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Five years after India implemented a nationwide ban on e-cigarettes, the policy intended to curb a potential health crisis has instead fueled a thriving black market, stifled legitimate industry growth, and resulted in significant foregone economic benefits

The economic fallout from the COVID-19 pandemic is expected to result in further down-trading, particularly for the low-income consumer who over-indexes to the category, Azer wrote in a note

Some with Nicaraguan binder tobaccos or from the Dominican Republic, even Honduran, or a combination to create a complex blend

Net profit also went up by 32.1% to touch 346 crore, while the EBITDA margin saw an expansion of 150 basis points to reach 13.8% for FY25, with 15.6% in H1 FY26