TrueCAGR
Godfrey Phillips India · Research view

Godfrey Phillips India Ltd.

NSE: GODFRYPHLPBSE: 500163ISIN INE260B01028Face value ₹2standalone
₹1,855
−2.38% · 2026-10-01 · 52-wk ₹1,844–₹3,457
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Growing, but light on cash

Revenue grew 34.8% but only 0.34× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

StrengthTalking point

Profit outpacing revenue

Profit grew 42.3% while revenue grew 34.8%, so the company kept more of each rupee of revenue as profit.

Net profit growth+42.3%Revenue growth+34.8%

Importance 61 / 95 · growth

WatchTalking point

Growing, but less profitably

Revenue grew 34.8% but EBITDA margin fell 1.0 percentage points to 19.6%, so the company kept less of each rupee of revenue as operating profit.

Revenue growth+34.8%Change in EBITDA margin−1.0 percentage points

Importance 60 / 95 · growth

StrengthTalking point

Compounding revenue

Revenue compounded at 19.6% a year over 7 years (₹2,612 → ₹9,121).

Importance 58 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Fast Moving Consumer Goods › Fast Moving Consumer Goods › Cigarettes & Tobacco Products › Cigarettes & Tobacco Products.

Market cap
₹28,934 cr
FY2026 revenue
₹9,119 cr
FY2026 net profit
₹1,507 cr
Net worth
₹5,363 cr
Total debt
₹93 cr
EPS (basic)
₹96.64
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 14 fast moving consumer goods.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr035810012REVENUENET PROFIT3k241FY193k388FY203k357FY213k432FY224k608FY235k881FY247k1,043FY259k1,507FY26
RevenueNet profit
Strength

Profit grew 42.3% while revenue grew 34.8%, so the company kept more of each rupee of revenue as profit.

Rule PROFIT_FASTER_THAN_REVENUE

Revenue growth per year
+19.7%over 7 years
Revenue growth
+34.9%vs last year
Net profit growth
+44.5%vs last year
Change in net profit since FY19
+526%

Revenue grew 34.8% but EBITDA margin fell 1.0 percentage points to 19.6%, so the company kept less of each rupee of revenue as operating profit.

Revenue compounded at 19.6% a year over 7 years (₹2,612 → ₹9,121).

Over 7 years profit compounded at 28.7% a year while revenue compounded at 19.6% a year — though FY2023 saw a one-off step-change of 58% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Net profit grew 42.3% year on year (FY2025 → FY2026).

Revenue grew 34.8% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 revenue was ₹3,820 cr, up 110.6% from ₹1,813 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Concern

Q1 FY27 net profit was ₹198 cr, down 44.3% from ₹356 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Watch

Q1 FY27 net profit declined 44.3% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+8.7% and +86.5%).

Rule QTR_TREND_REVERSAL

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01234001REVENUENET PROFIT2k248Q2 '252k316Q3 '252k280Q4 '252k356Q1 '262k305Q2 '262k343Q3 '263k521Q4 '264k198Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY251,651—248—15.0%
Q3 FY251,896+27.4%316+48.7%16.7%
Q4 FY251,888+57.7%280+30.0%14.8%
Q1 FY261,813+25.9%356+55.9%19.6%
Q2 FY261,632−1.2%305+22.8%18.7%
Q3 FY262,190+15.5%343+8.7%15.7%
Q4 FY263,486+84.6%521+86.5%15.0%
Q1 FY273,820+110.6%198−44.3%5.2%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹11,127 crTTM
EBITDA
₹1,635 crTTM
EBIT
₹1,508 crTTM
PBT
₹1,496 crTTM
Net profit
₹1,368 crTTM

