India, Jan. 11 -- India's cigarette industry is one of the most tightly regulated consumer markets in the country, shaped by high taxes, advertising bans, and constant policy scrutiny. Yet, despite these constraints, one company continues to dominate legal cigarette sales with remarkable consistency. ITC's leadership in this space has endured across decades, policy cycles, and economic shifts, raising a fundamental question: what makes its position so difficult for rivals to challenge?

Industry Overview India's cigarette market is characterised by high concentration, strict regulation, and limited scope for new entry. Legal cigarette sales are dominated by a handful of long-established players, which are ITC, Godfrey Phillips and VST Ind...