ITC Q1 earnings hit by cigarette tax burden; FMCG, paper businesses offer support

August 4, 2026

ITC’s June 2026 earnings fell due to higher cigarette taxes and disruptions. Resilient growth in the consumer segment cushioned the overall impact. Categories like dairy and snacks showed strong year-on-year gains. The paperboards and packaging business also saw a significant recovery. Analysts have reduced earnings estimates for upcoming fiscal years.

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