NTC Industries Ltd.

•

ntcind.comBSE: -NSE: NTCIND

Market Cap₹ 196 Cr.

Current Price

High / Low₹ 155 / 126

Stock P/E13.5

Book Value₹ 122

Price to Book1.23

Dividend Yield0.00 %

ROCE11.1 %

ROE8.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • FMCG - Cigarettes: 61.3% • Foods & Beverages: 37.0% • Others: 0.9%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence

62%

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PROS

Company is almost debt free
Company has delivered good sales growth of 35.1% CAGR over last 5 years
Working capital cycle has improved - days down from 537 to 304
Company comfortably covers its interest (51.7x coverage)
Stock looks reasonably valued - P/E of 13.5 is below its historical median
Attractively priced for its growth - PEG of 0.1

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (64.6% of PBT)
Promoter holding has decreased over last 2 years: -11.6pp
Company has a low return on capital employed of 8.8%
Company has a low return on equity of 7.1% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.14x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsFMCGCigarettes/Tobacco

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ITC	260.25	16.44	326087.58	5.57	4508.79	-15.62	29523.30	28.32	38.83	17.84
2.	GODFRYPHLP	1928.00	21.98	30073.28	2.59	1983.90	456.84	38195.60	2020.43	33.70	5.49
3.	VSTIND	204.05	55.90	3466.02	5.88	42.42	-24.43	861.71	109.08	28.18	5.76
4.	IWP	33.86	36.58	216.61	0.59	2.51	118.28	65.19	26.76	3.02	8.02
5.	NTCIND	134.70	9.77	195.57	0.00	6.12	7.99	26.63	3.21	11.14	24.79

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
	7	10	7	4	10	5	12	11	20	26	24	28	23
	8	9	8	10	12	6	13	11	18	23	23	25	20
Operating Profit	-1	0	-1	-5	-1	-1	-1	-0	3	2	1	3	3
OPM %	-16.99%	2.28%	-9.10%	-118.39%	-12.88%	-20.58%	-4.52%	-0.09%	12.83%	9.03%	2.89%	11.03%	12.29%
	-1	2	2	4	2	2	2	2	4	4	3	2	3
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	-1	3	2	-1	1	1	2	2	6	6	4	5	6
Tax %	-25.00%	24.71%	-18.06%	83.87%	12.62%	36.62%	14.62%	25.99%	25.80%	27.27%	28.07%	24.45%	27.05%
Net Profit	-1	2	2	-0	1	0	1	1	5	5	3	4	4
	-1.01	1.66	1.53	-0.09	0.75	0.37	1.23	0.97	2.91	3.19	1.82	2.85	3.06

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
	13	14	11	14	22	23	40	33	46	98	101
	16	16	15	17	17	22	41	36	45	90	92
Operating Profit	-2	-2	-4	-3	5	1	-1	-3	2	8	9
OPM %	-16.71%	-12.01%	-36.61%	-20.37%	22.54%	4.72%	-1.99%	-8.90%	3.99%	8.06%	8.89%
	4	3	9	7	4	5	4	9	10	13	13
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	0	0	1	1	1	1	1	1	1	1
Profit before Tax	1	0	4	4	9	5	2	5	10	20	22
Tax %	62.68%	-11.44%	20.69%	21.48%	26.43%	19.15%	33.10%	0.12%	24.64%	25.72%	26.63%
Net Profit	0	0	4	3	6	4	2	5	8	14	16
EPS	0.00	0.00	0.00	2.60	5.85	3.72	1.38	3.84	5.41	9.98	—
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:: 27%
5 Years:: 35%
3 Years:: 35%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 18%
3 Years:: 106%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 6%
3 Years:: 7%
Last Year:: 8%

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	11	11	11	11	12	12	12	12	15	15
	24	25	28	29	40	47	49	62	164	158
	4	5	4	5	4	6	7	2	3	4
Trade Payables	3	2	1	2	7	1	1	3	7	9
	8	7	7	9	15	12	14	13	27	21
Total Liabilities	50	49	51	56	78	78	83	92	216	206
	7	6	5	5	5	7	8	9	8	8
Capital Work in Progress	0	0	0	0	3	0	0	0	0	0
	5	5	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	7	10	10
Cash & Bank	0	1	1	1	6	1	3	0	0	0
	35	34	39	44	54	61	60	53	80	91
Total Assets	50	49	51	56	78	78	83	92	216	206

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
	-2	-4	-10	-5	-1	-1	1	-0	-21	-7
Cash from Investing	3	4	10	6	1	-4	1	1	-17	8
Cash from Financing	-1	0	-0	-0	6	1	-0	-0	38	-0
	0	1	-1	0	6	-5	0	-0	-1	-0

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.90	66.06	55.10	54.34	54.34	54.34	54.34	54.34	54.34
	0.02	0.02	3.16	3.11	5.94	5.94	5.94	5.47	5.67
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.09	33.92	41.74	42.54	39.71	39.71	39.71	40.18	39.98

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for NTCIND

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AI Stock Analyst

NTC Industries Ltd.

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Name

ITC

260.25

16.44

326087.58

5.57

4508.79

-15.62

29523.30

28.32

38.83

17.84

GODFRYPHLP

1928.00

21.98

30073.28

2.59

1983.90

456.84

38195.60

2020.43

33.70

5.49

VSTIND

204.05

55.90

3466.02

5.88

42.42

-24.43

861.71

109.08

28.18

5.76

IWP

33.86

36.58

216.61

0.59

2.51

118.28

65.19

26.76

3.02

8.02

NTCIND

134.70

9.77

195.57

0.00

6.12

7.99

26.63

3.21

11.14

24.79

Mar 2023

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-1

-5

-1

-0

OPM %

-16.99%

2.28%

-9.10%

-118.39%

-12.88%

-20.58%

-4.52%

-0.09%

12.83%

9.03%

2.89%

11.03%

12.29%

-1

Interest

Depreciation

Profit before Tax

-1

Tax %

-25.00%

24.71%

-18.06%

83.87%

12.62%

36.62%

14.62%

25.99%

25.80%

27.27%

28.07%

24.45%

27.05%

Net Profit

-1

-0

-1.01

1.66

1.53

-0.09

0.75

0.37

1.23

0.97

2.91

3.19

1.82

2.85

3.06

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

101

Operating Profit

-2

-4

-3

-1

-3

OPM %

-16.71%

-12.01%

-36.61%

-20.37%

22.54%

4.72%

-1.99%

-8.90%

3.99%

8.06%

8.89%

Interest

Depreciation

Profit before Tax

Tax %

62.68%

-11.44%

20.69%

21.48%

26.43%

19.15%

33.10%

0.12%

24.64%

25.72%

26.63%

Net Profit

EPS

0.00

2.60

5.85

3.72

1.38

3.84

5.41

9.98

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

164

158

Trade Payables

Total Liabilities

216

206

Capital Work in Progress

108

Cash & Bank

Total Assets

216

206

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-2

-4

-10

-5

-1

-0

-21

-7

Cash from Investing

-4

-17

Cash from Financing

-1

-0

-1

-5

-0

-1

-0

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

65.90

66.06

55.10

54.34

0.02

3.16

3.11

5.94

5.47

5.67

DIIs

0.00

Government

0.00

34.09

33.92

41.74

42.54

39.71

40.18

39.98

NTC Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

NTC Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI