# Godfrey Phillips India (GODFRYPHLP) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/godfryphlp

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,790
- Change: -0.22%
- As of: 2026-11-06
- 1D return: -0.22%
- 5D return: +5.90%
- 1M return: +1.07%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

GODFRYPHLP closed at ₹1,790.0 on 2026-11-06, following an extreme downward gap of -0.2% that reversed a prior high-severity upward gap. The stock is in a confirmed bearish trend across daily and monthly horizons (ADX >30), with the price trading below the Supertrend and key long-term moving averages (50-period SMA/EMA, 200-period SMA). Despite this broader weakness, the price remains above the 20-period EMA and SMA on the daily chart, suggesting short-term resilience or consolidation within the downtrend. The stock sits near the lower end of its 252-day range (+9.4%) but higher in its 20-day range (+61.0%), indicating recent relative strength against immediate history but significant long-term underperformance (-40.8% YTD). A monthly Inside Bar pattern is active, signaling potential volatility expansion. Key resistance lies at ₹1,802.8 (pivot) and ₹1,816.2 (high), while support is found at ₹1,780.6 (low) and ₹1,767.2. An annualized volatility of +55.5% and a current drawdown of -51.8% highlight elevated risk.

- Trend Structure: Bearish on daily/monthly timeframes (price below Supertrend, 50/200 SMAs); short-term bullish bias maintained as price holds above 20-period EMA/SMA.
- Price Action: Extreme downward gap on 2026-11-06 (-0.2%) followed an upward gap; active monthly Inside Bar suggests impending breakout direction.
- Key Levels: Immediate resistance at ₹1,802.8 and ₹1,816.2; immediate support at ₹1,780.6 and ₹1,767.2.
- Risk Profile: High volatility (+55.5% annualized) and deep drawdown (-51.8% current); stock is near the bottom of its yearly range (+9.4%) but upper-middle of its 20-day range (+61.0%).
- Confirmation/Invalidation: A break above ₹1,816.2 could signal a reversal of the short-term dip; a close below ₹1,767.2 would likely confirm continuation of the broader bearish trend.

- Inside Bar
- Bearish Engulfing Reversal
- Harami
- Bullish Engulfing Reversal
- Morning Star

### News Context

Godfrey Phillips India reported its Q2 FY27 results on November 5, 2026, revealing a divergence between top-line growth and bottom-line profitability. Revenue from operations doubled to ₹4,198.17 crore, driven by a tactical pricing strategy intended to offset volumetric pressures. However, net profit fell sharply by 37.73% to ₹189.90 crore. The company attributes this profit contraction primarily to a substantial increase in taxes, which it links to the concurrent rise in illicit trade. Total consolidated income for the first half of FY27 rose twofold to ₹8,139.64 crore. On November 6, 2026, Godfrey Phillips was listed among several Indian companies reporting quarterly financial results as GIFT Nifty futures indicated a weak market opening due to negative global cues.

- Q2 FY27 Net Profit: Declined 37.73% to ₹189.90 crore, attributed to increased tax burdens and illicit trade impacts.
- Revenue Growth: Operations revenue doubled to ₹4,198.17 crore via tactical pricing; H1 FY27 consolidated income reached ₹8,139.64 crore.
- Market Context: Results announced November 5, 2026; stock noted in broader market focus on November 6, 2026, amid weak global cues.

- [GIFT Nifty down 123 pts; Airtel, ONGC, Titan, Hindalco, Britannia among top stock in focus](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-123-pts-airtel-ongc-titan-hindalco-britannia-among-top-stock-in-focus-566080-2026-11-06)
- [Godfrey Phillips Q2 profit down 37% to Rs 190 cr; revenue up twofold at Rs 4,198 cr](https://economictimes.indiatimes.com/markets/stocks/earnings/godfrey-phillips-q2-profit-down-37-to-rs-190-cr-revenue-up-twofold-at-rs-4198-cr/articleshow/135578939.cms)
- [India's Godfrey Phillips posts slump in quarterly profit as cigarette tax hike bites](https://www.moneycontrol.com/news/business/earnings/india-s-godfrey-phillips-posts-slump-in-quarterly-profit-as-cigarette-tax-hike-bites-14071799.html)

### What Changed

Godfrey Phillips India reported unaudited financial results for the quarter and half-year ended September 30, 2026, on November 5, 2026. The company posted a significant divergence in performance metrics: revenue from operations doubled to ₹4,198.17 crore, while net profit fell 37.73% to ₹189.90 crore. This profit contraction is attributed to a substantial increase in taxes following a February 1, 2026 revision in the indirect tax structure on cigarettes, which also contributed to growth in illicit trade. To counter volumetric impacts, the company implemented a tactical pricing strategy that drove the revenue surge. Notably, the tax revision altered the composition of revenue from contracts with customers and excise duty, making the current period's amounts not comparable with prior periods. Concurrently, the Board declared an interim dividend of ₹10 per equity share (500% yield) for FY 2026–27, with a record date of November 12, 2026.

