# Cigarettes & Tobacco Products — company-by-company sector analysis

> Cigarettes & Tobacco Products: ITC Ltd owns the largest revenue base; Godfrey Phillips India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Cigarettes & Tobacco Products has underperformed NIFTY 500 by 19.4% over 52 weeks and 5.9% over 13 weeks. 0 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. ITC Ltd leads with revenue of ₹78,869 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Cigarettes & Tobacco Products sector outperforming NIFTY 500?

Cigarettes & Tobacco Products has underperformed NIFTY 500 by 19.4% over 52 weeks and 5.9% over 13 weeks. 0 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Cigarettes & Tobacco Products company is largest by revenue?

ITC Ltd leads with revenue of ₹78,869 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Cigarettes & Tobacco Products company is growing fastest?

Godfrey Phillips India Ltd has the fastest current revenue growth at 13.9%, across 3 of 3 comparable companies.

### Which Cigarettes & Tobacco Products company has the strongest 4-Factor Sector Score?

Godfrey Phillips India Ltd ranks first at 72.9/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Cigarettes & Tobacco Products company has the least gross debt?

VST Industries Ltd has the lowest comparable gross debt at ₹0 crore. ITC Ltd has the highest at ₹2,399 crore.

### Which Cigarettes & Tobacco Products company has the lowest comparable PEG?

VST Industries Ltd has the lowest comparable Guarded PEG at 1.09, among 3 of 3 companies that pass the metric’s comparability rules.

### How much history does this Cigarettes & Tobacco Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Cigarettes & Tobacco Products has underperformed NIFTY 500 by 19.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.9%. 0 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. VST Industries Ltd is the strongest against the sector itself at +1.8%.

13-week sector return versus NIFTY 500: -5.9%
52-week sector return versus NIFTY 500: -19%
Stocks leading NIFTY: 0/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹3.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Godfrey Phillips India Ltd (GODFRYPHLP): 73/100 — Favorable setup; evidence 97%
   - Growth & earnings 32.8/35 | Capital efficiency 20.9/25 | Valuation 13.2/20 | Relative strength 6.0/20
   - Exact sum: 32.8 + 20.9 + 13.2 + 6 = 72.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.3% and the one-year return is -31.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. VST Industries Ltd (VSTIND): 64/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 20.8/35 | Capital efficiency 21.0/25 | Valuation 16.4/20 | Relative strength 6.1/20
   - Exact sum: 20.8 + 21 + 16.4 + 6.1 = 64.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. ITC Ltd (ITC): 54/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 15.6/35 | Capital efficiency 22.5/25 | Valuation 7.9/20 | Relative strength 7.5/20
   - Exact sum: 15.6 + 22.5 + 7.9 + 7.5 = 53.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: ITC Ltd is the scale leader at ₹78,869 crore, 12.3× the revenue of Godfrey Phillips India Ltd. Godfrey Phillips India Ltd's growth is 13.9% from a ₹6,391 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ITC Ltd is the scale benchmark; Godfrey Phillips India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ITC Ltd's growth falls below Godfrey Phillips India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: ITC Ltd · ₹78,869 crore | 12.3× versus #2 · Godfrey Phillips India Ltd | 6/8 recent comparable periods | 3/3 companies · 60 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. ITC Ltd (ITC): ₹78.9K Cr
2. Godfrey Phillips India Ltd (GODFRYPHLP): ₹6.4K Cr
3. VST Industries Ltd (VSTIND): ₹1.5K Cr

### Revenue growth — fastest growers
1. Godfrey Phillips India Ltd (GODFRYPHLP): 14%
2. VST Industries Ltd (VSTIND): 4.8%
3. ITC Ltd (ITC): 4.7%

