NSE: ELITECON · BSE: 539533
ELITECON INTERNATIONAL L
Manufactures and sells cigarettes and tobacco products, and is building an FMCG business around packaged foods, edible oils and household essentials. Cigarettes are sold both domestically and through international export contracts, with a USD 119 million-plus order book covering Africa and the Middle East, including a two-year INR 2.02 billion supply contract with South Africa's Bozza Tobacco across brands such as Red & Black, B&W, Cape, Ossum, Golden Flake, Roll-X, KASP, Rainbow Gold, Larnie, Black Hill and Lisbon. The FMCG push is backed by a planned Rs. 700 crore investment, targeting Rs. 20,000 crore of revenue by FY30 through 5,000 distribution partners, 5 lakh+ retail outlets, 10 consumer brands and 150+ SKUs. Manufacturing sits on an 800 MTPD refinery, a 235 MT/day manufacturing facility, and a 40,000+ sq. ft. facility at Nashik. In FY25, the company earned Rs. 548.76 crore of revenue and Rs. 69.65 crore of net profit, with materials accounting for 41.5% of revenue and depreciation only 0.3%. Segment reporting splits activity between Tobacco Products and FMCG Products (with Agro Products appearing in earlier period classification). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Tobacco Products, FMCG Products, Agro Products. Cyclical FMCG and tobacco manufacturing with planned large-scale FMCG expansion and material-heavy cost structure.
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 549 |
| EBITDA (ex other income) | 69 |
| margin % | 12.6 |
| Owners' profit | 70 |
| EPS, as reported (₹) | 17.49 |
| ROE % · ROCE % | 43.4 · 43.3 |
| Debt / equity (x) | 0.00 |
| Cash from operations | (0) |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|
| Revenue | 94 | 313 | 525 | 2,192 | 1,741 |
| Profit before tax | 13 | 43 | 73 | 138 | 121 |
| Net profit | 13 | 43 | 72 | 117 | 104 |
| EPS (₹) | 110.26 | 2.72 | 0.45 | 0.73 | 0.65 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Tobacco Products | 282 | 90.0 |
| Agro Products | 31 | 10.0 |
| Total, before eliminations | 313 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODFREY PHILLIPS INDIA LT | 26,955 | 19.7 | 4.33 | 15.1 | 24.5 | 25.5 | 25.2 | 6.8 |
| VST INDUSTRIES LTD | 3,264 | 11.7 | 2.26 | — | 20.2 | 26.5 | — | 8.1 |
| ELITECON INTERNATIONAL L ◆ | 1,093 | 1.5 | 2.06 | 15.2 | 39.2 | 36.1 | — | 8.1 |
| N T C INDUSTRIES LTD. | 174 | 8.4 | 0.83 | 7.4 | 9.3 | 8.8 | 30.5 | 28.7 |
| SINNAR BIDI UDYOG LTD. | 25 | — | 5.84 | — | (3.1) | (1.8) | (0.6) | (29.7) |
| RAGHUNATH INTERNATIONAL LTD. | 5 | 5.2 | 0.28 | 3.5 | 6.1 | 7.5 | (10.8) | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.5 | 17.8 | 9 of 278 | 97% |
| P/B | 2.1 | 1.7 | 163 of 281 | 41% |
| ROCE | 36.1 | 7.5 | 13 of 331 | 96% |
| ROE | 39.2 | 7.3 | 12 of 283 | 96% |
| Debt / Equity | 0.7 | 0.3 | 214 of 281 | 24% |
| EBITDA margin | 8.1 | 8.3 | 142 of 272 | 48% |
| Revenue growth | 1750.0 | 9.8 | 2 of 273 | 100% |
| Profit growth | 676.3 | 12.9 | 9 of 276 | 97% |
| Market cap | 1093 | 160 | 83 of 341 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Postal ballot: all 7 director appointments approved | board shareholder meetings | medium | — | — |
| 20 Oct 2026 · Postal Ballot Results: 7 Director Appointments Approved | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board approves up to Rs 1,000 crore QIP fundraise | fund raising | high | — | — |
| 12 Oct 2026 · RTA certifies no demat requests in Q2 FY27 - routine SEBI compliance filing | compliance | minimal | — | — |
| 7 Oct 2026 · Board to consider raising funds on Oct 12 | fund raising | medium | — | — |
| 29 Sept 2026 · Trading window closed until Q2 FY27 results announcement | compliance | minimal | — | — |
| 28 Sept 2026 · Elitecon signs USD 60M export framework deal with South African firm | business updates | medium | — | — |
| 26 Sept 2026 · Elitecon International submits legible FY26 results; revenue jumps 5x | results | high | — | — |
| 23 Sept 2026 · Newspaper Publication Copies Submitted for FY26 Audited Results | compliance | minimal | — | — |
| 22 Sept 2026 · Foreign fund EBISU cuts Elitecon stake to 4.85% via market sale | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.