# Tobacco — company-by-company sector analysis

> Tobacco: Universal Corporation owns the largest revenue base; Turning Point Brands, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Tobacco has underperformed S&P 500 by 20.2% over 52 weeks and 10.8% over 13 weeks. 0 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 6 beat the sector itself. Universal Corporation leads with revenue of $2,924 million, based on 2 of 6 comparable companies through Mar 2026.

## Sector relative strength

Tobacco has underperformed S&P 500 by 20.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 10.8%. 0 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Philip Morris International Inc. is the strongest against the sector itself at +15.6%.

13-week sector return versus NIFTY 500: -11%
52-week sector return versus NIFTY 500: -20%
Stocks leading NIFTY: 0/6
Stocks leading sector: 4/6

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

Companies: 6
Combined market value: ₹5.4 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. Altria Group, Inc. (MO): 68/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.2/35 | Capital efficiency 18.5/25 | Valuation 11.5/20 | Relative strength 15.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 22.2 + 18.5 + 11.5 + 15.9 = 68.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Philip Morris International Inc. (PM): 66/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 21.1/35 | Capital efficiency 16.3/25 | Valuation 10.0/20 | Relative strength 19.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 21.1 + 16.3 + 10 + 19 = 66.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Turning Point Brands, Inc. (TPB): 46/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 19.0/35 | Capital efficiency 9.2/25 | Valuation 12.7/20 | Relative strength 4.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 19 + 9.2 + 12.7 + 4.8 = 45.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Universal Corporation (UVV): 32/100 — Adverse evidence; evidence 75%
   - Growth & earnings 4.7/35 | Capital efficiency 4.5/25 | Valuation 13.5/20 | Relative strength 9.2/20
   - 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 the last 12 weeks
   - Exact sum: 4.7 + 4.5 + 13.5 + 9.2 = 31.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. British American Tobacco p.l.c. (BTI): 51/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 17.0/35 | Capital efficiency 9.3/25 | Valuation 10.8/20 | Relative strength 14.3/20
   - 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 1 of the last 12 weeks
   - Exact sum: 17 + 9.3 + 10.8 + 14.3 = 51.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. AIR Global PLC (AIIR): 43/100 — Thin evidence · provisional; evidence 14%
   - Growth & earnings 17.5/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.5 + 12.5 + 10 + 3 = 43
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Philip Morris International Inc. has the strongest one-year price move in Tobacco at +9.8%. It also leads on Mansfield relative strength against the S&P 500 at -0.9%. 0 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Philip Morris International Inc. (PM): 9.8%
2. Altria Group, Inc. (MO): 6.0%
3. British American Tobacco p.l.c. (BTI): 3.3%
4. Universal Corporation (UVV): 0.7%
5. Turning Point Brands, Inc. (TPB): -15%

### Strongest relative strength versus NIFTY 500
1. Philip Morris International Inc. (PM): -0.9%
2. Altria Group, Inc. (MO): -7.1%
3. British American Tobacco p.l.c. (BTI): -8.6%
4. Universal Corporation (UVV): -12%
5. Turning Point Brands, Inc. (TPB): -24%

## Revenue Scale & Growth Durability

What the numbers say: Universal Corporation is the scale leader at $2,924 million, 507.9% ahead of Turning Point Brands, Inc.. Turning Point Brands, Inc.'s growth is 25.3% from a $481 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Universal Corporation is the scale benchmark; Turning Point Brands, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Universal Corporation's growth falls below Turning Point Brands, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Universal Corporation · $2,924 million | 507.9% versus #2 · Turning Point Brands, Inc. | 5/8 recent comparable periods | 2/6 companies · 85 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. Universal Corporation (UVV): ₹2.9K Cr
2. Turning Point Brands, Inc. (TPB): ₹481 Cr

