NTC Industries Ltd (526723)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NTC Industries' revenue was ₹22.9 Cr (-18.7% year on year, -27.6% on the previous quarter), and net profit ₹4.4 Cr (-21.7% year on year); the operating margin was 13.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹22.9 | -18.7% | -27.6% |
| Operating profit | ₹3.0 | -47.2% | -56.1% |
| Net profit | ₹4.4 | -21.7% | -22.2% |
| EPS (₹) | 3.06 | -21.7% | -22.1% |
| Operating margin | 13.2% | — | — |
📢 Recent Corporate Announcements
NTC Industries Limited concluded its 35th Annual General Meeting on August 25, 2026, conducted via video conferencing. The meeting transacted three key agenda items, including the adoption of FY26 audited financial statements and the reappointment of an executive director. Notably, special business included the proposed issuance of warrants on a preferential basis to the promoter group. Final voting results will be declared separately following the Scrutinizer's report.
- 35th AGM conducted on August 25, 2026, between 12:30 PM and 1:10 PM IST via VC/OAVM.
- Special business tabled to consider and approve the issuance of warrants on a preferential basis to the promoter group.
- Remote e-voting was held from August 22, 2026 (9:00 AM) to August 24, 2026 (5:00 PM).
- Ordinary resolutions included adoption of FY26 audited financials and re-appointment of Director Tapan Kumar Chakraborty.
NTC Industries approved its standalone and consolidated financial results for the quarter ended June 30, 2026, in a board meeting held on August 14, 2026. The statutory auditor, R. Rampuria & Company, issued a clean limited review report for both standalone and consolidated statements. The consolidated results incorporate four subsidiaries focused on realty and infrastructure. While specific quarterly revenue and profit figures were not detailed in this summary filing, the company entered the quarter with a TTM revenue of Rs 113 Cr and a PAT of Rs 20 Cr.
- Board meeting for result approval concluded at 4.15 p.m. on August 14, 2026
- Financial results cover the three-month period ended June 30, 2026
- Consolidated financial statements include 4 subsidiary companies in the realty and infrastructure sectors
NTC Industries approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in a board meeting held on August 14, 2026. The consolidated results incorporate four subsidiaries: NTCIL Realty, NTCIL Siliguri Estate, NTCIL Infrastructure, and NTCIL Real Estate. The statutory auditors provided a clean limited review report, indicating no material misstatements. This filing follows a fiscal year (FY26) where the company reported a revenue of Rs 113 Cr and a PAT of Rs 20 Cr.
- Board meeting conducted on August 14, 2026, lasting 75 minutes from 3:00 p.m. to 4:15 p.m.
- Consolidated reporting includes 4 distinct real estate and infrastructure subsidiaries.
- The company operates with a TTM revenue of Rs 113 Cr and a relatively low P/E of 10.7.
- Export sales currently comprise 57.83% of total revenue, a key area for growth monitoring.
NTC Industries has scheduled a board meeting on August 14, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is coming off a strong FY26 where revenue grew approximately 88% to ₹113 Cr from ₹60 Cr in FY25. Investors will be monitoring if the company can maintain its TTM operating margin of 18.9% and its strong export momentum, which currently accounts for 57.83% of total revenue. The stock is currently trading at a P/E of 11.0 with a market capitalization of ₹215 Cr.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results
- Company reported TTM revenue of ₹113 Cr and PAT of ₹20 Cr as of March 2026
- Export markets currently contribute 57.83% of total revenue
- Operating margins previously rose from 11.83% to 21.93% in the last fiscal cycle
- The company maintains a low debt-to-equity ratio of 0.37 with a net worth of ₹210 Cr
NTC Industries has scheduled its 35th AGM for August 25, 2026, to seek shareholder approval for a Rs 27.50 crore fundraise. The company plans to issue 17,18,750 convertible warrants to the promoter group at Rs 160 per warrant, which is a premium to the current market price of Rs 143.2. Promoters will contribute 25% of the total amount (Rs 6.875 Cr) upfront, with the remaining 75% payable upon conversion within 18 months. This infusion represents approximately 13.2% of the company's current market capitalization, signaling strong promoter commitment.
- Issuance of 17,18,750 convertible equity warrants to the promoter group at Rs 160 per warrant
- Total fundraise value of Rs 27.50 Crores, representing 13.2% of the current Rs 208 Cr market cap
- Issue price of Rs 160 is at a ~11.7% premium to the current market price of Rs 143.2
- Promoters to pay 25% (Rs 6.875 Cr) upfront, with the balance 75% due within 18 months
- Relevant date for floor price determination set as July 23, 2026
NTC Industries has issued its FY26 Annual Report and a notice for its 35th AGM on August 25, 2026. The primary agenda is the preferential issuance of 17,18,750 convertible warrants to the Promoter Category at Rs 160 per warrant, totaling approximately Rs 27.5 crore. This issue price represents a ~11.7% premium over the current market price of Rs 143.2. The company demonstrated strong growth in FY26, with revenue nearly doubling to Rs 113 crore, supported by a significant export contribution of 57.83%.