### 20-quarter Revenue history
- ITC: Jun 2021 ₹13.2K Cr | Sep 2021 ₹13.8K Cr | Dec 2021 ₹17.1K Cr | Mar 2022 ₹16.6K Cr | Jun 2022 ₹18.5K Cr | Sep 2022 ₹17.1K Cr | Dec 2022 ₹17.7K Cr | Mar 2023 ₹17.6K Cr | Jun 2023 ₹17.2K Cr | Sep 2023 ₹17.8K Cr | Dec 2023 ₹17.2K Cr | Mar 2024 ₹17.0K Cr | Jun 2024 ₹17.8K Cr | Sep 2024 ₹20.0K Cr | Dec 2024 ₹18.8K Cr | Mar 2025 ₹18.8K Cr | Jun 2025 ₹21.5K Cr | Sep 2025 ₹19.5K Cr | Dec 2025 ₹20.0K Cr | Mar 2026 ₹17.8K Cr
- GODFRYPHLP: Jun 2021 ₹611 Cr | Sep 2021 ₹646 Cr | Dec 2021 ₹706 Cr | Mar 2022 ₹724 Cr | Jun 2022 ₹828 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹920 Cr | Mar 2023 ₹796 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹875 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr
- VSTIND: Jun 2021 ₹275 Cr | Sep 2021 ₹272 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹303 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹344 Cr | Dec 2022 ₹346 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹350 Cr | Dec 2023 ₹363 Cr | Mar 2024 ₹375 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹349 Cr | Jun 2025 ₹298 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹373 Cr | Mar 2026 ₹457 Cr

### 20-quarter Revenue growth history
- ITC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 24% | Dec 2022 3.5% | Mar 2023 6.5% | Jun 2023 -7.2% | Sep 2023 3.9% | Dec 2023 -2.9% | Mar 2024 -3.4% | Jun 2024 3.6% | Sep 2024 12% | Dec 2024 9.3% | Mar 2025 10% | Jun 2025 21% | Sep 2025 -2.4% | Dec 2025 6.7% | Mar 2026 -5.0%
- GODFRYPHLP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 58% | Dec 2022 30% | Mar 2023 9.9% | Jun 2023 26% | Sep 2023 14% | Dec 2023 36% | Mar 2024 9.9% | Jun 2024 4.0% | Sep 2024 17% | Dec 2024 27% | Mar 2025 80% | Jun 2025 37% | Sep 2025 -5.2% | Dec 2025 15% | Mar 2026 14%
- VSTIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 26% | Dec 2022 5.2% | Mar 2023 -0.3% | Jun 2023 11% | Sep 2023 1.7% | Dec 2023 4.9% | Mar 2024 24% | Jun 2024 -3.6% | Sep 2024 2.9% | Dec 2024 1.1% | Mar 2025 -6.9% | Jun 2025 -7.2% | Sep 2025 -6.7% | Dec 2025 1.6% | Mar 2026 31%

## Operating Economics & Margin Trend

What the numbers say: VST Industries Ltd leads both opm at 46% and margin change at +26 percentage points.

Investor read: VST Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: VST Industries Ltd · 46% | 17.9% versus #2 · ITC Ltd | 4/8 recent comparable periods | 3/3 companies · 60 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. VST Industries Ltd (VSTIND): 46%
2. ITC Ltd (ITC): 39%
3. Godfrey Phillips India Ltd (GODFRYPHLP): 31%

### Margin change — fastest expanders
1. VST Industries Ltd (VSTIND): +26.0 pp
2. Godfrey Phillips India Ltd (GODFRYPHLP): +14.0 pp
3. ITC Ltd (ITC): +4.0 pp

### 20-quarter OPM history
- ITC: Jun 2021 34% | Sep 2021 36% | Dec 2021 33% | Mar 2022 34% | Jun 2022 33% | Sep 2022 37% | Dec 2022 38% | Mar 2023 38% | Jun 2023 39% | Sep 2023 36% | Dec 2023 36% | Mar 2024 37% | Jun 2024 37% | Sep 2024 33% | Dec 2024 34% | Mar 2025 35% | Jun 2025 32% | Sep 2025 34% | Dec 2025 34% | Mar 2026 39%
- GODFRYPHLP: Jun 2021 24% | Sep 2021 23% | Dec 2021 25% | Mar 2022 23% | Jun 2022 24% | Sep 2022 24% | Dec 2022 23% | Mar 2023 19% | Jun 2023 24% | Sep 2023 19% | Dec 2023 18% | Mar 2024 22% | Jun 2024 25% | Sep 2024 20% | Dec 2024 23% | Mar 2025 17% | Jun 2025 23% | Sep 2025 24% | Dec 2025 21% | Mar 2026 31%
- VSTIND: Jun 2021 33% | Sep 2021 38% | Dec 2021 33% | Mar 2022 35% | Jun 2022 38% | Sep 2022 27% | Dec 2022 27% | Mar 2023 27% | Jun 2023 32% | Sep 2023 23% | Dec 2023 20% | Mar 2024 26% | Jun 2024 23% | Sep 2024 19% | Dec 2024 19% | Mar 2025 20% | Jun 2025 26% | Sep 2025 23% | Dec 2025 23% | Mar 2026 46%

