Godfrey Phillips India Limited (GODFRYPHLP)
₹1,852.00 +0.79% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Godfrey Phillips' revenue was ₹1,206 Cr (-18.9% year on year, -32.5% on the previous quarter), and net profit ₹198 Cr (-44.3% year on year); the operating margin was 15.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,206 | -18.9% | -32.5% |
| Operating profit | ₹181 | -46.3% | -67.2% |
| Net profit | ₹198 | -44.3% | -61.9% |
| EPS (₹) | 12.72 | -44.3% | -62.0% |
| Operating margin | 15.1% | — | — |
EPS restated for the 2:1 bonus of Sep 2025: Q1 FY26 ₹68.53 to ₹22.84.
GODFRYPHLP delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.34% of the GODFRYPHLP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 35.18%. That is close to its usual level. In GODFRYPHLP futures, open interest fell 0.30% while the futures price rose 0.18%: short covering (shorts closing out).
Delivery in the last 5 sessions: 37.5% · 41.1% · 35.7% · 32.6% · 34.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Godfrey Phillips India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. It confirms that all securities received for dematerialisation during the period were properly processed and confirmed to depositories. This is a regular administrative filing with zero impact on operational or financial metrics.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
- Issued by RTA MUFG Intime India Private Limited on 03rd October 2026
- Confirmed processing and listing compliance of dematerialised securities with stock exchanges
Godfrey Phillips India Limited announced the voting results and scrutinizer's report for its 89th Annual General Meeting held on August 24, 2026. Shareholders approved all agenda items with an overall voter participation of 83.52% (13,02,76,813 votes cast out of 15,59,81,760 total shares). Key resolutions passed included the adoption of FY26 audited standalone and consolidated financial statements (>99.99% in favour), declaration of final dividend (100% in favour), and re-appointment of retiring directors Ms. Charu Modi (96.38% in favour) and Mr. Paul Norman Janelle (99.96% in favour).
- Overall shareholder turnout stood at 83.52% with 130,276,813 votes polled out of 155,981,760 total shares.
- Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.9999% votes in favour.
- Declaration of final dividend for FY26 approved with 130,276,803 votes in favour (100.00%).
- Re-appointment of Ms. Charu Modi approved with 96.38% total votes in favour, despite 27.44% of institutional votes cast against.
- Re-appointment of Mr. Paul Norman Janelle approved with 99.96% total votes in favour.
Godfrey Phillips India conducted its 89th AGM on August 24, 2026, considering the adoption of FY26 audited accounts and approval of a Rs 33 per share final dividend (total FY26 dividend of Rs 50 per share, up 58% YoY). Management recapped FY26 performance, noting consolidated gross sales of Rs 18,379 crore, net profit of Rs 1,525 crore, and 20% domestic cigarette volume growth alongside Rs 1,945 crore in unmanufactured tobacco exports. However, the Chairperson cautioned that steep cigarette tax increases implemented in February 2026 and growing illicit trade pose volume and margin headwinds for FY27.
- Final dividend of Rs 33 per share declared, taking total FY26 dividend to Rs 50 per share (58% higher YoY)
- Consolidated gross sales reached Rs 18,379 crore in FY26, up 27% YoY, with net profit from continuing operations at Rs 1,525 crore (up 32%)
- Domestic cigarette volumes expanded 20% in FY26, while unmanufactured tobacco exports contributed Rs 1,945 crore
- Chairperson cautioned that February 2026 tax hikes will weigh on domestic volume and profitability in FY27
Godfrey Phillips India Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, a mandatory regulatory filing. The report confirms zero product recalls due to safety issues and zero data breaches during the fiscal year. The company continues to focus on ESG metrics, including a long-term target to reduce greenhouse gas emissions by 30% by 2030. While the filing is procedural, it highlights the company's adherence to ISO 9001 and ISO 27001 standards for quality and information security.
- Reported zero product recalls for FY 2025-26 due to safety issues (DND stock).
- Recorded zero instances of data breaches and zero consumer complaints regarding data privacy.
- Products with integrated consumer awareness account for approximately 1% of total turnover.
