“Motilal Oswal retained a Neutral rating on ITC with a target price of ₹300, indicating a 7% upside. The brokerage cut its FY27 and FY28 earnings estimates by 2% due to slower-than-expected cigarette price hikes, which are likely to weigh on near-term earnings. While gradual price increases may limit illicit cigarette shifts, they keep revenue and EBIT volatile, offsetting positives from FMCG and paper businesses.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%