- Profit vs Revenue Divergence: Net profit declined 37.73% to ₹189.90 crore despite revenue doubling to ₹4,198.17 crore due to tactical pricing and tax structure changes.
- Tax Impact & Comparability: A February 1, 2026 indirect tax revision increased taxes and illicit trade pressures; reported figures are not comparable with previous periods due to reclassified revenue components.
- Dividend Declaration: Board approved an interim dividend of ₹10 per equity share (500%) for FY 2026–27, with a record date of November 12, 2026, and payment expected by December 5, 2026.
- Audit Status: Statutory auditor S.R. Batliboi & Co. LLP completed limited reviews without qualification, stating nothing indicated material misstatements.

- [GIFT Nifty down 123 pts; Airtel, ONGC, Titan, Hindalco, Britannia among top stock in focus](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-123-pts-airtel-ongc-titan-hindalco-britannia-among-top-stock-in-focus-566080-2026-11-06)
- [Godfrey Phillips Q2 profit down 37% to Rs 190 cr; revenue up twofold at Rs 4,198 cr](https://economictimes.indiatimes.com/markets/stocks/earnings/godfrey-phillips-q2-profit-down-37-to-rs-190-cr-revenue-up-twofold-at-rs-4198-cr/articleshow/135578939.cms)
- [India's Godfrey Phillips posts slump in quarterly profit as cigarette tax hike bites](https://www.moneycontrol.com/news/business/earnings/india-s-godfrey-phillips-posts-slump-in-quarterly-profit-as-cigarette-tax-hike-bites-14071799.html)
- [Godfrey Phillips India Limited has informed the Exchange about Copy of Newspaper Publication of extract of financial results for the quarter ended 30th September 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_06112026124130_Newspaper_intimation_financials.pdf)
- [Godfrey Phillips India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026174312_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Board of Directors at its meeting held on November 05, 2026, declared Interim Dividend of Rs. 10 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175032_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Record date for the purpose of DI is 12-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175733_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [GODFREY PHILLIPS INDIA LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 05-Nov-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_1204_WebXMLFile_20261105_182359859.xml)

### Official Filings

Godfrey Phillips India Limited’s Board approved unaudited financial results for the half-year ended September 30, 2026, and declared an interim dividend of Rs. 10 per equity share (500% on a Rs. 2 face value) for FY 2026–27. The company reported consolidated Gross Sales Value of Rs 11,929 Crores and Net Profit after tax of Rs 388 Crores for H1 FY27. Management attributed a 41% year-over-year decline in profitability to steep indirect tax increases implemented in Q4 FY26, which also contributed to growth in illicit trade. To mitigate volume impact, the company adopted a calibrated pricing strategy while maintaining brand investments. A February 1, 2026 revision in the indirect tax structure affected revenue composition, making current period figures not directly comparable with prior periods. The statutory auditor, S.R. Batliboi & Co. LLP, completed limited reviews without qualification. The dividend record date is November 12, 2026, with payment expected within 30 days from November 5, 2026.

- Dividend Declaration: Board approved an interim dividend of Rs. 10 per equity share (500%) for FY 2026–27; Record Date is November 12, 2026, with payment due by early December 2026.
- Financial Performance: Consolidated Gross Sales Value was Rs 11,929 Crores and Net Profit after tax was Rs 388 Crores for H1 FY27.
- Profitability Headwinds: Reported a 41% YoY decline in profitability driven by Q4 FY26 tax hikes and rising illicit trade; management is using calibrated pricing to contain volume erosion.
- Comparability Note: Revenue and excise duty figures are not comparable with prior periods due to a February 1, 2026 revision in the indirect tax structure.

- [Godfrey Phillips India Limited has informed the Exchange about Copy of Newspaper Publication of extract of financial results for the quarter ended 30th September 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_06112026124130_Newspaper_intimation_financials.pdf)
- [Godfrey Phillips India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026174312_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Board of Directors at its meeting held on November 05, 2026, declared Interim Dividend of Rs. 10 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175032_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Record date for the purpose of DI is 12-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175733_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [GODFREY PHILLIPS INDIA LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 05-Nov-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_1204_WebXMLFile_20261105_182359859.xml)
- [Godfrey Phillips India Limited has informed the Exchange about Earnings Presentation H1 FY 2026-27 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026184719_Earnings_Presenattion.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754299_05112026093353_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754295_05112026093306_WEB.xml)
- [Godfrey Phillips India Limited has informed the Exchange about Intimation to Shareholders about TDS on Interim Dividend for FY 2026-27. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026215440_TDS_Intimation.pdf)
- [Financial Results/Dividend |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_29102026155649_Intimation_of_Board_Meeting.pdf)

### Fundamentals

Godfrey Phillips India demonstrates a divergence between strong annual earnings growth and recent quarterly margin pressure. For the full year ending March 2026, sales rose to ₹6,391 crore from ₹5,611 crore in March 2025, driving Net Profit up 42% to ₹1,526 crore and EPS to ₹97.84. However, the first two quarters of FY2026-27 show sequential declines in profitability: Q2 Net Profit fell to ₹190 crore from ₹198 crore in Q1, despite revenue increasing sequentially to ₹4,198 crore. This indicates rising expenses outpaced top-line growth in the most recent period.

