“Nomura upgraded ITC to Buy from Reduce, raising its target price to ₹340 from ₹300, implying a 21% potential upside. The brokerage believes the worst is behind ITC, citing an attractive risk-reward profile and expected recovery in cigarette profitability. They anticipate EBIT per stick to restore to pre-tax hike levels by Q4FY27, supported by further price hikes and an improving product mix.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%