### 20-quarter Margin change history
- ITC: Jun 2021 +5.4 pp | Sep 2021 +0.0 pp | Dec 2021 −3.9 pp | Mar 2022 −0.1 pp | Jun 2022 −0.7 pp | Sep 2022 +0.1 pp | Dec 2022 +5.3 pp | Mar 2023 +4.2 pp | Jun 2023 +6.1 pp | Sep 2023 −0.6 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 −5.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp
- GODFRYPHLP: Jun 2021 +8.7 pp | Sep 2021 +0.8 pp | Dec 2021 +1.1 pp | Mar 2022 +0.4 pp | Jun 2022 +0.3 pp | Sep 2022 +0.8 pp | Dec 2022 −1.8 pp | Mar 2023 −3.6 pp | Jun 2023 −0.3 pp | Sep 2023 −4.6 pp | Dec 2023 −5.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +5.0 pp | Mar 2025 −5.0 pp | Jun 2025 −2.0 pp | Sep 2025 +4.0 pp | Dec 2025 −2.0 pp | Mar 2026 +14.0 pp
- VSTIND: Jun 2021 −7.0 pp | Sep 2021 +0.8 pp | Dec 2021 −1.6 pp | Mar 2022 −0.2 pp | Jun 2022 +4.1 pp | Sep 2022 −11.4 pp | Dec 2022 −6.2 pp | Mar 2023 −8.1 pp | Jun 2023 −5.5 pp | Sep 2023 −4.0 pp | Dec 2023 −7.0 pp | Mar 2024 −1.0 pp | Jun 2024 −9.0 pp | Sep 2024 −4.0 pp | Dec 2024 −1.0 pp | Mar 2025 −6.0 pp | Jun 2025 +3.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +26.0 pp

## Profit Scale & Acceleration

What the numbers say: ITC Ltd leads with ₹21,018 crore of TTM profit, 13.8× the profit of Godfrey Phillips India Ltd. Godfrey Phillips India Ltd shows 42.1% growth from a ₹1,525 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ITC Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: ITC Ltd · ₹21,018 crore | 13.8× versus #2 · Godfrey Phillips India Ltd | 5/8 recent comparable periods | 3/3 companies · 60 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. ITC Ltd (ITC): ₹21.0K Cr
2. Godfrey Phillips India Ltd (GODFRYPHLP): ₹1.5K Cr
3. VST Industries Ltd (VSTIND): ₹292 Cr

### Profit growth — fastest growers
1. Godfrey Phillips India Ltd (GODFRYPHLP): 42%
2. VST Industries Ltd (VSTIND): 0.3%
3. ITC Ltd (ITC): -40%

### 20-quarter Net profit history
- ITC: Jun 2021 ₹3.3K Cr | Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹19.8K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.5K Cr
- GODFRYPHLP: Jun 2021 ₹112 Cr | Sep 2021 ₹105 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹202 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹229 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹316 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹343 Cr | Mar 2026 ₹521 Cr
- VSTIND: Jun 2021 ₹70 Cr | Sep 2021 ₹80 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹117 Cr

### 20-quarter Profit growth history
- ITC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 24% | Dec 2022 23% | Mar 2023 23% | Jun 2023 16% | Sep 2023 6.0% | Dec 2023 6.4% | Mar 2024 -1.0% | Jun 2024 -0.3% | Sep 2024 1.8% | Dec 2024 -7.3% | Mar 2025 282% | Jun 2025 3.2% | Sep 2025 2.6% | Dec 2025 0.1% | Mar 2026 -72%
- GODFRYPHLP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 92% | Dec 2022 70% | Mar 2023 41% | Jun 2023 79% | Sep 2023 0.0% | Dec 2023 6.5% | Mar 2024 46% | Jun 2024 -9.8% | Sep 2024 23% | Dec 2024 49% | Mar 2025 30% | Jun 2025 55% | Sep 2025 23% | Dec 2025 8.5% | Mar 2026 86%
- VSTIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 15% | Dec 2022 -4.8% | Mar 2023 -21% | Jun 2023 -3.5% | Sep 2023 -17% | Dec 2023 -32% | Mar 2024 28% | Jun 2024 -36% | Sep 2024 -37% | Dec 2024 152% | Mar 2025 -40% | Jun 2025 3.7% | Sep 2025 23% | Dec 2025 -56% | Mar 2026 121%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: ITC Ltd has the clearest covered balance-sheet capacity with ₹22,112 crore net cash and gross debt of ₹2,399 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: VST Industries Ltd · ₹0 crore | 100% versus #2 · Godfrey Phillips India Ltd | Not enough history | 3/3 companies · 46 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. VST Industries Ltd (VSTIND): ₹0 Cr
2. Godfrey Phillips India Ltd (GODFRYPHLP): ₹234 Cr
3. ITC Ltd (ITC): ₹2.4K Cr

