ITC CMD sees ₹1.7 cr drop in pay - here’s why

ITC Chairman and Managing Director Sanjiv Puri's total remuneration declined 6.8% in FY26 to ₹23.91 crore due to a reduction in performance bonus and long-term incentives/commissions, according to its latest annual report.

Puri's remuneration included a basic/consolidated salary of ₹3.85 crore, perquisites of ₹88 lakh, along with ₹19.17 crore as performance-linked bonus and long-term incentives/commissions.

A year before, Puri's total remuneration was ₹25.66 crore in FY25.

This included a basic/consolidated salary of ₹3.53 crore, and perquisites of ₹73 lakh in FY25. His performance bonus and long-term incentives/commissions were ₹21.39 crore.

Puri's basic/consolidated salary, as well as perquisites, was hiked in 2025-26 compared to the previous fiscal.

As of March 31, 2026, the number of ordinary shares (of ₹1 each) held by Puri was 3,00,591 and 1,01,000 shares were granted in stock options.

However, in FY25, the number of ITC shares held (singly/jointly) was higher at 4,52,843, and the number of stock options granted was 1,34,500.

The ratio of Puri's salary against the median remuneration of all employees was 338:1.

The median remuneration for 10,368 male workers was ₹5,30,593 in FY26 and ₹2,25,424 for 683 female workers.

According to ITC

, "The majority of female workers are employed in new manufacturing units. Since a significant majority of these recruits are new entrants, the median remuneration appears lower".

Compared to the financial year 2024-25, the figures for 2025-26 reflect that "median remuneration of employees increased by 4%" and "average remuneration of employees decreased by 2%".

Moreover, remuneration of KMPs ( Key Managerial Personnel), which generally includes executive management, decreased by 2%.