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Last Updated: April 2, 2026, 2:59 am
Author: Getaka|Social: XLinkedIn

Golden Tobacco Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹101.82Undervalued by 375.79%vs CMP ₹21.40

P/E (7.1) × ROE (15.0%) × BV (₹117.00) × DY (2.00%)

Defaults: ROE=15%

₹91.18Undervalued by 326.07%vs CMP ₹21.40
MoS: +76.5% (Strong)Confidence: 63/100 (Moderate)Models: All 7: Undervalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹159.8024%Under (+646.7%)
Graham NumberEarnings₹101.7118%Under (+375.3%)
Earnings PowerEarnings₹42.9814%Under (+100.8%)
DCFCash Flow₹95.0514%Under (+344.2%)
EV/EBITDAEnterprise₹66.2312%Under (+209.5%)
Earnings YieldEarnings₹39.3010%Under (+83.6%)
Revenue MultipleRevenue₹35.587%Under (+66.3%)
Consensus (7 models)₹91.18100%Undervalued
Key Drivers: EPS CAGR 56.9% lifts DCF — verify sustainability. | Wide model spread (₹36–₹160) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 56.9% · Defaults: ROE=15%

*Investments are subject to market risks

Investment Snapshot

45
Golden Tobacco Ltd scores 45/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health34/100 · Weak
ROCE 0.0% WeakROE 0.0% WeakD/E -0.17 Low debtInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 29.8% Stable
Earnings Quality40/100 · Moderate
OPM contracting (29% → -16%) Declining
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +50% YoY AcceleratingOPM: -10.8% (down 22.2% YoY) Margin pressure
Industry Rank55/100 · Moderate
P/E 7.1 vs industry 28.7 Cheaper than peers3Y sales CAGR: -20% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Golden Tobacco Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
80/100
High
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 7.1 vs Ind 28.7 | ROCE 0.0% | ROE 0.0% | CFO/NP N/A
Balance Sheet Stress
40/100
Manageable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.00x | IntCov 0.0x | Current 0.18x | Borrow/Reserve N/A
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹8 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII 0.00 pp | DII 0.00 pp | Prom 0.00 pp
Business Momentum
+100
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +91.9% | Q NP -190.1% | Q OPM +79.6 pp
Derived FieldValueHow it is derived
Valuation Gap %+326.1%((Fair Value - CMP) / CMP) × 100
Borrowings / ReservesN/ALatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change0.00 ppLatest FII% minus previous FII%
DII Change0.00 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-61Latest shareholder count minus previous count
Quarterly Sales Change+91.9%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-190.1%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+79.6 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:59 am

Market Cap 37.7 Cr.
Current Price 21.4
Intrinsic Value₹91.18
High / Low 38.5/20.4
Stock P/E7.11
Book Value 117
Dividend Yield0.00 %
ROCE%
ROE%
Face Value 10.0
PEG Ratio0.12

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Golden Tobacco Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Golden Tobacco Ltd 37.7 Cr. 21.4 38.5/20.47.11 1170.00 %%% 10.0
Elpro International Ltd 1,489 Cr. 87.9 116/70.97.98 1190.80 %5.24 %3.14 % 1.00
Alembic Ltd 1,964 Cr. 76.5 126/70.56.16 98.83.14 %6.90 %13.7 % 2.00
Digidrive Distributors Ltd 70.0 Cr. 18.1 38.8/15.65.60 74.20.00 %3.79 %3.05 % 10.0
Nila Infrastructures Ltd 254 Cr. 6.44 13.8/5.9011.1 4.490.00 %19.4 %13.2 % 1.00
Industry Average14,426.24 Cr370.0328.73148.620.68%12.33%12.56%6.13