### Net debt — lowest net debt
1. ITC Ltd (ITC): ₹-22.1K Cr
2. Godfrey Phillips India Ltd (GODFRYPHLP): ₹-364 Cr

### 20-quarter Gross debt history
- ITC: Jun 2021 ₹271 Cr | Sep 2021 ₹269 Cr | Dec 2021 ₹269 Cr | Mar 2022 ₹249 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹306 Cr | Jun 2023 ₹306 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹284 Cr | Mar 2024 ₹303 Cr | Jun 2024 ₹304 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹304 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹285 Cr | Sep 2025 ₹363 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹2.4K Cr
- GODFRYPHLP: Jun 2021 ₹396 Cr | Sep 2021 ₹406 Cr | Dec 2021 ₹406 Cr | Mar 2022 ₹337 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹358 Cr | Dec 2022 ₹358 Cr | Mar 2023 ₹355 Cr | Jun 2023 ₹355 Cr | Sep 2023 ₹347 Cr | Dec 2023 ₹347 Cr | Mar 2024 ₹345 Cr | Jun 2024 ₹345 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹248 Cr | Mar 2025 ₹179 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹234 Cr
- VSTIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr

### 20-quarter Net debt history
- ITC: Jun 2021 ₹-19.6K Cr | Sep 2021 ₹-16.5K Cr | Dec 2021 ₹-16.5K Cr | Mar 2022 ₹-18.0K Cr | Jun 2022 ₹-18.0K Cr | Sep 2022 ₹-16.0K Cr | Dec 2022 ₹-16.0K Cr | Mar 2023 ₹-21.6K Cr | Jun 2023 ₹-21.6K Cr | Sep 2023 ₹-18.4K Cr | Dec 2023 ₹-18.4K Cr | Mar 2024 ₹-19.6K Cr | Jun 2024 ₹-19.6K Cr | Sep 2024 ₹-18.8K Cr | Dec 2024 ₹-18.8K Cr | Mar 2025 ₹-20.2K Cr | Jun 2025 ₹-20.2K Cr | Sep 2025 ₹-18.2K Cr | Dec 2025 ₹-18.2K Cr | Mar 2026 ₹-22.1K Cr
- GODFRYPHLP: Jun 2021 ₹-90 Cr | Sep 2021 ₹-346 Cr | Dec 2021 ₹-346 Cr | Mar 2022 ₹-162 Cr | Jun 2022 ₹-183 Cr | Sep 2022 ₹-142 Cr | Dec 2022 ₹-142 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹-903 Cr | Dec 2025 ₹-903 Cr | Mar 2026 ₹-364 Cr

## Return On Capital Employed

What the numbers say: ITC Ltd leads ROCE at 38.9%, 6.1 percentage points above Godfrey Phillips India Ltd. VST Industries Ltd has the strongest latest improvement at +6.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: ITC Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: ITC Ltd · 38.9% | 18.6% versus #2 · Godfrey Phillips India Ltd | 5/8 recent comparable periods | 3/3 companies · 45 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. ITC Ltd (ITC): 39%
2. Godfrey Phillips India Ltd (GODFRYPHLP): 33%
3. VST Industries Ltd (VSTIND): 28%

### ROCE change — fastest improvers
1. VST Industries Ltd (VSTIND): +6.3 pp
2. Godfrey Phillips India Ltd (GODFRYPHLP): +3.9 pp
3. ITC Ltd (ITC): +0.1 pp

