ITC’s Paperboards & Packaging division, India’s largest in the sector, is central to its diversification. The ₹3,500 crore acquisition of Century Pulp & Paper raised capacity by 50%. Despite Q4 FY24 profit pressure from import and wood costs, revenue reached ₹8,344 crore in FY24. Strong FMCG, e-commerce demand, and sustainability trends support its long-term growth outlook.