### Revenue growth — fastest growers
1. Turning Point Brands, Inc. (TPB): 25%
2. Universal Corporation (UVV): -0.8%

### 20-quarter Revenue history
- PM: Sep 2021 ₹8.1K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹9.1K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹8.8K Cr | Jun 2024 ₹9.5K Cr | Sep 2024 ₹9.9K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹9.3K Cr | Jun 2025 ₹10.1K Cr | Sep 2025 ₹10.8K Cr | Dec 2025 ₹10.4K Cr | Mar 2026 ₹10.1K Cr | Jun 2026 —
- BTI: Sep 2021 — | Dec 2021 ₹13.5K Cr | Mar 2022 — | Jun 2022 ₹12.9K Cr | Sep 2022 — | Dec 2022 ₹14.8K Cr | Mar 2023 — | Jun 2023 ₹13.4K Cr | Sep 2023 — | Dec 2023 ₹13.8K Cr | Mar 2024 — | Jun 2024 ₹12.3K Cr | Sep 2024 — | Dec 2024 ₹13.5K Cr | Mar 2025 — | Jun 2025 ₹12.1K Cr | Sep 2025 — | Dec 2025 ₹13.5K Cr | Mar 2026 — | Jun 2026 —
- MO: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- TPB: Sep 2021 ₹110 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- UVV: Sep 2021 ₹454 Cr | Dec 2021 ₹653 Cr | Mar 2022 ₹647 Cr | Jun 2022 ₹430 Cr | Sep 2022 ₹651 Cr | Dec 2022 ₹795 Cr | Mar 2023 ₹694 Cr | Jun 2023 ₹518 Cr | Sep 2023 ₹638 Cr | Dec 2023 ₹822 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹597 Cr | Sep 2024 ₹711 Cr | Dec 2024 ₹937 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹594 Cr | Sep 2025 ₹754 Cr | Dec 2025 ₹861 Cr | Mar 2026 ₹715 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- PM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.1% | Sep 2022 -1.1% | Dec 2022 0.6% | Mar 2023 3.5% | Jun 2023 14% | Sep 2023 14% | Dec 2023 11% | Mar 2024 9.7% | Jun 2024 5.6% | Sep 2024 8.4% | Dec 2024 7.3% | Mar 2025 5.8% | Jun 2025 7.1% | Sep 2025 9.4% | Dec 2025 6.8% | Mar 2026 9.1% | Jun 2026 —
- BTI: Sep 2021 — | Dec 2021 0.0% | Mar 2022 — | Jun 2022 5.7% | Sep 2022 — | Dec 2022 9.5% | Mar 2023 — | Jun 2023 4.4% | Sep 2023 — | Dec 2023 -6.4% | Mar 2024 — | Jun 2024 -8.2% | Sep 2024 — | Dec 2024 -2.3% | Mar 2025 — | Jun 2025 -2.2% | Sep 2025 — | Dec 2025 0.1% | Mar 2026 — | Jun 2026 —
- MO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.3% | Sep 2022 -2.2% | Dec 2022 -0.1% | Mar 2023 -1.2% | Jun 2023 1.2% | Sep 2023 -2.5% | Dec 2023 -1.2% | Mar 2024 -1.0% | Jun 2024 -3.0% | Sep 2024 1.3% | Dec 2024 1.6% | Mar 2025 -4.2% | Jun 2025 0.3% | Sep 2025 -1.7% | Dec 2025 -0.5% | Mar 2026 5.3% | Jun 2026 —
- TPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -1.8% | Dec 2022 -1.9% | Mar 2023 0.0% | Jun 2023 2.9% | Sep 2023 -5.6% | Dec 2023 -5.8% | Mar 2024 -18% | Jun 2024 -12% | Sep 2024 -11% | Dec 2024 -3.1% | Mar 2025 28% | Jun 2025 26% | Sep 2025 31% | Dec 2025 29% | Mar 2026 17% | Jun 2026 —
- UVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 43% | Dec 2022 22% | Mar 2023 7.3% | Jun 2023 20% | Sep 2023 -2.0% | Dec 2023 3.4% | Mar 2024 11% | Jun 2024 15% | Sep 2024 11% | Dec 2024 14% | Mar 2025 -9.0% | Jun 2025 -0.5% | Sep 2025 6.1% | Dec 2025 -8.1% | Mar 2026 1.9% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Altria Group, Inc. leads both opm at 62.1% and margin change at +22.5 percentage points.

