NSE: NTCIND · BSE: 526723
N T C INDUSTRIES LTD.
Operates as a diversified FMCG group with reported FY26 revenue of Rs 116.02 crore and total assets of Rs 319.99 crore, spanning three main lines. The FMCG-Cigarettes segment makes and sells tobacco products and, based on full-year segment data for the period ended 31 March 2026, generated Rs 15.31 crore of segment revenue with Rs 2.45 crore of segment EBIT. The FMCG-Food & Beverages segment, which the group is actively expanding into — its Memorandum of Association was amended on 18 February 2026 to permit processed foods, packaged foods, ready-to-eat items, non-alcoholic beverages, dairy, bakery, spices and edible oils — recorded Rs 12.20 crore of segment revenue and Rs 0.40 crore of segment EBIT for the same period. A smaller FMCG-Others line contributed Rs 0.91 crore of revenue (Rs 0.13 crore EBIT). Rental Income from owned property, run partly through subsidiaries such as NTCIL Real Estate Private Limited, NTOL Realty, NTOL Shiguri Estate, NTCJL Infrastructure and NTCJL Real Estate, earned Rs 3.94 crore of revenue and Rs 2.14 crore of segment EBIT in FY26, making it the highest-margin segment. Group materials and inputs account for the largest share of cost at 32.5% of revenue, with other operating expenses at 14.9% and employee costs at 2.0%; depreciation is 1.3% and capital expenditure 0.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. FMCG-Cigarettes, FMCG-Food & Beverages, FMCG-Others, Rental Income. Small-cap, diversified FMCG group: tobacco as the legacy line, food & beverages a recently entered segment, with a high-margin rental income arm run through real estate subsidiaries.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 33 | 52 | 45 | 63 | 116 |
| EBITDA (ex other income) | 8 | 8 | 2 | 14 | 21 |
| margin % | 24.4 | 15.9 | 4.0 | 22.6 | 18.4 |
| Owners' profit | 9 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 7.55 | 5.30 | 4.24 | 8.80 | 13.47 |
| ROE % · ROCE % | 10.9 · 13.6 | 7.1 · 9.8 | 4.9 · 6.7 | 5.1 · 6.8 | 9.3 · 11.1 |
| Debt / equity (x) | 0.07 | 0.07 | 0.45 | 0.35 | 0.37 |
| Cash from operations | 3 | 8 | 90 | (2) | (8) |
| Capex | (1) | (0) | (98) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 16 | 14 | 24 | 29 | 23 | 27 | 32 |
| Profit before tax | 2 | 2 | 3 | 7 | 8 | 5 | 5 | 7 |
| Net profit | 2 | 2 | 2 | 6 | 6 | 4 | 4 | 6 |
| EPS (₹) | 1.27 | 1.64 | 1.74 | 3.87 | 3.90 | 3.78 | 2.63 | 3.93 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| FMCG-CIGARETTES | 32 | 27.0 |
| FMCG-FOOD & BEVERAGES | 12 | 10.2 |
| FMCG-OTHERS | 1 | 0.8 |
| RENTAL INCOME | 11 | 9.4 |
| FMCG - Cigarettes | 30 | 25.1 |
| Others | 9 | 7.6 |
| Rental Income | 7 | 6.2 |
| OTHER | 6 | 5.1 |
| Other | 10 | 8.6 |
| Total, before eliminations | 120 | 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 | 26,921 | 19.7 | 4.33 | 15.1 | 24.5 | 25.5 | 25.2 | 6.8 |
| VST INDUSTRIES LTD | 3,302 | 11.8 | 2.28 | — | 20.2 | 26.5 | — | 8.1 |
| ELITECON INTERNATIONAL L | 1,041 | 1.4 | 1.96 | 14.5 | 39.2 | 36.1 | — | 8.1 |
| N T C INDUSTRIES LTD. ◆ | 179 | 8.6 | 0.85 | 7.6 | 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 | 4.9 | 0.27 | 3.4 | 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) | 8.6 | 18.1 | 69 of 278 | 76% |
| P/B | 0.8 | 1.7 | 74 of 281 | 74% |
| ROCE | 8.8 | 7.5 | 152 of 331 | 54% |
| ROE | 9.3 | 7.3 | 119 of 283 | 58% |
| Debt / Equity | 0.4 | 0.3 | 154 of 281 | 45% |
| EBITDA margin | 28.7 | 8.3 | 26 of 272 | 91% |
| Revenue growth | 34.6 | 9.8 | 58 of 273 | 79% |
| Profit growth | 2.9 | 12.9 | 160 of 276 | 42% |
| Market cap | 179 | 159 | 164 of 341 | 52% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · RTA Compliance Certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 2026 till Q2 results announcement | compliance | minimal | — | — |
| 27 Aug 2026 · 35th AGM outcome: 3 resolutions passed including preferential warrant issue to promoters | board shareholder meetings | low | — | — |
| 27 Aug 2026 · AGM outcome: all 3 resolutions passed, promoter warrants approved | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 35th AGM proceedings filed; preferential warrants to promoter group on agenda | board shareholder meetings | low | — | — |
| 17 Aug 2026 · NTC Industries publishes Q1FY27 results in newspapers | compliance | minimal | — | — |
| 14 Aug 2026 · NTC Industries Q1 FY27 results: revenue dips, profit up slightly | results | high | — | — |
| 14 Aug 2026 · NTC Industries Q1 FY27 results: PAT at Rs 444.24 lakh standalone | results | high | — | — |
| 6 Aug 2026 · Board meeting on 14 Aug to consider Q1 FY27 unaudited results | results | low | — | — |
| 4 Aug 2026 · Notice of 35th AGM and e-voting published in newspapers | 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.