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Manufactures and sells cigarettes in India, including Marlboro under license from Philip Morris, plus its own brands.
Manufactures and sells cigarettes in India, including Marlboro under license from Philip Morris, plus its own brands.
Sells cigarettes through wholesalers and retailers across India, where excise taxes and government rules shape pricing. Marlboro is made and sold under a licence from Philip Morris, so the licence is valuable. The Modi family group controls it.
In one line: India's Philip Morris licensee, like a smaller Altria.
Moat: narrow (brand, regulatory licence, distribution). Exclusive Marlboro license in India plus an entrenched retail distribution network.
Headquarters: New Delhi, India · Founded: 1936 · Employees: 1,121
Size Godfrey Phillips India (GODFRYPHLP.NS) is an India Consumer Staples company (Tobacco) with a market value of $2.96B, the 287th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,790 on 6 Nov 2026.
Performance Over six months the shares fell 23.5%, against -1.4% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 14 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +2.4%); the operating margin is 21.3% (peer median 21.4%).
Valuation It trades at 16.0× forward earnings against a peer median of 16.0× (7th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.2 points above its cost of capital (14.4% WACC).
Next results Next results expected around 25 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹61.1B | ₹63.9B | ₹56.0B | ₹40.1B | ₹35.6B |
| Revenue growth | — | +14% | +40% | +13% | — |
| Gross profit | ₹21.2B | ₹21.7B | ₹17.2B | ₹13.4B | ₹11.9B |
| EBITDA | ₹14.3B | ₹16.1B | ₹11.9B | ₹9.06B | ₹8.23B |
| Net income | ₹13.7B | ₹15.3B | ₹10.7B | ₹8.83B | ₹6.90B |
| Free cash flow | n/a | ₹4.67B | ₹1.32B | ₹3.44B | ₹6.30B |
| Capital expenditure | n/a | ₹3.12B | ₹1.68B | ₹1.00B | ₹867M |
| Total debt | n/a | ₹2.34B | ₹1.79B | ₹3.45B | ₹3.55B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Godfrey Phillips India GODFRYPHLP.NS | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% |
| ITC ITC.NS | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% |
| VST Industries VSTIND.NS | $349M | -25% | -2% | 22% | 8.7× | 9.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GODFRYPHLP.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | +5.7% | 4th lowest of 14 |
| 6-month return | -23.5% | -1.4% | 4th lowest of 14 |
| Distance from 52-week high | -44.5% | -26.0% | 2nd lowest of 14 |
| Revenue growth (TTM) | +1.2% | +2.4% | 7th lowest of 14 |
| Operating margin | 21.3% | 21.4% | 7th lowest of 14 |
| Forward P/E | 16.0× | 16.0× | 7th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 27.1% | -0.8% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +20.6% | +5.4% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | +6.6 pp | -9.6 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | +1.2 pp | +8.4 pp | 2nd lowest of 14 |
| EV / EBITDA | 19.6× | 10.5× | 2nd most expensive of 14 |
| Net debt / EBITDA | -0.3× | 0.5× | 5th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Godfrey Phillips India GODFRYPHLP.NS | India | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% | +20.6% |
| China Tobacco International (HK) 6055.HK | Hong Kong | $2.31B | -12% | -20% | 10% | 19.8× | 4.1% | +33.1% |
| Smoore International 6969.HK | Hong Kong | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% | +6.6% |
| Turning Point Brands TPB | United States | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% | +2.7% |
| Scandinavian Tobacco Group A/S STG.CO | Denmark | $890M | +10% | -4% | 14% | 7.6× | -9.1% | +2.4% |
| KT&G 033780.KS | South Korea | $14.5B | +7% | +11% | 21% | 15.2× | -4.2% | +5.4% |
| Miquel y Costas & Miquel MCM.MC | Spain | $434M | -29% | -4% | 15% | n/a | -7.7% | +2.7% |
| VST Industries VSTIND.NS | India | $349M | -25% | -2% | 22% | 8.7× | 9.5% | +5.7% |
| Imperial Brands IMB.L | United Kingdom | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% | +2.7% |
| ITC ITC.NS | India | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% | +9.8% |
| Japan Tobacco 2914.T | Japan | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% | +10.6% |
| Altria MO | United States | $127B | +13% | +2% | 75% | 12.9× | -10.9% | -0.7% |
| British American Tobacco p.l.c BATS.L | United Kingdom | $132B | -1% | +1% | 38% | 12.6× | 3.8% | -0.1% |
| Philip Morris International PM | United States | $308B | +17% | +8% | 38% | 22.6× | -0.8% | +7.2% |