Financial health remains robust with negligible debt (Borrowings at ₹234 crore as of March 2026) and high capital efficiency (ROCE improved to 30%). The company holds significant liquid assets, including ₹2,584 crore in current financial investments as of September 2026, though cash reserves dropped sharply to ₹9.75 crore. Working capital management has deteriorated, with the Cash Conversion Cycle extending to 230 days in March 2026, driven by longer debtor days (52 days). Promoter holding is stable at 72.58%, while FIIs reduced their stake slightly to 7.86% in September 2026.

- Annual earnings strength: Full-year March 2026 Net Profit grew 42% YoY to ₹1,526 crore, with EPS reaching ₹97.84.
- Recent margin compression: Q2 FY2026-27 Net Profit declined sequentially to ₹190 crore as expenses rose to ₹4,027 crore against revenue of ₹4,198 crore.
- Strong balance sheet: Borrowings are low at ₹234 crore (March 2026), and ROCE improved to 30%; however, working capital efficiency weakened with the Cash Conversion Cycle at 230 days.
- Liquidity shift: Current financial investments increased to ₹2,584 crore (Sept 2026), but cash on hand decreased significantly to ₹9.75 crore.

### Bear Case

Godfrey Phillips India’s financial and technical profile as of November 6, 2026, presents significant cautionary signals for investors. The company reported a sharp 37.73% decline in net profit to ₹189.90 crore for the September quarter of FY27, driven by increased taxes that also fueled illicit trade. While revenue doubled to ₹4,198.17 crore through tactical pricing, this strategy has not offset the margin pressure from fiscal policy changes. On the market side, the stock is under considerable downward pressure, trading at ₹1,790 with a bearish Supertrend across daily, weekly, and monthly timeframes. Technical indicators show strong negative momentum, with the -DI (27.58) significantly outweighing the +DI (19.33). The stock has suffered a massive drawdown of 51.8% from its peak, with a maximum drawdown of 55.2%, and is down 40.8% over the past year. Immediate support lies near ₹1,780, while resistance remains close at ₹1,802.

- Profit slump: Net profit fell 37.73% to ₹189.90 crore in Q2 FY27 due to tax hikes and rising illicit trade, despite revenue doubling to ₹4,198.17 crore.
- Bearish technical setup: Daily, weekly, and monthly Supertrends are bearish; -DI (27.58) dominates +DI (19.33), indicating sustained selling pressure.
- Severe drawdown: The stock is down 40.8% over one year and currently sits 51.8% below its historical high, with a maximum drawdown of 55.2%.
- Key levels: Immediate support is at ₹1,780.60, while nearby resistance is at ₹1,802.80; failure to hold support could expose prices to ₹1,767.20.

- [GIFT Nifty down 123 pts; Airtel, ONGC, Titan, Hindalco, Britannia among top stock in focus](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-123-pts-airtel-ongc-titan-hindalco-britannia-among-top-stock-in-focus-566080-2026-11-06)
- [Godfrey Phillips Q2 profit down 37% to Rs 190 cr; revenue up twofold at Rs 4,198 cr](https://economictimes.indiatimes.com/markets/stocks/earnings/godfrey-phillips-q2-profit-down-37-to-rs-190-cr-revenue-up-twofold-at-rs-4198-cr/articleshow/135578939.cms)
- [India's Godfrey Phillips posts slump in quarterly profit as cigarette tax hike bites](https://www.moneycontrol.com/news/business/earnings/india-s-godfrey-phillips-posts-slump-in-quarterly-profit-as-cigarette-tax-hike-bites-14071799.html)
- [Godfrey Phillips India Limited has informed the Exchange about Copy of Newspaper Publication of extract of financial results for the quarter ended 30th September 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_06112026124130_Newspaper_intimation_financials.pdf)
- [Godfrey Phillips India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026174312_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Board of Directors at its meeting held on November 05, 2026, declared Interim Dividend of Rs. 10 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175032_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Record date for the purpose of DI is 12-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175733_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [GODFREY PHILLIPS INDIA LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 05-Nov-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_1204_WebXMLFile_20261105_182359859.xml)
- [Godfrey Phillips India Limited has informed the Exchange about Earnings Presentation H1 FY 2026-27 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026184719_Earnings_Presenattion.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754299_05112026093353_WEB.xml)

### FAQs

**How did Godfrey Phillips India's financial performance change in the September quarter of FY27?**

For the quarter ended September 30, 2026, revenue from operations doubled to ₹4,198.17 crore, driven by a tactical pricing strategy. However, net profit declined by 37.73% to ₹189.90 crore, primarily due to increased taxes and their impact on illicit trade.

