ITC shares rise 6 per cent in two days after Q2 results
The stock reached a three-month high on Wednesday despite a year-on-year drop in consolidated net profit to Rs 4,229 crore.
ITC shares rose 4 per cent on Wednesday, bringing their two-day gain to 6 per cent following the announcement of Q2 results for the 2027 financial year, according to The Economic Times.
The shares reached Rs 283.5 apiece on the NSE on Wednesday morning, marking the highest level in nearly three months. The stock has recovered more than 12 per cent in five sessions after hitting a 52-week low of Rs 253 in late October.
For the July-September quarter of FY27, ITC reported a nearly 19 per cent year-on-year drop in consolidated net profit to Rs 4,229 crore, compared to Rs 5,187 crore in the same quarter last year. Net revenue grew about 5 per cent year-on-year to Rs 20,454 crore.
The cigarette business was the largest drag on earnings, with segment profit declining more than 27 per cent to Rs 3,813 crore from Rs 5,241 crore in the previous year. However, the non-cigarette FMCG business saw its strongest revenue growth in 14 quarters, supported by sales in packaged foods, personal care, and stationery.
Nuvama upgraded its rating from ‘Hold’ to ‘Buy’ with a target price of Rs 310, stating the Q2 performance was slightly ahead of estimates despite cigarette business pressure from a tax increase. Jefferies maintained its ‘Buy’ rating with a target price of Rs 350, noting that while the operating environment remains uncertain, Indian demand remained resilient.
ITC has a market capitalisation of more than Rs 3.5 lakh crore. The stock is down around 23 per cent in 2026 so far, having dropped more than 31 per cent over the past year.