ITC Q2 Results Preview: Profit seen falling nearly 30% YoY as cigarette tax hikes bite
Nuvama rate stocks including ITC.
· Economic Times Markets, ET Stocks
ITC is expected to report a weak Q2, with brokerages forecasting an 8% decline in cigarette volumes and a drop of up to 29% in cigarette operating profit following tax hikes. Nuvama expects consolidated revenue to fall 3% YoY and EBITDA to decline 20%. Growth in FMCG and paper businesses could provide some cushion against the pressure.
The analysis
Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- Brokerage calls from Nuvama, with ratings on the stocks named. The stocks: ITC.
- Over three months: ITC -6.8% against FMCG -10.7% (3.9 points ahead).
- At least 25% below the 52-week high: ITC (37%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| ITCITC · FMCG | ₹265.60 | +0.2% | +1.1% | -6.8% | -36.8% | 0.7× | — |
FMCG
1M -4.9% · 3M -10.7%
ITC
Prices as of 30 Oct 2026, 16:10 IST. Sector moves are the average of the stocks we track in each sector.
In this story
Related coverage
After Welcomhotel Manesar, ITC Hotels expands Delhi-NCR presence with 105-key Fortune Select Greater Noida
Why is VBL down 5% despite Q3 PAT jumps on double-digit volume growth?
Q2 Results Live: Varun Beverages Q3 Net Profit Rises 14% YoY; Reliance Slips, Sun Pharma Gains Ahead Of Earnings
Allied Blenders Q2 Results: Profit rises 9.7% to Rs 69 crore, revenue up 6.8%
Godrej Consumer Q2 Review: Brokerages Flag Margin Pressure Despite Strong Volume Growth