Godfrey Phillips India Limited (GODFRYPHLP)

Loading page…

Godfrey Phillips India Limited (GODFRYPHLP) · mywealthgrid

About

Godfrey Phillips India Limited is a leading cigarette and tobacco products manufacturer operating in India's Consumer Staples sector, with a market capitalization of ₹33,524.4 Cr and quarterly revenues of ₹1,600–3,800 Cr. The company maintains stable 72.58% promoter ownership and serves India's organized tobacco market. Strong financial metrics including ROE of 26.64% and minimal debt (D/E 0.02) reflect capital-efficient operations, though recent operating margins of 4.57%–4.75% signal acute near-term pressure.

Face value: ₹2

Market cap

₹28,855 Cr

P/E

21.1×

P/B

4.6×

Dividend yield

5.9%

ROE

26.6%

ROCE

27.7%

Debt / equity

0.02

OPM

17.4%

EPS (TTM)

₹87.7

Book value

₹398.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins have compressed sharply to 4.57%–4.75% in Jun 2026 from 17%+ in earlier quarters (Dec 2025: 17.35%, Sep 2025: 19.26%), indicating either severe seasonality or structural cost-price dislocation requiring urgent clarification.
Stock has declined 35.52% over 12 months despite strong ROE of 26.64% and low leverage, signaling market-wide concern about forward earnings or secular tobacco-market headwinds.
Verify pending excise duty increases and regulatory restrictions in India—rising taxation or sales/marketing constraints could further compress already-thin operating margins.
Quarterly earnings volatility (EPS from 11.37 to 33.43 across recent quarters) points to either extreme seasonality or operational instability that affects forecasting reliability.

Generated analysis · source review pending

Growth drivers

ROE of 26.64% demonstrates efficient capital deployment; verify whether this profitability level is sustainable given margin compression to 4.57%–4.75% in recent quarters.
D/E of 0.02 provides substantial balance-sheet flexibility to fund growth investments, M&A, or shareholder returns without financial strain.
Quarterly revenue base of ₹1,600–3,800 Cr shows operational scale; verify year-over-year volume and price trends to assess whether the market is contracting, stable, or expanding.
Consistent dividend and bonus distributions indicate interim cash generation; verify free-cash-flow trajectory to confirm sustainability of rising payouts alongside capital needs.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,849.7-0.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24% (3-yr avg)
+High return on capital employed of 25.1%
+Profit CAGR of 32.3% over the last 5 years
+Revenue CAGR of 25.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 142.1×
+Dividend yield of 5.9%
+High promoter holding of 72.6% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 81
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,068	2,961	3,229	4,260	5,305	6,767	9,121
COGS	1,261	1,223	1,226	1,781	2,445	3,253	3,543
Gross profit	1,807	1,738	2,003	2,478	2,860	3,515	5,578
	1,215	1,197	1,370	1,591	1,807	2,128	3,711
	592	541	633	887	1,053	1,386	1,868
OPM %	19.3%	18.3%	19.6%	20.8%	19.9%	20.5%	20.5%
Depreciation	155	141	145	154	146	124	121
Interest	30	31	34	29	26	12	12
	107	119	114	168	214	140	205
Profit before tax	514	487	568	873	1,095	1,390	1,941
Tax	129	111	130	182	211	318	415
Tax %	25.1%	22.8%	22.9%	20.9%	19.3%	22.9%	21.4%
	385	376	438	690	884	1,072	1,526
PAT margin %	12.5%	12.7%	13.6%	16.2%	16.7%	15.9%	16.7%
EPS (₹)	74	72.4	84.3	132.8	169.9	206.8	97.8
EPS adjusted (₹)	24.7	24.1	28.1	44.3	56.6	68.7	97.8
	32.4%	33.1%	33.2%	33.1%	33%	45.9%	51.1%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	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	10	31
Reserves	1,427	1,650	1,783	2,028	2,177	2,572	2,917	3,538	4,222	5,235	6,181
Minority interest	48	40	37	33	29	5	5	5	6	7	7
	196	48	28	42	12	16	31	36	45	31	95
	515	462	609	753	1,067	1,128	1,138	1,379	1,560	1,686	1,997
Total equity & liabilities	2,197	2,211	2,466	2,867	3,295	3,732	4,102	4,968	5,843	6,969	8,310
	648	695	641	686	659	1,025	947	623	611	566	660
CWIP	65	13	18	14	17	26	37	22	10	23	168
Investments	366	507	924	1,232	1,251	1,563	1,879	2,704	3,034	3,237	3,338
	1,118	996	882	935	1,369	1,118	1,239	1,619	2,188	3,143	4,144
Total assets	2,197	2,211	2,466	2,867	3,295	3,732	4,102	4,968	5,843	6,969	8,310

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Cigarettes, Tobacco and related Products	9,008.2	1,480.29	4,781.95	1,796.63	2,985.32	49.59
Others	112.74	-2.76

