Godfrey Phillips Q2 FY27 Results (NSE: GODFRYPHLP)
Signal: Growth reaccelerated
The read
The reported top-line jump to 419,817 lakh, +157.2% YoY, is tax-structure distorted: the investable signal is that cigarette-segment result fell 36.0% to 17,785 lakh and consolidated PAT fell 37.7% to 18,990 lakh, while standalone PAT was weaker at -46.5% YoY; operating recovery cannot be judged until comparable post-restructure periods emerge.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,198.17 Cr | +157.2% | +9.9% |
| Net profit | ₹189.9 Cr | -37.7% | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue rose to 419,817 lakh, +157.2% YoY, but profit before tax fell to 24,482 lakh, -36.1%, and PAT fell to 18,990 lakh, -37.7%, with the company stating that the February 2026 indirect-tax change makes revenue and excise comparisons non-comparable.
Segments
Cigarettes, tobacco and related products drove the group with 416,235 lakh of revenue and 17,785 lakh of result, but its result fell 36.0% YoY; the Others segment contributed only 149 lakh of result and also declined 28.4%.
Key positives
- H1 operating cash flow increased to 103,106 lakh from 52,408 lakh, while H1 PAT was 38,829 lakh, providing cash conversion of approximately 2.7x reported PAT.
- Property, plant and equipment increased to 73,786 lakh from 61,713 lakh and consolidated segment assets increased to 809,317 lakh from 690,745 lakh, with depreciation rising 32.9% YoY to 3,888 lakh.
- Interim dividend of ₹10 per share was declared, equal to 500% of the ₹2 face value.
Key concerns
- Consolidated PAT fell 37.7% YoY to 18,990 lakh despite reported revenue growth of 157.2%, and cigarette-segment result fell 36.0% to 17,785 lakh.
- Standalone PAT declined 46.5% YoY to 16,298 lakh, materially below the consolidated PAT because the group received 3,040 lakh of share of profit from associates.
- The filing says revenue from contracts with customers and excise duty for the current periods are not comparable with prior periods after the February 2026 indirect-tax restructuring.
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