ITC shares fall 2% after Q4 results. What Goldman Sachs, Morgan Stanley and others are saying?

May 22, 2026

ITC shares slipped on Friday despite a 5% rise in Q4 standalone profit and strong FMCG growth. Brokerages remained cautious, with Goldman Sachs, Morgan Stanley, and Nomura flagging pressure from cigarette tax hikes. While FMCG and paper segments showed resilience, analysts expect cigarette volume decline and margin stress to weigh on earnings.

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