**What interim dividend has been declared for FY2026-27, and what are the key dates?**

The Board approved an interim dividend of ₹10 per equity share (500% on the ₹2 face value) on November 5, 2026. The record date is set for November 12, 2026, with payment to be made within 30 days from November 5, 2026.

**Why are current financial results not comparable to previous periods?**

A revision in the indirect tax structure on cigarettes effective February 1, 2026, altered the composition of revenue from contracts with customers and excise duty. Consequently, amounts reported for the quarters ended June 30 and September 30, 2026, are not comparable with other periods presented.

**What does the technical trend indicate for the stock as of November 6, 2026?**

Technical indicators show a bearish trend across daily, weekly, and monthly timeframes, with the Supertrend direction negative. The stock closed at ₹1,790.00, reflecting a significant -51.8% current drawdown and a -40.8% return over the past year.

- [GIFT Nifty down 123 pts; Airtel, ONGC, Titan, Hindalco, Britannia among top stock in focus](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-123-pts-airtel-ongc-titan-hindalco-britannia-among-top-stock-in-focus-566080-2026-11-06)
- [Godfrey Phillips Q2 profit down 37% to Rs 190 cr; revenue up twofold at Rs 4,198 cr](https://economictimes.indiatimes.com/markets/stocks/earnings/godfrey-phillips-q2-profit-down-37-to-rs-190-cr-revenue-up-twofold-at-rs-4198-cr/articleshow/135578939.cms)
- [India's Godfrey Phillips posts slump in quarterly profit as cigarette tax hike bites](https://www.moneycontrol.com/news/business/earnings/india-s-godfrey-phillips-posts-slump-in-quarterly-profit-as-cigarette-tax-hike-bites-14071799.html)
- [Godfrey Phillips India Limited has informed the Exchange about Copy of Newspaper Publication of extract of financial results for the quarter ended 30th September 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_06112026124130_Newspaper_intimation_financials.pdf)
- [Godfrey Phillips India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026174312_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Board of Directors at its meeting held on November 05, 2026, declared Interim Dividend of Rs. 10 per equity share. |SUBJECT: Dividend](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175032_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [Godfrey Phillips India Limited has informed the Exchange that Record date for the purpose of DI is 12-Nov-2026. |SUBJECT: Record Date](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175733_Outcome_of_Board_Meeting-05-11-2026.pdf)
- [GODFREY PHILLIPS INDIA LIMITED has informed the Exchange regarding Outcome of Board Meeting held on 05-Nov-2026 for Dividend |SUBJECT: Outcome of Board Meeting-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_1204_WebXMLFile_20261105_182359859.xml)
- [Godfrey Phillips India Limited has informed the Exchange about Earnings Presentation H1 FY 2026-27 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026184719_Earnings_Presenattion.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754299_05112026093353_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,802.8
- Risk regime: Higher Price Risk

### Support levels
- 1649.9666666666665
- 1450
- 1375.6416666666664

### Resistance levels
- 1834.5458333333333
- 1887.9479166666665
- 2166.93125

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.22% |
| return_10 | +7.25% |
| return_1m | -5.79% |
| return_1y | -40.79% |
| return_20 | +1.07% |
| return_3m | -21.83% |
| return_5 | +5.90% |
| return_6m | -22.44% |
| return_since_start | +6.65% |
| return_ytd | -21.85% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -55.18% |
| annualized_volatility | +55.55% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Godfrey Phillips India Limited Q2 FY2026-27: Revenue hits a five-quarter high as profit declines

Revenue from operations rose 9.9% QoQ to ₹4,198 crore, the highest in the five-quarter series, while profit for the period fell 4.3% QoQ and 37.7% YoY to ₹190 crore. Operating cash flow was ₹1,037 crore, and free cash flow was ₹607 crore.

## Revenue growth and costs

Revenue from operations increased from ₹3,820 crore in Q1 FY2026-27 to ₹4,198 crore in Q2 FY2026-27, up 157.2% from ₹1,632 crore in Q2 FY2025-26. Total income rose 8.8% QoQ to ₹4,242 crore, including ₹43.6 crore of other income.

Expenses increased 9.6% QoQ to ₹4,027 crore, slightly faster than total income. They included ₹481 crore of materials consumed, ₹455 crore of stock-in-trade purchases, ₹78.9 crore of employee benefit expense and ₹38.9 crore of depreciation. The change in inventories of finished goods, work in progress and stock in trade was a credit of ₹86.4 crore.

