ITC Boston Consulting Group Matrix

Aashirvaad, a cornerstone of ITC's packaged foods, is a star performer, contributing significantly to ITC's position as the second-largest FMCG player in India by sales in FY24. Despite a general slowdown in FMCG growth, Aashirvaad's strategic expansion into premium and health-conscious offerings within the robust food industry ensures its continued market leadership in staples and its ability to tap into evolving consumer demands.

ITC's Agri-Business segment is a standout Star, showing impressive growth. In FY24-25, its revenue climbed by 25% to ₹19,753 crore, and this momentum continued with a 39% year-on-year surge in Q1 FY26.

ITC Hotels, after its demerger, achieved its best financial year in FY25, with revenue reaching ₹3,333 crore and PAT of ₹698 crore, marking a 19.5% consolidated profit surge in Q4 FY25. The brand is aggressively expanding its room inventory through an asset-light model, solidifying its position as a rapidly growing hospitality player.

Aashirvaad, a key brand in ITC's packaged foods, is a star performer, contributing significantly to ITC's standing as India's second-largest FMCG player by sales in FY24. Its strategic expansion into premium and health-focused products within the robust food sector ensures continued market leadership and relevance to evolving consumer demands.

ITC Infotech, the technology services arm, is a definite Star, reporting an 11.68% revenue increase and a 22.10% PAT rise in FY24-25. This strong financial performance in the dynamic IT services sector highlights its growing market presence and potential to capture opportunities in digital transformation.

Sunfeast, a leading brand in ITC's Foods division, which reported INR 17,554 crore in FY24, holds a strong position in the growing biscuits and snacks market. Its focus on premium products and continuous innovation, backed by ITC's extensive distribution, makes it a Star performer.

Savlon, a cornerstone of ITC's personal care offerings, commands a substantial market presence in the hygiene sector. This category, though mature, consistently delivers robust revenue and profits, underscoring its essential role and loyal customer following.

The brand's enduring equity and extensive distribution network position it as a prime cash cow for ITC. Consequently, it demands comparatively minimal promotional investment, especially when contrasted with the higher capital needs of emerging product lines.

ITC's cigarette business, a dominant player with 75-80% market share in India, functions as a prime cash cow. Despite low single-digit growth, this segment consistently generates substantial cash, enabling investment in other ventures.

The Paperboards and Specialty Papers division, with revenues around ₹16,000 crore for FY24, also represents a stable cash cow. Its large scale and established customer base in a mature market provide consistent revenue, bolstering ITC's financial foundation.

Brands like Savlon and Mangaldeep Agarbattis are also strong cash cows. Savlon benefits from strong brand equity in a mature hygiene sector, requiring minimal investment. Mangaldeep, a leader in the stable, low-growth agarbatti market, consistently generates profits with low capital needs, capitalizing on its significant market share.

ITC's traditional safety matches business, a foundational element of its history, now functions within a mature and highly competitive market. This segment is characterized by low margins and limited growth potential, reflecting its status as a 'Dog' in the BCG matrix.

The safety matches industry, while stable, offers minimal scope for expansion and faces significant price-based competition. This environment results in a modest contribution to ITC's overall financial performance, with profitability being a challenge due to the commoditized nature of the product.

As of fiscal year 2023-24, while specific segment revenues for matches are not separately detailed in ITC's consolidated reports, the broader 'Other FMCG' segment, which includes matches, contributes a smaller portion compared to its dominant agribusiness and hotels divisions. The low-growth, low-margin profile firmly places this business unit in the 'Dog' quadrant, indicating it generates just enough cash to maintain its operations but offers little prospect for significant future returns.

Delectable Technologies Private Limited (DTPL) was a 'Dog' in ITC's portfolio, showing minimal financial contribution with only ₹4.8 crore in revenue in FY24. Its focus on vending machines and app-based FMCG sales did not gain significant traction, leading to its divestment in May 2025 to reallocate resources. Similarly, certain paper products within ITC's Paperboards & Packaging segment are considered Dogs due to low market share and limited growth, exacerbated by a 37.8% profit drop in Q1 FY26 from price competition and rising wood costs.

ITC's traditional safety matches business also fits the 'Dog' profile, operating in a mature, competitive market with low margins and minimal expansion scope. While specific segment revenues aren't detailed, the broader 'Other FMCG' segment, including matches, contributes less than dominant divisions, generating just enough cash to sustain operations without significant future returns. This low-growth, low-margin profile firmly places it in the 'Dog' quadrant.

Within the 'FMCG-Others' segment, some personal care sub-segments and older brands in categories like Education & Stationery, Personal Care, Safety Matches, and Agarbattis are underperforming. This is evidenced by a 1.1% decline in combined gross revenue for these categories in FY24-25. These brands likely have low market share and growth prospects, requiring strategic re-evaluation or potential divestment due to evolving consumer preferences and competitive pressures.

ITC's foray into moulded fibre products through its ITC Fibre Innovations Ltd. subsidiary positions this segment as a Question Mark in the BCG matrix. This venture is driven by the increasing demand for sustainable packaging solutions, a market projected for substantial growth due to heightened environmental awareness and regulatory shifts.

While the specific market share for ITC's moulded fibre products in 2024 is not publicly detailed, the broader sustainable packaging market is experiencing rapid expansion. For instance, the global moulded pulp packaging market was valued at approximately USD 20.5 billion in 2023 and is anticipated to grow at a CAGR of around 5.5% from 2024 to 2030, indicating significant future potential.

This segment, being a relatively new investment for ITC, likely holds a modest market share currently but is positioned in a high-growth industry. Therefore, it requires strategic capital allocation to scale operations, enhance product development, and capture a larger portion of this burgeoning market, aligning with the characteristics of a Question Mark.

ITC's 24 Mantra Organic represents a Question Mark due to its presence in the high-growth organic food sector, which saw Indian market value around USD 1.7 billion in 2023. Despite this potential, its current market share is modest, necessitating significant investment to build a stronger foothold and compete effectively.

The company's venture into moulded fibre products also falls into the Question Mark category. This segment operates within the sustainable packaging market, a sector experiencing substantial growth driven by environmental concerns and regulatory changes. While specific 2024 market share data for ITC is unavailable, the broader market is expanding, requiring strategic capital allocation to scale operations and capture market share.

ITC's newer premium personal care products are also classified as Question Marks. The Indian premium skincare market alone was projected to reach approximately INR 13,000 crore in 2024, indicating a lucrative opportunity. However, these offerings currently hold a modest market share against established leaders, requiring sustained marketing and investment to achieve significant penetration.

ITC's strategic focus on rural FMCG, particularly with affordable SKUs, positions this as a growth area. While rural markets are showing increasing disposable incomes, gaining substantial market share requires tailored approaches and investment in distribution networks. The company's fiscal year 2024 performance indicated robust FMCG growth with significant rural demand contribution.