- The company targets a 30% reduction in greenhouse gas emissions per unit of production by 2030.
- Independent reasonable assurance for BRSR Core was conducted based on an agreement dated February 2, 2026.
Godfrey Phillips India Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The report confirms zero product recalls and zero data breaches during the fiscal year, maintaining a clean record on consumer safety and data privacy. The company continues to track toward its 2030 ESG goal of reducing greenhouse gas emissions by 30% per unit of production. This filing is a standard regulatory requirement and does not alter the company's financial outlook but confirms operational stability in non-financial metrics.
- Zero product recalls reported for FY 2025-26 due to safety or quality issues.
- Zero consumer complaints received regarding data privacy, advertising, or cyber-security during the year.
- Targeting a 30% reduction in greenhouse gas emissions per unit of production by 2030.
- Maintains a ~14% volume share in the domestic cigarette industry as the second-largest player.
- Reported a cash surplus of INR 2,405 Cr providing a buffer against competitive pressures from ITC Ltd.
Godfrey Phillips India has issued a notice for its 89th Annual General Meeting (AGM) to be held on August 24, 2026. The company has recommended a final dividend of ₹33 per share, which, combined with the ₹17 interim dividend already paid, brings the total FY26 dividend to ₹50 per share. This represents a payout of approximately 34.8% of the TTM EPS of ₹143.53. Other agenda items include the adoption of FY26 financial statements and the re-appointment of directors Charu Modi and Paul Norman Janelle.
- Final dividend of ₹33 per share recommended for the financial year ended March 31, 2026
- Total FY26 dividend stands at ₹50 per share, including the ₹17 interim dividend already paid
- 89th AGM scheduled for August 24, 2026, at 2:30 PM IST via video conferencing
- Re-appointment of directors Ms. Charu Modi and Mr. Paul Norman Janelle proposed as ordinary resolutions
- Company maintains a strong cash surplus of ₹2,405 Cr as per recent financial context
Godfrey Phillips India Limited has announced the administrative procedures for its recommended final dividend of ₹33 per share for FY 2025-26. The company has fixed August 11, 2026, as the record date to determine eligibility, with the payout subject to shareholder approval at the AGM on August 24, 2026. Based on the current market cap, the total estimated payout is approximately ₹350 crore, representing about 23% of its TTM PAT of ₹1,526 crore. Shareholders must submit relevant tax documentation by August 10, 2026, to manage withholding tax (TDS) obligations.
- Final dividend of ₹33 per equity share (Face Value ₹2) recommended for the financial year ended March 31, 2026.
- Record date for determining shareholder entitlement is fixed as August 11, 2026.
- TDS of 10% will be deducted for resident shareholders if the total dividend exceeds ₹10,000 in the financial year.
- A higher TDS rate of 20% will apply if the PAN is not linked with Aadhaar or is unavailable.
- Deadline for submitting tax exemption forms (like Form 121) is August 10, 2026.
Godfrey Phillips reported a sharp 44.3% YoY decline in Net Profit to Rs 198 Cr for Q1 FY27, primarily due to a significant excise duty hike implemented in Q4 FY26. While Gross Sales Value grew 38.6% to Rs 5,676 Cr, Net Revenue fell 18.8% to Rs 1,206 Cr as excise duties surged to Rs 2,614 Cr from Rs 327 Cr in the year-ago period. Domestic cigarette volumes showed resilience, declining only 2% YoY to 1,866 million per month despite the tax-led price increases. The company is focusing on a phased pricing strategy and expanding unmanufactured tobacco exports, which contributed Rs 248 Cr this quarter.