## Profit and per-share earnings

Profit before tax was ₹214 crore, down 3.8% from ₹223 crore in Q1 FY2026-27 and 32.9% from ₹319 crore in Q2 FY2025-26. Profit for the period was ₹190 crore, compared with ₹198 crore in the prior quarter and ₹305 crore a year earlier. Profit from continuing operations was ₹160 crore, down 6.2% QoQ.

Finance costs rose to ₹3.6 crore from ₹2.6 crore in Q1 FY2026-27. Tax expense was ₹54.9 crore, versus ₹52.7 crore in the prior quarter, comprising ₹64.9 crore of current tax and a ₹10 crore deferred tax credit. Basic and diluted earnings per share from continuing operations were ₹12.18, down from ₹12.72 in Q1 FY2026-27.

Comprehensive income fell to ₹137 crore from ₹257 crore in Q1 FY2026-27. Other comprehensive income was a charge of ₹52.5 crore in Q2.

## Cash flow and liquidity

Operating cash flow was ₹1,037 crore in Q2 FY2026-27. Investing activities used ₹430 crore and financing activities used ₹536 crore; reported free cash flow was ₹607 crore.

Current investments stood at ₹1,548 crore on 30 September 2026, up from ₹566 crore on 31 March 2026 and ₹1,002 crore on 30 September 2025. Cash and cash equivalents were ₹9.8 crore at quarter-end, with other bank balances of ₹34.1 crore.

## Working capital and balance sheet

Inventories were ₹2,741 crore on 30 September 2026, up from ₹2,264 crore on 31 March 2026 and ₹2,585 crore on 30 September 2025. Trade receivables were ₹759 crore, below ₹907 crore at March-end but above ₹406 crore a year earlier. Trade payables rose to ₹852 crore from ₹532 crore at 31 March 2026 and ₹540 crore at 30 September 2025.

Current assets increased to ₹5,626 crore from ₹4,416 crore at 31 March 2026, while current liabilities rose to ₹2,686 crore from ₹1,811 crore. Total assets were ₹9,116 crore at quarter-end. Non-current investments were ₹2,199 crore, down from ₹2,734 crore at 31 March 2026, alongside the rise in current investments.

## Management commentary

Management attributes pressure on industry profitability to a steep tax increase implemented in Q4 FY2026 and says it has contributed to the growth of illicit trade. The company says it has adopted a calibrated pricing strategy to contain the impact on volumes while continuing to invest in brands, product innovation, market execution and operational efficiencies.

## Key Takeaway

Revenue reached a five-quarter high, but expenses grew faster than income and profit declined both sequentially and year on year. Operating cash flow and the larger current investment balance provide a counterpoint, while higher inventories and current liabilities leave the company with a larger working-capital position at quarter-end.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +72.58%
- FII holding: +7.86%
- DII holding: +3.49%
- Mutual fund holding: +3.29%
- Retail holding: +11.01%
- Promoter pledged: +0.00%

### Major reported shareholders

- K K MODI INVESTMENT AND FINANCIAL SERVICES PRIVATE LIMITED — +29.85% (Bodies Corporate)
- PHILIP MORRIS GLOBAL BRANDS INC — +25.10% (Bodies Corporate)
- GOOD INVESTMENT (INDIA) LTD — +8.29% (Bodies Corporate)
- QUICK INVESTMENT (INDIA) LTD — +4.30% (Bodies Corporate)
- JUPITER INDIA FUND — +2.96%
- THE JUPITER GLOBAL FUND - JUPITER INDIA SELECT — +1.47%
- HSBC MUTUAL FUND - HSBC MIDCAP FUND — +1.46%
- SUPER INVESTMENT (INDIA) LIMITED — +1.01% (Bodies Corporate)
- K K MODI & BINA MODI TRUSTEES -INDOFIL SENIOR EXECUTIVES (OFFICES) WELFARE TRUST — +0.74% (Trusts)
- K K MODI & BINA MODI TRUSTEES -INDOFIL JUNIOR EMPLOYEES (FACTORY) WELFARE TRUST — +0.73% (Trusts)