All Competitor Stocks of Golden Tobacco Ltd

Quarterly Result

MetricDec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021
Sales 56.366.526.817.922.666.030.1810.984.6525.980.901.983.80
Expenses 11.9411.669.0911.938.787.523.2610.324.1212.704.113.774.21
Operating Profit 44.42-5.14-2.28-4.01-6.12-1.49-3.080.660.5313.28-3.21-1.79-0.41
OPM % 78.81%-78.83%-33.48%-50.63%-230.08%-24.71%-1,711.11%6.01%11.40%51.12%-356.67%-90.40%-10.79%
Other Income -8.7618.700.340.1622.650.370.082.700.08-1.900.765.430.03
Interest 5.430.693.264.022.311.231.101.151.030.960.991.181.03
Depreciation 0.160.160.270.220.270.250.110.120.120.120.110.140.14
Profit before tax 30.0712.71-5.47-8.0913.95-2.60-4.212.09-0.5410.30-3.552.32-1.55
Tax % 0.00%5.04%0.00%-7.91%0.00%0.77%0.00%0.00%0.00%0.00%0.00%26.29%0.00%
Net Profit 30.0812.08-5.47-7.4513.95-2.62-4.212.08-0.5410.30-3.551.72-1.55
EPS in Rs 17.086.86-3.11-4.237.92-1.49-2.391.18-0.315.85-2.020.98-0.88

Last Updated: August 1, 2025, 8:45 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 4:11 pm

MetricMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021TTM
Sales 86.4796.0871.3468.9070.2951.5944.7336.9681.9276.0823.4241.7932.66
Expenses 115.49130.0477.4083.6571.2759.4056.9753.6671.3341.3637.2930.3624.79
Operating Profit -29.02-33.96-6.06-14.75-0.98-7.81-12.24-16.7010.5934.72-13.8711.437.87
OPM % -33.56%-35.35%-8.49%-21.41%-1.39%-15.14%-27.36%-45.18%12.93%45.64%-59.22%27.35%24.10%
Other Income 32.8618.260.75-4.2713.681.251.3015.6211.109.8023.520.954.32
Interest 13.4816.8728.4553.3545.9925.4324.7127.4524.5515.9910.854.284.16
Depreciation 2.031.531.051.251.091.211.040.870.750.621.010.470.51
Profit before tax -11.67-34.10-34.81-73.62-34.38-33.20-36.69-29.40-3.6127.91-2.217.637.52
Tax % 0.34%0.00%0.00%0.00%0.00%0.00%0.00%0.00%124.10%2.29%-28.05%0.00%
Net Profit -11.71-34.10-34.81-73.62-34.37-33.20-36.69-29.40-8.0927.26-1.597.636.92
EPS in Rs -6.65-19.37-19.77-41.81-19.52-17.58-20.84-16.70-4.5915.48-0.904.333.93
Dividend Payout % 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2010-20112011-20122012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-2021
YoY Net Profit Growth (%)-191.20%-2.08%-111.49%53.31%3.40%-10.51%19.87%72.48%436.96%-105.83%579.87%
Change in YoY Net Profit Growth (%)0.00%189.12%-109.41%164.81%-49.91%-13.92%30.38%52.61%364.48%-542.79%685.71%

Golden Tobacco Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2010-2011 to 2020-2021.

Growth

Compounded Sales Growth
10 Years:-8%
5 Years:-1%
3 Years:-20%
TTM:50%
Compounded Profit Growth
10 Years:9%
5 Years:18%
3 Years:45%
TTM:200%
Stock Price CAGR
10 Years:0%
5 Years:10%
3 Years:-27%
1 Year:-13%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 5:10 am

