Indian cigarette makers ITC, Godfrey Phillips, and VST Industries reported reduced revenue and profits as higher government taxes led to declining sales volumes.
The decline comes after major tax hikes
Aug 02, 2026
05:36 pm
What's the storyIndia's top cigarette manufacturers, including ITC, Godfrey Phillips India, and VST Industries, have reported a drop in their net revenue and profitability for the April-June quarter.
The decline comes after the government imposed major tax hikes on cigarettes.
Indian cigarette makers ITC, Godfrey Phillips, VST Industries see revenue and profit decline after tax hike
Higher tobacco taxes weigh on cigarette makers’ Q1 performance
Higher tobacco taxes burn cigarette makers' net revenue, volumes, profit in Q1
High taxes on cigarettes hits ITC Q1, net slips 27% to ₹3,579 crore
ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
ITC profit falls as cigarette tax hike weighs
VST Industries shares slide 4% after Q1 profit drops 25%, revenue falls 13%
ITC Q1 profit plunges 27% due to record cigarette taxes and West Asia crisis
Rub-off effect? Godfrey Phillips shares jump 6% after rival cigarette maker ITC's Q1 earnings
ITC shares climb 4% as resilient cigarette volumes ease tax-hike concerns
