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ITC Share Price Surges Above ₹290 After Q1 Results: Brokerages See Fresh Upside, What's the Next Target?

Posted on 3rd Aug 2026 02:39 pm by rohit kumar

Shares of ITC Limited surged nearly 4% in Monday's trading session, crossing the ₹290 mark after the FMCG and cigarettes major announced its Q1 FY27 earnings. Despite reporting a decline in quarterly profit, investors cheered the company's strong revenue growth, resilient business performance, and positive outlook for its diversified businesses.

 

The stock opened at ₹284.45 and climbed to an intraday high of ₹292.55, emerging as one of the top gainers in the market.

 

ITC Share Price Rallies After Q1 Results

 

ITC shares witnessed strong buying interest following the release of its June quarter earnings.

 

ITC Share Price Performance

Opening Price: ₹284.45

Day's High: ₹292.55

Intraday Gain: Nearly 4%

 

The rally came despite weaker standalone profitability, as investors focused on the company's strong operational performance and growth across key businesses.

 

ITC Q1 FY27 Results: Key Highlights

 

For the April–June quarter (Q1 FY27), ITC reported:

 

Standalone Performance

Net Profit: ₹3,578.8 crore

Profit Decline: 27.1% YoY

Revenue: ₹16,908 crore

Revenue Decline: 14.4% YoY

 

Although standalone earnings declined, the company continued to benefit from the strength of its diversified business portfolio.

 

Consolidated Results Show Strong Revenue Growth

 

On a consolidated basis, ITC reported:

 

Net Profit: ₹4,508.79 crore

Decline: 15.6% YoY

Revenue from Operations: ₹29,409.82 crore

Revenue Growth: 27.82% YoY

Operating Income: ₹29,523.30 crore

Growth: 27.64% YoY

Total Income: ₹30,179.01 crore

Total Expenses: ₹24,809.95 crore (up 48% YoY)

 

The decline in profit was largely attributed to higher operating costs and increased expenses during the quarter.

 

Businesses Driving ITC's Growth

 

ITC highlighted the strong performance of several group companies, including:

 

ITC Infotech

Surya Nepal

Sproutlife Foods

ITC Hotels

 

The diversified nature of ITC's business continues to support revenue growth despite margin pressure in certain segments.

 

Why Are ITC Shares Rising?

 

Market participants appear to be focusing on the company's long-term growth prospects rather than the temporary decline in quarterly profits.

 

Positive factors supporting the stock include:

 

Strong growth in consolidated revenue

Robust performance across non-cigarette businesses

Continued expansion of ITC Hotels and FMCG segments

Healthy contribution from ITC Infotech

Investor confidence in the company's diversified business model

What Could Be the Next Target for ITC Shares?

 

After reclaiming the ₹290 level, technical analysts believe ITC could witness further upside if buying momentum continues.

 

Key Technical Levels

Immediate Resistance: ₹295–₹300

Next Major Target: ₹305–₹315

Immediate Support: ₹282–₹285

 

A sustained move above ₹300 could strengthen bullish sentiment and pave the way for higher levels, while failure to hold above ₹290 may invite short-term profit booking.

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