External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Business Vertical Performance: ITC reported a 6.2% YoY growth in revenue during Q3FY26, largely driven by double-digit revenue growth in FMCG-Others (+12.6%) and sustained momentum in the Cigarettes business (+8.2%).</li><li>Moreover, Agri Business’ revenue grew by 6.3% YoY, led by value-added Agri products and Leaf Tobacco.</li><li>In paperboards, paper &amp; packaging, revenue grew 2.7% YoY, with sequential profitability improved 19% QoQ and 11% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Business Vertical Performance: ITC reported a 6.2% YoY growth in revenue during Q3FY26, largely driven by double-digit revenue growth in FMCG-Others (+12.6%) and sustained momentum in the Cigarettes business (+8.2%).Moreover, Agri Business’ revenue grew by 6.3% YoY, led by value-added Agri products and Leaf Tobacco.In paperboards, paper &amp; packaging, revenue grew 2.7% YoY, with sequential profitability improved 19% QoQ and 11% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ITC Ltd - FMCG Business Underpins Overall Growth; Maintain HOLD

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>KTX maintains a Neutral rating with a 2026E FV of Bt16.03, based on the earnings yield method using a required return of 7.4%, implying a target PER of 13.6x.</li><li>We expect ITC to report 4Q25E core profit of Bt790mn (–1% YoY, flat QoQ); including FX losses, net profit is estimated at Bt775mn (–2% YoY, –5% QoQ).</li><li>Our 4Q25E forecast implies downside risk to the 2025E outlook. However, we maintain our 2026E estimate, expecting net profit to recover to around Bt3.5bn, driven by revenue growth of about 7%, broadly in line with management’s target.</li></ul>

KTX maintains a Neutral rating with a 2026E FV of Bt16.03, based on the earnings yield method using a required return of 7.4%, implying a target PER of 13.6x.We expect ITC to report 4Q25E core profit of Bt790mn (–1% YoY, flat QoQ); including FX losses, net profit is estimated at Bt775mn (–2% YoY, –5% QoQ).Our 4Q25E forecast implies downside risk to the 2025E outlook. However, we maintain our 2026E estimate, expecting net profit to recover to around Bt3.5bn, driven by revenue growth of about 7%, broadly in line with management’s target.

I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral

<ul><li>India Cigarette Tax Overhaul: Near-Term Margin and Volume Headwinds: The Government of India has notified a new tobacco tax structure effective 1st February 2026, replacing the earlier 28% GST plus compensation cess regime with 40% GST and a higher excise duty, while NCCD remains unchanged.</li><li>While the exact impact under new tax structure is still evolving, the higher levy is likely to force companies such as ITC and their peers to raise prices, which could dampen sales volumes in near term, leading to potential demand softness.</li><li>On the other hand, if the price hikes are delayed, companies could face pressure on operating margins.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India Cigarette Tax Overhaul: Near-Term Margin and Volume Headwinds: The Government of India has notified a new tobacco tax structure effective 1st February 2026, replacing the earlier 28% GST plus compensation cess regime with 40% GST and a higher excise duty, while NCCD remains unchanged.While the exact impact under new tax structure is still evolving, the higher levy is likely to force companies such as ITC and their peers to raise prices, which could dampen sales volumes in near term, leading to potential demand softness.On the other hand, if the price hikes are delayed, companies could face pressure on operating margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD

<ul><li>Resilient Core Offsets Agri Drag amid Transitional Headwinds: ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and weak export demand.</li><li>However, Ex-Agri Business, revenue grew by 7.1% yoy.</li><li>The Cigarette segment delivered healthy 6.7% YoY growth, driven by sustained volume momentum and continued premiumisation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Resilient Core Offsets Agri Drag amid Transitional Headwinds: ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and weak export demand.However, Ex-Agri Business, revenue grew by 7.1% yoy.The Cigarette segment delivered healthy 6.7% YoY growth, driven by sustained volume momentum and continued premiumisation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

Thematic (Sector/Industry)

<ul><li>The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.</li><li>US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.</li><li>The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.</li></ul>

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.

Krungthai XSpring Zoom Eng. February 23, 2026

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Ltd - FMCG Business Underpins Overall Growth; Maintain HOLD

ITC reported a 6.2% YoY growth in revenue during Q3FY26, largely driven by double-digit revenue growth in FMCG-Others (+12.6%)

Axis Direct

I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral

KTX maintains a Neutral rating with a 2026E FV of Bt16.03, based on the earnings yield method using a required return of 7.4%, implying a target...

Krungthai XSpring

ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD

he Government of India has notified a new tobacco tax structure effective 1st February 2026, replacing the earlier 28% GST plus compensation cess...

Axis Direct

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and...

Axis Direct

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

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