GODFRYPHLPGodfrey Phillips India Ltd.
Godfrey Phillips India Q2 FY27 Results: Consolidated Net Profit ₹190 Crore on Total Income of ₹4,242 Crore
- Earnings
- Tobacco
Reviewed byKeshav SehgalBlacklitt Research
Godfrey Phillips India (NSE: GODFRYPHLP) reported consolidated total income of ₹4,242 crore and net profit of ₹190 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹4,246 crore and net profit ₹163 crore. The results were approved by the board on 05 Nov 2026, and the company said in a filing on 05 Nov 2026 that it had declared an interim dividend of ₹10 per share.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹4,241.81 crore, up 154.1% YoY and 8.8% QoQ
- Net profit and EPS: ₹189.90 crore, down 37.7% YoY and 4.3% QoQ; basic EPS ₹12.18
- Other income: ₹43.64 crore, up 17.4% YoY and down 44.2% QoQ
- Finance costs: ₹3.57 crore, against ₹2.77 crore a year earlier
Standalone
The company on its own, without its subsidiaries
- Total income: ₹4,245.96 crore, up 144.6% YoY and 8.7% QoQ
- Net profit and EPS: ₹162.98 crore, down 46.5% YoY and 8.1% QoQ; basic EPS ₹10.45
- Other income: ₹43.52 crore, down 57.6% YoY and 51.9% QoQ
- Finance costs: ₹3.52 crore, against ₹2.72 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 4,242 | 1,669 | +154.1% | 3,898 | +8.8% | |
| Revenue from operations | 4,198 | 1,632 | +157.2% | 3,820 | +9.9% |
| Other income | 44 | 37 | +17.4% | 78 | -44.2% |
| 190 | 305 | -37.7% | 198 | -4.3% | |
| Profit before tax | 245 | 383 | -36.1% | 251 | -2.5% |
| Finance costs | 4 | 3 | +28.9% | 3 | +37.8% |
| Depreciation | 39 | 29 | +32.9% | 34 | +13.4% |
| Tax expense | 55 | 78 | -29.9% | 53 | +4.2% |
| Net profit margin | 4.48% | 18.27% | -13.79 pp | 5.09% | -0.61 pp |
| EPS, basic (₹) | 12.18 | 19.56 | -37.7% | 12.72 | -4.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income more than doubled from the year-ago quarter, but net profit fell. Revenue from operations rose 157.2% to ₹4,198 crore, faster than other income, which rose 17.4% to ₹44 crore. Profit before tax fell 36.1% to ₹245 crore, and net profit fell 37.7% to ₹190 crore.
The filing says revenue from operations and excise duty for the quarter, and for the quarter ended 30 Jun 2026, are not comparable with earlier periods because of a revision in the indirect tax structure on cigarettes effective 1 Feb 2026. The filing does not quantify the effect of that revision on margins.
Other income is a small share of the result. At ₹43.64 crore it is 17.8% of profit before tax of ₹244.82 crore. The consolidated share of profit of associates, net of tax, was ₹30.40 crore for the quarter, and the consolidated other comprehensive loss was ₹52.54 crore, mainly from fair value changes in equity instruments, according to the filing.
Against the quarter ended 30 Jun 2026, consolidated net profit fell 4.3% while total income rose 8.8%. Net profit margin was 4.48%, against 18.27% a year earlier and 5.09% in the June quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 4,246 | 1,736 | +144.6% | 3,905 | +8.7% | |
| Revenue from operations | 4,202 | 1,633 | +157.3% | 3,815 | +10.2% |
| Other income | 44 | 103 | -57.6% | 90 | -51.9% |
| 163 | 304 | -46.5% | 177 | -8.1% | |
| Profit before tax | 218 | 382 | -42.8% | 229 | -4.7% |
| Finance costs | 4 | 3 | +29.4% | 3 | +38.0% |
| Depreciation | 38 | 28 | +33.6% | 33 | +13.6% |
| Tax expense | 55 | 77 | -28.4% | 52 | +6.9% |
| Net profit margin | 3.84% | 17.54% | -13.70 pp | 4.54% | -0.70 pp |
| EPS, basic (₹) | 10.45 | 19.52 | -46.5% | 11.37 | -8.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 46.5% to ₹163 crore, more than the 42.8% fall in profit before tax to ₹218 crore. Total income rose 144.6% to ₹4,246 crore on revenue from operations of ₹4,202 crore.
Standalone other income was ₹44 crore, against ₹103 crore a year earlier, and is 1.0% of total income. Other income is 19.9% of profit before tax of ₹218.27 crore. Standalone tax expense of ₹55.29 crore is 25.3% of profit before tax.
Consolidated net profit of ₹190 crore is ₹27 crore higher than standalone net profit of ₹163 crore. The consolidated net profit fell less than standalone net profit in both comparisons: 37.7% against 46.5% year on year, and 4.3% against 8.1% quarter on quarter.
The standalone EPS was ₹10.45, against ₹19.52 a year earlier, a fall of 46.5%.
The company's cigarettes, tobacco and related products segment accounts for most of revenue from operations, according to the filing. The Chairperson and Managing Director is Dr. Bina Modi.
The half year figures in the filing show standalone total income of ₹8,151.06 crore and net profit of ₹340.37 crore. Dividend paid in the half year ended 30 Sep 2026 was ₹512.53 crore, against ₹310.70 crore a year earlier.
Inference
The board declared an interim dividend of ₹10 per equity share of ₹2 each for FY 2026-27, with a record date of 12 Nov 2026 and payment within 30 days of 05 Nov 2026. The filing does not state how the company will fund the payment beyond its cash position, nor whether further interim dividends are planned.
The filing gives no reason for the sharp fall in standalone revenue and profit from the year-ago quarter beyond the indirect tax revision note, and does not state the expected impact of that revision on future quarters.
Filed with BSE on . Reference: Original filing (PDF)
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