# Chewing Tobacco/Pan Masala — company-by-company sector analysis

> Chewing Tobacco/Pan Masala: Elitecon International Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice.

## Bottom line

Chewing Tobacco/Pan Masala has underperformed NIFTY 500 by 93.6% over 52 weeks and 45.4% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. Elitecon International Ltd leads with revenue of ₹4,771 crore, based on 1 of 1 comparable companies through Dec 2025.

## Sector relative strength

Chewing Tobacco/Pan Masala has underperformed NIFTY 500 by 93.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 45.4%. 0 of 1 covered company currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Elitecon International Ltd is the strongest against the sector itself at 0%.

13-week sector return versus NIFTY 500: -45%
52-week sector return versus NIFTY 500: -94%
Stocks leading NIFTY: 0/1
Stocks leading sector: 0/1

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 1
Combined market value: ₹2.7K 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. Elitecon International Ltd (ELITECON): 56/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 25.3/35 | Capital efficiency 13.2/25 | Valuation 10.0/20 | Relative strength 7.5/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 7 weeks with a reading, within the last 12
   - Exact sum: 25.3 + 13.2 + 10 + 7.5 = 56
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Elitecon International Ltd has the strongest one-year price move in Chewing Tobacco/Pan Masala at -93.4%. It also leads on Mansfield relative strength against NIFTY at -81.5%. 0 of 1 covered company are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Elitecon International Ltd (ELITECON): -93%

### Strongest relative strength versus NIFTY 500
1. Elitecon International Ltd (ELITECON): -81%

## Revenue Scale & Growth Durability

What the numbers say: Elitecon International Ltd is the scale leader at ₹4,771 crore, Elitecon International Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 4975.5% from a ₹4,771 crore base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Elitecon International Ltd is the scale benchmark; Elitecon International Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Elitecon International Ltd's growth falls below Elitecon International Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Elitecon International Ltd · ₹4,771 crore | Not enough peers | 6/8 recent comparable periods | 1/1 companies · 17 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. Elitecon International Ltd (ELITECON): ₹4.8K Cr

### Revenue growth — fastest growers
1. Elitecon International Ltd (ELITECON): 100%

### 20-quarter Revenue history
- ELITECON: Dec 2020 — | Mar 2021 ₹0 Cr | Jun 2021 — | Sep 2021 — | Dec 2021 ₹7 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹50 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹525 Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹1.7K Cr

### 20-quarter Revenue growth history
- ELITECON: Dec 2020 — | Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -14% | Mar 2023 -42% | Jun 2023 -105% | Sep 2023 -88% | Dec 2023 350% | Mar 2024 286% | Jun 2024 — | Dec 2024 248% | Mar 2025 1,059% | Jun 2025 950% | Sep 2025 — | Dec 2025 1,752%

## Operating Economics & Margin Trend

What the numbers say: Elitecon International Ltd leads both opm at 8% and margin change at -6 percentage points.

Investor read: Elitecon International 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: Elitecon International Ltd · 8% | Not enough peers | 6/8 recent comparable periods | 1/1 companies · 16 observations

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

### OPM — highest
1. Elitecon International Ltd (ELITECON): 8.0%

### Margin change — fastest expanders
1. Elitecon International Ltd (ELITECON): −6.0 pp

### 20-quarter OPM history
- ELITECON: Dec 2020 — | Mar 2021 -662% | Jun 2021 — | Sep 2021 — | Dec 2021 -4.9% | Mar 2022 13% | Jun 2022 2.9% | Sep 2022 -52% | Dec 2022 -154% | Mar 2023 -833% | Jun 2023 — | Sep 2023 38% | Dec 2023 13% | Mar 2024 13% | Jun 2024 9.1% | Dec 2024 14% | Mar 2025 14% | Jun 2025 14% | Sep 2025 7.0% | Dec 2025 8.0%

### 20-quarter Margin change history
- ELITECON: Dec 2020 — | Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +675.4 pp | Jun 2022 — | Sep 2022 — | Dec 2022 −149.0 pp | Mar 2023 −846.5 pp | Jun 2023 — | Sep 2023 +90.7 pp | Dec 2023 +167.3 pp | Mar 2024 +846.6 pp | Jun 2024 — | Dec 2024 +0.6 pp | Mar 2025 +0.6 pp | Jun 2025 +4.9 pp | Sep 2025 — | Dec 2025 −6.0 pp

## Profit Scale & Acceleration

What the numbers say: Elitecon International Ltd leads with ₹336 crore of TTM profit, Elitecon International Ltd shows ≥100% on the scoring scale (2484.6% uncapped) growth from a ₹336 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Elitecon International 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: Elitecon International Ltd · ₹336 crore | Not enough peers | 4/6 recent comparable periods | 1/1 companies · 20 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. Elitecon International Ltd (ELITECON): ₹336 Cr

### Profit growth — fastest growers
1. Elitecon International Ltd (ELITECON): 100%

### 20-quarter Net profit history
- ELITECON: Dec 2020 ₹0 Cr | Mar 2021 ₹0 Cr | Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-57 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹104 Cr

### 20-quarter Profit growth history
- ELITECON: Dec 2020 — | Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -5,800% | Jun 2023 -400% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Dec 2024 333% | Mar 2025 1,333% | Jun 2025 1,340% | Sep 2025 — | Dec 2025 700%

