Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹189 Cr.
Stock P/E
9.6
P/B
0.9
Current Price
₹130
Book Value
₹ 148.8
Face Value
10
52W High
₹217.7
52W Low
₹ 122.4
Dividend Yield
0%

NTC Industries Overview

Business

NTC Industries Ltd. is an India-based company primarily engaged in the manufacturing and sale of cigarettes. The company operates in the tobacco sector, producing various brands of cigarettes for the Indian market. Its core business model revolves around sourcing tobacco, manufacturing cigarettes, and distributing them through its sales network to generate revenue.

Revenue Mix

NTC Industries Ltd. operates predominantly in a single business segment: Cigarettes and Tobacco products. The vast majority, if not all, of its revenue is derived from the sale of various cigarette brands. Specific contribution breakdown by individual brand or product type is generally not disclosed.

Industry

The Indian tobacco industry is highly regulated and characterized by significant excise duties and health-related restrictions. It is dominated by a few large players, most notably ITC Ltd., which holds a substantial market share. NTC Industries Ltd. is a smaller, regional player in this competitive landscape, focusing on specific price points and consumer segments. It competes with both organized sector players and illicit trade.

MOAT

NTC Industries Ltd. operates in an industry where strong brands and extensive distribution networks are key advantages. While it may possess some regional brand loyalty and an established distribution system in its operating areas, its overall competitive advantage (moat) is likely limited compared to larger, more diversified players with significantly greater scale, deeper pockets for advertising (within regulatory limits), and broader market reach. Its moats might be centered around efficient manufacturing, cost control, and targeting specific, perhaps less premium, market segments.

Growth Drivers

Market Share Gains: Potential to gain share in specific regional markets or price segments due to competitive pricing or targeted marketing efforts.

Demographic Factors: A large young adult population in India could contribute to demand, although this is offset by increasing health awareness.

Geographical Expansion: Limited expansion into new regions within India where its brands have not yet penetrated significantly.

New Product Introductions: Introducing new cigarette variants or packaging to cater to evolving consumer preferences (within regulatory frameworks).

Risks

Regulatory & Tax Risks: Frequent changes in government regulations, including increased excise duties, stricter advertising bans, larger health warnings, and potential bans on certain product categories, can severely impact profitability and sales.

Health Awareness & Decline in Consumption: Growing public health consciousness and anti-smoking campaigns could lead to a long-term decline in overall cigarette consumption.

Competition: Intense competition from larger, established players with greater financial resources, as well as from illicit cigarette trade, which evades taxes and regulations.

Input Cost Volatility: Fluctuations in tobacco leaf prices and other raw materials can impact manufacturing costs and margins.

Social Stigma: Increasing social stigma associated with tobacco consumption could pressure sales and brand perception.

Management & Ownership

NTC Industries Ltd. is a promoter-driven company. The Promoters and Promoter Group hold a significant stake, indicating a strong family involvement in the company's affairs and strategic direction. While specific details on individual management quality require deeper due diligence, promoter-led companies often benefit from long-term vision but can also face governance challenges.

Outlook

NTC Industries operates in a challenging yet resilient sector in India. The bull case hinges on the company's ability to maintain or incrementally grow its market share in its established regions, effectively manage its cost structure, and navigate the complex regulatory environment. Its focus on specific market segments or price points could provide stability. However, the bear case is driven by the inherent headwinds of the tobacco industry: persistent regulatory pressures, increasing taxation, growing health consciousness leading to declining overall consumption, and fierce competition from both organized and illicit players. The company's smaller scale compared to industry giants also makes it more vulnerable to these external factors. While demand for tobacco products remains steady among certain segments, the long-term outlook for growth is constrained by these systemic pressures.

