Jefferies cuts ITC target to Rs 350 as Q4 profit rises 5% but revenue slips 7%
ITC posted Q4FY26 net profit of Rs 5,113 crore (+4.9% YoY) on price hikes, even as revenue fell 7% to Rs 16,050 crore. EBITDA margin expanded to 40%. Jefferies trimmed TP to Rs 350 from Rs 400 citing cigarette tax hike risk in Q1FY27; Citi, MS, JPMorgan, Macquarie held ratings with cautious near-term view.
ITC Q4FY26 profit rose 5% to Rs 5,113 crore on price hikes despite 7% revenue decline. Jefferies cut TP to Rs 350 citing cigarette tax hike impact in Q1FY27; Citi, MS, JPMorgan, Macquarie maintained ratings with cautious near-term outlook.
Why this matters
Brokerage caution follows ITC's mixed Q4 print where profit grew on price hikes but revenue slipped, contrasting earlier reports of 17.3% revenue growth driven by FMCG and cigarettes.
Retail-company coverage steady at 890 signals over the past 90 days.