Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Godfrey Phillips India Ltd.
NSE: GODFRYPHLPConsumer DefensiveTobacco
- Last close
- ₹1,669.00
- Day change
- −₹58.00 (−3.36%)vs
- Market cap
- ₹28,662 crIndian rupees
- Research updated
- 1 report
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About Godfrey Phillips India
Godfrey Phillips India Ltd., a prominent player in the tobacco industry, primarily engages in the manufacture and distribution of cigarettes and other tobacco products. The company is known for its strong portfolio of well-recognized cigarette brands such as Four Square, Red & White, and Ultra Milds, which cater to a diverse range of consumer preferences across different price points. In addition to its tobacco business, Godfrey Phillips India has diversified into non-tobacco segments, including teas and confectionery, leveraging its extensive distribution network. Established in 1936, Godfrey Phillips India operates under the aegis of Phillip Morris International, benefiting from global expertise in product development and marketing. It plays a significant role in the Indian cigarette market, holding a substantial market share and influencing consumer behavior. The company's operations extend across multiple regions, underlining its impact on both urban and rural economies through employment and retail networks. With a commitment to responsible business practices, Godfrey Phillips India emphasizes sustainable growth, regulatory compliance, and corporate social responsibility initiatives, maintaining its stance as a leader within its industry.
- Sector
- Consumer Defensive
- Industry
- Tobacco
- Listing
- NSE: GODFRYPHLP
- Chief executive
- Dr. Bina Modi
- Employees
- 1,121
- Headquarters
- New Delhi, India
- ISIN
- INE260B01028
- Website
- godfreyphillips.co.in
Public research · Report of
Business model & financial foundation
Godfrey Phillips India (NSE: GODFRYPHLP), Cigarettes and tobacco: revenue of ₹9,121 crore in FY26 (+34.8% on FY25), an EBITDA margin of 17.4%, net profit of ₹1,526 crore and net cash of ₹2,062 crore.
- Revenue, FY26 (₹ crore)
- 9,121
- consolidated
- Revenue growth, FY26
- +34.8%
- on FY25
- EBITDA margin, FY26
- 17.4%
- EBITDA (Operating EBITDA excluding treasury and associates) / revenue
- Net profit, FY26 (₹ crore)
- 1,526
- to owners
- Return on equity, FY26
- 26.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,062
- Analytical net debt less cash and mutual funds
- Market capitalisation (₹ crore)
- 30,167
- at the close of 15 Oct 2026
Company profile
Manufactures and distributes own cigarette brands and Marlboro under Philip Morris agreements, exports unmanufactured tobacco, and distributes confectionery. Closed 24Seven retail in FY25. A February 2026 indirect-tax reset makes gross revenue growth misleading; excise-net revenue and domestic stick volumes drive the economics.
| Item | Value |
|---|---|
| Legal name | Godfrey Phillips India Limited |
| Exchange and ticker | NSE: GODFRYPHLP; BSE: 500163 |
| ISIN | INE260B01028 |
| CIN | L16004MH1936PLC008587 |
| Sector | Consumer Staples |
| Industry | Cigarettes and tobacco |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2022 reappointment) |
| Market capitalisation | ₹30,167 crore (15 Oct 2026) |
| Shares outstanding | 15.60 crore shares (FY26) |
| Price | ₹1,860 (close, 15 Oct 2026) |
| 52-week range | ₹1,770 - ₹3,468 (to 15 Oct 2026) |
| Website | https://www.godfreyphillips.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| International Tobacco Company | 100% | Tobacco manufacturing |
| Chase Investments | 100% | Investments |
| Friendly Reality Projects | 92.2% | Property company; exact operating scope not retrieved |
| Unique Space Developers | 66.67% | Property company; exact operating scope not retrieved |
| Rajputana Infrastructure Corporate | 92.2% | Property company; exact operating scope not retrieved |
| White Horse Realty | 100% | Property company; exact operating scope not retrieved |
Associates PMI India Trading 24.80% and KKM Management Centre 36.75%; controlled ESPS Trust. No entity called KKE found.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.58% | 72.58% | 72.58% | 72.58% |
| Promoter holding pledged | 0.00% | 0.15% | 0.15% | 0.15% |
| Foreign institutions | 8.15% | 7.91% | 7.80% | 7.86% |
| Domestic institutions | 4.22% | 3.29% | 3.66% | 3.50% |
| of which mutual funds | 3.78% | 3.01% | 3.41% | 3.29% |
| Retail | 9.86% | 11.26% | 10.85% | 11.01% |
| Other | 5.19% | 4.96% | 5.11% | 5.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Godfrey Phillips India (NSE: GODFRYPHLP) makes and distributes its own cigarette brands (Four Square, Red & White, Cavanders, Stellar, North Pole, Tipper) and manufactures and distributes Marlboro under Philip Morris agreements. It also exports unmanufactured tobacco (INR1,945cr in FY26, down from 2,010) and distributes confectionery and Ferrero products. The retail chain 24Seven was closed in FY25 and is reported as discontinued. A 24.80% associate, PMI India Trading, contributed INR283.12cr of post-tax profit in FY26. Promoters hold 72.58%, of which KK Modi Investment holds 29.85% and Philip Morris 25.10%.