Investor read: Altria Group, Inc. 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: Altria Group, Inc. · 62.1% | 61.7% versus #2 · Philip Morris International Inc. | 5/8 recent comparable periods | 4/6 companies · 76 observations

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

### OPM — highest
1. Altria Group, Inc. (MO): 62%
2. Philip Morris International Inc. (PM): 38%
3. Turning Point Brands, Inc. (TPB): 10%
4. Universal Corporation (UVV): -2.1%

### Margin change — fastest expanders
1. Altria Group, Inc. (MO): +22.5 pp
2. Philip Morris International Inc. (PM): +0.3 pp
3. Universal Corporation (UVV): −8.2 pp
4. Turning Point Brands, Inc. (TPB): −11.8 pp

### 20-quarter OPM history
- PM: Sep 2021 43% | Dec 2021 36% | Mar 2022 43% | Jun 2022 39% | Sep 2022 37% | Dec 2022 36% | Mar 2023 34% | Jun 2023 21% | Sep 2023 37% | Dec 2023 32% | Mar 2024 35% | Jun 2024 36% | Sep 2024 37% | Dec 2024 34% | Mar 2025 38% | Jun 2025 37% | Sep 2025 39% | Dec 2025 33% | Mar 2026 38% | Jun 2026 —
- MO: Sep 2021 53% | Dec 2021 54% | Mar 2022 60% | Jun 2022 58% | Sep 2022 58% | Dec 2022 55% | Mar 2023 58% | Jun 2023 53% | Sep 2023 59% | Dec 2023 56% | Mar 2024 57% | Jun 2024 48% | Sep 2024 59% | Dec 2024 56% | Mar 2025 40% | Jun 2025 61% | Sep 2025 62% | Dec 2025 33% | Mar 2026 62% | Jun 2026 —
- TPB: Sep 2021 20% | Dec 2021 18% | Mar 2022 19% | Jun 2022 18% | Sep 2022 18% | Dec 2022 18% | Mar 2023 18% | Jun 2023 20% | Sep 2023 20% | Dec 2023 25% | Mar 2024 23% | Jun 2024 25% | Sep 2024 23% | Dec 2024 19% | Mar 2025 22% | Jun 2025 23% | Sep 2025 22% | Dec 2025 17% | Mar 2026 10% | Jun 2026 —
- UVV: Sep 2021 6.6% | Dec 2021 9.6% | Mar 2022 8.8% | Jun 2022 3.1% | Sep 2022 5.8% | Dec 2022 9.8% | Mar 2023 7.5% | Jun 2023 2.1% | Sep 2023 8.7% | Dec 2023 11% | Mar 2024 8.8% | Jun 2024 2.9% | Sep 2024 9.7% | Dec 2024 11% | Mar 2025 6.1% | Jun 2025 5.7% | Sep 2025 9.0% | Dec 2025 9.5% | Mar 2026 -2.1% | Jun 2026 —

### 20-quarter Margin change history
- PM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 −5.5 pp | Dec 2022 −0.5 pp | Mar 2023 −8.5 pp | Jun 2023 −17.8 pp | Sep 2023 −0.1 pp | Dec 2023 −4.0 pp | Mar 2024 +0.5 pp | Jun 2024 +15.2 pp | Sep 2024 0.0 pp | Dec 2024 +1.7 pp | Mar 2025 +3.5 pp | Jun 2025 +0.2 pp | Sep 2025 +2.4 pp | Dec 2025 −1.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- MO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 +4.1 pp | Dec 2022 +1.7 pp | Mar 2023 −1.9 pp | Jun 2023 −4.4 pp | Sep 2023 +1.0 pp | Dec 2023 +0.3 pp | Mar 2024 −1.2 pp | Jun 2024 −5.4 pp | Sep 2024 +0.5 pp | Dec 2024 +0.7 pp | Mar 2025 −17.1 pp | Jun 2025 +13.1 pp | Sep 2025 +2.5 pp | Dec 2025 −23.9 pp | Mar 2026 +22.5 pp | Jun 2026 —
- TPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.7 pp | Sep 2022 −2.0 pp | Dec 2022 −0.1 pp | Mar 2023 −1.4 pp | Jun 2023 +1.9 pp | Sep 2023 +1.5 pp | Dec 2023 +7.4 pp | Mar 2024 +5.5 pp | Jun 2024 +5.0 pp | Sep 2024 +3.0 pp | Dec 2024 −6.0 pp | Mar 2025 −1.4 pp | Jun 2025 −1.9 pp | Sep 2025 −1.1 pp | Dec 2025 −2.6 pp | Mar 2026 −11.8 pp | Jun 2026 —
- UVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.8 pp | Dec 2022 +0.2 pp | Mar 2023 −1.3 pp | Jun 2023 −1.0 pp | Sep 2023 +2.9 pp | Dec 2023 +0.8 pp | Mar 2024 +1.3 pp | Jun 2024 +0.8 pp | Sep 2024 +1.0 pp | Dec 2024 +0.5 pp | Mar 2025 −2.7 pp | Jun 2025 +2.8 pp | Sep 2025 −0.7 pp | Dec 2025 −1.6 pp | Mar 2026 −8.2 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Turning Point Brands, Inc. leads with $67 million of TTM profit, 19.6% above Universal Corporation. Turning Point Brands, Inc. shows 52.3% growth from a $67 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Turning Point Brands, Inc. 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: Turning Point Brands, Inc. · $67 million | 19.6% versus #2 · Universal Corporation | 6/8 recent comparable periods | 2/6 companies · 85 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. Turning Point Brands, Inc. (TPB): ₹67 Cr
2. Universal Corporation (UVV): ₹56 Cr

