ITC Q4 preview: Cigarette tax hike clouds earnings; FMCG seen growing 10%
Brokerages expect flat ~₹17,900 cr revenue and 3.5% EBITDA decline as Feb 2026 cigarette tax hike pressures volumes (cigarette revenue -3%, EBIT -7%). FMCG segment cushions with ~10% growth; agri profits recover despite -10% revenue. Stock down 28% YoY at ₹310.30.
ITC reports Q4FY26 results today; brokerages expect flat revenue and margin pressure as February 2026 cigarette tax hike weighs on volumes, while FMCG grows ~10% and agri profits recover. Final dividend also under board consideration.