“Maintains a BUY rating on ITC with an unchanged target price of ₹440 per share, implying a potential upside of 68% from its previous close of ₹262.20. The brokerage is bullish on ITC, believing recent weakness creates an opportunity as cigarette price increases flow through profitability, offsetting volume declines. Support is also expected from FMCG, paperboards, packaging, agri, and technology businesses. They expect cigarette net realisation per stick to reach neutrality by Q4FY27 and EBIT margins to improve.”