Balance Sheet

Last Updated: February 12, 2025, 3:42 pm

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Sep 2021
Equity Capital 17.5917.5917.5917.5917.5917.5917.5917.5917.5917.5917.5917.5917.59
Reserves 27.21-8.01-43.14-116.99-151.60-186.84-223.41-242.47-252.51-225.54-231.61-221.52-222.85
Borrowings 97.76143.40356.66351.61168.5559.9248.9547.400.000.002.002.002.33
Other Liabilities 140.42209.89227.84278.49404.70456.77455.75488.10502.04401.60386.37350.54351.63
Total Liabilities 282.98362.87558.95530.70439.24347.44298.88310.62267.12193.65174.35148.61148.70
Fixed Assets 26.6025.0426.9726.0925.0619.7118.9318.0715.7815.158.387.937.38
CWIP 0.000.000.000.000.000.000.000.000.200.320.000.000.00
Investments 6.296.296.296.296.296.296.2912.1211.7211.382.261.191.70
Other Assets 250.09331.54525.69498.32407.89321.44273.66280.43239.42166.80163.71139.49139.62
Total Assets 282.98362.87558.95530.70439.24347.44298.88310.62267.12193.65174.35148.61148.70

Reserves and Borrowings Chart

Cash Flow

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Cash from Operating Activity + 25.70-38.26-199.1131.71145.6696.7617.630.8363.2124.5420.75-0.15
Cash from Investing Activity + -0.71-1.02-3.08-0.250.190.260.050.447.601.075.860.39
Cash from Financing Activity + -23.5938.60206.70-38.40-144.10-99.60-17.42-0.79-70.11-26.95-26.050.00
Net Cash Flow 1.40-0.684.51-6.941.75-2.580.260.480.69-1.340.560.24
Free Cash Flow 24.90-39.36-202.2831.14145.5096.6617.380.8264.3325.2121.630.07
CFO/OP -94%112%3,286%-215%-14,864%-1,239%-144%-7%447%73%-152%1%

Free Cash Flow

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Free Cash Flow-126.78-177.36-362.72-366.36-169.53-67.73-61.19-64.1010.5934.72-15.879.43

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2010Mar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Debtor Days 44.0363.2573.4250.9150.9449.4572.7985.7242.9137.3346.752.62
Inventory Days 724.15704.85771.961,050.47784.731,091.48964.721,292.02289.19965.34633.34263.16
Days Payable 55.85130.28123.61262.84243.46379.66418.17630.78300.351,084.83147.37139.29
Cash Conversion Cycle 712.33637.82721.77838.54592.21761.27619.34746.9531.75-82.16532.72126.49
Working Capital Days 439.21101.0113.20-1,106.65-1,354.85-1,579.00-3,354.69-4,334.18-2,055.98-1,756.92-5,610.90-2,974.33
ROCE %-1.60%-11.67%-2.67%-5.29%0.39%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 30.04%30.04%30.04%30.04%30.04%30.04%30.04%30.04%29.77%29.77%29.77%29.77%
FIIs 0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%
DIIs 0.09%0.09%0.09%0.09%0.09%0.14%0.14%0.14%0.14%0.14%0.14%0.14%
Public 69.86%69.87%69.88%69.87%69.86%69.81%69.80%69.80%70.08%70.08%70.08%70.09%
No. of Shareholders 32,03131,68131,39131,04931,44730,98830,84930,83130,88030,78930,69830,637

