GQG sells 2.91% ITC stake: Citi upgrades ITC stock

Published on 10/13/2026 at 09:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citi moved ITC stock from Sell to Buy on October 8, 2026. Q1 FY27 net revenue fell 14.40 percent to INR 169.08 billion.

GQG Partners sold 2.91 percent of ITC in an INR 93.95 billion block deal on October 8, 2026.
Citi upgraded ITC from Sell to Buy and lifted its target from INR 270 to INR 300.
Q1 FY27 net revenue fell 14.40 percent to INR 169.08 billion, while adjusted profit fell 27.10 percent.
ITC traded at INR 260.30 on NSE on October 13, 2026, with a market capitalization of INR 3.3 trillion.

ITC, INE154A01025, Illustration mit AI erstellt.

ITC (ISIN INE154A01025) was last at INR 260.30 on NSE on October 13, 2026 at 12:38 p.m. IST. The latest corporate-market signal was a 2.91 percent stake sale by GQG Partners, while Citi upgraded ITC from Sell to Buy and raised its target from INR 270 to INR 300, as BusinessToday reported on October 8, 2026.

Three events shape ITC stock

On May 21, 2026, ITC reported fourth-quarter FY26 consolidated net revenue of INR 178.20 billion, down 5.00 percent year over year, while adjusted profit after tax rose 7.00 percent to INR 51.11 billion, according to DSIJ.

On July 31, 2026, the company reported Q1 FY27 standalone net revenue of INR 169.08 billion, down 14.40 percent year over year, and adjusted profit after tax of INR 35.79 billion, down 27.10 percent, according to DSIJ.

On October 8, 2026, GQG-related entities sold 366,695,297 ITC shares at INR 257.35 per share in a transaction valued at INR 93.95 billion, BusinessToday reported. The sale represented 2.91 percent of ITC's equity, making ownership flows a central part of the current stock debate.

What does the block deal change?

The transaction came as cigarette taxation continued to pressure near-term earnings. Citi said ITC had passed through 75.00 percent of the tax increase through price hikes and expected cigarette profitability to improve sequentially through fiscal 2027, according to BusinessToday. The counterweight is the Q1 FY27 margin pressure: adjusted profit declined 27.10 percent even as non-cigarette FMCG revenue grew 15.00 percent year over year, according to DSIJ.

Stock remains below its yearly high

ITC's NSE 52-week range was INR 253.15 to INR 426.40 as of October 12, 2026, leaving the latest INR 260.30 quote close to the lower end of that range. The company had a market capitalization of INR 3.3 trillion as of October 13, 2026. Its diversified portfolio spans fast-moving consumer goods, cigarettes, hotels, paperboards, packaging, agriculture and information technology.