### 20-quarter ROCE history
- ITC: Jun 2021 — | Sep 2021 28% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 33% | Jun 2023 — | Sep 2023 34% | Dec 2023 38% | Mar 2024 36% | Jun 2024 36% | Sep 2024 23% | Dec 2024 36% | Mar 2025 33% | Jun 2025 56% | Sep 2025 33% | Dec 2025 55% | Mar 2026 33%
- GODFRYPHLP: Jun 2021 — | Sep 2021 16% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 24% | Mar 2024 25% | Jun 2024 25% | Sep 2024 13% | Dec 2024 29% | Mar 2025 19% | Jun 2025 31% | Sep 2025 19% | Dec 2025 29% | Mar 2026 23%
- VSTIND: Jun 2021 — | Sep 2021 39% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 37% | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 29% | Dec 2023 34% | Mar 2024 25% | Jun 2024 29% | Sep 2024 23% | Dec 2024 37% | Mar 2025 17% | Jun 2025 29% | Sep 2025 19% | Dec 2025 25% | Mar 2026 24%

### 20-quarter ROCE change history
- ITC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 — | Mar 2023 +4.1 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 −10.7 pp | Dec 2024 −2.4 pp | Mar 2025 −2.9 pp | Jun 2025 +19.6 pp | Sep 2025 +9.2 pp | Dec 2025 +18.9 pp | Mar 2026 +0.1 pp
- GODFRYPHLP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 — | Mar 2023 +2.0 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 +7.5 pp | Jun 2024 — | Sep 2024 −3.9 pp | Dec 2024 +4.3 pp | Mar 2025 −5.9 pp | Jun 2025 +6.0 pp | Sep 2025 +5.6 pp | Dec 2025 +0.7 pp | Mar 2026 +3.9 pp
- VSTIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 −5.5 pp | Jun 2023 — | Sep 2023 −8.0 pp | Dec 2023 — | Mar 2024 −4.6 pp | Jun 2024 — | Sep 2024 −5.9 pp | Dec 2024 +2.8 pp | Mar 2025 −7.3 pp | Jun 2025 −0.3 pp | Sep 2025 −4.1 pp | Dec 2025 −11.9 pp | Mar 2026 +6.3 pp

## Valuation Against Growth & Quality

What the numbers say: VST Industries Ltd has the lowest comparable Guarded PEG at 1.09×, 5.2% below Godfrey Phillips India Ltd. Only 3 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: VST Industries Ltd · 1.09× | 5.2% versus #2 · Godfrey Phillips India Ltd | 0/8 recent comparable periods | 3/3 companies · 29 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. VST Industries Ltd (VSTIND): 1.1
2. Godfrey Phillips India Ltd (GODFRYPHLP): 1.2
3. ITC Ltd (ITC): 3.5

### P/E — lowest P/E
1. VST Industries Ltd (VSTIND): 13.4
2. ITC Ltd (ITC): 17.0
3. Godfrey Phillips India Ltd (GODFRYPHLP): 21.8

### 20-quarter Guarded PEG history
- ITC: Jun 2021 0.6 | Sep 2021 — | Dec 2021 1.2 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.5
- GODFRYPHLP: Jun 2021 — | Sep 2021 — | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.5 | Sep 2022 0.2 | Dec 2022 0.6 | Mar 2023 0.4 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 2.1 | Mar 2024 — | Jun 2024 0.8 | Sep 2024 2.6 | Dec 2024 0.6 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.2
- VSTIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.8 | Mar 2023 1.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- ITC: Jun 2021 18.0 | Sep 2021 19.8 | Dec 2021 17.6 | Mar 2022 19.8 | Jun 2022 20.2 | Sep 2022 23.5 | Dec 2022 22.2 | Mar 2023 24.4 | Jun 2023 27.4 | Sep 2023 26.1 | Dec 2023 26.8 | Mar 2024 24.6 | Jun 2024 24.7 | Sep 2024 30.6 | Dec 2024 28.0 | Mar 2025 26.1 | Jun 2025 26.4 | Sep 2025 25.3 | Dec 2025 25.1 | Mar 2026 17.9
- GODFRYPHLP: Jun 2021 14.2 | Sep 2021 12.5 | Dec 2021 13.4 | Mar 2022 12.9 | Jun 2022 12.4 | Sep 2022 12.8 | Dec 2022 18.2 | Mar 2023 14.6 | Jun 2023 12.7 | Sep 2023 14.1 | Dec 2023 13.7 | Mar 2024 19.7 | Jun 2024 24.0 | Sep 2024 39.4 | Dec 2024 28.0 | Mar 2025 32.5 | Jun 2025 40.8 | Sep 2025 41.8 | Dec 2025 34.6 | Mar 2026 22.8
- VSTIND: Jun 2021 17.9 | Sep 2021 17.2 | Dec 2021 16.5 | Mar 2022 15.4 | Jun 2022 14.4 | Sep 2022 14.8 | Dec 2022 14.6 | Mar 2023 14.1 | Jun 2023 16.3 | Sep 2023 16.5 | Dec 2023 17.1 | Mar 2024 19.6 | Jun 2024 20.5 | Sep 2024 23.8 | Dec 2024 23.3 | Mar 2025 18.4 | Jun 2025 24.2 | Sep 2025 21.1 | Dec 2025 19.6 | Mar 2026 15.4

