Godfrey Phillips India Ltd
Gndia is one of the leading FMCG Companies in India - flagship company distribute the renowned Marlboro brand in India. [1]
- Market Cap ₹ 47,160 Cr.
- Current Price ₹ 3,025
- High / Low ₹ 3,947 / 1,371
- Stock P/E 37.5
- Book Value ₹ 306
- Dividend Yield 1.05 %
- ROCE 29.4 %
- ROE 22.2 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 23.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 39.3%
Cons
- Stock is trading at 9.87 times its book value
- Earnings include an other income of Rs.455 Cr.
- Working capital days have increased from 49.4 days to 82.4 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,477 | 2,585 | 2,325 | 2,386 | 2,312 | 2,477 | 2,853 | 2,490 | 2,674 | 3,560 | 3,988 | 5,602 | 5,932 | |
| 2,099 | 2,225 | 2,003 | 2,138 | 2,052 | 2,096 | 2,261 | 1,973 | 2,047 | 2,759 | 3,112 | 4,442 | 4,663 | |
| Operating Profit | 378 | 360 | 322 | 249 | 260 | 381 | 593 | 516 | 627 | 802 | 876 | 1,160 | 1,269 |
| OPM % | 15% | 14% | 14% | 10% | 11% | 15% | 21% | 21% | 23% | 23% | 22% | 21% | 21% |
| -8 | 33 | 36 | 47 | 72 | 79 | 106 | 118 | 110 | 168 | 343 | 333 | 455 | |
| Interest | 29 | 19 | 10 | 3 | 2 | 1 | 30 | 31 | 34 | 29 | 13 | 12 | 12 |
| Depreciation | 87 | 102 | 102 | 94 | 96 | 96 | 152 | 138 | 142 | 151 | 105 | 120 | 123 |
| Profit before tax | 255 | 271 | 246 | 198 | 234 | 363 | 516 | 465 | 562 | 790 | 1,101 | 1,361 | 1,589 |
| Tax % | 33% | 33% | 30% | 31% | 31% | 34% | 25% | 23% | 23% | 23% | 20% | 23% | |
| 171 | 183 | 172 | 136 | 161 | 241 | 388 | 357 | 432 | 608 | 881 | 1,043 | 1,242 | |
| EPS in Rs | 10.94 | 11.74 | 11.00 | 8.74 | 10.31 | 15.45 | 24.86 | 22.88 | 27.69 | 39.00 | 56.46 | 66.87 | 79.65 |
| Dividend Payout % | 24% | 23% | 24% | 31% | 26% | 17% | 32% | 35% | 34% | 38% | 33% | 47% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 14% |
| 3 Years: | 28% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 23% |
| 3 Years: | 35% |
| TTM: | 30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 25% |
| 5 Years: | 59% |
| 3 Years: | 75% |
| 1 Year: | 37% |
| Return on Equity | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 18% |
| 3 Years: | 20% |
| Last Year: | 22% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 31 |
| Reserves | 1,153 | 1,282 | 1,499 | 1,581 | 1,697 | 1,886 | 2,050 | 2,406 | 2,713 | 3,178 | 3,831 | 4,399 | 4,749 |
| 239 | 277 | 130 | 72 | 27 | 41 | 356 | 395 | 336 | 354 | 344 | 177 | 174 | |
| 505 | 475 | 402 | 416 | 582 | 707 | 681 | 707 | 787 | 996 | 1,160 | 1,428 | 1,954 | |
| Total Liabilities | 1,908 | 2,044 | 2,041 | 2,080 | 2,316 | 2,644 | 3,097 | 3,518 | 3,846 | 4,538 | 5,346 | 6,015 | 6,907 |
| 665 | 636 | 666 | 672 | 623 | 665 | 982 | 999 | 948 | 898 | 853 | 692 | 687 | |
| CWIP | 45 | 65 | 49 | 13 | 18 | 14 | 17 | 26 | 42 | 21 | 10 | 21 | 83 |
| Investments | 355 | 322 | 401 | 500 | 895 | 1,143 | 1,190 | 1,476 | 1,719 | 2,364 | 2,582 | 2,389 | 2,686 |
| 842 | 1,021 | 925 | 895 | 780 | 822 | 909 | 1,018 | 1,138 | 1,255 | 1,900 | 2,912 | 3,452 | |
| Total Assets | 1,908 | 2,044 | 2,041 | 2,080 | 2,316 | 2,644 | 3,097 | 3,518 | 3,846 | 4,538 | 5,346 | 6,015 | 6,907 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 290 | 63 | 326 | 248 | 514 | 352 | 377 | 300 | 482 | 739 | 270 | 115 | |
| -135 | -32 | -126 | -131 | -409 | -312 | -70 | -318 | -232 | -536 | 60 | 403 | |
| -158 | -31 | -200 | -120 | -96 | -39 | -299 | 7 | -238 | -206 | -342 | -509 | |
| Net Cash Flow | -3 | 1 | 0 | -3 | 9 | 0 | 7 | -11 | 12 | -3 | -12 | 8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 18 | 16 | 27 | 14 | 10 | 9 | 18 | 21 | 15 | 16 | 34 |
| Inventory Days | 214 | 246 | 232 | 166 | 157 | 194 | 179 | 201 | 225 | 175 | 232 | 217 |
| Days Payable | 54 | 50 | 44 | 47 | 53 | 99 | 73 | 72 | 77 | 77 | 68 | 57 |
| Cash Conversion Cycle | 175 | 214 | 204 | 146 | 117 | 105 | 114 | 147 | 169 | 114 | 180 | 193 |
| Working Capital Days | 23 | 37 | 62 | 58 | 18 | -1 | 18 | 23 | 31 | 12 | 54 | 82 |
| ROCE % | 22% | 18% | 14% | 12% | 10% | 16% | 21% | 15% | 17% | 21% | 25% | 29% |
Documents
Announcements
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Intimation Under Regulation - 30
7h - GST demand and penalty of Rs.43,60,652 each imposed; order received 10 Nov 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
4 Nov - Submission of Advertisement Clipping of the extract of the Unaudited Standalone and Consolidated Financial Results of the Company for the Quarter and Half Year ended …
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Announcement under Regulation 30 (LODR)-Investor Presentation
4 Nov - Earnings Presentation for H1 of Financial Year 2025-26
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Announcement Under Regulation - 30
4 Nov - Interim dividend Rs.17/share declared; record date Nov 10, 2025; TDS rules and submission instructions.
- Record Date For Interim Dividend. 3 Nov
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Nov 2025TranscriptNotesPPT
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Aug 2025TranscriptNotesPPT
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May 2025TranscriptNotesPPT
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Feb 2025TranscriptNotesPPT
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Nov 2024TranscriptNotesPPT
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Jun 2024TranscriptNotesPPT
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Jan 2024TranscriptNotesPPT
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Nov 2023TranscriptNotesPPT
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Jul 2023TranscriptNotesPPT
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May 2023TranscriptNotesPPT
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Jan 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Aug 2021TranscriptNotesPPT
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Jun 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Aug 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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Jun 2019TranscriptNotesPPT
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Feb 2019TranscriptNotesPPT
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Nov 2018TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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Jun 2018TranscriptNotesPPT
Market Position
The company is a part of the KK Modi Group and one of the leading FMCG Companies in India. [1] It has a market share of ~14% in the domestic cigarette business. [2]