ITC Share Price Target 2027–2030: EPS-Based Forecast After Q2 FY27

Price as of 13 Nov 2026 close: ₹285 (NSE: ITC, BSE: 500875). Results are consolidated Q2 FY27 figures (quarter to 30 Sep 2026) as reported by Finology, Upstox and Multibagg. Price and consolidated EPS from StockAnalysis.

ITC’s profit fell about 18.5% in Q2 FY27 to ₹4,229 crore after a sharp increase in cigarette taxes cut cigarette segment profit by about 26–27%. Its other businesses grew well: FMCG revenue rose 19% with profit up 31%, and agri and paperboards also grew. The stock is down about 31% from its 52-week high to ₹285 and trades at about 19× trailing earnings with a ~5% dividend yield — unusually cheap for ITC.

1. ITC Share Price Targets 2027–2030 at a Glance

All three scenarios come from one formula (next section). Targets are for the end of each calendar year.

The base case implies a price change of roughly 11% a year from today's ₹285 to the end of 2030.

2. How We Calculate These Targets

Target = projected EPS × P/E multiple. Each year-end target uses the EPS of the financial year that follows (for example, the 2027 target uses FY28 EPS), because markets price stocks on forward earnings. Read our full methodology.

• Starting EPS: trailing twelve-month EPS of ₹15.07 (₹285 ÷ ~18.9× P/E).
• Bear case: EPS grows 2% a year, P/E 15×. Further tax increases keep cigarette volumes and margins under pressure.
• Base case: EPS grows 8% a year, P/E 20×. Cigarette profit stabilises after the tax shock and FMCG keeps growing; P/E edges up slightly.
• Bull case: EPS grows 11% a year, P/E 24×. Cigarette volumes recover and FMCG margins expand, restoring ITC’s historical premium.

Worked example (base, 2027): ₹15.07 × 1.08 × 1.08 = ₹17.58 FY28 EPS → × 20 = ₹350.

Sensitivity — 2030 base-case EPS of ₹22.14 at different multiples:

3. Latest Results: What Changed

What changed: the government sharply raised cigarette taxes, which hit legal cigarette volumes and margins. Gross revenue looks much higher (+45%) only because the extra tax is collected through ITC; net revenue grew 5%. The non-cigarette businesses are now growing strongly and becoming more profitable.

What it means for the targets: the base case assumes cigarette profit stabilises and FMCG keeps growing, giving 8% EPS growth.

4. ITC Share Price in 2026: Where It Stands

With only weeks left in 2026, a year-end "target" is not meaningful. The stock closed at ₹285 on 13 Nov 2026, within a 52-week range of ₹252.80 – ₹412. The stock trades about 31% below its 52-week high.

5. ITC Share Price Target 2027: ₹235 – ₹445 (Base ₹350)

Based on FY28 EPS of ₹15.68 / ₹17.58 / ₹18.57 (bear / base / bull). What to watch: cigarette volumes after the tax increase.

6. ITC Share Price Target 2028: ₹240 – ₹495 (Base ₹380)

Based on FY29 EPS of ₹15.99 / ₹18.98 / ₹20.61 (bear / base / bull). What to watch: FMCG-Others margin expansion.

7. ITC Share Price Target 2029: ₹245 – ₹550 (Base ₹410)

Based on FY30 EPS of ₹16.31 / ₹20.50 / ₹22.88 (bear / base / bull). What to watch: any further changes to tobacco taxes.

8. ITC Share Price Target 2030: ₹250 – ₹610 (Base ₹445)

Based on FY31 EPS of ₹16.64 / ₹22.14 / ₹25.39 (bear / base / bull). What to watch: by 2030 small yearly differences compound into a wide range; revisit after each annual result.

9. Key Metrics

10. Segment Snapshot

Cigarettes still earn most of ITC’s profit, but the other businesses are growing faster:

Hotels were demerged into ITC Hotels in January 2025.

11. Risks That Would Break the Base Case

• Tobacco taxes: further increases would hit volumes and profit again.
• Illicit trade: higher taxes push smokers toward smuggled cigarettes.
• ESG pressure: some investors avoid tobacco stocks.
• FMCG competition: packaged foods and personal care are crowded markets.

12. What the Numbers Suggest

ITC is going through a tax-driven reset in its cigarette business while its other businesses grow. At ~19× earnings with a 5% dividend yield, the price already reflects much of the bad news. The variable to track is cigarette volume after the tax hike. If it stabilises, the base case (₹445 by 2030) is reasonable; further tax hikes point to the bear case.

This is a framework, not a recommendation. Your own decision should depend on your time horizon, risk tolerance and existing holdings.

13. FAQs on ITC Share Price

What is the ITC share price target for 2027?
Our base case is ₹350, assuming 8% annual EPS growth and a 20× P/E. The range is ₹235 (bear) to ₹445 (bull).

What is the ITC share price target for 2030?
Base case ₹445; range ₹250 to ₹610. It assumes FY31 EPS of about ₹22.14.

Why did ITC’s profit fall in Q2 FY27?
A sharp increase in cigarette taxes cut cigarette segment profit by about 26–27%.

How are ITC’s non-cigarette businesses doing?
FMCG revenue rose 19% and its profit 31%; agri and paperboards also grew.

What dividend does ITC pay?
About ₹14.50 per share over the last year, a yield of about 5% at ₹285.

Why is ITC’s gross revenue up 45% while net revenue rose only 5%?
The higher cigarette tax is collected through ITC’s gross revenue; net revenue excludes it.