ITC Limited conducted its 115th Annual General Meeting on July 23, 2026, with Chairman & Managing Director Shri Sanjiv Puri delivering an address titled 'ITC: Partnering India in its Defining Decade'. The address was submitted to the National Stock Exchange of India Ltd. and BSE Ltd. as a regulatory disclosure.

Financial Performance Highlights

  • Net Segment Revenue reached over ₹83,300 crore, growing at a CAGR of 10.7% over the last 5 years
  • EBITDA grew at 9.7% CAGR over the last 5 years
  • Non-cigarette businesses now constitute nearly two-thirds of net segment revenue
  • Over the last five years, the company distributed nearly ₹85,000 crore to shareholders by way of dividends
  • Foreign exchange earnings of the ITC Group over the last 5 years aggregated nearly US$ 6.5 billion, with agri exports constituting over 60%
  • FMCG businesses grew from around ₹14,720 crore in FY21 to cross ₹24,200 crore in FY26 with sustained improvement in profitability
  • Over the last five years, over 76% of Value-Added amounting to ₹2,30,000 crore accrued to the Exchequer

Business Segment Performance

Cigarettes Business: Continued to deliver resilient performance, though the unprecedented increase in tax incidence post 1st February 2026 is expected to fuel growth of smuggled and domestically manufactured tax-evaded cigarettes, impacting the legal industry.

Agri Business: Delivered robust performance leveraging strong farm linkages, agile supply chain operations and scale-up of value-added portfolio despite climate change, global conflicts, and trade disruptions. Segment revenue doubled in just over 5 years to nearly ₹20,300 crore in FY26.

Paperboards Business: Strengthened structural competitiveness and made progress in challenging operating environment with cheap imports and input cost inflation. Sustained leadership in Value-Added Products segment.

Strategic Initiatives and Investments

  • Proposed medium-term capex of ₹20,000 crore for the Group
  • 8 facilities recently commissioned, with 6 new projects in pipeline
  • Forthcoming acquisition of Century Pulp & Paper will raise paperboards capacity by over 50% to 1.5 million metric tonnes
  • Newly established state-of-the-art Moulded Fibre Products facility for compostable solutions
  • Nearly 90% of ITC's value addition takes place within India
  • Manufacturing ecosystem spans over 300 factories, including 45 owned plants, engaging with more than 9,500 MSMEs

ITC Next Strategy Implementation

ITCMAARS Phygital Ecosystem:

  • Onboarded over 2.6 million farmers across 11 States
  • Target to benefit 10 million farmers by 2030
  • Initial estimates indicate crop yield gains of 15-20% and improvement in net returns by 25-30%
  • Plans to develop 4 additional hybrid Open-to-Sky and Controlled Environment Agriculture clusters
  • Introducing IoT-enabled weather tracking, remote-sensing, drone-based services

Value-Added Agriculture:

  • Portfolio grew at CAGR of 33% over five years
  • Includes certified organic crops, processed agri-products, premium coffee, aquaculture
  • Farming as a Service (FaaS) ecosystem to 'Grow the Buy'

Technico Subsidiary:

  • Global leader in pre-basic potato seeds
  • Investing in world's largest state-of-the-art aeroponic facility with 60 hi-tech controlled-environment greenhouses
  • Combined capacity to reach 100 million TECHNITUBER®s

FMCG Business:

  • Portfolio of over 30 brands representing annual consumer spends of nearly ₹37,000 crore
  • Reaches around 280 million households
  • Exported to over 70 countries
  • Addressable market estimated at around ₹8 trillion by 2035
  • Recent acquisitions clocking ARR of around ₹1,350 crore

Sustainability Achievements

  • Only company in the world carbon-positive, water-positive and solid-waste recycling positive for around 2 decades
  • Supports nearly 9 million sustainable livelihoods
  • Included in Dow Jones Best in Class Emerging Markets Index
  • CDP Forest 'A list', 'A' for CDP Water, 'Leadership' score in CDP Climate
  • MSCI-ESG 'AA' rating for 8 years
  • Reduced GHG intensity by 53%, specific energy and water consumption by 42% each
  • 51% of total energy needs from renewables
  • Committed to achieving Net Zero Operations by 2050

Social and Environmental Initiatives

  • Climate Smart Agriculture spans nearly 32 lakh acres across 17 States, benefits over 12 lakh farmers
  • Target to cover 40 lakh acres by 2030
  • Water management interventions: demand-side initiatives cover over 20 lakh acres, creating annual water-saving potential of up to 50% across 15 crops (1.5 billion cubic metres)
  • Watershed projects cumulatively span nearly 20 lakh acres
  • Social Investments Programme spans 275 districts in 20 States, benefiting over 10 million people including 6 million women

Foreign Exchange and Export Impact

  • Import substitution initiatives expected to enable foreign exchange savings exceeding ₹17,500 crore over the next decade
  • Bharat Fibre chain for Paperboards business has greened nearly 1.5 million acres, generating over 270 million person-days of employment