ITCHOTELS

ITC continues to perform strongly across FMCG, hotels, and cigarettes. Q1 FY26 revenue grew 10% YoY, with FMCG contributing 28% of sales. The cigarette business remains resilient despite regulatory challenges. Hotels division saw double-digit growth with new openings. Paperboards also remain steady. At ~28x FY26 EPS, valuations are fair given ITC’s diversified portfolio and consistent cash flows. High dividend yield adds to investor appeal. ITC remains a solid defensive bet with both growth and income potential.