Godfrey Phillips India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Cigaratte and Tobacco Products: 98.8% • Tea & Other Retail Products: 1.2%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good profit growth of 33.4% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 35.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.2%
- Company has delivered good sales growth of 20.7% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 51.8%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.25x)
- Total debt has risen sharply - up 218.4% year on year
- Operating margins have contracted to 16.9% from 22.6%
- Stock is trading at 5.5x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITC | 261.20 | 16.50 | 327277.91 | 5.55 | 4508.79 | -15.62 | 29523.30 | 28.32 | 38.83 | 17.84 |
| GODFRYPHLP | 1976.00 | 22.53 | 30822.00 | 2.53 | 1983.90 | 456.84 | 38195.60 | 2020.43 | 33.70 | 5.49 |
| VSTIND | 208.55 | 57.13 | 3542.45 | 5.75 | 42.42 | -24.43 | 861.71 | 109.08 | 28.18 | 5.76 |
| IWP | 35.41 | 38.26 | 226.53 | 0.56 | 2.51 | 118.28 | 65.19 | 26.76 | 3.02 | 8.02 |
| NTCIND | 132.85 | 9.64 | 192.88 | 0.00 | 6.12 | 7.99 | 26.63 | 3.21 | 11.14 | 24.79 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,233 | 1,367 | 1,473 | 1,080 | 1,350 | 1,618 | 1,887 | 1,880 | 1,801 | 1,624 | 2,178 | 3,479 | 38,147 | |
| 993 | 1,153 | 1,263 | 908 | 1,094 | 1,354 | 1,534 | 1,617 | 1,479 | 1,323 | 1,814 | 2,919 | 36,760 | |
| Operating Profit | 240 | 215 | 210 | 172 | 255 | 264 | 354 | 263 | 322 | 301 | 364 | 561 | 1,387 |
| OPM % | 19.45% | 15.71% | 14.27% | 15.94% | 18.92% | 16.31% | 18.75% | 14.00% | 17.90% | 18.51% | 16.73% | 16.11% | 3.64% |
| 128 | 38 | 126 | 96 | 99 | 103 | 97 | 114 | 157 | 103 | 108 | 97 | 904 | |
| Interest | 7 | 7 | 6 | 4 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 26 |
| Depreciation | 36 | 36 | 35 | 27 | 26 | 26 | 27 | 41 | 27 | 28 | 30 | 32 | 332 |
| Profit before Tax | 334 | 219 | 304 | 243 | 329 | 346 | 428 | 339 | 455 | 382 | 449 | 634 | 2,291 |
| Tax % | 12.14% | 25.27% | 19.32% | 22.43% | 15.05% | 26.07% | 22.08% | 24.79% | 19.81% | 20.24% | 21.30% | 23.73% | 22.58% |
| Net Profit | 294 | 163 | 246 | 188 | 279 | 255 | 334 | 255 | 365 | 304 | 354 | 484 | 1,774 |
| 56.45 | 31.42 | 47.23 | 34.32 | 53.74 | 16.38 | 21.40 | 16.35 | 70.20 | 19.52 | 22.67 | 31.02 | 11.37 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,386 | 2,312 | 2,477 | 2,853 | 2,490 | 2,674 | 3,560 | 3,988 | 5,602 | 6,389 | 11,096 | |
| 2,138 | 2,054 | 2,097 | 2,261 | 1,973 | 2,047 | 2,759 | 3,112 | 4,442 | 4,805 | 9,731 | |
| Operating Profit | 248 | 258 | 380 | 592 | 516 | 627 | 802 | 876 | 1,160 | 1,585 | 1,364 |
| OPM % | 10.40% | 11.15% | 15.36% | 20.75% | 20.74% | 23.45% | 22.51% | 21.96% | 20.71% | 24.80% | 12.30% |
| 47 | 74 | 79 | 106 | 118 | 110 | 168 | 386 | 414 | 464 | 398 | |
| Interest | 3 | 2 | 1 | 30 | 31 | 34 | 29 | 13 | 12 | 12 | 11 |
| Depreciation | 94 | 96 | 96 | 152 | 138 | 142 | 151 | 105 | 120 | 117 | 123 |
| Profit before Tax | 198 | 234 | 363 | 516 | 465 | 562 | 790 | 1,143 | 1,442 | 1,920 | 1,694 |
| Tax % | 31.06% | 31.38% | 33.55% | 24.81% | 23.23% | 23.08% | 22.95% | 19.24% | 22.07% | 21.54% | 22.15% |