### Profit growth — fastest growers
1. Turning Point Brands, Inc. (TPB): 52%
2. Universal Corporation (UVV): -50%

### 20-quarter Net profit history
- PM: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹-271 Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- BTI: Sep 2021 — | Dec 2021 ₹3.6K Cr | Mar 2022 — | Jun 2022 ₹1.9K Cr | Sep 2022 — | Dec 2022 ₹4.9K Cr | Mar 2023 — | Jun 2023 ₹4.0K Cr | Sep 2023 — | Dec 2023 ₹-18.2K Cr | Mar 2024 — | Jun 2024 ₹4.6K Cr | Sep 2024 — | Dec 2024 ₹-1.4K Cr | Mar 2025 — | Jun 2025 ₹4.6K Cr | Sep 2025 — | Dec 2025 ₹3.2K Cr | Mar 2026 — | Jun 2026 —
- MO: Sep 2021 ₹-2.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹891 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- TPB: Sep 2021 ₹13 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- UVV: Sep 2021 ₹22 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹-35 Cr | Jun 2026 —

### 20-quarter Profit growth history
- PM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 -13% | Dec 2022 7.5% | Mar 2023 -19% | Jun 2023 -55% | Sep 2023 -6.0% | Dec 2023 -2.1% | Mar 2024 0.2% | Jun 2024 128% | Sep 2024 31% | Dec 2024 -112% | Mar 2025 28% | Jun 2025 17% | Sep 2025 20% | Dec 2025 — | Mar 2026 13% | Jun 2026 —
- BTI: Sep 2021 — | Dec 2021 20% | Mar 2022 — | Jun 2022 -42% | Sep 2022 — | Dec 2022 35% | Mar 2023 — | Jun 2023 108% | Sep 2023 — | Dec 2023 -471% | Mar 2024 — | Jun 2024 13% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.1% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -59% | Sep 2022 — | Dec 2022 66% | Mar 2023 -8.8% | Jun 2023 138% | Sep 2023 867% | Dec 2023 -23% | Mar 2024 19% | Jun 2024 80% | Sep 2024 5.9% | Dec 2024 48% | Mar 2025 -49% | Jun 2025 -37% | Sep 2025 3.6% | Dec 2025 -63% | Mar 2026 103% | Jun 2026 —
- TPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -15% | Dec 2022 -245% | Mar 2023 -36% | Jun 2023 100% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 71% | Jun 2024 30% | Sep 2024 9.1% | Dec 2024 -70% | Mar 2025 33% | Jun 2025 31% | Sep 2025 100% | Dec 2025 300% | Mar 2026 -13% | Jun 2026 —
- UVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -14% | Dec 2022 16% | Mar 2023 68% | Jun 2023 -267% | Sep 2023 63% | Dec 2023 20% | Mar 2024 -19% | Jun 2024 — | Sep 2024 9.7% | Dec 2024 11% | Mar 2025 -70% | Jun 2025 — | Sep 2025 2.9% | Dec 2025 -38% | Mar 2026 -350% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Altria Group, Inc. leads ROCE at 12.3%, 1.3 percentage points above Philip Morris International Inc.. Philip Morris International Inc. has the strongest latest improvement at +2.1 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: Altria Group, Inc. 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: Altria Group, Inc. · 12.3% | 11.8% versus #2 · Philip Morris International Inc. | 5/8 recent comparable periods | 5/6 companies · 98 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. Altria Group, Inc. (MO): 12%
2. Philip Morris International Inc. (PM): 11%
3. British American Tobacco p.l.c. (BTI): 2.3%
4. Turning Point Brands, Inc. (TPB): 2.1%
5. Universal Corporation (UVV): -0.7%

