India Not Planning to Relax E-Cigarette Ban
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 11 2026
0mins
Should l Buy PM?
India is not planning to relax its ban on e-cigarettes, dealing a blow to a lobbying campaign conducted by Philip Morris for New Delhi to permit the devices, Aditya Kalra and Emma Rumney of Reuters reports. "The government of India is not considering revoking, amending or relaxing this ban," the health ministry told Reuters. "India remains committed to evidence-based tobacco control and cessation measures."
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Analyst Views on PM
Wall Street analysts forecast PM stock price to rise
11 Analyst Rating
8 Buy
3 Hold
0 Sell
Moderate Buy
Current: 187.510
Low
175.00
Averages
191.95
High
210.00
Current: 187.510
Low
175.00
Averages
191.95
High
210.00
About PM
Philip Morris International Inc. is an international tobacco company. The Company’s product portfolio primarily consists of cigarettes and smoke-free products. Its smoke-free business (SFB) also includes wellness and healthcare products, as well as consumer accessories, such as lighters and matches. The Company’s segments include Europe Region; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); East Asia, Australia & PMI Global Travel Retail (EA, AU & PMI GTR), and Americas Region. The Company's brands include Marlboro, HEETS, IQOS, IQOS ILUMA, TEREA, VEEV and ZYN. Its IQOS smoke-free product brand portfolio includes heated tobacco and nicotine-containing vapor products. Its international cigarette brands are Chesterfield, L&M, and Philip Morris. It also owns a number of local cigarette brands, such as Dji Sam Soe and Sampoerna A in Indonesia, and Fortune and Jackpot in the Philippines.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Dividend Yield Advantage: Altria Group currently boasts a 6.3% dividend yield, and over the past five years, shareholders have achieved nearly 18% annualized returns through reinvested dividends, significantly outperforming the S&P 500's 13%, indicating its continued appeal among dividend investors.
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- Future Growth Potential: Altria is expected to continue offsetting declining cigarette volumes through price increases, and if it can successfully launch smokeless products, it could significantly enhance its valuation, with a current price-to-earnings ratio of only 12 times, indicating its attractiveness as a long-term investment.
See More
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- Dividend Growth: Altria Group has raised its dividend for 56 consecutive years, achieving Dividend King status with a current forward yield of 6.3%, which not only boosts investor confidence but also provides a stable cash flow for the company.
- Superior Investment Returns: Over the past five years, Altria has generated annualized returns nearing 18%, significantly outperforming the S&P 500's 13%, indicating that despite lagging in industry innovation, Altria can still deliver substantial returns to investors.
- Dependence on Tobacco Products: Although Altria has made slow progress in transitioning to smoke-free products, it still derives around 88% of its revenue from combustible products; however, successful future launches of smoke-free products could significantly enhance the company's valuation and market performance.
- Acquisition Potential: To bolster its smokeless product line, Altria may consider acquiring smaller competitors like Turning Point Brands, which could not only enhance earnings growth but also drive valuation expansion, as Altria currently trades at a forward P/E of just 12 times, well below competitors' 22 times.
See More
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- Sector Performance: In 2026, the consumer staples sector has surged over 15.5% in the S&P 500, becoming the third-best performing sector, indicating a growing investor preference for defensive stocks amid a market rotation.
- Valuation Surge: Wolfe Research noted that market-weighted valuations for consumer staples have reached their highest levels since the 1990s, reflecting increased investor confidence in the sector despite a lackluster overall market performance.
- Walmart's Market Position: Walmart's stock jumped 20% in 2026, allowing it to join the $1 trillion market cap club, showcasing its adaptability in the AI economy and solidifying its leading position in retail.
- Future Outlook: Analysts predict that as consumer demand rebounds in 2026, the fundamentals for the consumer staples sector are likely to improve, particularly with potential tax relief for lower-income households boosting product demand.
See More
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- Teva's Positive Outlook: Goldman Sachs analysts assert that despite Teva's stock doubling over the past year, its current valuation remains attractive, and the company is on a rapidly ascending earnings trajectory, urging investors to remain calm and accumulate shares.
- Philip Morris's Successful Transformation: Goldman highlights that Philip Morris is transforming into a faster-growing and more profitable business, with shares up nearly 18% year-to-date, indicating significant upside potential as it delivers strong earnings growth.
- S&P Global's Strong Positioning: Although S&P Global's stock has declined 22% this year, analysts believe its strong AI positioning and durable long-term earnings power will drive organic revenue growth, with a revised price target lowered from $555 to $498.
- Nvidia's Market Focus: Goldman expects Nvidia to report strong results in its upcoming earnings, with investors keenly watching for insights into 2027 visibility and competitive dynamics, despite high expectations for outperformance.
See More
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- Price Range Analysis: UPRO ETF's 52-week low is $45.88 per share and high is $122.85, with the last trade at $113.91, indicating significant volatility over the past year and reflecting varying market expectations for its future performance.
- Technical Analysis Tool: Comparing the current share price to the 200-day moving average can provide investors with valuable insights for technical analysis, aiding in the assessment of market trends and potential buy or sell opportunities.
- ETF Unit Trading Mechanism: Exchange-traded funds (ETFs) trade similarly to stocks, where investors are buying and selling “units” that can be created or destroyed based on investor demand, impacting the ETF's liquidity and market performance.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding for ETFs helps identify those experiencing notable inflows (new units created) or outflows (old units destroyed), allowing for an assessment of their impact on underlying assets and shifts in market sentiment.
See More
India's E-Cigarette Ban Hinders Philip Morris Expansion Plans
- Ban Impacts Expansion: India's steadfast ban on e-cigarettes and heat-not-burn tobacco products has significantly hindered Philip Morris International's plans to launch IQOS in the Indian market, despite years of lobbying efforts.
- Unrealized Market Potential: Although India ranks as the seventh-largest cigarette market globally, Philip Morris executives discussed the long-term value creation potential of IQOS with state officials at Davos, but failed to secure an exemption, highlighting market resistance.
- Growth in Smoke-Free Products: Since 2014, Philip Morris's smoke-free products have attracted over 35 million users, with sales from 27 markets now accounting for over 50% of total revenue, indicating strong momentum in other markets.
- Strong Financial Performance: In fiscal 2025, Philip Morris's cigarette and heated tobacco unit shipment volume rose 1.7% to 379.6 billion units, with India contributing a remarkable 39.2% growth, showcasing the potential market opportunities in the region.
See More
