“Abneesh Roy believes the worst is behind for ITC, with the impact of the recent cigarette tax hike largely priced in, though patience is required for a full recovery. He models a manageable 3-4% volume decline in FY27 for cigarettes and expects margin recovery in H2FY27 due to correcting tobacco raw material costs. He sees ITC returning to above ₹400 on a one-to-two year view, also supported by the strong performance of its non-cigarette FMCG business and the paper merger.”