ITC Ltd has become the second-largest fast-moving consumer goods company in India by revenue, with its non-tobacco FMCG business crossing Rs 24,000 crore in revenue, according to a statement by chairperson Sanjiv Puri at the company's annual general meeting on Thursday.
The milestone places ITC ahead of Nestle (Rs 23,200 crore in 2024-25) and Britannia (Rs 18,500 crore in 2025-26) in the FMCG rankings. Hindustan Unilever remains the market leader with revenue of Rs 61,975 crore, according to the figures cited at the meeting.
Financial Milestone
Puri told shareholders that ITC's non-tobacco FMCG segment has grown from Rs 17,000 crore in 2017 to Rs 24,000 crore currently, a compound annual growth rate that underscores the company's strategic expansion into branded consumer goods. The segment now comprises a portfolio of over 30 FMCG brands that represent annual consumer spending of nearly Rs 37,000 crore, reaches around 280 million households, and is exported to over 70 countries.
Competitive Landscape
The FMCG ranking shift highlights the intensifying competition in India's consumer goods market. Below is a comparison of the top players by revenue:
| Company | Revenue (Rs Crore) | Period |
|---|---|---|
| Hindustan Unilever | 61,975 | Latest fiscal |
| ITC (non-tobacco FMCG) | 24,000 | Current |
| Nestle | 23,200 | 2024-25 |
| Britannia | 18,500 | 2025-26 |
Growth Trajectory
Puri said the company aspires to become India's number one FMCG player. The revenue jump from Rs 17,000 crore in 2017 to Rs 24,000 crore now reflects consistent investment in brand building, distribution expansion, and product innovation. ITC's FMCG portfolio includes categories such as packaged foods, personal care, and stationery, among others.
Strategic Implications for Investors
For investors and analysts, ITC's rising FMCG revenue signals a successful diversification strategy away from its traditional tobacco business. The company's ability to scale its consumer goods division to second place in the market, while maintaining a wide household reach of 280 million, positions it as a formidable competitor to HUL. The aspiration to become India's number one FMCG company implies continued aggressive investment in marketing, new product launches, and distribution infrastructure. Given the near-term growth trajectory from Rs 17,000 crore to Rs 24,000 crore in roughly eight years, market watchers will be closely monitoring whether ITC can sustain this momentum to challenge HUL's dominant market share. The export footprint across over 70 countries also provides a diversified revenue stream that reduces dependence on the domestic market.
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