ITC is expected to report a muted March quarter performance with the cigarette business growth likely to remain under pressure following recent tax hikes, even as its FMCG segment continues to deliver healthy momentum. Brokerages broadly expect flat to marginal revenue growth for the quarter as weakness in cigarettes and agri business offsets stronger performance in packaged foods and other FMCG categories.
According to Citi, ITC's cigarette business revenue is likely to decline around 2% year-on-year (YoY) in Q4 FY26, while cigarette volumes are expected to remain largely flat. The brokerage said the business was impacted by higher taxation during the quarter.
