Maintains an 'Add' rating on ITC but lowers the target price to ₹320 (from ₹325), cutting FY27E EPS by 7% due to a higher EBIT decline in cigarettes. The firm notes the stock trades below its long-term average at 19x/17x FY27E/28E EPS and offers a dividend yield of ~5%, which should restrict downside.

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%

ITCBullishCalled 03 Aug 2026
Verdict:PENDING

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Tracking ITC since this call

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