Shareholding Pattern Chart

No. of Shareholders

Golden Tobacco Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 21Mar 20Mar 19Mar 18Mar 17
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 4.34-0.9015.50-4.60-16.71
Diluted EPS (Rs.) 4.34-0.9015.50-4.60-16.71
Cash EPS (Rs.) 4.60-0.3215.86-4.17-16.22
Book Value[Excl.RevalReserv]/Share (Rs.) -115.95-121.69-148.58-139.64-134.88
Book Value[Incl.RevalReserv]/Share (Rs.) -115.95-121.69-118.24-133.57-127.86
Revenue From Operations / Share (Rs.) 23.7613.3243.2646.5821.01
PBDIT / Share (Rs.) 8.80-6.8420.8312.31-0.64
PBIT / Share (Rs.) 8.54-7.4120.4811.89-1.14
PBT / Share (Rs.) 4.34-1.2615.86-2.05-16.71
Net Profit / Share (Rs.) 4.34-0.9015.50-4.60-16.71
NP After MI And SOA / Share (Rs.) 4.34-0.9015.50-4.60-16.71
PBDIT Margin (%) 37.05-51.3248.1626.43-3.06
PBIT Margin (%) 35.94-55.6447.3425.52-5.40
PBT Margin (%) 18.26-9.4336.67-4.39-79.53
Net Profit Margin (%) 18.25-6.7735.83-9.87-79.53
NP After MI And SOA Margin (%) 18.25-6.7735.83-9.87-79.53
Return on Networth / Equity (%) -3.740.00-10.430.000.00
Return on Capital Employeed (%) -7.366.09-17.31-8.900.90
Return On Assets (%) 5.13-0.9114.07-3.02-9.46
Long Term Debt / Equity (X) 0.000.000.000.00-0.01
Total Debt / Equity (X) -0.01-0.010.000.00-0.17
Asset Turnover Ratio (%) 0.210.100.290.270.11
Current Ratio (X) 0.040.080.090.090.18
Quick Ratio (X) 0.010.010.020.030.05
Inventory Turnover Ratio (X) 0.230.400.510.390.37
Interest Coverage Ratio (X) 3.65-1.112.300.88-0.04
Interest Coverage Ratio (Post Tax) (X) 3.54-1.152.220.67-0.07
Enterprise Value (Cr.) 69.3131.7474.9091.53169.13
EV / Net Operating Revenue (X) 1.661.350.981.124.58
EV / EBITDA (X) 4.48-2.642.044.23-149.22
MarketCap / Net Operating Revenue (X) 1.691.401.011.203.54
Price / BV (X) -0.34-0.15-0.29-0.40-0.55
Price / Net Operating Revenue (X) 1.691.401.011.203.54
EarningsYield 0.10-0.040.35-0.08-0.22

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Golden Tobacco Ltd. is a Public Limited Listed company incorporated on 28/06/1955 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L16000GJ1955PLC067605 and registration number is 067605. Currently Company is involved in the business activities of Manufacture of cigarettes, cigarette tobacco. Company's Total Operating Revenue is Rs. 41.79 Cr. and Equity Capital is Rs. 17.59 Cr. for the Year ended 31/03/2021.
INDUSTRYADDRESSCONTACT
RealtyDarjipura, Post- Amaliyara, Vadodra Gujarat 390022Contact not found
Management
NamePosition Held
Mr. Pawankumar MalsariaWholeTime Director & CFO
Mr. Vinod S BhatiaInd. Non-Executive Director
Mr. Rajnikant PatelInd. Non-Executive Director
Mrs. Prama Raval ShahInd. Non-Executive Director
Mr. Vikas DahiyaInd. Non-Executive Director
Mr. Jignesh EngineerNon Executive Director

FAQ

What is the intrinsic value of Golden Tobacco Ltd and is it undervalued?

As of 05 April 2026, Golden Tobacco Ltd's intrinsic value is ₹91.18, which is 326.07% higher than the current market price of ₹21.40, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹117), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Golden Tobacco Ltd?

Golden Tobacco Ltd is trading at ₹21.40 as of 05 April 2026, with a FY2026-2027 high of ₹38.5 and low of ₹20.4. The stock is currently near its 52-week low. Market cap stands at ₹37.7 Cr..

How does Golden Tobacco Ltd's P/E ratio compare to its industry?

Golden Tobacco Ltd has a P/E ratio of 7.11, which is below the industry average of 28.73. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Golden Tobacco Ltd financially healthy?

Key indicators for Golden Tobacco Ltd: ROCE of % is on the lower side compared to the industry average of 12.33%; ROE of % is below ideal levels (industry average: 12.56%). Dividend yield is 0.00 %.

Is Golden Tobacco Ltd profitable and how is the profit trend?

Golden Tobacco Ltd reported a net profit of ₹8 Cr in Mar 2021 on revenue of ₹42 Cr. Compared to ₹-8 Cr in Mar 2018, the net profit shows an improving trend.

Does Golden Tobacco Ltd pay dividends?

Golden Tobacco Ltd has a dividend yield of 0.00 % at the current price of ₹21.40. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Golden Tobacco Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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