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	58.9%	58.7%	62%	58.2%	53.9%	51.9%	61.2%
EBITDA margin %	19.3%	18.3%	19.6%	18.9%	16.8%	17.4%	17.4%
EBIT margin %	14.2%	13.5%	15.1%	15.3%	14.1%	15.6%	16%
PAT margin %	12.5%	12.7%	13.6%	16.2%	16.7%	15.9%	16.7%
Working capital
Receivable days	8	15	17	13	12	28	36
Inventory days	199	222	247	190	215	224	233
Payable days	74	70	75	75	70	56	55
NWC days	134	167	189	128	157	196	215
Leverage
Current ratio	1.43	1.93	2	1.37	1.66	2.11	2.44
Debt to EBITDA	0.02	0.03	0.05	0.04	0.05	0.03	0.06
Debt to equity	0.01	0.01	0.01	0.01	0.01	0.01	0.02
Interest coverage	18	16.8	17.7	28.2	36.7	103.4	142.1
Asset turnover	0.93	0.79	0.79	0.86	0.91	0.97	1.1
Return ratios
Return on assets %	11.7%	10.1%	10.7%	13.9%	15.1%	15.4%	18.4%
Return on capital employed %	21.2%	18.9%	19.4%	22.7%	22.4%	25%	27.7%
Return on equity %	17.6%	14.6%	15%	19.5%	20.9%	20.4%	24.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%	72.58%
	9.93%	10.13%	10.77%	10.83%	10.8%	10.63%	9.73%	9.32%	7.94%	8.15%	7.91%	7.8%
	1.55%	1.56%	1.53%	1.9%	1.97%	1.98%	3.28%	3.85%	4.13%	4.22%	3.29%	3.66%
	0%	0%	0%	0%	0%	0%	0%	0%	0.02%	0.02%	0.02%	0.02%
	15.94%	15.73%	14.71%	14.28%	14.24%	14.48%	14.41%	14.25%	15.33%	15.03%	16.2%	15.94%
No. of shareholders	—	—	—	—	—	—	—	—	1,12,766	1,23,283	1,66,845	1,56,601

Promoter holding up 0 percentage points since Sep 2023.

6 deals · 19 Mar 2024 – 17 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,69,169	₹6,503.54	₹175.06 Cr
17 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,69,169	₹6,505.49	₹175.11 Cr
19 Mar 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Block	BSE	Buy	6,95,074	₹3,126.55	₹217.32 Cr
19 Mar 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Block	BSE	Sell	6,95,074	₹3,126.55	₹217.32 Cr
19 Mar 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Bulk	BSE	Buy	6,95,074	₹3,126.55	₹217.32 Cr
19 Mar 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Bulk	BSE	Sell	6,95,074	₹3,126.55	₹217.32 Cr

1–6 of 6

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mrs. Bina ModiExecutive Director-Chairperson related to Promoter-CEO-MD
Mr. Sharad AggarwalExecutive Director
Ms. Charu ModiExecutive Director
Mrs. Nirmala BagriNon-Executive - Independent Director
Mr. Sumant BharadwajNon-Executive - Independent Director
Mr. Lakshminarayanan SubramanianNon-Executive - Independent Director
Mr. Ajay VohraNon-Executive - Independent Director
Mr. Avtar Singh MongaNon-Executive - Independent Director
Mr. Paul Norman JanelleNon-Executive - Non Independent Director
Mr. Marco MariottiNon-Executive - Non Independent Director
Bhisham WadheraChief Executive Officer

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,892.3 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,910.7	+10.1	+0.5%	₹1,910.7	5,066	+30	503	275
23 Nov 2026	₹1,901.0	+0.8	+0%	₹1,901.0	199	+4	28	275
29 Dec 2026	₹1,900.0	+10.3	+0.5%	₹1,922.2	1	+1	1	275

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

0.55%

of the company's equity

All mutual funds

3.41%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

49 schemes · 13 fund houses

		Shares
MF MULTI CAP FUND	LIC Mutual Fund	1.31 L	27.62	1.23%	0.084%	-0
MF LARGE CAP FUND	LIC Mutual Fund	91,455	19.25	1.39%	0.059%	-0
MF MULTI ASSET ALLOCATION FUND	LIC Mutual Fund	83,155	17.5	1.74%	0.053%	-0
Multi Cap FUND	Bank of India Mutual Fund	75,850	15.96	1.2%	0.049%	-0
MF CONSUMPTION FUND	LIC Mutual Fund	59,583	12.54	2.72%	0.038%	-0
MF DIVIDEND YIELD FUND	LIC Mutual Fund	41,932	8.83	1.16%	0.027%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	39,662	8.35	0.2%	0.025%	+1,402
ETF Nifty Midcap 150	Nippon India Mutual Fund	38,950	8.2	0.2%	0.025%	+2,308