- Net Profit for Q1 FY27 fell 44.3% YoY to Rs 198 Cr, representing only ~13% of TTM PAT
- Gross Sales Value increased 38.6% YoY to Rs 5,676 Cr, driven by higher tax-inclusive pricing
- Domestic cigarette volumes declined by 2% YoY to 1,866 million per month
- Operating EBITDA margin on Gross Sales contracted sharply to 3.2% from 8.3% YoY
- Unmanufactured tobacco exports reached Rs 248 Cr, accounting for 7% of net sales
Godfrey Phillips reported a sharp 44.3% YoY decline in Net Profit to 198 Cr for Q1 FY27, despite a 38.6% surge in Gross Sales Value to 5,676 Cr. The profitability hit is primarily attributed to a massive increase in excise duties, which rose to 2,614 Cr from 327 Cr in the year-ago period. While domestic cigarette volumes remained resilient with only a 2% decline to 1,866 million units per month, operating EBITDA margins on gross sales contracted significantly from 8.3% to 3.2%. Management is adopting a phased pricing strategy to mitigate the impact of the tax burden and the rise of illicit trade.
- Net Profit declined 44.3% YoY to 198 Cr due to Q4 FY26 tax increases
- Gross Sales Value grew 38.6% YoY to 5,676 Cr, driven by higher tax-inclusive pricing
- Domestic cigarette volumes fell marginally by 2% to 1,866 million per month
- Excise duty surged to 2,614 Cr, representing 46% of Gross Sales Value
- International business contributed 264 Cr, accounting for 7% of Net Sales
Godfrey Phillips has fixed August 11, 2026, as the record date for a final dividend of Rs 33 per share for FY26. The company reported a consolidated PAT of Rs 198.39 crore for Q1 FY27, a 44% decline from Rs 356.28 crore in the same quarter last year. While standalone revenue from operations surged to Rs 3,814.66 crore from Rs 1,807.01 crore, this was primarily driven by a massive spike in excise duty expenses. The 89th Annual General Meeting is scheduled for August 24, 2026.
- Final dividend of Rs 33 per equity share (face value Rs 2) recommended for FY25-26.
- Record date for dividend eligibility fixed as August 11, 2026.
- Consolidated Q1 FY27 PAT fell to Rs 198.39 crore vs Rs 356.28 crore in Q1 FY26.
- Excise duty expense surged to Rs 2,614.05 crore in Q1 FY27 from Rs 327.06 crore in the year-ago period.
- Standalone revenue from operations grew 111% YoY to Rs 3,814.66 crore, largely due to higher gross realizations including taxes.
Godfrey Phillips reported a sharp 44.3% YoY decline in consolidated PAT to Rs 198.39 Cr for Q1 FY27, down from Rs 356.28 Cr. While gross revenue from operations surged 110.6% YoY to Rs 3,819.56 Cr, this was primarily driven by a massive increase in excise duty, which rose to Rs 2,614.05 Cr from Rs 327.06 Cr. The company fixed August 11, 2026, as the record date for a final dividend of Rs 33 per share. Additionally, the company received an interim insurance payment of Rs 100 Cr against a total inventory loss claim of Rs 284.36 Cr.
- Consolidated Net Profit declined 44.3% YoY to Rs 198.39 Cr in Q1 FY27.
- Gross Revenue from operations more than doubled to Rs 3,819.56 Cr, though net of excise duty, margins contracted significantly.
- Excise duty expenses surged by 699% YoY to Rs 2,614.05 Cr compared to Rs 327.06 Cr in Q1 FY26.
- Final dividend of Rs 33 per share confirmed with the record date fixed for August 11, 2026.
- Received Rs 100 Cr interim insurance settlement against a pending claim of Rs 284.36 Cr for inventory losses.
Godfrey Phillips India Limited has issued a notice to shareholders who have not claimed dividends for seven consecutive years, starting from FY 2018-19. These shares and the associated unclaimed dividends are scheduled to be transferred to the Investor Education and Protection Fund (IEPF) Authority by October 29, 2026. This is a mandatory regulatory procedure under the Companies Act, 2013. Affected shareholders must contact the Registrar and Transfer Agent (RTA) before the deadline to prevent the transfer.
- Shares with dividends unclaimed for 7 consecutive years starting from FY 2018-19 are liable for transfer.
- The deadline for shareholders to claim unpaid dividends to avoid transfer is October 29, 2026.
- The company maintains a significant cash surplus of Rs 2,405 Cr as per recent financial context.
