NTC Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • FMCG - Cigarettes: 53.7% • FMCG - Foods & Beverages: 32.4% • Rental Income: 13.0%
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 sales growth of 31.4% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.23x)
- Working capital cycle has improved - days down from 328 to 221
- Stock looks reasonably valued - P/E of 9.6 is below its historical median
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (47.8% of PBT)
- Promoter holding has decreased over last 2 years: -11.6pp
- Company has a low return on capital employed of 8.7%
- Company has a low return on equity of 7.3% over last 3 years
- Recent results are weak - TTM profit is down 10.7% versus prior year
* 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 7 | 4 | 10 | 5 | 12 | 11 | 20 | 26 | 23 | 24 | 28 | 27 | |
| 10 | 8 | 10 | 12 | 6 | 13 | 11 | 18 | 24 | 22 | 23 | 25 | 22 | |
| Operating Profit | -0 | -1 | -6 | -2 | -1 | -1 | -0 | 2 | 2 | 1 | 0 | 3 | 5 |
| OPM % | -4.24% | -13.52% | -129.37% | -16.98% | -23.70% | -8.47% | -3.28% | 10.57% | 8.18% | 2.82% | 1.87% | 10.36% | 18.60% |
| 2 | 2 | 4 | -3 | 1 | 2 | 2 | 4 | 4 | 3 | 3 | 2 | 3 | |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Depreciation | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 4 | 3 | 1 | -2 | 2 | 2 | 3 | 7 | 8 | 5 | 5 | 7 | 8 |
| Tax % | 15.74% | 13.78% | -1.60% | -26.70% | 20.00% | 20.08% | 12.69% | 23.80% | 25.10% | 20.15% | 25.92% | 23.15% | 24.58% |
| Net Profit | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 6 | 6 | 4 | 4 | 6 | 6 |
| 2.91 | 2.46 | 1.06 | -2.19 | 1.27 | 1.64 | 1.74 | 3.47 | 3.90 | 3.78 | 2.63 | 3.93 | 4.22 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 24 | 22 | 21 | 29 | 31 | 49 | 42 | 60 | 113 | 102 | |
| 17 | 18 | 17 | 20 | 19 | 23 | 43 | 37 | 46 | 91 | 93 | |
| Operating Profit | 6 | 6 | 5 | 1 | 10 | 8 | 7 | 5 | 14 | 21 | 9 |
| OPM % | 28.07% | 25.50% | 22.30% | 6.05% | 35.71% | 25.86% | 13.39% | 11.02% | 23.51% | 18.95% | 8.84% |
| 4 | 3 | 10 | 8 | 4 | 6 | 5 | 5 | 8 | 12 | 11 | |
| Interest | 3 | 2 | 2 | 1 | 1 | 0 | 0 | 0 | 6 | 6 | 6 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Profit before Tax | 5 | 5 | 11 | 6 | 12 | 12 | 9 | 7 | 14 | 26 | 26 |
| Tax % | 24.82% | 21.12% | 22.39% | 21.18% | 33.25% | 22.20% | 28.05% | 24.73% | 20.50% | 23.65% | 23.51% |
| Net Profit | 4 | 4 | 9 | 4 | 8 | 9 | 6 | 5 | 11 | 20 | 20 |
| EPS | 0.00 | 0.00 | 0.00 | 4.10 | 7.47 | 7.55 | 5.30 | 4.24 | 7.83 | 13.47 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 20%
- 5 Years:
- 31%
- 3 Years:
- 32%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 19%
- 3 Years:
- 46%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 8%
- 3 Years:
- 7%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 15 | 15 |
| 31 | 35 | 43 | 46 | 59 | 71 | 77 | 91 | 196 | 195 | |
| 21 | 17 | 12 | 7 | 4 | 6 | 7 | 46 | 77 | 73 | |
| Trade Payables | 3 | 2 | 1 | 3 | 7 | 2 | 2 | 3 | 7 | 9 |
| 17 | 17 | 15 | 20 | 23 | 19 | 22 | 19 | 35 | 30 | |
| Total Liabilities | 83 | 82 | 82 | 87 | 105 | 109 | 120 | 171 | 330 | 322 |
| 35 | 34 | 31 | 30 | 28 | 29 | 8 | 9 | 8 | 8 | |
| Capital Work in Progress | 1 | 1 | 1 | 2 | 4 | 2 | 6 | 1 | 1 | 2 |
| 5 | 4 | 4 | 2 | 2 | 4 | 5 | 16 | 108 | 87 | |
| 4 | 3 | 2 | 3 | 8 | 4 | 7 | 6 | 9 | 11 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 12 | 11 | |
| Cash & Bank | 1 | 2 | 1 | 1 | 7 | 1 | 3 | 1 | 2 | 3 |
| 37 | 39 | 43 | 49 | 56 | 68 | 91 | 130 | 190 | 201 | |
| Total Assets | 83 | 82 | 82 | 87 | 105 | 109 | 120 | 171 | 330 | 322 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 3 | -3 | 4 | 3 | 5 | 6 | 91 | -1 | -7 | |
| Cash from Investing | 2 | 4 | 11 | 5 | 1 | -6 | -3 | -90 | -29 | 16 |
| Cash from Financing | -8 | -5 | -7 | -6 | 3 | -3 | -1 | -1 | 30 | -8 |
| 0 | 1 | -1 | 0 | 6 | -5 | 0 | 0 | -1 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
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News
Recent coverage and analyst commentary for NTCIND
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