ITC expects the addressable market for its fast-moving consumer goods (FMCG) business to touch Rs 8 lakh crore by 2035, betting on premiumisation, rising aspirations, digital commerce and evolving consumer preferences to drive its next phase of growth.
Addressing shareholders at the company’s 115th annual general meeting on Thursday, chairman and managing director Sanjiv Puri said India’s consumption landscape was being reshaped by aspirational consumers, Gen Z and Gen Alpha, as well as rapid expansion of quick commerce and changing expectations across categories.
“Today’s maximiser consumer simultaneously seeks taste and nutrition, convenience and trust, value as well as premium experiences,” Puri said, adding that ITC was building a portfolio of future-ready brands designed to serve these evolving consumer needs.
The company’s digital-first portfolio—including Yoga Bar, 24 Mantra Organic, Mother Sparsh, Prasuma and Meatigo—reported an annual revenue run rate of more than Rs 1,350 crore in FY26, representing 60% growth over the previous year, according to its FY26 annual report.
Financial Performance
Over the past five years, ITC’s net segment revenue has crossed Rs 83,300 crore, growing at a compound annual growth rate (CAGR) of 10.7%, while earnings before interest, tax, depreciation and amortisation (EBITDA) grew at a 9.7% CAGR. Non-cigarette businesses now contribute nearly two-thirds of the company’s segment revenue.
FMCG is at the centre of its diversification strategy. The company’s FMCG revenues have increased from about Rs 14,700 crore in FY21 to more than Rs 24,200 crore in FY26, supported by a broader product portfolio and improving profitability, Puri said.
The company now owns more than 30 brands across foods, personal care, education and stationery, home care and agri products. Together, these brands account for annual consumer spending of Rs 37,000 crore, reach about 280 million households, and are exported to more than 70 countries.
To capture emerging consumption trends, ITC is increasing investments in AI-driven consumer insights, product innovation and premium offerings spanning nutrition, wellness, personal care and convenience foods. Recent acquisitions have strengthened its presence in high-growth categories while leveraging the company’s nationwide manufacturing and distribution network, Puri said.
Capacity Expansion
The conglomerate will invest Rs 20,000 crore over the medium term to expand manufacturing capacity, with six new plants currently under development. The investment follows the recent commissioning of eight manufacturing facilities, reinforcing the company’s capacity expansion plans.
Building resilient supply chains is another strategic priority. ITC is integrating digital technologies, AI-enabled manufacturing and diversified sourcing while strengthening farm-to-factory linkages. Through its agriculture business, the company is developing traceable, value-added supply chains to support both domestic demand and exports.
Exports are expected to remain an important growth driver. Over the past five years, the ITC group generated foreign exchange earnings of nearly $6.5 billion, with agricultural exports contributing more than 60% of the total. Going forward, the company plans to expand value-added exports across food ingredients, spices, coffee and specialised agricultural products while investing in globally compliant manufacturing facilities to deepen its presence in international markets.
