Pending — not yet graded
“Upgraded ITC to 'Buy' from 'Reduce' with a target price of ₹340, implying a 21% upside. The worst of the tax-led disruption appears over, offering an attractive risk-reward profile. Cigarette volume decline of 5% YoY in Q1FY27 was better than expected, and steps to improve profitability should restore EBIT per stick to pre-tax hike levels by Q4FY27. Further price hikes in Premium Deluxe and Regular segments are expected to support pricing growth from Q2.”
Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%
ITCBullishCalled 03 Aug 2026
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