## Enterprise Value & Book Value

What the numbers say: VST Industries Ltd leads both ev/ebitda at 10× and p/bv at 2.7×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: VST Industries Ltd · 10× | 18.7% versus #2 · ITC Ltd | 0/8 recent comparable periods | 3/3 companies · 60 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. VST Industries Ltd (VSTIND): 10.0
2. ITC Ltd (ITC): 12.3
3. Godfrey Phillips India Ltd (GODFRYPHLP): 16.6

### P/BV — lowest P/BV
1. VST Industries Ltd (VSTIND): 2.7
2. ITC Ltd (ITC): 4.9
3. Godfrey Phillips India Ltd (GODFRYPHLP): 5.4

### 20-quarter EV/EBITDA history
- ITC: Jun 2021 11.7 | Sep 2021 13.1 | Dec 2021 11.8 | Mar 2022 13.3 | Jun 2022 13.5 | Sep 2022 15.9 | Dec 2022 15.1 | Mar 2023 16.7 | Jun 2023 18.9 | Sep 2023 18.0 | Dec 2023 18.4 | Mar 2024 17.3 | Jun 2024 17.4 | Sep 2024 21.5 | Dec 2024 19.7 | Mar 2025 17.9 | Jun 2025 18.1 | Sep 2025 17.4 | Dec 2025 17.2 | Mar 2026 12.3
- GODFRYPHLP: Jun 2021 8.6 | Sep 2021 7.9 | Dec 2021 8.4 | Mar 2022 8.0 | Jun 2022 7.7 | Sep 2022 8.1 | Dec 2022 12.1 | Mar 2023 10.1 | Jun 2023 9.3 | Sep 2023 10.8 | Dec 2023 10.7 | Mar 2024 15.2 | Jun 2024 18.2 | Sep 2024 29.2 | Dec 2024 20.1 | Mar 2025 23.6 | Jun 2025 29.5 | Sep 2025 29.9 | Dec 2025 25.2 | Mar 2026 16.6
- VSTIND: Jun 2021 12.2 | Sep 2021 11.8 | Dec 2021 11.4 | Mar 2022 10.7 | Jun 2022 10.0 | Sep 2022 10.3 | Dec 2022 10.3 | Mar 2023 10.0 | Jun 2023 11.6 | Sep 2023 11.7 | Dec 2023 12.0 | Mar 2024 13.5 | Jun 2024 14.2 | Sep 2024 16.2 | Dec 2024 15.4 | Mar 2025 12.3 | Jun 2025 16.0 | Sep 2025 13.8 | Dec 2025 13.0 | Mar 2026 10.0

### 20-quarter P/BV history
- ITC: Jun 2021 3.6 | Sep 2021 4.6 | Dec 2021 4.1 | Mar 2022 4.8 | Jun 2022 4.9 | Sep 2022 5.8 | Dec 2022 5.9 | Mar 2023 7.1 | Jun 2023 8.3 | Sep 2023 7.5 | Dec 2023 7.8 | Mar 2024 7.2 | Jun 2024 7.2 | Sep 2024 8.2 | Dec 2024 7.5 | Mar 2025 6.8 | Jun 2025 7.0 | Sep 2025 7.2 | Dec 2025 7.1 | Mar 2026 5.2
- GODFRYPHLP: Jun 2021 2.4 | Sep 2021 2.1 | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 1.9 | Dec 2022 3.3 | Mar 2023 3.2 | Jun 2023 3.0 | Sep 2023 3.2 | Dec 2023 2.9 | Mar 2024 4.2 | Jun 2024 6.0 | Sep 2024 8.6 | Dec 2024 5.8 | Mar 2025 7.5 | Jun 2025 11.1 | Sep 2025 9.8 | Dec 2025 7.6 | Mar 2026 5.1
- VSTIND: Jun 2021 7.1 | Sep 2021 5.6 | Dec 2021 5.4 | Mar 2022 5.2 | Jun 2022 4.9 | Sep 2022 4.8 | Dec 2022 5.0 | Mar 2023 4.5 | Jun 2023 5.0 | Sep 2023 4.5 | Dec 2023 4.7 | Mar 2024 5.0 | Jun 2024 5.2 | Sep 2024 5.2 | Dec 2024 5.0 | Mar 2025 4.0 | Jun 2025 3.6 | Sep 2025 3.4 | Dec 2025 3.4 | Mar 2026 2.8

