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In 2018, it is nearly back up to 30%, and this growth is almost exclusively driven by e-cigarettes. Stein said flavors that attract children are one main reason for the increase in e-cigarette use and said survey data shows that young people vape because they like the flavors

We reiterate our BUY rating on ITC with an SoTP-based TP of INR525 (premised on 30x Mar'27E P/E)." Apart from the cigarette business, ITC is one of India's foremost conglomerates with businesses spanning Fast Moving Consumer Goods (FMCG), Paperboards and Packaging, Agri Business and Information Technology

The occasional non-smoker also drops by the room

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Heading into 2026, the machines that dominate factory floors are largely refinements of proven platforms Protos, Molins MK-9 and MK-8 variants, and Haunis KDF filter line rather than a wave of new entrants