Highlights:

• Five leading brokers including Batlivala & Karani, Edelweiss, Spark Capital, Jefferies, and Prabhudas Lilladher maintain buy ratings on ITC Ltd.
• Analyst price targets range from ₹530 to ₹567, indicating substantial upside from current market prices.
• ITC reported steady revenue growth and margin expansion in Q2 FY 2026 across cigarettes, FMCG, agri-business, and paper segments.

ITC Ltd (NSE:ITC), one of India’s foremost conglomerates with interests spanning cigarettes, FMCG, agri-business, and paper, continues to garner confidence from top financial analysts. Recent analyst reports from Batlivala & Karani Securities, Edelweiss Capital, Spark Capital Advisors, Jefferies, and Prabhudas Lilladher have reiterated buy recommendations with price targets ranging between INR 530 and INR 567.

Analyst Ratings Affirm Buy Stance on ITC

Several prominent brokerages have maintained positive recommendations on ITC based on its consistent financial performance and strategic business initiatives.

• Batlivala & Karani Securities India Pvt Ltd assigned a “Buy” rating with a price target of ₹567, the highest among the brokers, emphasizing confidence in ITC’s growth potential.
• Spark Capital Advisors (India) Private Limited reiterated a “Buy” recommendation, setting a target price of ₹550.
• Jefferies has also maintained a “Buy” rating, with a price target of ₹535.
• Edelweiss Capital Limited upgraded its recommendation to “Buy” and assigned a target price of ₹534.
• Prabhudas Lilladher (Pvt) Ltd reaffirmed a “Buy” rating, setting the price target at ₹530.

The average target price across these analysts stands close to ₹543.

Key Financial Highlights

ITC recently announced its financial results for the quarter ending September 30, 2025, demonstrating steady progress across its core business verticals:

• Gross standalone revenue rose to ₹19,148 crore, marking a 7.1% year-on-year increase excluding the agri business.
• EBITDA improved by 2.1% year-on-year, with margins expanding by 185 basis points to reach 35.1%.
• Profit after tax (PAT) recorded a growth of 4.1% year-on-year.
• Consolidated revenue, excluding agri business, increased by 7.9% year-on-year with EBITDA up 2.2%.

The company’s FMCG segment, excluding notebooks, showed growth of 8% year-on-year despite operational challenges like heavy rains and GST transitions. Staples, dairy, premium personal wash products, and agarbattis were key drivers in this category.

Cigarettes segment revenue increased by 6.8%, supported by premium product offerings and strategic interventions to counter illicit trade. The agri business continued to expand, with half-year revenue up 7% and segment results up 10%.

The paper segment showed sequential improvement with a 17% increase in profit and a 90 basis points rise in margins quarter-on-quarter. Despite industry challenges such as low-priced imports and high raw material costs, ITC is implementing strategic measures to stabilize its position.