## Official filings

- 2026-11-06 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_06112026124130_Newspaper_intimation_financials.pdf)
- 2026-11-05 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026174312_Outcome_of_Board_Meeting-05-11-2026.pdf)
- 2026-11-05 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175032_Outcome_of_Board_Meeting-05-11-2026.pdf)
- 2026-11-05 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026175733_Outcome_of_Board_Meeting-05-11-2026.pdf)
- 2026-11-05 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_1204_WebXMLFile_20261105_182359859.xml)
- 2026-11-05 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026184719_Earnings_Presenattion.pdf)
- 2026-11-05 — Financial Results Filing: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754299_05112026093353_WEB.xml)
- 2026-11-05 — Financial Results Filing: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1754295_05112026093306_WEB.xml)
- 2026-11-05 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_05112026215440_TDS_Intimation.pdf)
- 2026-10-29 — Board Meeting Notice: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_29102026155649_Intimation_of_Board_Meeting.pdf)
- 2026-10-29 — Board Meeting Notice: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1204_WebXMLFile_20261029_160459764.xml)
- 2026-10-29 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1204_WebXMLFile_20261029_160459764.xml)
- 2026-10-19 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_19102026111421_Intimation_of_Loss_of_Share_Certificate.pdf)
- 2026-10-14 — Shareholding Disclosure: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1737493_14102026124421_WEB.xml)
- 2026-10-07 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_07102026170848_Regulation_74_5_-30092026.pdf)
- 2026-09-28 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_28092026144634_Closure_of_Trading_Window_sept_2026.pdf)
- 2026-09-28 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1204_WebXMLFile_20260928_144846704.xml)
- 2026-09-08 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_08092026164137_Intimation_of_newspaper_Advertisment-Special_Window.pdf)
- 2026-08-25 — Regulatory Filing: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1717674_25082026041631_WEB.xml)
- 2026-08-25 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_25082026160918_Intimation_to_Stock_Exchange.pdf)
- 2026-08-24 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_24082026173305_AGM_proceedings_2026.pdf)
- 2026-08-22 — Generic Announcement: Godfrey Phillips India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_22082026164145_Intimation_for_Loss_of_Share_Certificate.pdf)
- 2026-08-07 — Generic Announcement: Godfrey Phillips India Limited published a notice on August 7, 2026, regarding the loss of share certificates for specific shareholders, as per SEBI regulations. The company will make this information available on its website. Separately, Royal Cushion Vinyl Products Limited announced a Board of Directors meeting scheduled for August 13, 2026, to approve unaudited financial results for the quarter ending June 30, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_07082026143627_Intimation_for_Duplicate_Share_Certificate-07082026.pdf)
- 2026-08-01 — Generic Announcement: Godfrey Phillips India Limited will hold its 89th Annual General Meeting on August 24, 2026, via Video Conferencing (VC)/Other Audio Visual Means (OAVM). The meeting notice and annual report for the financial year ended March 31, 2025, were sent on July 31, 2026. The company is also providing a remote e-voting facility from August 20 to August 23, 2026. The Board has recommended a final dividend of ₹33 per equity share, subject to member approval. — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_01082026130149_Post_Dispatch-Final.pdf)
- 2026-07-31 — Generic Announcement: Godfrey Phillips India Limited submitted its Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26 on July 31, 2026. The report includes an Independent Practitioner’s Reasonable Assurance Report from S.R. Batliboi & Co. LLP, covering BRSR Core indicators for the year ended March 31, 2026. The company has set targets for environmental commitments including carbon neutrality by 2030, sourcing 50% renewable electricity by 2030, and a 30% reduction in GHG emissions by 2030. Social initiatives include a 95% increase in learning man-hours and continued certification as a 'Great Place to Work'. — [Official attachment](https://nsearchives.nseindia.com/corporate/PANKAJCHAWLA_31072026162858_BRSR-_Intimation.pdf)

