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ITC Q2 Review: 'Buy' The Stock Maintains Motilal Oswal, Hikes Target Price — Here's Why
If ITC sustains mid-single-digit volume growth in the cigarette business and the FMCG business sees a recovery in H2 FY26, the brokrage expects a valuation re-rating.
31 Oct 2025, 09:25 AM IST 
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ITC's consolidated gross cigarette sales grew 6% YoY to Rs 94.1 billion. (Photo Source: Company website)
ITC continued to deliver a healthy performance in core segments despite a challenging consumption environment. Though margins remained under pressure YoY, sequential improvement was seen.