1–8 of 49

1 / 7

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

31 Jul 2026, 4:26 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	58.9%	58.7%	62%	58.2%	53.9%	51.9%	61.2%
EBITDA margin %	19.3%	18.3%	19.6%	18.9%	16.8%	17.4%	17.4%
EBIT margin %	14.2%	13.5%	15.1%	15.3%	14.1%	15.6%	16%
PAT margin %	12.5%	12.7%	13.6%	16.2%	16.7%	15.9%	16.7%
Working capital
Receivable days	8	15	17	13	12	28	36
Inventory days	199	222	247	190	215	224	233
Payable days	74	70	75	75	70	56	55
NWC days	134	167	189	128	157	196	215
Leverage
Current ratio	1.43	1.93	2	1.37	1.66	2.11	2.44
Debt to EBITDA	0.02	0.03	0.05	0.04	0.05	0.03	0.06
Debt to equity	0.01	0.01	0.01	0.01	0.01	0.01	0.02
Interest coverage	18	16.8	17.7	28.2	36.7	103.4	142.1
Asset turnover	0.93	0.79	0.79	0.86	0.91	0.97	1.1
Return ratios
Return on assets %	11.7%	10.1%	10.7%	13.9%	15.1%	15.4%	18.4%
Return on capital employed %	21.2%	18.9%	19.4%	22.7%	22.4%	25%	27.7%
Return on equity %	17.6%	14.6%	15%	19.5%	20.9%	20.4%	24.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Godfrey Phillips India LimitedGODFRYPHLPGODFRYPHLP	₹28,855 Cr	₹28,950 Cr	₹11,127 Cr	₹1,429 Cr	17.4%	₹1,368 Cr	16.7%	27.7%	26.6%	215
Vst Industries LimitedVSTINDVSTIND	₹3,417 Cr	₹3,417 Cr	₹2,493 Cr	₹423 Cr	22%	₹279 Cr	14.3%	27.7%	21.1%	302
Elitecon International LimitedELITECONELITECON	₹1,245 Cr	—	₹0 Cr	—	—	₹0 Cr	0%	—	—	—
NTC Industries LtdNTCINDNTCIND	₹188 Cr	₹264 Cr	₹45 Cr	₹5 Cr	10.2%	₹5 Cr	11.1%	9.9%	5.3%	121
Sinnar Bidi Udyog LtdSINNARSINNAR	₹27 Cr	₹27 Cr	₹5 Cr	₹-0 Cr	-4%	₹-0 Cr	-2.6%	-1.8%	-3%	450
Raghunath International LtdRAGHUNATRAGHUNAT	₹5 Cr	₹5 Cr	₹1 Cr	₹0 Cr	30.6%	₹1 Cr	123.5%	7.7%	6.3%	4,565

39

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	-2	2	₹334.7	1,600	₹3.9	38	+15	20
0	0	0	₹0.0	1,640	₹0.0	0	0	0
0	0	0	₹0.0	1,650	₹0.0	0	0	0
0	0	0	₹0.0	1,660	₹0.0	0	0	0
0	0	0	₹0.0	1,680	₹0.0	0	0	0
0	0	0	₹0.0	1,700	₹8.0	3	+2	5
0	0	0	₹0.0	1,720	₹0.0	0	0	0
0	0	0	₹0.0	1,740	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
31 Jul 2026, 4:26 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
31 Jul 2026, 4:21 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
31 Jul 2026, 4:12 pm	AGM/EGM AGM	Notice Of 89Th Annual General Meeting.	PDF
29 Jul 2026, 10:53 am	Company Update General	Intimation Of Communication To Shareholders With Respect To Tax Deduction At Source.	PDF
28 Jul 2026, 12:23 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Jul 2026, 12:18 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
27 Jul 2026, 6:34 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
27 Jul 2026, 5:42 pm	AGM/EGM AGM	Date Of 89Th Annual General Meeting.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	319	245	516	362	375	310	479	736	290	107	518
	-119	-125	-405	-310	-72	-298	-234	-541	55	402	27
	-197	-125	-100	-43	-303	-16	-238	-206	-349	-491	-619
Net cash flow	3	-4	12	9	0	-4	6	-11	-4	18	-73
Free cash flow	186	176	455	362	375	178	395	649	190	-61	206
CFO / Operating profit %	—	—	—	—	63.4%	57.2%	75.6%	91.6%	32.5%	9.1%	32.7%

Godfrey Phillips India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Events

Announcements

Announcements

Annual reports

3

22

1

1

39

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Cigarette,tobacco and related products · revenue

Godfrey Phillips India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Events

Announcements

Ratio timeline

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Futures3

Dividends22

Board meetings1

Stock splits1

Option chain39

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Cigarette,tobacco and related products · revenue

3

3

22

1

1

39