C. Corporate actions

11 Aug 2026DividendFinal Dividend - Rs. - 33.0000 — ₹33.00/share
10 Nov 2025DividendInterim Dividend - Rs. - 17.0000 — ₹17.00/share
16 Sept 2025Bonus issueBonus issue 2:1 — 1:3
22 Aug 2025DividendFinal Dividend - Rs. - 60.0000 — ₹60.00/share
29 Nov 2024DividendInterim Dividend - Rs. - 35.0000 — ₹35.00/share
23 Aug 2024DividendFinal Dividend - Rs. - 56.0000 — ₹56.00/share
11 Aug 2023DividendFinal Dividend - Rs. - 44.0000 — ₹44.00/share
11 Aug 2022DividendDividend - Rs. - 28.0000 — ₹28.00/share
28 Jul 2021DividendFinal Dividend - Rs. - 24.0000 — ₹24.00/share
17 Mar 2020DividendInterim Dividend - Rs. - 24.0000 — ₹24.00/share
13 Sept 2019DividendDividend - Rs. - 10.0000 — ₹10.00/share
17 Sept 2018DividendDividend - Rs. - 8.0000 — ₹8.00/share
7 Sept 2017DividendDividend - Rs. - 8.0000 — ₹8.00/share
16 Sept 2016DividendDividend - Rs. - 8.0000 — ₹8.00/share
21 Sept 2015DividendDividend - Rs. - 8.0000 — ₹8.00/share
28 Nov 2014Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
15 Sept 2014DividendDividend - Rs. - 40.0000 — ₹40.00/share
5 Sept 2013DividendDividend - Rs. - 40.0000 — ₹40.00/share
30 Aug 2012DividendDividend - Rs. - 40.0000 — ₹40.00/share
8 Sept 2011DividendDividend - Rs. - 35.0000 — ₹35.00/share
2 Sept 2010DividendDividend - Rs. - 25.0000 — ₹25.00/share
17 Sept 2009DividendDividend - Rs. - 25.0000 — ₹25.00/share
21 Aug 2008DividendDividend - Rs. - 25.0000 — ₹25.00/share
23 Aug 2007DividendDividend - Rs. - 25.0000 — ₹25.00/share
10 Sept 2001DividendDividend - Rs. - 16.0000 — ₹16.00/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated
0%5%10%15%20%25%22.5%15.7%FY19FY20FY21FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

ROE of 26.6% is the highest in 7 years (prior range 12.6% to 22.7%).

Rule ROE_AT_MULTI_YEAR_HIGH

EBITDA margin now
22.5%
8-year range
17.7–23.8%
ROE FY2026
30.9%
ROCE FY2026
39.1%

ROE improved from 22.6% to 26.6% year on year.

EBITDA margin has ranged from 18.5% to 23.1% over 7 years and sits at 19.6% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated
₹'000 cr02462kFY192kFY202kFY213kFY223kFY234kFY244kFY255kFY26
Net worth (shareholders' funds)
Watch

Revenue grew 34.8% but only 0.34× of reported profit came through as operating cash.

Rule GROWTH_WITH_WEAK_CASH

Operating cash flow vs net profit₹ crore · FY21–FY26
0k1k1k2k300357FY21482432FY22739608FY23270881FY241151kFY255122kFY26
Operating cash flowNet profit
Total debt
₹93 cr
Operating cash flow ÷ net profit
0.34×FY2026
Free cash flow
₹212 cr
Current ratio
2.37×

Net worth compounded at 17.0% a year over 7 years (₹2,072 → ₹6,219).

Cash conversion (CFO ÷ profit) has averaged 0.26× over the last 3 profit-making years versus 0.99× before that.

Operating cash flow was only 0.34× reported profit (FY2026).

Free cash flow has been positive in 5 of the last 6 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 14 fast moving consumer goods (FY2026, consolidated).

Revenue growth

GODFRYPHLP · 1st of 14 · set median 9.3%

GODFRYPHLP34.8%MARICO25.7%RADICO22.7%PATANJALI17.6%TATACONSUM15.2%NESTLEIND14.6%ITC10.2%VBL8.5%BRITANNIA6.7%GODREJCP5.7%DABUR5.0%HINDUNILVR2.1%UNITDSPR2.0%COLPAL-0.1%

EBITDA margin

GODFRYPHLP · 9th of 14 · set median 21.1%

ITC33.1%COLPAL32.5%HINDUNILVR24.5%VBL24.3%DABUR23.1%NESTLEIND23.1%GODREJCP22.5%BRITANNIA19.7%GODFRYPHLP19.6%MARICO18.6%TATACONSUM14.6%UNITDSPR9.9%RADICO4.9%PATANJALI4.8%