## Return On Capital Employed

What the numbers say: Elitecon International Ltd leads ROCE at 114%. Elitecon International Ltd has the strongest latest improvement at +113.4 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: Elitecon International 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: Elitecon International Ltd · 114% | Not enough peers | 4/6 recent comparable periods | 1/1 companies · 11 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. Elitecon International Ltd (ELITECON): 114%

### ROCE change — fastest improvers
1. Elitecon International Ltd (ELITECON): +113.4 pp

### 20-quarter ROCE history
- ELITECON: Dec 2020 — | Mar 2021 -3.7% | Jun 2021 — | Sep 2021 -20% | Dec 2021 — | Mar 2022 2.1% | Jun 2022 — | Sep 2022 -134% | Dec 2022 — | Mar 2023 907% | Jun 2023 — | Sep 2023 672% | Dec 2023 -74% | Mar 2024 8.1% | Jun 2024 — | Dec 2024 — | Mar 2025 39% | Jun 2025 — | Sep 2025 43% | Dec 2025 114%

### 20-quarter ROCE change history
- ELITECON: Dec 2020 — | Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +5.8 pp | Jun 2022 — | Sep 2022 −113.8 pp | Dec 2022 — | Mar 2023 +904.5 pp | Jun 2023 — | Sep 2023 +805.5 pp | Dec 2023 — | Mar 2024 −898.5 pp | Jun 2024 — | Dec 2024 — | Mar 2025 +113.4 pp | Jun 2025 — | Sep 2025 — | Dec 2025 —

## Valuation Against Growth & Quality

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

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: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG

### P/E — lowest P/E
1. Elitecon International Ltd (ELITECON): 8.6

### 20-quarter PEG history

### 20-quarter P/E history
- ELITECON: Dec 2020 -38.4 | Mar 2021 — | Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 3.6 | Jun 2022 1.4 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -0.0 | Dec 2023 -0.0 | Mar 2024 — | Jun 2024 — | Dec 2024 0.5 | Mar 2025 81.1 | Jun 2025 136.8 | Sep 2025 487.6 | Dec 2025 8.5


## 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: Valuation have fewer than three usable current readings.

## Every company
- Elitecon International Ltd (ELITECON) — market value ₹2.7K Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 1. Unverified: 0. Withheld: 0. Graded companies: 1.

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 Dec 2025; prices through 2026-08-14.
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

### Is the Chewing Tobacco/Pan Masala sector outperforming NIFTY 500?

Chewing Tobacco/Pan Masala has underperformed NIFTY 500 by 93.6% over 52 weeks and 45.4% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself.

### Which Chewing Tobacco/Pan Masala company is largest by revenue?

Elitecon International Ltd leads with revenue of ₹4,771 crore, based on 1 of 1 comparable companies through Dec 2025.

### Which Chewing Tobacco/Pan Masala company is growing fastest?

Elitecon International Ltd has the fastest current revenue growth at 100%, across 1 of 1 comparable companies.

### Which Chewing Tobacco/Pan Masala company has the strongest 4-Factor Sector Score?

Elitecon International Ltd ranks first at 56/100 with 74% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Chewing Tobacco/Pan Masala comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Dec 2025. 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.

### Is there a Nifty Chewing Tobacco/Pan Masala index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Chewing Tobacco/Pan Masala, this page builds its own equal-weight basket of 1 listed Chewing Tobacco/Pan Masala companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Dec 2025.

### Which are the best Chewing Tobacco/Pan Masala stocks in India?

Ranked by this page's four-factor score, Elitecon International Ltd places first among 1 listed Chewing Tobacco/Pan Masala companies. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Dec 2025 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Chewing Tobacco/Pan Masala stocks are listed in India?

This comparison covers 1 listed Chewing Tobacco/Pan Masala 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 Dec 2025.

### Which Chewing Tobacco/Pan Masala company is the biggest?

Elitecon International Ltd is the largest, with trailing-twelve-month revenue of ₹4,771 crore. That covers 1 of 1 companies with comparable reporting through Dec 2025.

### Which Chewing Tobacco/Pan Masala company has the best profit margins?

Elitecon International Ltd has the highest operating margin at 8%, from 1 of 1 comparable companies. Elitecon International Ltd shows the biggest recent improvement, at -6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Chewing Tobacco/Pan Masala company makes the most profit?

Elitecon International Ltd earns the most, at ₹336 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Elitecon International Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Chewing Tobacco/Pan Masala company earns the highest return on capital?

Elitecon International Ltd leads on return on capital employed at 114%, across 1 of 1 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.

### Is the Chewing Tobacco/Pan Masala sector beating the market?

Chewing Tobacco/Pan Masala has underperformed NIFTY 500 by 93.6% over the last 52 weeks and 45.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Chewing Tobacco/Pan Masala stock has the strongest price momentum?

Elitecon International 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 Chewing Tobacco/Pan Masala company scores highest for research priority?

Elitecon International Ltd scores 56 out of 100 with 74% evidence confidence, from 25.3 points on growth and earnings, 13.2 on capital efficiency, 10 on valuation and 7.5 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 Chewing Tobacco/Pan Masala companies does this comparison cover, and over what period?

It compares 1 listed companies over up to 20 reported quarters of fundamentals, ending Dec 2025, 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 Chewing Tobacco/Pan Masala sector?

The 1 Chewing Tobacco/Pan Masala companies on this page carry ₹2,745 crore of combined market value. Elitecon International Ltd is the largest at ₹2,745 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.

### How is the Chewing Tobacco/Pan Masala sector performing?

0 of the 1 covered Chewing Tobacco/Pan Masala companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 93.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.

### 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.