GODFRYPHLP · Fast Moving Consumer Goods
Godfrey Phillips India Ltd. reported revenue of ₹1,787 cr for January to March 2026, +13.6% on the year and −2.3% on the quarter. Over the last four quarters revenue comes to ₹6,391 cr, +13.9% on the four before.
Operating profit (EBITDA) was ₹553 cr, a margin of 30.9%, +1,384 bps on the year and +1,017 bps on the quarter. It is the widest margin of the last 8 quarters (range 17.1% to 30.9%). Operating costs grew −5.4% against revenue growth of +13.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹521 cr, +86.1% on the year and +51.9% on the quarter, with earnings per share of ₹33.43. Profit before other income, one-offs and tax grew faster, at +131.8%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹1,525 cr, +42.1% on the four before.
On earnings per share of ₹97.84 over the last four quarters, the stock at ₹1,852.00 trades at 18.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹33.0 cr, −21.4% on the year.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +86.1% on the year; profit before other income, exceptional items and tax +131.8%.
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1,787 cr (+13.6% on the year) and net profit of ₹521 cr (+86.1% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +131.8% on the year, against +86.1% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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