ITC

Operating margin compressed from 31-32% (Sep-Dec 2025) to 16-17% (Jun 2026) in six months; verify root cause (commodity inflation, pricing pressure, input costs) and timeline for recovery.

EPS declined from ₹4.30 (Mar 2026) to ₹2.86 (Jun 2026) alongside margin collapse; verify if demand weakness is underlying or this is temporary cost shock.

Quarterly revenue ranges from ₹19,381 Cr to ₹26,943 Cr across recent quarters, suggesting cyclicality or seasonality; verify stability of underlying demand base.

Tobacco operations face regulatory and taxation pressures in India; verify tobacco's contribution to overall revenue and exposure to policy risk.

Standalone revenue grew 39% from ₹19,381 Cr (Sep 2025) to ₹26,943 Cr (Jun 2026), indicating volume recovery; verify if growth is sustainable and what's driving margin compression from 31-32% to 16-17%.

ROE of 29.03% and D/E of 0.03 provide balance-sheet capacity to fund organic capex or inorganic expansion; verify management's investment plans in higher-growth segments like packaged foods and personal care.

Diversified across five segments (cigarettes, foods, personal care, paper, hotels); verify which segments are highest-growth and whether management is reallocating capital toward them.