GQG sold 2.91 percent of ITC equity. ITC stock was down 29.92 percent in 2026

Published on 10/15/2026 at 10:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q1 FY27 net revenue fell 14.40 percent to INR 169.08 billion. ITC stock faces October 22 results after adjusted profit fell 27.10 percent.

Institutional flow and operating strain

GQG Partners sold 2.91 percent of ITC equity in a block deal on October 8, 2026.
In the first quarter of fiscal 2027, net revenue fell 14.40 percent to INR 169.08 billion.
ITC had a market capitalization of INR 3.3 trillion as of October 14, 2026.

ITC, INE154A01025, Illustration mit AI erstellt.

ITC Limited (ISIN INE154A01025) was hit by a 2.91 percent stake sale on October 8, 2026, when GQG Partners sold 36.5 crore shares worth INR 93.95 billion in a block deal, according to Business Standard. The transaction represented 2.91 percent of ITC's equity and involved a sale price of INR 257.35 per share.

Three events reshape the picture

On August 4, 2026, DSIJ reported that ICICI Direct Research upgraded ITC from Hold to Buy and set a target of INR 341. The same report put first-quarter fiscal 2027 standalone net revenue at INR 169.08 billion, down 14.40 percent year over year, while adjusted profit after tax fell 27.10 percent to INR 35.79 billion.

On October 5, 2026, Citi upgraded ITC from Sell to Buy and raised its target from INR 280 to INR 300, according to CNBC TV18. The move followed a 34.00 percent year-to-date correction cited in the report.

What does the block sale mean for earnings?

The immediate issue is operating pressure rather than ownership alone. The first-quarter fiscal 2027 report showed operating profit down 27.90 percent to INR 45.14 billion and adjusted profit after tax down 27.10 percent, while the earnings margin contracted to 26.70 percent, according to DSIJ. Cigarette sales volumes fell 4.00 to 5.00 percent in that period, compared with the broker's expected decline of 8.00 to 10.00 percent.

Next results date is October 22

ITC is scheduled to publish its next earnings report on October 22, 2026, according to LatestLY. That report should clarify whether cigarette pricing, FMCG growth and the hotel business can offset the first-quarter contraction.

Market value keeps the risk visible

ITC had a market capitalization of INR 3.3 trillion as of October 14, 2026. Its 52-week range was INR 253.15 to INR 426.40 on the same date, leaving the stock near the lower end of its annual band and keeping the earnings release central to the next valuation debate.