- The transfer process involves dematerializing physical shares and cancelling original certificates.
- Shareholders can still claim shares back from the IEPF Authority after the transfer by following prescribed government procedures.
Godfrey Phillips India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed correctly. This includes the mutilation and cancellation of certificates and updating the depository as the registered owner within prescribed timelines. This is a standard administrative procedure for all listed companies in India and has no impact on the company's financial health or operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
- Physical certificates received were mutilated and cancelled as per SEBI regulations
- Filing submitted to BSE and NSE on July 10, 2026
- Register of members updated with depository names within prescribed timelines
Godfrey Phillips India Limited has published a newspaper notice regarding the loss of share certificates for a total of 3,000 equity shares (Face Value 2). The notice identifies four specific folios where shareholders have requested duplicate certificates. Additionally, the filing references a SEBI-mandated special window for the transfer and dematerialization of physical shares purchased prior to April 1, 2019. This is a standard regulatory compliance procedure with no impact on the company's operational or financial performance.
- Notice published in Financial Express on July 9, 2026, regarding the loss of share certificates and dematerialization procedures.
- Total of 3,000 equity shares with a face value of 2 each reported lost across four specific shareholder folios.
- Largest single folio loss reported involves 1,500 shares held by Raj Pal Monga.
- Stakeholders have a 7-day window from the date of publication to lodge any objections regarding the issuance of duplicate certificates.
Godfrey Phillips India Limited has published a newspaper notice on July 9, 2026, regarding the loss of original equity share certificates for 3,000 shares. The notice identifies four shareholders and provides a 7-day window for any objections before duplicate certificates are issued. This is a standard administrative procedure under SEBI (LODR) Regulations. Given the company's market capitalization of Rs 22,307 Cr, the financial magnitude of these shares is negligible (approx. Rs 0.63 Cr).
- Notice published in Financial Express on July 9, 2026, regarding lost share certificates.
- Total of 3,000 equity shares reported lost across 4 distinct folios.
- Shares have a face value of Rs 2 per share as per the document.
- Objections to the issuance of duplicate certificates must be filed within 7 days.
- Largest single folio loss reported is 1,500 shares by Raj Pal Monga.
Financial Performance
Revenue Growth by Segment
Gross Sales Value for H1 FY26 grew 23.3% YoY to INR 8,068 Cr, driven by healthy growth in the cigarette segment and unmanufactured tobacco exports. FY25 net revenue (excluding excise) grew 27.6% to INR 5,610 Cr from INR 4,395 Cr in FY24.
Geographic Revenue Split
Domestic Gross Sales Value reached INR 7,316 Cr (90.7% of total) in H1 FY26, while International Gross Sales Value was INR 691 Cr (8.6%). Operations are highly concentrated in Northern and Western India, which contribute over 90% of cigarette sales.
Profitability Margins
Gross Profit Margin for H1 FY26 was 15.2%, down from 16.6% in H1 FY25. Net Profit Margin for H1 FY26 was 8.2% compared to 8.3% in H1 FY25. Operating profitability moderated to 20% in FY24 due to higher tobacco prices but improved to 21.4% in FY25 following the exit from the loss-making 24Seven retail business.
EBITDA Margin
Operating EBITDA margin was 8.1% in H1 FY26, a 30 bps decrease from 8.4% in H1 FY25. Operating EBITDA grew 19.0% YoY to INR 651 Cr from INR 547 Cr.
Capital Expenditure
The company projects annual cash accruals of INR 600-650 Cr for fiscals 2025 and 2026 to be utilized for capital expenditure and working capital requirements.
Credit Rating & Borrowing
CRISIL maintains a 'Stable' outlook. Interest coverage ratio was robust at 909.72x in FY25, up from 535.68x in FY24. Gearing remains exceptionally low at 0.01x.
Operational Drivers
Raw Materials
Unmanufactured tobacco is the primary raw material. Tobacco price increases in FY24 were a key factor in the moderation of operating margins from 23.1% to 20%.
Import Sources
Not explicitly disclosed, but the company is a major exporter of unmanufactured tobacco to international markets.
