ITC

ITC continues to deliver steady performance, with cigarettes contributing ~40% of revenue but FMCG gaining traction at 27% growth in Q1 FY26. Hotels business has turned around strongly post-pandemic, while paperboards remain stable. Dividend yield at ~3.2% is attractive for income investors. At ~28x FY26 EPS, valuations remain reasonable. Regulatory risks around cigarettes persist but are largely factored into the stock price. ITC offers a balanced mix of stability, growth, and dividends, making it a strong long-term portfolio stock.