### ROCE change — fastest improvers
1. Philip Morris International Inc. (PM): +2.1 pp
2. Altria Group, Inc. (MO): −0.1 pp
3. British American Tobacco p.l.c. (BTI): −0.3 pp
4. Turning Point Brands, Inc. (TPB): −2.6 pp
5. Universal Corporation (UVV): −2.6 pp

### 20-quarter ROCE history
- PM: Sep 2021 15% | Dec 2021 13% | Mar 2022 14% | Jun 2022 14% | Sep 2022 14% | Dec 2022 10% | Mar 2023 7.7% | Jun 2023 6.4% | Sep 2023 11% | Dec 2023 7.9% | Mar 2024 6.6% | Jun 2024 8.4% | Sep 2024 8.6% | Dec 2024 8.4% | Mar 2025 8.5% | Jun 2025 8.9% | Sep 2025 10% | Dec 2025 8.2% | Mar 2026 9.4% | Jun 2026 11%
- BTI: Sep 2021 2.2% | Dec 2021 2.2% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 2.7% | Dec 2022 2.7% | Mar 2023 2.2% | Jun 2023 2.2% | Sep 2023 -9.1% | Dec 2023 -9.1% | Mar 2024 1.8% | Jun 2024 1.8% | Sep 2024 -0.7% | Dec 2024 -0.7% | Mar 2025 2.6% | Jun 2025 2.6% | Sep 2025 2.5% | Dec 2025 2.5% | Mar 2026 2.3% | Jun 2026 2.3%
- MO: Sep 2021 8.5% | Dec 2021 7.9% | Mar 2022 8.5% | Jun 2022 9.3% | Sep 2022 11% | Dec 2022 9.5% | Mar 2023 9.7% | Jun 2023 11% | Sep 2023 12% | Dec 2023 10% | Mar 2024 10% | Jun 2024 9.7% | Sep 2024 12% | Dec 2024 11% | Mar 2025 7.1% | Jun 2025 12% | Sep 2025 12% | Dec 2025 6.3% | Mar 2026 12% | Jun 2026 12%
- TPB: Sep 2021 4.5% | Dec 2021 3.7% | Mar 2022 3.4% | Jun 2022 3.2% | Sep 2022 3.5% | Dec 2022 3.4% | Mar 2023 3.3% | Jun 2023 3.8% | Sep 2023 3.9% | Dec 2023 4.9% | Mar 2024 3.9% | Jun 2024 4.8% | Sep 2024 4.6% | Dec 2024 3.9% | Mar 2025 4.7% | Jun 2025 5.5% | Sep 2025 4.6% | Dec 2025 3.5% | Mar 2026 2.1% | Jun 2026 —
- UVV: Sep 2021 1.5% | Dec 2021 3.1% | Mar 2022 2.8% | Jun 2022 0.7% | Sep 2022 1.9% | Dec 2022 3.7% | Mar 2023 2.5% | Jun 2023 0.5% | Sep 2023 2.6% | Dec 2023 4.0% | Mar 2024 3.1% | Jun 2024 0.8% | Sep 2024 3.2% | Dec 2024 4.7% | Mar 2025 1.9% | Jun 2025 1.5% | Sep 2025 3.0% | Dec 2025 3.7% | Mar 2026 -0.7% | Jun 2026 —

