28 Sep 2026, 08:47 IST
ITC Limited
HDFC Securities · ADD · target INR 300
The note maintains ADD with a Sep-27 SoTP-based target price of INR 300 (cigarettes valued at INR 137/share at 11x P/E, Other FMCG at INR 98/share at 4x sales), says the bulk of required cigarette price hikes are now in place and per-stick profitability should recover by around Q4FY27, while factoring in a 6% cigarette volume decline in FY27 and 3% in FY28, flagging rising illicit trade as the key risk and trimming FY27E/FY28E EPS by 0.5%/0.6%.
From ITC Update1 Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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