NTC Industries Share Price

Live · BSE / NSE · Inception: 1991
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

NTC Industries Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 14 8 16 14 24 29 27 27 32 27
Other Income 2 1 2 2 4 4 3 3 2 3
Total Income 15 9 18 16 28 33 30 30 35 30
Total Expenditure 12 6 13 11 18 24 22 23 25 20
Operating Profit 3 3 4 5 9 10 7 7 9 10
Interest 0 1 1 2 2 2 2 2 2 1
Depreciation 1 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses -5 0 0 0 0 0 0 0 0 0
Profit Before Tax -2 2 2 3 7 8 5 5 7 8
Provision for Tax 1 0 0 0 2 2 1 1 2 2
Profit After Tax -3 2 2 2 6 6 4 4 6 6
Adjustments -0 0 0 0 -0 -0 0 -0 0 -0
Profit After Adjustments -3 2 2 2 6 6 4 4 6 6
Adjusted Earnings Per Share -2.2 1.3 1.6 1.6 3.8 3.9 3 2.6 3.9 4.2

NTC Industries Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 18 23 24 22 21 29 31 49 42 60 113 113
Other Income 3 4 5 10 6 4 6 5 7 8 12 11
Total Income 22 27 28 32 27 33 37 54 50 68 125 125
Total Expenditure 13 17 18 17 20 19 23 43 37 46 91 90
Operating Profit 9 10 11 15 7 15 14 11 12 22 34 33
Interest 4 3 2 2 1 1 0 0 0 6 6 7
Depreciation 2 2 2 2 2 2 2 2 2 2 1 0
Exceptional Income / Expenses 0 0 -2 0 2 0 0 0 -3 0 0 0
Profit Before Tax 3 5 5 11 6 12 12 9 7 14 26 25
Provision for Tax 1 1 1 2 1 4 3 2 2 3 6 6
Profit After Tax 2 4 4 9 4 8 9 6 5 11 20 20
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 2 4 4 9 4 8 9 6 5 11 20 20
Adjusted Earnings Per Share 1.6 3.6 3.4 8 4.1 6.7 7.5 5.3 4.2 7.8 13.5 13.7

NTC Industries Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 35 42 46 54 57 71 83 89 103 210 210
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 10 18 14 10 5 2 2 2 0 74 70
Other Non-Current Liabilities 2 2 2 2 2 2 3 3 4 14 10
Total Current Liabilities 32 21 20 17 23 31 22 26 64 32 32
Total Liabilities 79 83 82 82 87 105 109 120 171 330 322
Fixed Assets 35 35 34 31 30 28 29 8 9 8 8
Other Non-Current Assets 9 11 7 6 7 10 10 34 141 233 211
Total Current Assets 36 36 42 45 50 67 70 77 21 88 102
Total Assets 79 83 82 82 87 105 109 120 171 330 322

NTC Industries Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 1 0 1 1 0 1 7 -2 -2 -2 -3
Cash Flow from Operating Activities 4 6 2 -4 1 2 3 4 90 -2 -8
Cash Flow from Investing Activities -0 2 4 11 5 1 -6 -3 -90 -29 16
Cash Flow from Financing Activities -5 -8 -5 -7 -6 3 -3 -1 -1 30 -8
Net Cash Inflow / Outflow -1 0 1 -1 0 6 -5 0 0 -1 0
Closing Cash & Cash Equivalent 0 1 1 0 1 7 1 -2 -2 -3 -2