| Net Profit | 136 | 161 | 241 | 388 | 357 | 432 | 608 | 923 | 1,124 | 1,507 | 1,319 |
| EPS | 26.22 | 30.92 | 46.35 | 74.60 | 68.65 | 83.08 | 117.01 | 177.56 | 216.11 | 96.59 | — |
| Dividend Payout % | 30.51% | 25.87% | 21.58% | 32.17% | 34.96% | 33.70% | 37.60% | 31.54% | 43.96% | 51.77% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 21%
- 3 Years:
- 22%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 24%
- 5 Years:
- 33%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 43%
- 3 Years:
- 41%
- 1 Year:
- -45%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 24%
- 3 Years:
- 28%
- Last Year:
- 31%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 31 |
| 1,581 | 1,697 | 1,886 | 2,050 | 2,406 | 2,713 | 3,178 | 3,826 | 4,395 | 5,315 | |
| 47 | 33 | 48 | 321 | 358 | 298 | 315 | 303 | 151 | 197 | |
| Trade Payables | 163 | 174 | 291 | 251 | 239 | 259 | 374 | 404 | 510 | 545 |
| 276 | 402 | 409 | 465 | 505 | 565 | 661 | 801 | 948 | 1,256 | |
| Total Liabilities | 2,078 | 2,316 | 2,644 | 3,097 | 3,518 | 3,846 | 4,538 | 5,346 | 6,015 | 7,345 |
| 667 | 615 | 656 | 974 | 991 | 914 | 865 | 821 | 654 | 736 | |
| Capital Work in Progress | 13 | 18 | 14 | 16 | 26 | 36 | 21 | 10 | 21 | 167 |
| 500 | 895 | 1,143 | 1,190 | 1,476 | 1,719 | 2,364 | 2,582 | 2,389 | 2,477 | |
| 577 | 511 | 569 | 614 | 671 | 756 | 856 | 1,376 | 1,932 | 2,188 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 173 | 516 | 907 | |
| Cash & Bank | 27 | 37 | 28 | 37 | 26 | 36 | 32 | 22 | 17 | 15 |
| 293 | 240 | 234 | 267 | 329 | 385 | 400 | 363 | 486 | 853 | |
| Total Assets | 2,078 | 2,316 | 2,644 | 3,097 | 3,518 | 3,846 | 4,538 | 5,346 | 6,015 | 7,345 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 305 | 585 | 479 | 499 | 399 | 621 | 928 | 270 | 115 | 512 | |
| Cash from Investing | -131 | -409 | -312 | -70 | -318 | -232 | -536 | 60 | 403 | 42 |
| Cash from Financing | -120 | -96 | -39 | -299 | 7 | -238 | -206 | -342 | -509 | -619 |
| -3 | 9 | 0 | 7 | -11 | 12 | -3 | -12 | 8 | -65 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Godfrey Phillips India Limited has informed the Exchange about Newspaper publication regarding special window for transfer and dematerialisation (demat) of physical shares.
2026-08-25 - Godfrey Phillips India Limited has informed the Exchange about Shareholders meeting
2026-08-24 - Godfrey Phillips India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 24, 2026
2026-08-22 - Godfrey Phillips India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Godfrey Phillips India Limited has informed the Exchange about Newspaper Publication regarding Loss of Share Certificates.
2026-08-01 - Intimation under Regulation 30 regarding Newspaper publication of Notice of 89th Annual General Meeting
2026-07-31 - Godfrey Phillips India Limited has informed the Exchange about General Updates
2026-07-31 - Godfrey Phillips India Limited has informed the Exchange submission of Business Responsibility and Sustainability Report.
2026-07-31 - Godfrey Phillips India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 24, 2026
News
Recent coverage and analyst commentary for GODFRYPHLP
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