Pending — not yet graded
“Neutral on ITC with a 12-month SOTP valuation of ₹360. While the market currently undervalues the tobacco business (implied 11x FY27-28E EPS) and views non-tobacco valuations as stretched, Kotak expects non-tobacco FMCG EBIT to grow at a 19% CAGR over FY26-29E, driven by stronger growth and margin expansion as the business scales up, potentially leading to a re-rating.”
ITCNeutralCalled 07 Sep 2026
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