The 1 February 2026 tax reset (GST 40%, compensation cess removed, specific excise of INR2,050-8,500 per 1,000 sticks) changed the economics. Reported revenue includes excise, so it doubled in Q1FY27 to INR3,819.6cr. Excise-net revenue fell 18.8% to INR1,205.5cr, and PAT to owners fell 44.3% to INR198.4cr. Gross revenue is net revenue plus an excise pass-through, which has no effect on profit.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Cigarettes tobacco and related products | 9,008 | 98.8% | 1,480 | 100.2% | 2,985 | 48.0% |
| Others continuing segments | 112.7 | 1.2% | -2.76 | -0.2% | 912.1 | 14.7% |
| Unallocated corporate reconciliation items (not operating segment) | 2,322 | 37.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| ITC (ITC) | Domestic cigarette leader; diversified conglomerate, not a pure-play comparable. |
| VST Industries (VSTIND) | Domestic cigarette manufacturing and tobacco; closest listed operating peer. |
| NTC Industries (NTCIND) | Small Indian cigarette manufacturer; liquidity and scale limit comparability. |
| Philip Morris International | Global branded tobacco and related partner; geography/product mix materially differ. |
| British American Tobacco | Global cigarette cash-flow benchmark; currencies and product mix differ. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including excise | 2,652 | 3,530 | 4,903 | 6,767 | 9,121 |
| Cost of revenue (vendor classification) * | 1,241 | 1,800 | 2,464 | 3,253 | 3,565 |
| Other operating costs (vendor classification) * | 529.0 | 632.4 | 720.1 | 1,195 | 767.8 |
| EBITDA (vendor classification) * | 652.7 | 928.3 | 1,079 | 1,636 | 1,928 |
| Operating EBITDA less depreciation impairment amortisation | 601.9 | 901.6 | 794.7 | 1,054 | 1,464 |
| Finance costs continuing operations | 33.7 | 29.0 | 13.7 | 12.3 | 11.7 |
| Continuing PBT including associates | 568.2 | 872.6 | 1,152 | 1,471 | 1,940 |
| Continuing current plus deferred tax | 130.2 | 182.2 | 225.3 | 318.2 | 414.5 |
| PAT total operations including NCI | 438.0 | 690.4 | 884.0 | 1,072 | 1,526 |
| Total diluted EPS adjusted for Sep2025 bonus (₹) | 84.25 | 132.8 | 56.62 | 68.94 | 97.84 |
| Excise duty | 885.0 | 1,156 | 2,730 | ||
| Revenue from operations less excise | 4,018 | 5,611 | 6,391 | ||
| Cost of materials consumed | 1,083 | 1,511 | 1,892 | ||
| Purchases of stock-in-trade | 1,091 | 1,842 | 1,901 | ||
| Signed changes in inventory including land | -2.56 | -101.0 | -250.5 | ||
| Materials plus purchases plus inventory change ex excise | 2,171 | 3,253 | 3,543 | ||
| Employee benefits expenses | 310.1 | 410.4 | 453.4 | ||
| Other expenses continuing operations | 633.6 | 770.5 | 810.5 | ||
| Operating EBITDA excluding treasury and associates | 903.1 | 1,177 | 1,585 | ||
| Other income | 210.0 | 220.6 | 204.8 | ||
| Depreciation impairment and amortisation | 108.4 | 123.6 | 121.0 | ||
| Separate continuing exceptional bridge | 0.00 | 0.00 | 0.00 | ||
| Share of associates net of tax | 160.7 | 209.0 | 283.1 | ||
| Continuing PAT including NCI | 926.3 | 1,153 | 1,525 | ||
| Discontinued retail PBT signed | -56.6 | -107.7 | 0.94 | ||
| Discontinued tax expense positive benefit negative | -14.3 | -27.1 | 0.24 | ||
| Discontinued retail PAT signed | -42.4 | -80.6 | 0.70 | ||
| NCI share of total PAT signed | 0.93 | 0.28 | -0.04 | ||
