India, May 31 -- India's cigarette industry has entered another aggressive pricing cycle. ITC has increased Gold Flake Superstar prices from 70 to 79, while Godfrey Phillips has raised Marlboro prices by more than 21% to nearly 85 per pack. These hikes follow the sharp 40% excise duty increase announced in February 2026 and represent the second major round of price pass-throughs by cigarette companies.

The strategy is becoming increasingly clear. Instead of implementing the entire price increase at once, companies appear to be staggering hikes gradually in an attempt to reduce immediate volume shocks. Current hikes remain slightly below earlier analyst expectations of nearly 35-40%, suggesting the possibility of another round of increase...