NEW DELHI: Kolkata-based cigarettes-to-consumer conglomerate ITC Limited has aspirations to be the number one FMCG player, with the company’s chairman Sanjiv Puri estimating the addressable market to be around Rs 8 lakh crore by 2035. At present, Hindustan Unilever is the largest fast-moving consumer goods (FMCG) company in India by total revenue, followed by the likes of ITC and Nestle.
“Your Company’s aspiration to be India’s No. 1 FMCG player is anchored on this larger vision. Today, ITC’s portfolio of over 30 world-class FMCG brands represents annual consumer spends of nearly Rs 37,000 crore and reaches around 280 million households while being exported to over 70 countries,” said Puri at the company’s annual general meeting held on Thursday.
He added, “The Indian FMCG market is poised for significant expansion, with your company’s addressable market estimated at around ₹8 trillion by 2035, pointing to the immense headroom to grow…The rise of Aspirational Bharat, premiumisation, Gen Z and Gen Alpha consumers, expanding digital access, and the growth of quick commerce are reshaping categories, channels and expectations.”
Puri told shareholders that ITC’s FMCG businesses' revenue grew from around Rs 14,720 crore in FY21 to cross Rs 24,200 crore in FY26 with sustained improvement in profitability. He said that the company’s cigarettes business continued to deliver a resilient performance.
However, he warned that the unprecedented increase in the incidence of taxes post 1st February 2026 will have the unfortunate consequence of fuelling the growth of smuggled and domestically manufactured tax-evaded cigarettes, impacting the legal industry.
Puri also proposed medium-term capex of Rs 20,000 crore for the Group in areas that have a multiplier impact. He said that, close on the heels of 8 recently commissioned facilities, 6 new projects are in the pipeline. Further, he said that foreign exchange earnings of the ITC Group over the last 5 years aggregated nearly $6.5 billion, of which agri exports constitute over 60%.