| Total PAT attributable to owners | 883.0 | 1,072 | 1,526 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,933 | 3,553 | 4,238 | 5,252 | 6,219 |
| Borrowings including leases | 335.8 | 353.8 | 345.4 | 179.0 | 233.7 |
| Balance sheet cash equivalents | 28.9 | 15.7 | 10.5 | 14.2 | 3.29 |
| Net trade receivables | 154.6 | 149.5 | 172.9 | 516.3 | 907.4 |
| Inventories balance sheet | 828.7 | 928.2 | 1,442 | 1,997 | 2,264 |
| Trade payables both classes as audited balance sheet | 252.9 | 365.5 | 395.9 | 499.6 | 532.3 |
| PPE excluding ROU and intangibles | 69.4 | 43.3 | 594.7 | 554.4 | 652.8 |
| CWIP excluding intangible development | 36.5 | 26.8 | 10.2 | 22.7 | 167.8 |
| Total assets including discontinued balances | 4,102 | 4,968 | 5,843 | 6,969 | 8,310 |
| Current plus noncurrent borrowings excluding leases | 45.3 | 30.7 | 94.7 | ||
| Current plus noncurrent leases | 300.1 | 148.3 | 139.0 | ||
| Other banks not netted pending restrictions check | 14.5 | 16.1 | 29.3 | ||
| Mutual funds current plus noncurrent | 2,333 | 2,156 | 2,292 | ||
| Analytical net debt less cash and mutual funds | -1,998 | -1,992 | -2,062 | ||
| Equity attributable to owners | 4,232 | 5,246 | 6,212 | ||
| Issuer gearing net debt includes operating liabilities | n.r. | 1,339 | 1,322 | ||
| Advances from customers (contract liabilities) | 71.9 | 56.2 | 112.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax all operations | 467.4 | 678.6 | 290.2 | 107.2 | 518.2 |
| Free cash flow (vendor definition) * | 395.5 | 649.2 | 190.1 | -60.5 | 206.0 |
| Cash dividends paid positive outflow magnitude | -123.9 | -144.9 | 228.4 | 469.3 | 575.3 |
| Gross cash asset purchases positive outflow magnitude | -73.6 | -80.0 | 100.1 | 167.8 | 312.2 |
| CFO adjustment: share of profit of associates net of tax | -160.7 | -209.0 | -283.1 | ||
| CFO working capital: receivables loans and other assets | -72.1 | -453.2 | -500.1 | ||
| CFO working capital: increase in inventories | -513.4 | -555.5 | -533.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued year-end shares unadjusted historical | 5.20 | 5.20 | 5.20 | 5.20 | 15.60 |
| Issued year-end shares on postbonus basis | 15.60 | 15.60 | 15.60 | ||
| Bonus-adjusted weighted average basic and diluted shares | 15.59 | 15.55 | 15.60 | ||
| Excise duty included in finished goods inventory | 46.4 | 66.5 | 280.9 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations including excise | 1,628 | 1,893 | 1,888 | 1,813 | 1,632 | 2,190 | 3,486 | 3,820 |
| Cost of revenue (vendor classification) * | 782.2 | 955.9 | 935.1 | 858.4 | 1,115 | 879.6 | 761.8 | |
| Other operating costs (vendor classification) * | 195.9 | 184.7 | 244.9 | 176.5 | 215.0 | 244.0 | 182.2 | |
| EBITDA (vendor classification) * | 379.6 | 442.8 | 419.0 | 479.0 | 474.2 | 704.0 | 288.0 | |
| Operating EBITDA less depreciation impairment amortisation | 250.0 | 333.2 | 227.5 | 309.5 | 285.1 | 349.0 | 520.1 | 147.2 |
| Finance costs continuing operations | 3.03 | 2.86 | 3.67 | 2.90 | 2.77 | 3.05 | 3.02 | 2.59 |
| Continuing PBT including associates | 349.3 | 412.0 | 373.8 | 448.0 | 383.3 | 440.2 | 668.4 | 251.1 |
| Continuing current plus deferred tax | 92.4 | 94.7 | 79.8 | 91.7 | 78.3 | 96.9 | 147.6 | 52.7 |
| PAT total operations including NCI | 248.3 | 315.8 | 279.6 | 356.3 | 305.0 | 343.3 | 521.5 | 198.4 |
| Total diluted EPS adjusted for Sep2025 bonus (₹) | 15.97 | 20.32 | 17.96 | 22.84 | 19.56 | 22.01 | 33.43 | 12.72 |
