ITC is expected to deliver a muted Q4 as cigarette volumes stay flat and higher taxes weigh on margins, despite strong double-digit growth in its FMCG business. Brokerages foresee marginal revenue growth, pressure in agri and paper segments, and EBITDA contraction, with pricing actions and demand trends remaining key investor watchpoints.

ITC is expected to deliver a muted Q4 as cigarette volumes stay flat and higher taxes weigh on margins, despite strong double-digit growth in its FMCG business. Brokerages foresee…

ITC is likely to report muted Q4FY26 results as cigarette revenue faces tax pressure, while FMCG growth remains strong despite agri sector weakness.