Key Suppliers
The company sources from contracted burley tobacco farmers, aiming to provide 100% of them with clean drinking water by 2030.
Capacity Expansion
Not disclosed in specific units; however, the company is focusing on manufacturing efficiency to achieve a 30% reduction in GHG emissions per unit of production by 2030.
Raw Material Costs
Cost of Goods Sold (COGS) for H1 FY26 was INR 1,548 Cr, representing 19.2% of Gross Sales Value, a 13.7% increase YoY from INR 1,362 Cr.
Manufacturing Efficiency
Efficiency is tracked via ESG metrics, targeting a 30% reduction in greenhouse gas emissions per unit of production by 2030.
Logistics & Distribution
Other expenses (Net), which include distribution, were INR 352 Cr in H1 FY26, representing 4.4% of Gross Sales Value.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth will be achieved by leveraging its healthy market position in the cigarette industry and expanding unmanufactured tobacco exports. The discontinuation of the 24Seven retail brand is expected to sustain operating margins above 21% by removing a significant drag on profitability.
Products & Services
Cigarettes, unmanufactured tobacco (for export), confectionery, and Ferrero products.
Brand Portfolio
Godfrey Phillips, Marlboro (via partnership with Philip Morris), and Ferrero (distribution).
New Products/Services
Not disclosed for the upcoming period; focus remains on core tobacco and confectionery segments.
Market Expansion
Focusing on maintaining its ~14% volume share in the domestic cigarette industry while managing international tobacco export shipments.
Market Share & Ranking
GPIL is the second-largest player in the Indian cigarette industry with approximately 14% volume share.
Strategic Alliances
Associate of Philip Morris Global Brands Inc (which owns 25.1% of GPIL) and partnership for Ferrero product distribution.
External Factors
Industry Trends
The industry is shifting toward higher ESG compliance to offset the social impact of tobacco. GPIL is positioning itself with 2030 targets for GHG reduction and water replenishment to remain attractive to ESG-conscious investors.
Competitive Landscape
Faces intense competition from ITC Ltd, which is the dominant market leader. GPIL maintains a distant second position with a 14% share.
Competitive Moat
Moat is built on a strong brand portfolio, a strategic partnership with Philip Morris, and a robust financial profile with INR 2,405 Cr in cash surplus. This provides a buffer against competitive pressures from the dominant player, ITC Ltd.
Macro Economic Sensitivity
Highly sensitive to fiscal policy and taxation; excise duty alone accounted for INR 670 Cr in H1 FY26.
Consumer Behavior
Demand is affected by health awareness and government restrictions on consumption and marketing practices.
Geopolitical Risks
International revenue (INR 691 Cr in H1 FY26) is subject to global trade dynamics and shipment timing.
Regulatory & Governance
Industry Regulations
Subject to strict regulations on cigarette promotion, consumption, and packaging, as well as pollution norms for manufacturing units.
Environmental Compliance
ESG goals include 30% GHG reduction, 50% renewable energy use, and 30% water consumption replenishment by 2030.
Taxation Policy Impact
The industry faces a high tax structure including Excise Duty, NCCD, GST, and GST Compensation Cess. Excise duty for H1 FY26 was INR 670 Cr, up from INR 538 Cr YoY.
Legal Contingencies
There is an ongoing dispute among members of the K.K. Modi family. While management states it has not impacted operations, it remains a key monitorable for credit rating agencies.
Risk Analysis
Key Uncertainties
Regulatory vulnerability (high impact), intense competition from ITC Ltd, and the potential impact of the promotor family dispute on corporate governance.
Geographic Concentration Risk
Over 90% of cigarette sales are concentrated in Northern and Western India, creating high regional dependency.
Third Party Dependencies
Dependency on contracted tobacco farmers for raw material supply and key international customers for unmanufactured tobacco exports.
Technology Obsolescence Risk
Not disclosed as a high-risk factor for the tobacco industry.
Credit & Counterparty Risk
Superior liquidity with over INR 2,405 Cr in cash and investments ensures very low counterparty risk.