### 20-quarter ROCE change history
- PM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −2.1 pp | Mar 2023 −6.7 pp | Jun 2023 −7.1 pp | Sep 2023 −2.6 pp | Dec 2023 −2.5 pp | Mar 2024 −1.1 pp | Jun 2024 +2.0 pp | Sep 2024 −2.4 pp | Dec 2024 +0.5 pp | Mar 2025 +1.9 pp | Jun 2025 +0.5 pp | Sep 2025 +1.6 pp | Dec 2025 −0.2 pp | Mar 2026 +0.9 pp | Jun 2026 +2.1 pp
- BTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.5 pp | Mar 2023 +0.8 pp | Jun 2023 +0.8 pp | Sep 2023 −11.8 pp | Dec 2023 −11.8 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 +8.4 pp | Dec 2024 +8.4 pp | Mar 2025 +0.8 pp | Jun 2025 +0.8 pp | Sep 2025 +3.2 pp | Dec 2025 +3.2 pp | Mar 2026 −0.3 pp | Jun 2026 −0.3 pp
- MO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +1.6 pp | Mar 2023 +1.2 pp | Jun 2023 +1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +0.6 pp | Mar 2024 +0.3 pp | Jun 2024 −1.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.6 pp | Mar 2025 −2.9 pp | Jun 2025 +2.7 pp | Sep 2025 +0.1 pp | Dec 2025 −4.4 pp | Mar 2026 +4.4 pp | Jun 2026 −0.1 pp
- TPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.3 pp | Mar 2023 −0.1 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +1.5 pp | Mar 2024 +0.6 pp | Jun 2024 +1.0 pp | Sep 2024 +0.7 pp | Dec 2024 −1.0 pp | Mar 2025 +0.8 pp | Jun 2025 +0.7 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 −2.6 pp | Jun 2026 —
- UVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.6 pp | Mar 2023 −0.3 pp | Jun 2023 −0.2 pp | Sep 2023 +0.7 pp | Dec 2023 +0.3 pp | Mar 2024 +0.6 pp | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 −1.2 pp | Jun 2025 +0.7 pp | Sep 2025 −0.2 pp | Dec 2025 −1.0 pp | Mar 2026 −2.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Universal Corporation has the lowest comparable PEG at 0.33×, 67.6% below Turning Point Brands, Inc.. Only 2 of 6 companies have earnings and growth steady enough for the ratio to mean anything, 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: Universal Corporation · 0.33× | 67.6% versus #2 · Turning Point Brands, Inc. | 0/8 recent comparable periods | 2/6 companies · 15 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
1. Universal Corporation (UVV): 0.3
2. Turning Point Brands, Inc. (TPB): 1.0

### P/E — lowest P/E
1. Altria Group, Inc. (MO): 15.2
2. British American Tobacco p.l.c. (BTI): 16.0
3. Philip Morris International Inc. (PM): 26.0
4. Turning Point Brands, Inc. (TPB): 29.5
5. Universal Corporation (UVV): 40.5

### 20-quarter PEG history
- PM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.9 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- MO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.4 | Dec 2024 0.2 | Mar 2025 0.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TPB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.7 | Dec 2025 0.7 | Mar 2026 1.0 | Jun 2026 —
- UVV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- PM: Sep 2021 16.5 | Dec 2021 16.3 | Mar 2022 16.3 | Jun 2022 17.0 | Sep 2022 14.8 | Dec 2022 17.4 | Mar 2023 17.4 | Jun 2023 18.9 | Sep 2023 18.0 | Dec 2023 18.7 | Mar 2024 17.9 | Jun 2024 17.9 | Sep 2024 19.3 | Dec 2024 26.6 | Mar 2025 32.7 | Jun 2025 34.6 | Sep 2025 29.4 | Dec 2025 22.1 | Mar 2026 23.3 | Jun 2026 26.0
- BTI: Sep 2021 9.3 | Dec 2021 9.4 | Mar 2022 12.1 | Jun 2022 15.0 | Sep 2022 12.1 | Dec 2022 11.3 | Mar 2023 8.4 | Jun 2023 6.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 21.3 | Mar 2025 23.3 | Jun 2025 24.8 | Sep 2025 16.2 | Dec 2025 12.1 | Mar 2026 13.8 | Jun 2026 16.0
- MO: Sep 2021 30.8 | Dec 2021 35.4 | Mar 2022 31.9 | Jun 2022 43.1 | Sep 2022 15.7 | Dec 2022 14.3 | Mar 2023 14.4 | Jun 2023 11.9 | Sep 2023 8.6 | Dec 2023 8.8 | Mar 2024 9.1 | Jun 2024 7.9 | Sep 2024 8.6 | Dec 2024 8.0 | Mar 2025 10.1 | Jun 2025 11.3 | Sep 2025 12.6 | Dec 2025 14.0 | Mar 2026 13.8 | Jun 2026 15.2
- TPB: Sep 2021 18.2 | Dec 2021 15.0 | Mar 2022 13.6 | Jun 2022 13.1 | Sep 2022 10.5 | Dec 2022 12.4 | Mar 2023 55.3 | Jun 2023 39.4 | Sep 2023 39.1 | Dec 2023 13.1 | Mar 2024 12.9 | Jun 2024 13.3 | Sep 2024 17.1 | Dec 2024 28.1 | Mar 2025 26.1 | Jun 2025 31.7 | Sep 2025 34.8 | Dec 2025 34.9 | Mar 2026 29.5 | Jun 2026 —
- UVV: Sep 2021 12.2 | Dec 2021 13.7 | Mar 2022 16.7 | Jun 2022 17.4 | Sep 2022 12.9 | Dec 2022 13.7 | Mar 2023 10.6 | Jun 2023 10.8 | Sep 2023 9.7 | Dec 2023 12.7 | Mar 2024 10.8 | Jun 2024 9.9 | Sep 2024 11.1 | Dec 2024 10.9 | Mar 2025 14.8 | Jun 2025 14.2 | Sep 2025 12.6 | Dec 2025 15.6 | Mar 2026 40.5 | Jun 2026 —


