According to ITC Limited’s latest annual report released on June 26, 2026, Chairman and Managing Director Sanjiv Puri’s total remuneration for the financial year 2025–26 (FY26) dropped by 6.8% to ₹23.91 crore.
This decline from his FY25 pay package of ₹25.66 crore was heavily driven by a reduction in performance-linked variables, mirroring a wider 2% decline across all Key Managerial Personnel (KMP) at the conglomerate this year.
1. Breaking Down the Pay Packet
While Puri’s variable incentives shrunk, his guaranteed base pay and structural benefits actually saw upward adjustments compared to the previous fiscal year:
- Performance Bonus & Commissions: ₹19.17 crore (Down from ₹21.39 crore in FY25) — This single contraction in short- and long-term incentives accounts for the entire drop in his overall pay.
- Basic/Consolidated Salary: ₹3.85 crore (Up from ₹3.53 crore in FY25).
- Perquisites & Structural Perks: ₹88 lakh (Up from ₹73 lakh in FY25).
[ FY25 Total: ₹25.66 Cr ] ──► (Reduction in Variable Performance Bonuses) ──► [ FY26 Total: ₹23.91 Cr ]
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┌───────────────────────────────────────────────┴───────────────────────────────┐
▼ ▼ ▼
[ Performance Bonus & Incentives ] [ Basic/Consolidated Salary ] [ Perquisites & Perks ]
₹19.17 Crore ₹3.85 Crore ₹88 Lakh
2. Equity and Shareholding Retraction
The annual filing also highlights a visible wind-down in Puri’s equity exposure and freshly granted options over the course of the fiscal year:
| Equity Parameter Metric | Status as of March 31, 2025 | Status as of March 31, 2026 | Structural Retraction |
| Ordinary Shares Held (Ordinary face value ₹1) | 4,52,843 | 3,00,591 | -1,52,252 shares |
| Fresh Stock Options Granted | 1,34,500 | 1,01,000 | -33,500 options |
3. The 338:1 Median Multiplier
The annual report notes that Sanjiv Puri’s realized FY26 earnings stand at a steep 338:1 ratio against the median remuneration of all ITC employees.
The corporate balance sheet outlined a distinct wage divergence among its baseline workforce dynamics:
- The Median Matrix: The median remuneration for ITC’s 10,368 male workers stood at ₹5,30,593, while the median for its 683 female workers tracked at ₹2,25,424.
- The Gender Gap Explanation: ITC explicitly addressed this statistical disparity in the filing, clarifying that the vast majority of its female workforce consists of newly recruited entrants at freshly commissioned manufacturing lines. Because these workers are scaling up from baseline entry points, the aggregate female median skews lower.
Overall, while the average worker payout dropped 2% alongside executive KMP commissions, the absolute baseline median remuneration across ITC’s entire employee network still managed a healthy 4% organic expansion year-on-year.
