ITC Limited has issued a public notice regarding the loss of share certificates, published under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The advertisement was published on March 24, 2026, in the Kolkata edition of Business Standard newspaper.

Regulatory Compliance and Documentation

The company has formally notified both the National Stock Exchange of India Ltd. and BSE Ltd. about the publication of this advertisement. The communication was signed by R. K. Singhi, Executive Vice President & Company Secretary, ensuring compliance with regulatory requirements for lost share certificate notifications.

Details of Lost Share Certificates

The public notice covers five share certificates belonging to different registered holders. Applications for duplicate share certificates have been submitted to the company's Investor Service Centre by the registered holders or legal heirs of deceased shareholders.

Public Caution and Objection Process

The company has issued specific warnings and procedures regarding these lost certificates:

• The public is cautioned against dealing in any way with the mentioned shares
• Objections against duplicate share certificates must be submitted within 7 days from the publication date
• Supporting documents are required for any objections raised
• All communications should be directed to the Investor Service Centre at ITC Limited's registered office

Contact Information for Objections

Stakeholders wishing to raise objections can contact the Investor Service Centre at ITC Limited, located at 37 Jawaharlal Nehru Road, Kolkata – 700071. The company's registered office, Virginia House, serves as the primary point of contact for all matters related to these lost share certificates.

The notice represents standard corporate procedure for handling lost share certificates, ensuring transparency and providing adequate opportunity for any concerned parties to raise objections before duplicate certificates are issued.

ITC Limited faces mounting pressure from multiple brokerages following substantial cigarette tax increases, with analysts expressing concerns over the company's ability to fully offset higher duties through price hikes. The tobacco major has received mixed ratings from leading investment banks, highlighting the challenging operating environment.

Brokerage Ratings and Target Price Analysis

Goldman Sachs has maintained a Neutral rating on ITC with a reduced target price of Rs 330, citing insufficient price hikes to offset higher duties. The brokerage notes that the 20-40% cigarette price increases post-tax hike are inadequate to fully compensate for the increased tax burden, leading to EBIT per stick pressure and lower earnings expectations.

Strategic Response to Tax Implementation

UBS maintains a more optimistic outlook with a Buy rating and target price of Rs 395, highlighting ITC's three-pronged strategy to manage the post-tax environment. The strategy includes same-price smaller packs, full or partial pass-through mechanisms, and volume protection measures. Despite expecting a mid-single digit net revenue per unit decline, UBS believes this approach will enable better-than-expected FY27 EBIT performance.

Tax Hike Impact on Pricing Strategy

The implementation of approximately 40% cigarette tax hike from February has forced ITC to implement substantial price increases across its cigarette portfolio. The company has raised prices by 20-40%, with premium segment products experiencing higher increases. However, Goldman Sachs suggests these increases are insufficient to maintain previous margin levels, creating pressure on profitability metrics.

Volume and Margin Concerns

Morgan Stanley has identified substantial risks of volume decline in FY27 as consumers may reduce consumption or shift to lower-priced alternatives following the significant price increases. The brokerage emphasizes that EBIT growth will heavily depend on ITC's pricing strategy and its ability to balance price increases with volume retention. Goldman Sachs echoes similar concerns, noting margin impact across both cigarettes and FMCG segments.

Market Performance and Timeline

The stock has underperformed significantly, declining 25% year-to-date compared to the Sensex's 10% decline. This underperformance reflects investor concerns about the impact of tax increases on the company's core cigarette business. The full impact of these changes is expected to become visible from Q1FY27, when the company reports financial results reflecting the new tax regime and pricing structure.