GODFRYPHLP · Fast Moving Consumer Goods
Godfrey Phillips India Ltd. reported revenue of ₹1,206 cr for April to June 2026, −18.8% on the year and −32.5% on the quarter. That is slower than this quarter has grown in recent years (+20.3% on average). Over the last four quarters revenue comes to ₹6,111 cr, +1.7% on the four before.
Operating profit (EBITDA) was ₹181 cr, a margin of 15.0%, −774 bps on the year and −1,594 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 15.0% to 30.9%). Operating costs grew −10.7%, faster than revenue at −18.8%, so operating profit grew less than sales.
Net profit was ₹198 cr, −44.4% on the year and −62.0% on the quarter, with earnings per share of ₹12.72. Profit before other income, one-offs and tax fell 53.1%, so 9 points of the headline growth came from outside the core business. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹1,367 cr, +13.9% on the four before.
On earnings per share of ₹87.72 over the last four quarters, the stock at ₹1,852.00 trades at 21.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 15.0%, −774 bps on the year (−1,594 bps on the quarter).
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 43% of profit before tax, against 31% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,158 cr | ₹1,250 cr | ₹875 cr | ₹1,088 cr | ₹1,360 cr | ₹1,589 cr | ₹1,573 cr | ₹1,486 cr | ₹1,289 cr | ₹1,829 cr | ₹1,787 cr | ₹1,206 cr |
| YoY | — | — | — | +4% | +17% | +27% | +80% | +37% | −5% | +15% | +14% | −19% |
| EBITDA margin | 19.3% | 18.2% | 21.8% | 24.8% | 20.4% | 22.7% | 17.1% | 22.7% | 24.4% | 20.8% | 30.9% | 15.0% |
| Other income, % of PBT | 17% | 32% | 42% | 14% | 28% | 19% | 38% | 31% | 26% | 21% | 23% | 43% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 22% | 21% | 18% | 27% | 23% | 22% | 20% | 20% | 22% | 22% | 21% |
| Net profit | ₹202 cr | ₹212 cr | ₹215 cr | ₹229 cr | ₹248 cr | ₹316 cr | ₹280 cr | ₹356 cr | ₹305 cr | ₹343 cr | ₹521 cr | ₹198 cr |
| YoY | — | — | — | −10% | +23% | +49% | +30% | +55% | +23% | +9% | +86% | −44% |
| Core profit YoY | — | — | — | +15% | +36% | +79% | +40% | +28% | +14% | +5% | +132% | −53% |
| EPS | ₹12.95 | ₹13.61 | ₹13.73 | ₹14.65 | ₹15.92 | ₹20.25 | ₹17.90 | ₹22.84 | ₹19.56 | ₹22.01 | ₹33.43 | ₹12.72 |
| Flags | · | 1 | 1 | 1 | 1 | 1 | 1 | 2 | ✓ | ✓ | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Godfrey Phillips India Ltd. reported revenue of ₹1,206 cr (−18.8% on the year) and net profit of ₹198 cr (−44.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −53.1% on the year, against −44.4% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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