net pricing. However, the FMCG business is strong, and valuations are comfortable after the stock correction, with a meaningful re-rating expected only in H2FY27.”