NSE: GODFRYPHLP · BSE: 500163
GODFREY PHILLIPS INDIA LT
Makes and sells cigarettes and related tobacco products in India and overseas, with cigarettes and tobacco accounting for 98.8% of segment revenue at Rs 9,008.2 crore in FY26 and the rest falling under an 'Others' bucket at Rs 112.74 crore. A February 2026 revision in the cigarette excise duty tax structure pushed the standalone excise duty line to Rs 2,614 crore in Q1 FY27 from Rs 327 crore a year earlier, compressing standalone gross margin to 7.8% from 15.3% and net profit down 51% despite revenue more than doubling to Rs 3,815 crore — the revenue jump is therefore not directly comparable. The cost mix is dominated by other operating expenses (38.8% of revenue) and direct materials (20.7%, mainly tobacco leaf), with employee cost at 5.0% and depreciation at 1.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cigarettes, Tobacco and related Products (99%), Others (1%). Regulated, excise-heavy FMCG tobacco business concentrated in a single product category
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,229 | 4,260 | 5,305 | 6,767 | 9,121 |
| EBITDA (ex other income) | 633 | 804 | 892 | 1,177 | 1,585 |
| margin % | 19.6 | 18.9 | 16.8 | 17.4 | 17.4 |
| Owners' profit | 438 | 690 | 883 | 1,072 | 1,526 |
| EPS, as reported (₹) | 84.25 | 132.80 | 169.87 | 206.81 | 97.84 |
| ROE % · ROCE % | 14.9 · 18.4 | 19.4 · 20.8 | 20.9 · 20.7 | 20.4 · 23.0 | 24.5 · 25.7 |
| Debt / equity (x) | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Cash from operations | 479 | 736 | 290 | 107 | 518 |
| Capex | (83) | (87) | (100) | (168) | (312) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,651 | 1,896 | 1,888 | 1,813 | 1,632 | 2,190 | 3,486 | 3,820 |
| Profit before tax | 287 | 375 | 302 | 383 | 319 | 391 | 563 | 223 |
| Net profit | 248 | 316 | 280 | 356 | 305 | 343 | 521 | 198 |
| EPS (₹) | 47.92 | 60.95 | 53.88 | 68.53 | 19.56 | 22.01 | 33.43 | 12.72 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cigarettes, Tobacco and related Products | 9,008 | 98.8 |
| Others | 81 | 0.9 |
| Other | 32 | 0.3 |
| Total, before eliminations | 9,121 | 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) | 19.7 | 17.8 | 149 of 278 | 47% |
| P/B | 4.3 | 1.7 | 222 of 281 | 21% |
| ROCE | 25.5 | 7.5 | 29 of 331 | 92% |
| ROE | 24.5 | 7.3 | 28 of 283 | 90% |
| Debt / Equity | 0.0 | 0.3 | 58 of 281 | 80% |
| EBITDA margin | 6.8 | 8.3 | 156 of 272 | 43% |
| Revenue growth | 110.7 | 9.8 | 22 of 273 | 92% |
| Profit growth | (44.3) | 12.9 | 209 of 276 | 24% |
| Market cap | 26955 | 160 | 16 of 341 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Newspaper notice about loss of share certificates | compliance | minimal | — | — |
| 7 Oct 2026 · RTA Compliance Certificate for Q2 FY26 Filed | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Special window for transfer and demat of physical shares | compliance | minimal | — | — |
| 25 Aug 2026 · AGM voting results: All 5 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 24 Aug 2026 · 89th AGM held; FY26 net profit up 32% to Rs 1,525 cr; total dividend Rs 50 per share | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · Loss of share certificates reported by shareholders | compliance | minimal | — | — |
| 7 Aug 2026 · Newspaper notice about two shareholders reporting lost share certificates | compliance | minimal | — | — |
| 1 Aug 2026 · Godfrey Phillips announces 89th AGM on 24 Aug; final dividend of Rs 33 per share | compliance | minimal | — | — |
| 31 Jul 2026 · Annual Report FY 2025-26 and 89th AGM Notice Sent to Shareholders | compliance | minimal | — | — |
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.