Diversified conglomerate ITC Ltd, which aspires to be India’s No. 1 FMCG player, is taking steps to improve profitability for its non-cigarette FMCG business along with growth going forward.
“When successful Indian brands win consumer preference at scale, they retain larger value within the country. That is why ‘Vocal for Local’ is not merely a sentiment; it is a strategy to reinforce domestic capability, create and nurture brands that are born in India but made for the world with impeccable quality and trust that can delight consumers globally. Your company’s aspiration to be India’s No. 1 FMCG player is anchored on this larger vision,” ITC Limited Chairman & Managing Director Sanjiv Puri told shareholders during the company’s 115th annual general meeting in Kolkata on Thursday.
The company expects its addressable FMCG market to be around ₹8 lakh crore by 2035, indicating immense headroom for growth.
ITC Ltd’s non-cigarette FMCG business recorded an annual consumer spend of over ₹37,000 crore or around USD 4 billion in FY26, witnessing around 9 per cent year-on-year growth.
“In line with the ITC Next strategy, your company is making rapid progress in not only scaling its core power brands but developing a future-ready portfolio that is constantly alive to evolving consumer needs. A critical foundation is ITC’s AI-led consumer insight ecosystem, that drives targeted micro-segmentation to help craft a pipeline of differentiated offerings — be it by life stages, lifestyle, channel, occasion, shelf-life requirement and health need, among others,” Puri said during the AGM.
The Kolkata-headquartered conglomerate’s non-cigarette FMCG business segment, which includes major brands such as Aashirvaad, Bingo!, Sunfeast, YiPPee!, and Mangaldeep, is leveraging emerging spaces such as wellness and naturals.
Replying to shareholders’ queries, Puri said the company is looking to increase EBITDA margin for its non-cigarette FMCG business by 80-100 basis points year-on-year going ahead.
“We are premiumizing. We are also making structural investments. We are using digital. We are optimizing the backend. So consistently, our margins are improving, and we believe they will continue to improve over time. And the idea is not merely to be number one FMCG only in terms of size. We want to be there in all financial metrics, and not only financial metric, but very importantly, in terms of serving the customer by having the best quality products and creating value for all the stakeholders in our ecosystem,” the Chairman said.
He said the company’s goal is to deliver top-quartile performance and continued improvement in profitability in every business. “So we are taking steps to be competitive. We are taking steps to improve profitability and also growth. And the challenges that are there from a global context are clearly monitorable,” Puri added.
Published on July 23, 2026
