Motilal Oswal's research report on ITC
ITC continued to deliver a healthy performance in core segments in 3QFY26. Consol. gross cigarette sales grew 8% YoY (est. 7%) and volume rose ~6.5% (vs. est. 6%). The premium cigarette segment continued to outperform. Cigarette EBIT grew by 5.7% YoY (est. 6.4%). EBIT margin contracted 140bp YoY to 56.7% (est. 57.7%), impacted by high leaf tobacco prices.
Outlook
We maintain our Neutral rating on ITC with our SoTP-based TP of INR365 (implying 21x Dec’27E P/E).
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