## Market action

VST Industries Ltd has the strongest one-year price move in Cigarettes & Tobacco Products at -21.4%. It also leads on Mansfield relative strength against NIFTY at -7.8%. 0 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. VST Industries Ltd (VSTIND): -21%
2. Godfrey Phillips India Ltd (GODFRYPHLP): -32%
3. ITC Ltd (ITC): -33%

### Strongest relative strength versus NIFTY 500
1. VST Industries Ltd (VSTIND): -7.8%
2. Godfrey Phillips India Ltd (GODFRYPHLP): -17%
3. ITC Ltd (ITC): -18%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- ITC Ltd (ITC) — market value ₹3.6 L Cr; latest fundamentals Mar 2026
- Godfrey Phillips India Ltd (GODFRYPHLP) — market value ₹33.2K Cr; latest fundamentals Mar 2026
- VST Industries Ltd (VSTIND) — market value ₹3.9K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 0. Graded companies: 3.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Cigarettes & Tobacco Products index?

The Nifty Cigarettes & Tobacco Products index tracks India's listed Cigarettes & Tobacco Products companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Cigarettes & Tobacco Products sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Cigarettes & Tobacco Products stocks in India?

Ranked by this page's four-factor score, Godfrey Phillips India Ltd places first among 3 listed Cigarettes & Tobacco Products companies, followed by VST Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Cigarettes & Tobacco Products stocks are listed in India?

This comparison covers 3 listed Cigarettes & Tobacco Products companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Cigarettes & Tobacco Products company is the biggest?

ITC Ltd is the largest, with trailing-twelve-month revenue of ₹78,869 crore, ahead of Godfrey Phillips India Ltd at ₹6,391 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Cigarettes & Tobacco Products company is growing fastest?

Godfrey Phillips India Ltd has the fastest revenue growth at 13.9% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Cigarettes & Tobacco Products company has the best profit margins?

VST Industries Ltd has the highest operating margin at 46%, from 3 of 3 comparable companies. VST Industries Ltd shows the biggest recent improvement, at +26 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Cigarettes & Tobacco Products company makes the most profit?

ITC Ltd earns the most, at ₹21,018 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Godfrey Phillips India Ltd has the fastest profit growth at 42.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Cigarettes & Tobacco Products company earns the highest return on capital?

ITC Ltd leads on return on capital employed at 38.9%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Cigarettes & Tobacco Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — VST Industries Ltd screens cheapest at 1.09×. Only 3 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Cigarettes & Tobacco Products company has the strongest balance sheet?

VST Industries Ltd carries the lowest comparable gross debt at ₹0 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Cigarettes & Tobacco Products sector beating the market?

Cigarettes & Tobacco Products has underperformed NIFTY 500 by 19.4% over the last 52 weeks and 5.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Cigarettes & Tobacco Products stock has the strongest price momentum?

VST Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Cigarettes & Tobacco Products company scores highest for research priority?

Godfrey Phillips India Ltd scores 72.9 out of 100 with 97% evidence confidence, from 32.8 points on growth and earnings, 20.9 on capital efficiency, 13.2 on valuation and 6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Cigarettes & Tobacco Products companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Cigarettes & Tobacco Products sector?

The 3 Cigarettes & Tobacco Products companies on this page carry ₹3,92,274 crore of combined market value. ITC Ltd is the largest at ₹3,55,148 crore, about 91% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Cigarettes & Tobacco Products sector performing?

0 of the 3 covered Cigarettes & Tobacco Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 19.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/cigarettes-tobacco-products