Return on equity

GODFRYPHLP · 7th of 14 · set median 24.1%

COLPAL81.6%NESTLEIND76.3%BRITANNIA53.3%MARICO41.4%HINDUNILVR30.5%ITC29.3%GODFRYPHLP26.6%UNITDSPR21.5%RADICO19.9%VBL16.8%DABUR16.2%GODREJCP15.1%PATANJALI14.8%TATACONSUM6.9%

P/E ratio

GODFRYPHLP · 3rd of 14 · set median 44.7×

ITC16.0×PATANJALI19.7×GODFRYPHLP21.1×HINDUNILVR28.9×DABUR34.4×COLPAL35.0×BRITANNIA44.3×GODREJCP45.1×VBL46.9×UNITDSPR51.5×MARICO52.0×TATACONSUM57.2×NESTLEIND66.0×RADICO81.2×
Context

Trades at 21.15× earnings — 53% below the fast moving consumer goods median of 44.66×.

Rule PE_BELOW_PEERS

P / E
21.1×TTM to Jun 26
P / B
4.7×latest book
P / S
2.6×TTM sales
Earnings yield
4.7%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 19.0× · P/S 3.1× · ROE 26.6%. TTM and full-year revenue differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k4k₹1,8552020202120222023202420252026
Context

Over 5 years profit (32.3% a year) and the stock (34.6% a year) compounded at roughly the same rate — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_TRACKED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate
Net profit32.3%/yrShare price34.6%/yr
1-year return
−45.1%
3-year return
+155.5%
5-year return
+341.3%
From 52-wk high
−46.3%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹2,078
vs 200-day avg
Below₹2,185
RSI (14)
31.3neutral
MACD histogram
-5.1
From 52-wk high
−46.3%
From 52-wk low
+0.6%
30-day volatility
22.7%ann.
6-month return
−1.0%
RSI (14) · 0–10031.3 — neutral
0305070100OVERSOLDOVERBOUGHT31.3
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Growing, but light on cash
    Revenue grew 34.8% but only 0.34× of reported profit came through as operating cash.
    GROWTH_WITH_WEAK_CASH · conviction 62
  • Watch
    Growing, but less profitably
    Revenue grew 34.8% but EBITDA margin fell 1.0 percentage points to 19.6%, so the company kept less of each rupee of revenue as operating profit.
    REVENUE_UP_MARGIN_DOWN · conviction 60
  • Watch
    Cash conversion trending down
    Cash conversion (CFO ÷ profit) has averaged 0.26× over the last 3 profit-making years versus 0.99× before that.
    CASH_CONVERSION_DETERIORATING · conviction 55
  • Concern
    Weak cash conversion
    Operating cash flow was only 0.34× reported profit (FY2026).
    WEAK_CASH_CONVERSION · conviction 55
  • Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue2,5923,0452,9263,2154,2585,2756,7589,119
Total income2,6713,1513,0433,3264,4255,6657,1729,583
EBITDA4596986347389691,2551,5742,049
Profit before tax3635164655627901,0871,4421,920
Net profit2413883574326088811,0431,507
EPS (₹)46.474.668.783.1117.0169.4200.696.6
Net worth1,8962,0612,4162,7243,1883,8414,4095,363
Total debt4111153035442993
Operating cash flow——300482739270115512
Free cash flow——172411662179−39212
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—17.5-3.99.932.423.928.134.9
Profit growth YoY—61.0-8.021.040.844.818.444.5
Profitability
EBITDA margin %17.722.921.722.922.823.823.322.5
Net margin %9.012.311.713.013.715.514.515.7
Return on equity %12.719.615.916.820.625.125.330.9
Return on capital %18.827.222.023.027.431.334.939.1
Leverage & cash
Debt to equity0.020.010.010.010.010.010.010.02
Cash flow ÷ profit——0.841.121.210.310.110.34
Current ratio1.361.321.811.891.281.632.022.37
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.