ITC Limited’s Chairman and Managing Director, Sanjiv Puri, saw his total annual remuneration drop by 6.8% year-on-year to Rs 23.91 crore for the financial year 2025–26 (FY26). According to the diversified conglomerate’s latest annual report, the decline was primarily driven by a drop in performance-linked variable pay, offsetting an upward adjustment to his fixed salary components.
Remuneration Breakdown: FY26 vs. FY25
While Sanjiv Puri’s base pay and executive perks increased, a tighter payout on variable performance bonuses, commissions, and long-term incentives reduced his overall compensation package.
| Remuneration Component | FY25 (Previous Year) | FY26 (Current Year) | Change (%) |
| Basic & Consolidated Salary | Rs 3.53 crore | Rs 3.85 crore | +9.1% |
| Perquisites (Perks) | Rs 0.73 crore (73 lakh) | Rs 0.88 crore (88 lakh) | +20.5% |
| Performance Bonus & Incentives | Rs 21.39 crore | Rs 19.17 crore | -10.4% |
| Total Remuneration | Rs 25.66 crore | Rs 23.91 crore | -6.8% |
The report also highlighted that Sanjiv Puri trimmed his direct equity exposure in the company. As of March 31, 2026, he held 3,00,591 ordinary shares and 1,01,000 active stock options, down from the 4,52,843 shares and 1,34,500 stock options he held at the close of the previous fiscal year.
The Pay Disparity Matrix
The executive pay report underscored a vast compensation gap, revealing that the Chairman’s package is 338 times the median remuneration of an ITC employee.
Company Note on Gender Pay Disparity: ITC clarified that the lower median salary for female staff is due to demographic placement rather than an equity gap. The majority of female employees were recently recruited as new entrants for the company’s newly commissioned manufacturing units, inherently pulling down their median baseline.
Looking Ahead: The “ITC Next” Roadmap
Despite a softer year for key executive payouts, the annual report emphasized progress under the “ITC Next” strategic banner, which centers on accelerating consumer-goods profitability, driving digital transformation, and scaling sustainability.
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FMCG Expansion: ITC continues to target the top spot in India’s FMCG sector by expanding into health, nutrition, convenience, and value-added premium categories.
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Agritech Scaling: The company’s digital agriculture app platform, ITCMAARS, is working toward onboarding 4,000 Farmer-Producer Organisations (FPOs) with an ultimate goal of reaching 1 crore (10 million) farmers by 2030.
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Paperboards & Packaging: Following its recent strategic acquisition of Aditya Birla Real Estate’s pulp and paper division, ITC is increasing capital investment in eco-friendly, fiber-based packaging alternatives to replace single-use plastics.
