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ITC highlighted protein- and fibre-rich foods as a key growth opportunity

ICICIdirect Research 24 Jun 2026 DISCLAIMER

News: ITC highlighted protein- and fibre-rich foods as a key growth opportunity, driven by rising health awareness, increasing adoption of GLP-1 weight-loss drugs and a growing base of first-time packaged food consumers. The company plans to expand its portfolio across high-protein atta, soya chunks and protein shakes while targeting health-conscious consumers across age groups. Aashirvaad, ITC’s largest FMCG brand, crossed ₹9,800 crore in revenue in FY26, while Fresh Foods is growing at nearly 100% annually with 70 kitchens across five cities. The company has outlined a medium-term capex plan of ~Rs.20,000cr across businesses, including FMCG manufacturing. Management also highlighted that FMCG margins have expanded by ~740 bps between FY17-FY26 and expects a further 80-100 bps annual improvement through premiumisation, supply-chain efficiencies and sourcing advantages.

View: ITC’s non-cigarette FMCG business continues to scale up, with revenues crossing Rs.24,200cr in FY26 (+10.1% YoY) and EBITDA growing 11% YoY to Rs.2,412cr, resulting in a 10.0% EBITDA margin. New growth levers such as health & nutrition, digital-first brands and fresh foods, with acquired brands (Yoga Bar, 24 Mantra, Mother Sparsh and Apple Foods) are high margin businesses/brands. Increase in contribution of these brands , stable raw material and operating efficiencies will help FMCG business margins to improve by 80-100bps p.a.

Impact: Positive

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