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NTC Industries Ltd (NTCIND) · mywealthgrid

About

Small-cap cigarette manufacturer (₹209.45 Cr market cap) in Consumer Staples. Quarterly revenue ₹5–20 Cr with high volatility. Stock down 15.3% YoY despite recent profitability recovery; trades at PE 41.39.

Face value: ₹10

Market cap

₹188 Cr

P/E

37.1×

P/B

0.9×

Dividend yield

ROE

5.3%

ROCE

9.9%

Debt / equity

0.37

OPM

10.2%

EPS (TTM)

₹3.5

Book value

₹144.6

52-week high

₹203.3

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: OPM swung -68.17% (Dec 2023) to +13.76% (Mar 2025). Underlying cost structure unstable; profit generation unpredictable.

Valuation risk: PE 41.39 on volatile earnings history (stock down 15.3% YoY). Verify if market skepticism is fundamental or temporary.

Excise & regulation: Tobacco sector faces heavy taxation in India. Verify excise duty policy, GST treatment, and impact on demand.

Low capital efficiency: ROE 5.29%. Verify management strategy for capital deployment and returns improvement.

Generated analysis · source review pending

Growth drivers

Revenue: Mar 2025 ₹20.57 Cr (highest in dataset). Sustaining above ₹15 Cr/quarter improves YoY momentum.

Operating margin: Mar 2025 OPM 13.76% (from -68.17% Dec 2023, highest in dataset). Stable 10%+ margins drive profit growth without volume lift.

Tobacco sector: Pricing power and consumer-staples stability create tailwinds. Verify excise policy, regulation, and demand trends.

Generated analysis · source review pending

₹129.5-31.1%1Y

Beta

1.03

Moves with the index

Volatility (1y)

42.8%

Annualised, daily returns

RSI (14)

47.7

Neither overbought nor oversold

Rel. strength (1y)

-40.2%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Comfortable interest coverage of 22.2×

Cons

−Low return on equity of 8.1% (3-yr avg)
−Profit declined 14.3% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

29/100

Business quality: 43
Growth: 28
Valuation: 41
Momentum

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.

Screen this industry Compare top 5 side-by-side

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

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Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	31	33	52	45
COGS	8	11	27	19
Gross profit	23	22	25	27
	13	14	18	22
Operating profit (EBITDA)	10	8	7	5
OPM %	33.5%	24.4%	12.7%	10.2%
Depreciation	2	2	2	2
Interest	1	0	0	0
	4	6	5	5
Profit before tax	12	12	9	7
Tax	4	3	2	2
Tax %	33.2%	22.2%	28.1%	24.7%
	8	9	6	5
PAT margin %	26.2%	27.2%	12.1%	11.1%
EPS (₹)	7.5	7.6	5.3	4.2
EPS adjusted (₹)	6.7	7.6	5.3	4.2
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	12	12	12	12	15	15
Reserves	—	59	71	77	91	196	195
Minority interest	—	—	0	0	—	—	—
	—	4	6	7	46	80	77
	—	28	16	18	20	38	33
Total equity & liabilities	—	103	105	113	169	329	320
	30	28	29	8	9	8	8
CWIP	—	5	2	6	1	1	2
Investments	—	2	4	25	136	108	87
	—	68	69	74	23	211	223
Total assets	—	103	105	113	169	329	320

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	74.8%	66.3%	47.4%	58.4%
EBITDA margin %	33.5%	24.4%	12.7%	10.2%
EBIT margin %	27.3%	18.2%	8.8%	5.6%
PAT margin %	26.2%	27.2%	12.1%	11.1%
Working capital
Receivable days	89	69	36	63
Inventory days	373	144	93	125
Payable days	353	56	25	66
NWC days	110	157	105	121
Leverage
Current ratio	2.33	3.81	3.63	0.31
Debt to EBITDA	0.44	0.72	1	10.01
Debt to equity	0.06	0.07	0.07	0.45
Interest coverage	17.5	41	20.1	22.2
Asset turnover	0.3	0.32	0.46	0.27
Return ratios
Return on assets %	7.8%	8.6%	5.6%	3%
Return on capital employed %	16.9%	14.6%	10.2%	9.9%
Return on equity %	11.3%	10.9%	7.1%	4.9%

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.

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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
	65.9%	65.9%	65.9%	65.9%	66.06%	55.1%	54.34%	54.34%	54.34%	54.34%	54.34%	54.34%
	0.02%	0.02%	0.02%	0.02%	0.02%	3.16%	3.11%	5.94%	5.94%	5.94%	5.47%	5.67%
DII	0.02%	0.02%	0.02%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	34.06%	34.06%	34.06%	34.08%	33.92%	41.74%	42.55%	39.72%	39.72%	39.72%	40.19%	39.99%
No. of shareholders	—	—	—	—	—	—	—	—	9,422	9,334	9,268	9,165

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F&O

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

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

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

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in NTC Industries Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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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.

3

Dividend dividend10 Sept 2009 · ex-date₹0.5
Dividend dividend11 Sept 2008 · ex-date₹0.5
Dividend dividend13 Sept 2007 · ex-date₹0.5

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

9 announcementsExport CSV

10 Jul 2026, 11:05 amCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

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16 deals · 30 Sept 2021 – 11 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Jun 2026	ARYADEEP TIE UP PRIVATE LIMITED	Bulk	BSE	Sell	1,00,000	₹150.70	₹1.51 Cr
8 May 2026	ARYADEEP TIE UP PRIVATE LIMITED	Bulk	BSE	Buy	1,50,000	₹165.76	₹2.49 Cr
8 May 2026	SUSHMA DUGAR	Bulk	BSE	Sell	93,040	₹165.87	₹1.54 Cr
27 Jan 2026	AJITNATH SUPPLIERS PRIVATE LIMITED	Bulk	BSE	Buy	96,755	₹174.94	₹1.69 Cr
22 Jan 2026	VISHAL SANJAY SURANA	Bulk	BSE	Buy	1,42,500	₹203.40	₹2.90 Cr
16 Jan 2026	VISHAL SANJAY SURANA	Bulk	BSE	Buy	91,502	₹191.02	₹1.75 Cr
14 Jan 2026	UMESH PARASMAL PAGARIYA	Bulk	BSE	Buy	1,14,506	₹183.72	₹2.10 Cr
14 Jan 2026	NIRZAR ENTERPRISES	Bulk	BSE	Sell	91,468	₹182.78	₹1.67 Cr
8 Aug 2024	RAMAKANT RAMNIWAS KASAT	Bulk	BSE	Sell	83,481	₹242.40	₹2.02 Cr
11 Aug 2022	NEXPACT LIMITED	Bulk	BSE	Sell	80,000	₹80.00	₹0.64 Cr

1–10 of 16

1 / 2

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.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	3	5	88	-2	-8
	1	-6	-3	-89	-29	16
	3	-3	-1	-1	30	-8
Net cash flow	6	-5	1	-2	-1	0
Free cash flow	—	—	—	—	—	—
CFO / Operating profit %	16.5%	38.7%	72.2%	—	—	—

NTC Industries Ltd

NTC Industries Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

3

1

Announcements

3

1

Announcements

Annual reports

Not in the F&O segment

No fund holdings on record

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

NTC Industries Ltd

NTC Industries Ltd

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

3

1

3

1