- Proposed issuance of 17,18,750 convertible warrants to promoters at Rs 160 per warrant
- Total potential fundraise of Rs 27.5 crore, representing ~13.2% of current market capitalization
- Export sales now comprise 57.83% of total revenue, up from previous levels
- FY26 Revenue reached Rs 113 crore compared to Rs 60 crore in FY25
- Operating margins improved significantly, reaching 19.0% for FY26
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 36.19% YoY to INR 4900.95 Lakhs. The primary segment, Cigarettes and FMCG products, achieved revenue of INR 4824.85 Lakhs, representing a 51.41% increase from INR 3186.56 Lakhs in the previous year.
Geographic Revenue Split
Export sales account for 57.83% of total turnover, amounting to INR 2834.02 Lakhs in FY25, up 34.16% from INR 2112.40 Lakhs in FY24.
Profitability Margins
Operating Profit Margin improved significantly from 11.83% to 21.93% (an 85.38% increase) due to enhanced productivity and cost utilization. Net Profit After Tax (PAT) grew 71.33% to INR 785.98 Lakhs.
EBITDA Margin
EBITDA Margin stood at 21.28% for FY25 (INR 1042.94 Lakhs), a substantial increase from 10.43% (INR 375.22 Lakhs) in FY24, reflecting a 177.95% growth in core profitability.
Credit Rating & Borrowing
The company maintains a very low Debt-Equity Ratio of 0.02, down from 0.03 YoY. Interest Coverage Ratio improved from 11.15 to 33.37, indicating minimal borrowing risk and high solvency.
Operational Drivers
Raw Materials
Tobacco leaves and packaging materials (implied by product line). Management noted that increases in raw material costs were a significant factor impacting financial ratios.
Raw Material Costs
Raw material costs increased during the year; however, the company managed to improve its operating profit margin to 21.93% through productivity gains and effective cash flow utilization.
Manufacturing Efficiency
Efficiency is driven by in-house R&D and automation in manufacturing setups, which helped double the operating profit margin YoY.
Strategic Growth
Expected Growth Rate
25.67%
Growth Strategy
Growth is targeted through a 34.16% expansion in export markets, continuous learning and development for its 41 employees, and leveraging in-house R&D to optimize the manufacturing of cigarettes and smoking mixtures.
Products & Services
Cigarettes, Smoking Mixture, and FMCG products.
New Products/Services
FMCG products are being scaled alongside the core cigarette business, contributing to the INR 4824.85 Lakhs segment revenue.
Market Expansion
Focus on international markets, with export sales now comprising 57.83% of total revenue.
Strategic Alliances
The company transferred 49 decimals of land to PrzimZarc Infrastructure LLP for INR 12.46 Lakhs, a transaction highlighted by auditors.
External Factors
Industry Trends
The industry is evolving under pressure from anti-smoking campaigns and sponsorship restrictions, forcing a shift toward exports and product diversification.
Competitive Landscape
Competes with major players like Godfrey Philips India (implied by personnel background).
Competitive Moat
The moat is built on an established export network and a virtually debt-free balance sheet (0.02 D/E), providing a durable advantage in a high-barrier, regulated industry.
Macro Economic Sensitivity
Highly sensitive to government tax regimes and regulatory changes in the tobacco industry.
Consumer Behavior
Shifting away from tobacco consumption due to health awareness and NGO campaigning, which remains a long-term threat to volume.
Geopolitical Risks
Export-heavy operations (57.8% of revenue) are subject to international trade barriers and regulatory shifts in foreign markets.
Regulatory & Governance
Industry Regulations
Subject to restrictions on tobacco sponsorship, publicity bans, and smoking bans in various jurisdictions, which impact marketing and consumption.
Environmental Compliance
Focus on energy conservation through automation; specific ESG compliance costs were not disclosed.
Taxation Policy Impact
The company faces material uncertain tax positions and disputes with statutory authorities, which require significant management judgment.
Legal Contingencies
Pending indirect tax and other litigations are a Key Audit Matter. A specific land transfer of 49 decimals for INR 12.46 Lakhs was noted as an Emphasis of Matter by auditors.
Risk Analysis
Key Uncertainties
The outcome of pending tax litigations and the potential for more stringent government regulations on tobacco products represent the primary business uncertainties.
Geographic Concentration Risk
57.83% of revenue is concentrated in export markets, making the company vulnerable to global trade dynamics.
Technology Obsolescence Risk
The company faced a modification in its audit report regarding the lack of a continuous audit trail (edit log) facility in its accounting software throughout the year.
