ITC Limited

ITC Limited functions as a colonial organism where semi-autonomous polyps—FMCG, hotels, paperboards, agribusiness, and IT—share a common resource circulation system but pursue independent survival strategies. The cigarette polyp, though comprising only 38% of revenue, generates 78% of profits (₹30,597 crore), acting as the primary photosynthetic organ funding other divisions' growth. This metabolic asymmetry creates an unusual evolutionary pressure: ITC must diversify away from its most efficient energy source due to regulatory threats and ESG stigma, similar to a plant adapting to shade after evolving in full sunlight. The FMCG division grew from ₹12,844 crore (FY20) to ₹22,005 crore (FY25) at 11.37% CAGR, demonstrating successful niche colonization through brands like Aashirvaad, Sunfeast, and Classmate. The 2025 hotels demerger represents asexual reproduction—splitting off a fully formed organism (ITC Hotels) to pursue independent growth while maintaining genetic kinship. This modular architecture provides resilience through portfolio diversification, but creates the conglomerate discount: investors struggle to value a chimera spanning unrelated domains. ITC targets ₹1 lakh crore in non-cigarette FMCG revenue by 2030, attempting a metabolic transition few organisms successfully navigate.