## News and market events

- 2026-11-07 — Mint: **Upcoming dividend, bonus, rights record date next week, 9-13 Nov: Dabur, RITES, CONCOR, HUL, ONGC, Emami among others** — At least 75 companies, including Dabur India, HUL, ONGC, and RITES, have fixed record dates for dividend, bonus, or rights issues between November 9 and 13, 2026. Dharti Proteins is the sole entity among these firms with a bonus issue record date on November 13, following its board's approval of a 1:1 ratio. Investors must hold shares before the respective record dates to qualify for these corporate actions. — [Source](https://www.livemint.com/market/stock-market-news/upcoming-dividend-bonus-rights-record-date-next-week-9-13-nov-dabur-rites-concor-hul-ongc-emami-among-others-11794037826095.html)
- 2026-11-06 — BUSINESSTODAY: **GIFT Nifty down 123 pts; Airtel, ONGC, Titan, Hindalco, Britannia among top stock in focus** — Multiple Indian listed companies including Oil & Natural Gas Corporation, Bharti Airtel, Titan Company, Glenmark Pharmaceuticals, Britannia Industries, Kalpataru Projects International, Godfrey Phillips India, KNR Constructions, Lemon Tree Hotels, and Ashoka Buildcon reported quarterly financial results or received significant corporate orders on November 06, 2026. Concurrently, GIFT Nifty futures indicated a weak market opening due to negative global cues. — [Source](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-123-pts-airtel-ongc-titan-hindalco-britannia-among-top-stock-in-focus-566080-2026-11-06)
- 2026-11-05 — Economic Times: **Godfrey Phillips Q2 profit down 37% to Rs 190 cr; revenue up twofold at Rs 4,198 cr** — Godfrey Phillips India reported a 37.73% decline in net profit to Rs 189.90 crore for the September quarter of FY27, primarily due to a substantial increase in taxes that also contributed to growth in illicit trade. Despite the profit drop, revenue from operations doubled to Rs 4,198.17 crore as the company implemented a tactical pricing strategy to counteract volumetric impacts. Total consolidated income for the first half of FY27 rose twofold to Rs 8,139.64 crore. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/godfrey-phillips-q2-profit-down-37-to-rs-190-cr-revenue-up-twofold-at-rs-4198-cr/articleshow/135578939.cms)
- 2026-11-05 — MONEYCONTROL: **India's Godfrey Phillips posts slump in quarterly profit as cigarette tax hike bites** — India's Godfrey Phillips reported a slump in its quarterly profit, which the company attributes to the impact of a cigarette tax hike. This development highlights the financial pressure on tobacco manufacturers following recent fiscal policy changes. — [Source](https://www.moneycontrol.com/news/business/earnings/india-s-godfrey-phillips-posts-slump-in-quarterly-profit-as-cigarette-tax-hike-bites-14071799.html)
- 2026-10-28 — BUSINESSTODAY: **MPW 2026: Here are the women leaders breaking barriers** — Parminder ChopraChairman & Managing Director, Power Finance Corporation Ltd. — [Source](https://www.businesstoday.in/magazine/profile/story/mpw-2026-here-are-the-women-leaders-breaking-barriers-564347-2026-10-28)
- 2026-10-27 — Mint: **Nifty FMCG down 22% in 2026; Diwali shopping opportunity for investors? Experts decode support levels and recovery bets** — The Nifty FMCG index has sharply underperformed Nifty 50, with 13 sector stocks posting negative annual returns. Rising commodity costs, changing consumer preferences and slower growth expectations are squeezing the sector. Experts are watching key support levels for signs of stabilisation. — [Source](https://www.livemint.com/market/stock-market-news/nifty-fmcg-down-22-in-2026-diwali-shopping-opportunity-for-investors-experts-decode-support-levels-and-recovery-bets-11793095230786.html)
- 2026-09-23 — News18: **ITC Share Price Today: Stock Gains 1.6% As Cigarette Stocks Rise** — Godfrey Phillips India also jumps around 1.68% to close at Rs 2,003, while VST Industries is higher by 1.51% at Rs 208.80. — [Source](https://www.news18.com/business/markets/itc-share-price-today-stock-gains-1-6-as-cigarette-stocks-rise-10347661.html)
- 2026-09-23 — Mint: **ITC, Godfrey Phillips shares rise up to 2% | What’s driving the rally?** — ITC and Godfrey Phillips shares rose by 2% on September 23 after ITC increased Gold Flake Premium cigarette prices from  ₹125 to  ₹135. This marks an 8% hike, contributing to a 17.4% increase since January. Recent tax changes affected cigarette pricing strategies. — [Source](https://www.livemint.com/market/stock-market-news/itc-godfrey-phillips-shares-rise-up-to-2-what-s-driving-the-rally-11790156166882.html)
- 2026-09-23 — BUSINESSTODAY: **ITC, Godfrey Phillips shares rise up to 2% on latest cigarette price hike** — ITC shares rise, ITC share price, cigarette price hike, ITC shares, ITC shares, Godfrey Phillips shares rise — [Source](https://www.businesstoday.in/markets/trending-stocks/story/itc-godfrey-phillips-shares-rise-up-to-on-latest-cigarette-price-hike-557273-2026-09-23)
- 2026-09-23 — MONEYCONTROL: **ITC, Godfrey Phillips shares rise up to 2% as report says Gold Flake Premium prices hiked again** — ITC, Godfrey Phillips, cigarette price — [Source](https://www.moneycontrol.com/news/business/markets/itc-godfrey-phillips-shares-rise-up-to-2-as-report-says-gold-flake-premium-prices-hiked-again-14036307.html)
