ITC

enters Q1 FY26 on a leaner footing post-hotel demerger

Cigarette volumes should grow 3-6% but face margin pressure from higher leaf tobacco costs. FMCG likely clocks 7% revenue growth despite rural demand concerns. Agri and paper remain weak due to soft commodity prices and China competition. Overall revenue could rise 6-7%, but margins may compress 50 basis points to ~39%, leading to low single-digit profit growth. Cigarette margin resilience and rural recovery are much needed triggers for upside. Downsides: sustained input cost pressures and agri headwinds. This looks like a steady quarter focused on core business stability rather than spectacular growth for

. Post-demerger, it's about proving the diversified portfolio can deliver consistent execution and sustainable growth.