ITC Limited faces headwinds in Q4FY26 earnings. The conglomerate's cigarette business revenue is expected to decline around three percent due to the forty percent GST rate implemented in February, which analysts say was significantly above historical levels. Cigarette volumes are projected to remain flat despite the tax pressure. However, the company's non-cigarette FMCG segment is expected to deliver double-digit growth around ten to eleven percent, supported by improving margins and favorable base effects. The agribusiness faces external challenges from West Asia tensions affecting export volumes, with revenue projected to decline approximately ten percent year-on-year, though segment profits may recover due to margin improvement. Overall, ITC is expected to report muted Q4 performance with low single-digit revenue growth.
