Whalesbook
Toh suno, ITC ka board 21st May ko milne wala hai final dividend decide karne ke liye. Shares jinka price hai lagbhag ₹318.50 aur average volume 2.5 million hai, woh abhi thoda wait kar rahe hain. Yeh company 'Dividend King' hai, matlab 2002 se ab tak 30 baar dividend de chuki hai. Abhi ka dividend yield 4.65% hai, toh sabki nazar is par hai ki kya yeh tradition continue hoga.
Ab Q3 FY26 results ki baat karein toh profit bilkul flat raha, ₹4,931 crore vs pichhle saal ke ₹4,935 crore. Revenue badh kar ₹21,707 crore ho gaya, matlab lagbhag 7% upar. Lekin bhai, kachcha maal (raw material) ka kharcha aur labour codes ka ek-time charge bahut zyada tha, jiske wajah se profit Q2 FY26 se 4% gir gaya. Matlab sales badhi par profit mein utna maza nahi aaya.
Market mein doosri companies jaise Hindustan Unilever (HUL) ka P/E 58x hai, Britannia Industries ka 52x aur Dabur India ka 45x. ITC ka P/E abhi lagbhag 38.5x hai aur market cap hai ₹5.2 lakh crore ke aas paas. Iska 4.65% dividend yield kaafi attractive hai, par kuch sectors jitna zyada nahi. Company alag alag businesses mein hai, jisme FMCG, hotels sab kuch aata hai, toh stability toh hai par risks bhi.
Ab risks ki baat karein toh ITC ke cigarette business par government ke rules ek bada concern hai, kyunki wahi zyada paisa kamata hai. FMCG mein bhi HUL jaise bade players se takkar hai. Aur agri-business mein toh commodity prices ka upar-neeche hona lagta hi rehta hai. Company complex hai, toh ek jagah problem hui toh sab jagah asar pad sakta hai.
Analysts mostly 'Buy' ya 'Hold' rating de rahe hain. Unko ITC ki stability aur consistent dividend pasand hai, khaas kar jab market uncertain ho. Bas yeh dekhna hai ki company apna profit margin kaise manage karegi aur non-cigarette business ko kaise badhayegi.