ITC share price jumps despite stock market crash. Is Q3 results 2026 behind this resilience?

Stock market today: Despite intense selling in the Indian stock market, ITC share price showed resilience in the early morning session on Friday. After the announcement of Q3 results 2026 on Thursday, ITC share price today opened with an upside gap at ₹318.80 per share on the NSE and touched an intraday high of ₹325.15 per share, logging an intraday gain of around 2% within a few minutes of the Opening Bell.

According to stock market experts, ITC shares are rising despite the stock market crash because the FMCG major has delivered strong third-quarter numbers. In Q3 results 2026, ITC reported steady topline growth with disciplined margin expansion. This could become possible due to the company's diversified business model and execution focus.

ITC Q3 results 2026 review

Connecting ITC share price rally with Q3 results 2026, Seema Srivastava, Senior Research Analyst at SMC Global Securities, said, “ITC’s Q3 FY26 performance reflects steady topline growth with disciplined margin expansion, underlining the strength of its diversified business model and execution focus. Consolidated gross revenue grew 7.1% YoY to ₹19,200 crore, driven by robust momentum in FMCG-Others and resilient growth in Cigarettes, despite a challenging input cost environment. Profitability remained healthy, with PBT (before exceptional items) rising 8.8% YoY and PAT growing 9.9% YoY, supported by operating leverage and cost efficiencies. Standalone EBITDA expanded 7.6% YoY, while margins improved by 50 bps to 35.1%, indicating effective pricing and mix improvement.”

“The FMCG-Others segment continues to be the key structural growth engine, delivering double-digit revenue growth with sharp margin expansion. Strong performance across staples, biscuits, noodles, dairy, personal wash, homecare, and agarbattis highlights portfolio depth, while the 60% YoY surge in digital-first and organic brands signals improving scalability and consumer traction. The sharp 42% YoY rise in segment PBIT reflects operating leverage and maturing categories,” Seema Srivastava of SMC Global Securities added.

On tobacco and other business performance during the October to December 2025 quarter, Seema said, “The Cigarettes business remains a stable cash generator, with premiumisation and innovation offsetting persistent leaf tobacco cost pressures. However, upcoming tax hikes pose medium-term risks through potential illicit trade. The Agri and Paperboards segments add balance, benefiting from value-added products, exports, and policy support. Overall, ITC’s Q3 FY26 performance reinforces its defensive earnings profile with improving FMCG-led growth visibility.”

ITC share price target

Expecting more upside in ITC shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “ITC share price has strong support placed at ₹300, while the FMCG stock is facing a hurdle at the ₹340 to ₹350 band. The stock is looking strong on the technical chart and may touch ₹380 once it breaks above this hurdle on a closing basis. So, one can hold ITC shares for the near-term target of ₹380, maintaining a stop loss at ₹300 per piece.”

On suggestions to the fresh investors regarding ITC shares, Bagadia said, “Fresh investors can also buy ITC shares at these levels for the near-term targets of ₹350 and ₹380. However, they must maintain stop loss at ₹300.”

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.