NTC Industries Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 1.6 3.55 3.43 8.02 4.1 6.73 7.55 5.3 4.24 7.83 13.47
CEPS(Rs) 3.29 5.28 5.18 9.77 5.89 8.32 9.25 7 6 8.9 14.49
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 32.24 38.97 42.62 50.18 52.86 59.35 69.14 74.38 85.91 144.76 144.57
Core EBITDA Margin(%) 19.12 20.66 23.65 21.9 5.79 33.52 24.35 12.67 10.22 22.52 18.39
EBIT Margin(%) 24.41 26.85 26.96 58.26 31.05 41.64 35.83 17.71 15.8 32.25 27.68
Pre Tax Margin(%) 9.1 16.24 18.19 50.17 25.21 39.26 34.97 16.83 14.8 22.79 22.09
PAT Margin (%) 6.17 12.21 14.34 38.94 19.87 26.21 27.21 12.11 11.14 18.12 16.86
Cash Profit Margin (%) 12.64 18.13 21.7 47.47 28.5 32.42 33.36 16.02 15.77 20.61 18.13
ROA(%) 2.15 4.72 4.46 10.48 5.22 8.35 8.41 5.53 3.48 4.54 6.01
ROE(%) 5.1 9.98 8.4 17.28 7.97 12.59 11.74 7.38 5.29 7.27 9.31
ROCE(%) 10.74 12.89 10.71 19.99 10.63 18.35 14.5 10.06 5.87 9.22 11.14
Receivable days 32.76 17.61 39.6 56.51 54.81 66.87 75.94 40.03 52.26 56.84 35.43
Inventory Days 54.77 48.12 44.92 41.29 45.54 65.86 67.84 39.94 54.13 44.32 30.36
Payable days 228.11 133.37 123.63 76.59 132.05 246.83 150.11 23.81 51.26 64.02 39.78
PER(x) 18.8 10.46 12.35 5.38 5.12 8.32 12.23 13.64 25.46 24.65 10.9
Price/Book(x) 0.94 0.95 0.99 0.86 0.4 0.94 1.33 0.97 1.26 1.33 1.02
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 3.34 2.75 2.56 2.65 1.34 2.25 3.67 1.82 4.14 5.97 2.55
EV/Core EBITDA(x) 7.1 6.18 5.71 3.89 4.09 4.4 8.24 7.99 14.42 16.46 8.55
Net Sales Growth(%) -27.04 25.67 3.51 -8.8 -2.12 35.3 8.4 58.4 -14.76 42.62 87.47
EBIT Growth(%) 103.57 23.11 -17.53 86.18 -46.54 85.24 -7.06 -22.09 -22.41 182 58.73
PAT Growth(%) -25.88 121.47 -3.5 133.88 -48.81 82.15 12.13 -29.82 -19.99 124.68 72.07
EPS Growth(%) -25.88 121.47 -3.5 133.88 -48.81 63.94 12.13 -29.82 -19.99 84.83 72.07
Debt/Equity(x) 0.85 0.58 0.38 0.22 0.12 0.06 0.07 0.07 0.45 0.38 0.37
Current Ratio(x) 1.12 1.78 2.08 2.72 2.16 2.2 3.21 2.97 0.33 2.77 3.19
Quick Ratio(x) 0.98 1.6 1.95 2.57 2.02 1.94 3 2.7 0.23 2.49 2.86
Interest Cover(x) 1.59 2.53 3.07 7.2 5.32 17.47 41.63 20.19 15.84 3.41 4.94
Total Debt/Mcap(x) 0.91 0.61 0.38 0.26 0.31 0.07 0.05 0.08 0.36 0.29 0.36

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +88% +32% +31% +20%
Operating Profit CAGR +55% +46% +18% +14%
PAT CAGR +82% +49% +20% +26%
Share Price CAGR -29% +13% 0% +8%
ROE Average +9% +7% +8% +9%
ROCE Average +11% +9% +10% +12%

NTC Industries Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 54.34 %
FII 5.67 %
DII (MF + Insurance) 0 %
Public (retail) 39.98 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 65.965.966.0655.154.3454.3454.3454.3454.3454.34
FII 0.020.020.023.163.115.945.945.945.475.67
DII 0.02000000000
Public 34.0734.0933.9241.7442.5439.7139.7139.7140.1839.98
Others 0000000000
Total 100100100100100100100100100100

NTC Industries Peer Comparison

Cigarettes/Tobacco Edit Columns

NTC Industries Quarterly Price

10-year quarterly close · BSE
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News & Updates

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NTC Industries Pros & Cons

Pros

  • Stock is trading at 0.9 times its book value
  • Debtor days have improved from 64.02 to 39.78days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
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