## 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: Revenue, Net profit, Valuation have fewer than three usable current readings.

## Every company
- Philip Morris International Inc. (PM) — market value ₹2.9 L Cr; latest fundamentals Jun 2026
- British American Tobacco p.l.c. (BTI) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Altria Group, Inc. (MO) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Turning Point Brands, Inc. (TPB) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Universal Corporation (UVV) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- AIR Global PLC (AIIR) — market value ₹1.1K Cr; latest fundamentals unavailable

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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 Tobacco sector outperforming S&P 500?

Tobacco has underperformed S&P 500 by 20.2% over 52 weeks and 10.8% over 13 weeks. 0 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 6 beat the sector itself.

### Which Tobacco company is largest by revenue?

Universal Corporation leads with revenue of $2,924 million, based on 2 of 6 comparable companies through Mar 2026.

### Which Tobacco company is growing fastest?

Turning Point Brands, Inc. has the fastest current revenue growth at 25.3%, across 2 of 6 comparable companies.

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

Altria Group, Inc. ranks first at 68.1/100 with 57.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Tobacco company has the lowest comparable PEG?

Universal Corporation has the lowest comparable PEG at 0.33, among 2 of 6 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Tobacco comparison include?

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

### Which Tobacco company is the biggest?

Universal Corporation is the largest, with trailing-twelve-month revenue of $2,924 million, ahead of Turning Point Brands, Inc. at $481 million. That covers 2 of 6 companies with comparable reporting through Mar 2026.

### Which Tobacco company has the best profit margins?

Altria Group, Inc. has the highest operating margin at 62.1%, from 4 of 6 comparable companies. Altria Group, Inc. shows the biggest recent improvement, at +22.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Tobacco company makes the most profit?

Turning Point Brands, Inc. earns the most, at $67 million of trailing-twelve-month net profit, from 2 of 6 comparable companies. Turning Point Brands, Inc. has the fastest profit growth at 52.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Tobacco company earns the highest return on capital?

Altria Group, Inc. leads on return on capital employed at 12.3%, across 5 of 6 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 Tobacco stock is the cheapest?

On PEG — where a LOWER number is cheaper — Universal Corporation screens cheapest at 0.33×. Only 2 of 6 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Tobacco sector beating the market?

Tobacco has underperformed S&P 500 by 20.2% over the last 52 weeks and 10.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Tobacco stock has the strongest price momentum?

Philip Morris International Inc. has the strongest relative strength against S&P 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 Tobacco company scores highest for research priority?

Altria Group, Inc. scores 68.1 out of 100 with 57.8% evidence confidence, from 22.2 points on growth and earnings, 18.5 on capital efficiency, 11.5 on valuation and 15.9 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 Tobacco companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals, ending Jun 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 Tobacco sector?

The 6 Tobacco companies on this page carry $536,480 million of combined market value. Philip Morris International Inc. is the largest at $291,320 million, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### What is the Tobacco sector's P/E ratio?

The median price-to-earnings ratio across the 6 Tobacco companies on this page is 26×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04.

### How is the Tobacco sector performing?

0 of the 6 covered Tobacco companies are beating S&P 500 on Mansfield relative strength. The sector itself is 20.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### How many Tobacco stocks are listed in the US?

This comparison covers 6 listed Tobacco companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### 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.