- 2026-08-05 — BUSINESSTODAY: **Godfrey Phillips, HEG, Gujarat Fluoro: Top stocks to trade— Target price, stop loss & more** — Stocks to buy, Stock picks, Stocks to trade, trading views, HEG, Godfrey Phillips India, Gujarat Fluorochemicals, HEG shares, Godfrey Phillips shares, Gujarat Fluorochemicals shares, HEG share price, Godfrey Phillips share price, Gujarat Fluorochemicals share price, HEG stock price, Godfrey Phillips stock price, Gujarat Fluorochemicals stock price, HEG target price, Godfrey Phillips target price, Gujarat Fluorochemicals target price — [Source](https://www.businesstoday.in/markets/stocks/story/godfrey-phillips-heg-gujarat-fluoro-top-stocks-to-trade-target-price-stop-loss-more-547240-2026-08-05)
- 2026-08-04 — Economic Times: **Godfrey Phillips shares jump 7% as Samir Modi seeks peace with mother Bina Modi** — Godfrey Phillips India shares jumped as much as 7% after Samir Modi said he would withdraw all legal cases against his mother, Chairperson Bina Modi, signalling a possible end to the family's long-running succession dispute. Investors welcomed the move as it eased corporate governance concerns surrounding the cigarette maker. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/godfrey-phillips-shares-jump-7-as-samir-modi-seeks-peace-with-mother-bina-modi/articleshow/132849111.cms)
- 2026-07-28 — CNBC-TV18: **Sensex ends flat, Nifty below 24,000: 5 reasons why the stock market was subdued today** — The BSE Sensex fell 70 points to close at 76,766, while the Nifty 50 slipped 11 points to 23,985. The Nifty Bank index declined 332 points to 56,756, while the Nifty Midcap index gained 48 points to 62,352. — [Source](https://www.cnbctv18.com/market/sensex-ends-flat-nifty-below-24000-5-reasons-why-the-stock-market-was-subdued-today-19955785.htm)
- 2026-07-28 — CNBC-TV18: **Q1 Results LIVE Updates: Varun Beverages shares fall 7%; Supreme Ind shares jump on earnings** — Q1 Results LIVE Updates: Two Nifty 50 leaders, Larsen & Toubro and Hindustan Unilever (HUL) will be reporting results today along with broader market names like Ambuja Cements, Suzlon Energy, Varun Beverages, Cholamandalam, Radico Khaitan and many others. BEL, Coal India, Home First Finance, Indus Towers, Coforge and others will be reacting to their results today. Watch this space for all the LIVE earnings updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-hul-larsen-suzlon-varun-bev-bel-coal-india-netweb-ambuja-birlasoft-supreme-indus-tata-power-chemicals-share-price-liveblog-19955220.htm)
- 2026-07-28 — Economic Times: **Godfrey Phillips shares fall 6% as Q1 net profit declines over 44% amid tax-led price increase** — Godfrey Phillips reported a 44.3% year-on-year decline in June-quarter net profit as higher excise duty weighed on earnings, even as gross revenue and total income more than doubled. The cigarette maker said domestic cigarette volumes remained resilient despite a tax-led price increase, while highlighting concerns over the rise in illicit trade. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/godfrey-phillips-shares-fall-6-as-q1-net-profit-declines-over-44-amid-tax-led-price-increase/articleshow/132676227.cms)
- 2026-07-23 — Economic Times: **ITC charts growth strategy as cigarette tax hike hits stock** — ITC Chairman Sanjiv Puri said the company is tackling higher cigarette taxes through calibrated price hikes, product innovation and diversification. ITC will invest Rs 20,000 crore over five years, strengthen FMCG operations and consider an ITC Infotech IPO after achieving scale. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/itc-charts-growth-strategy-as-cigarette-tax-hike-hits-stock/articleshow/132583409.cms)
- 2026-07-15 — Economic Times: **ETMarkets Smart Talk | Tier III India is creating the next wave of millionaires: Centrum Wealth CEO Sandeep Das** — Wealth creation is expanding beyond metros into smaller cities. Family offices are growing significantly, managing wealth more formally. Cross-border investing is increasing for both NRIs and resident Indians. Technology and AI are enhancing personalized client engagement and efficiency. Trust and human judgment remain central to advisory services. — [Source](https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-tier-iii-india-is-creating-the-next-wave-of-millionaires-centrum-wealth-ceo-sandeep-das/articleshow/132382340.cms)

## Business profile

**Strategic vision:** Manufactures and sells tobacco, unmanufactured tobacco, and confectionery.

### Business segments
- **Domestic Business:** Focuses on cigarettes and confectionery products for the Indian market, offering a range of conventional filter and non-filter cigarette brands.
- **International Business:** Manages exports of tobacco and non-tobacco products to over 30 countries and provides contract manufacturing services for tobacco products.

### Competitive strengths
- Extensive manufacturing capabilities across India.
- Over 80 years of operational expertise.
- Comprehensive 'Seed To Smoke' involvement in the manufacturing process.
- Contract manufacturing services for international clients.

## Related stocks

- [Colgate Palmolive (India) Limited (FMCG)](https://faxioms.com/stocks/colpal) — -0.53%
- [Patanjali Foods Limited (FMCG)](https://faxioms.com/stocks/patanjali) — +0.19%
- [United Breweries Limited (FMCG)](https://faxioms.com/stocks/ubl) — -0.62%
- [Britannia Industries Limited (FMCG)](https://faxioms.com/stocks/britannia) — -3.92%
- [Dabur India Limited (FMCG)](https://faxioms.com/stocks/dabur) — -1.21%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/godfryphlp
Markdown representation: https://faxioms.com/stocks/godfryphlp?render=md