Morgan Stanley on ITC: 40% cigarette tax hike triggers 20-40% price rise; volume risks loom, impact from Q1FY27 – Markets

Morgan Stanley on ITC: 40% cigarette tax hike triggers 20-40% price rise; volume risks loom, impact from Q1FY27 - Markets


From a strategic point of view, this means that the brokerage indicates that ITC’s execution in managing this transition period will be critical. This is because the company’s ability to sustain premiumization, manage illicit trade risks, and maintain market share will be important to earnings results.



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