ITC

Fundamental / Business Analysis Earnings & Segment Performance ITC reported a modest net profit increase (4%) in Q2 FY26 supported by cigarettes and FMCG segments. The FMCG portfolio (foods, personal care, staples) continues to grow, though growth rates vary by product and competition. Dividend yield remains attractive relative to many large caps. Longer-Term Business Drivers ✔ Cigarette business: Still ITC’s backbone — price inelasticity and strong brand share help sustain margins. ✔ FMCG growth: Analysts expect steady acceleration, though it’s still a smaller part of total profits. ✔ Hotel demerger: Potential value unlocking after hospitality spin-off.