“ITC had not been growing for 5 years, however in the last one year it began to grow as the government did not increase taxes on cigarettes. All the verticals have started to do very well now. The hotel business is seeing very high occupancy, the paper business is doing well after the Ukraine war, and cigarette business volumes are improving. So overall, the growth has just started and we see an upside of 15-20 per cent in the stock over the next one year,” said AK Prabhakar, head of research at IDBI Capital.