ITC Limited reported a five-year revenue growth of 10.7%, with non-cigarette segments now contributing two-thirds of total revenue. Chairman Sanjiv Puri emphasized the need for businesses to build 'anti-fragile' models to handle global economic volatility. The company remains focused on domestic value chains and digital adoption to maintain growth amidst international supply chain disruptions.
Detailed Coverage
ITC Limited, one of India's largest conglomerates, recently shared insights into its operational performance and future strategy during its annual general meeting. The company reported that its net segment revenue has crossed ₹83,300 crore, reflecting a consistent growth trend. Over the past five years, ITC has maintained a compound annual growth rate of 10.7% in revenue, while EBITDA has grown at a 9.7% rate.
Diversification and Financial Strength
A key highlight of the company's financial evolution is the reduced reliance on its core cigarette business. Currently, non-cigarette businesses, which include FMCG, agri-business, and paperboards, account for nearly two-thirds of the total segment revenue. The FMCG division has shown notable expansion, growing from approximately ₹14,720 crore in the 2021 financial year to over ₹24,200 crore in the 2026 financial year. Alongside this growth, the company has maintained a focus on shareholder returns, distributing roughly ₹85,000 crore in dividends over the last five years.
Addressing Global Volatility
Chairman Sanjiv Puri addressed the broader economic climate, noting that global volatility has evolved from a sporadic issue into a systemic challenge. He pointed to geopolitical tensions, particularly in West Asia, as primary drivers of uncertainty that affect energy security and trade. In response, he proposed that Indian businesses shift their strategy from mere resilience to becoming 'anti-fragile.'
This anti-fragile model involves several strategic pillars: strengthening locally anchored value chains, deepening partnerships with MSMEs, and pursuing import substitution. By fostering these areas, the company aims to reduce dependence on volatile global supply chains and inflationary pressures. Furthermore, ITC continues to emphasize digital adoption and climate stewardship as essential components for long-term competitiveness.
Future Growth and Export Focus
Beyond domestic operations, ITC has been a significant contributor to India's foreign exchange earnings, generating nearly $6.5 billion over the last five years, with agri-exports representing more than 60% of that figure. Looking ahead, the company is prioritizing investment in R&D, artificial intelligence, and the development of globally competitive brands. These initiatives are expected to support the company’s objective of driving growth engines that can excel even during periods of external economic pressure. Investors may continue to monitor the company's ability to maintain profit margins in its FMCG segment and the execution of its planned capital spending on new manufacturing capacity.