| Excise duty | 267.4 | 304.3 | 314.4 | 327.1 | 343.2 | 361.3 | 1,698 | 2,614 |
| Revenue from operations less excise | 1,360 | 1,589 | 1,573 | 1,486 | 1,289 | 1,829 | 1,787 | 1,206 |
| Cost of materials consumed | 346.5 | 404.3 | 428.9 | 454.6 | 463.3 | 503.4 | 471.2 | 453.6 |
| Purchases of stock-in-trade | 445.3 | 575.6 | 539.0 | 369.6 | 262.6 | 535.6 | 732.8 | 396.3 |
| Signed inventory change including land | -9.47 | -24.0 | -32.8 | 34.2 | -36.4 | 76.0 | -324.3 | -88.0 |
| Materials plus purchases plus inventory change ex excise | 782.2 | 955.9 | 935.1 | 858.4 | 689.5 | 1,115 | 879.6 | 761.8 |
| Employee benefits expenses | 105.0 | 87.1 | 124.3 | 113.8 | 110.1 | 118.6 | 110.9 | 80.1 |
| Other expenses continuing operations | 195.9 | 184.7 | 244.9 | 176.5 | 175.1 | 215.0 | 244.0 | 182.2 |
| Operating EBITDA excluding other income and associates | 277.3 | 361.2 | 269.1 | 337.6 | 314.3 | 380.0 | 552.8 | 181.4 |
| Other income | 51.4 | 46.7 | 77.7 | 76.7 | 37.2 | 44.6 | 46.3 | 78.3 |
| Depreciation impairment and amortisation | 27.3 | 28.0 | 41.5 | 28.1 | 29.3 | 31.0 | 32.6 | 34.3 |
| Separate continuing exceptional bridge | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates net of tax | 50.9 | 35.0 | 72.2 | 64.7 | 63.9 | 49.6 | 105.0 | 28.3 |
| Continuing PAT including NCI | 256.9 | 317.3 | 294.0 | 356.3 | 305.0 | 343.3 | 520.8 | 198.4 |
| Discontinued retail PBT signed | -11.5 | -1.91 | -19.2 | 0.00 | 0.00 | 0.00 | 0.94 | 0.00 |
| Discontinued tax expense positive benefit negative | -2.90 | -0.48 | -4.83 | 0.00 | 0.00 | 0.00 | 0.24 | 0.00 |
| Discontinued retail PAT signed | -8.63 | -1.43 | -14.4 | 0.00 | 0.00 | 0.00 | 0.70 | 0.00 |
| NCI share of total PAT signed | -0.02 | -0.01 | 0.32 | -0.03 | -0.04 | 0.00 | 0.03 | 0.00 |
| Total PAT attributable to owners | 248.3 | 315.9 | 279.3 | 356.3 | 305.0 | 343.3 | 521.4 | 198.4 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 6.7% | 33.1% | 38.9% | 38.0% | 34.8% |
| EBITDA margin | 18.4% | 17.4% | 17.4% | ||
| Net margin | 18.0% | 15.8% | 16.7% | ||
| Return on equity | 22.7% | 22.6% | 26.6% | ||
| Return on capital employed | 19.3% | 25.1% | 18.7% | 21.0% | 24.6% |
| Return on assets | 16.3% | 16.7% | 20.0% | ||
| Net debt (₹ crore) | -1,998 | -1,992 | -2,062 | ||
| Net debt / EBITDA | -2.21x | -1.69x | -1.30x | ||
| Interest cover | 17.9x | 31.1x | 57.9x | 85.6x | 124.7x |
| Asset turnover | 0.68x | 0.78x | 0.91x | 1.06x | 1.19x |
| Receivable days | 21 | 15 | 13 | 28 | 36 |
| Inventory days (on revenue) | 114 | 96 | 107 | 108 | 91 |
| Payable days (on revenue) | 35 | 38 | 29 | 27 | 21 |
| Cash conversion | 0.33x | 0.10x | 0.34x | ||
| Capex intensity | 2.8% | 2.3% | 2.0% | 2.5% | 3.4% |
| Free cash flow (₹ crore) | 393.8 | 598.7 | 190.1 | -60.5 | 206.0 |
| Dividend payout | 25.9% | 43.8% | 37.7% | ||
| EPS, diluted (₹) | 84.25 | 132.8 | 56.62 | 68.94 | 97.84 |
| Book value per share (₹) | 564.1 | 683.4 | 815.2 | 1,010 | 398.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding treasury and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Analytical net debt less cash and mutual funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding treasury and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Total diluted EPS adjusted for Sep2025 bonus).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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