Golden Tobacco Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹118.86Undervalued by 375.44%vs CMP ₹25.00

P/E (8.3) × ROE (15.0%) × BV (₹117.00) × DY (2.00%)

Defaults: ROE=15%

₹97.66Undervalued by 290.64%vs CMP ₹25.00

MoS: +74.4% (Strong)Confidence: 63/100 (Moderate)Models: All 7: Undervalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹186.54	24%	Under (+646.2%)
Graham Number	Earnings	₹101.71	18%	Under (+306.8%)
Earnings Power	Earnings	₹43.02	14%	Under (+72.1%)
DCF	Cash Flow	₹95.14	14%	Under (+280.6%)
EV/EBITDA	Enterprise	₹66.29	12%	Under (+165.2%)
Earnings Yield	Earnings	₹39.30	10%	Under (+57.2%)
Revenue Multiple	Revenue	₹35.62	7%	Under (+42.5%)
Consensus (7 models)		₹97.66	100%	Undervalued

Key Drivers: EPS CAGR 56.9% lifts DCF — verify sustainability. | Wide model spread (₹36–₹187) — 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

Analysis summary

Data coverage: Price-data record updated 25 August 2026, 6:41 am +05:30. Annual results through Mar 2021; quarterly results through Dec 2021; cash flow through Mar 2021. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2021 was ₹41.79 Cr, versus ₹23.42 Cr in Mar 2020 (78.4% year on year). Net profit for Mar 2021 was ₹7.63 Cr, versus ₹-1.59 Cr in Mar 2020 (a return to profit). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2021 period, operating cash flow was ₹-0.15 Cr against net profit of ₹7.63 Cr. Cash flow covered -0.02 times reported profit. The gap warrants checking receivables, working capital and one-off items in the cash-flow statement.

Balance-sheet check

Reported borrowings were ₹2.33 Cr in Sep 2021. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Golden Tobacco Ltd scores 57/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health51/100 · Moderate

D/E -0.01 Low debtInterest Coverage 3.7x AdequateProfitable 2/5 available years Reported history

Smart Money50/100 · Moderate

FII holding stable No changePromoter holding at 29.8% Stable

Earnings Quality65/100 · Strong

CFO/NP ratio: 1.36x Cash-backed earningsOPM 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 8.3 vs industry 63.0 Lower P/E3Y sales CAGR: -20% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 6:41 am

Market Cap	44.0 Cr.
Current Price	25.0
Intrinsic Value	₹97.66
High / Low	37.9/20.3
Stock P/E	8.30
Book Value	117
Dividend Yield	0.00 %
ROCE	%
ROE	%
Face Value	10.0
PEG Ratio	0.15

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

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

Stock P/E Current Price Intrinsic Value

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	44.0 Cr.	25.0	37.9/20.3	8.30	117	0.00 %	%	%	10.0
Alembic Ltd	2,679 Cr.	104	118/70.5	8.36	95.2	2.30 %	6.07 %	13.0 %	2.00
Binny Ltd	315 Cr.	141	/	6.89	217	0.00 %	10.6 %	7.33 %	5.00
EFC (I) Ltd	2,740 Cr.	185	331/171	10.6	54.6	0.00 %	19.8 %	34.3 %	2.00
Digidrive Distributors Ltd	66.1 Cr.	17.2	34.9/15.6	10.7	70.5	0.00 %	2.85 %	2.01 %	10.0
Industry Average	18,160.96 Cr	418.18		62.96	151.53	0.65%	11.19%	11.90%	6.24

All Competitor Stocks of Golden Tobacco Ltd

Quarterly Result

Metric	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021
Sales	56.36	6.52	6.81	7.92	2.66	6.03	0.18	10.98	4.65	25.98	0.90	1.98	3.80
Expenses	11.94	11.66	9.09	11.93	8.78	7.52	3.26	10.32	4.12	12.70	4.11	3.77	4.21
Operating Profit	44.42	-5.14	-2.28	-4.01	-6.12	-1.49	-3.08	0.66	0.53	13.28	-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	-8.76	18.70	0.34	0.16	22.65	0.37	0.08	2.70	0.08	-1.90	0.76	5.43	0.03
Interest	5.43	0.69	3.26	4.02	2.31	1.23	1.10	1.15	1.03	0.96	0.99	1.18	1.03
Depreciation	0.16	0.16	0.27	0.22	0.27	0.25	0.11	0.12	0.12	0.12	0.11	0.14	0.14
Profit before tax	30.07	12.71	-5.47	-8.09	13.95	-2.60	-4.21	2.09	-0.54	10.30	-3.55	2.32	-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	30.08	12.08	-5.47	-7.45	13.95	-2.62	-4.21	2.08	-0.54	10.30	-3.55	1.72	-1.55
EPS in Rs	17.08	6.86	-3.11	-4.23	7.92	-1.49	-2.39	1.18	-0.31	5.85	-2.02	0.98	-0.88

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

Quarterly Chart

Profit & Loss - Annual Report

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

Metric	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	TTM
Sales	86.47	96.08	71.34	68.90	70.29	51.59	44.73	36.96	81.92	76.08	23.42	41.79	32.66
Expenses	115.49	130.04	77.40	83.65	71.27	59.40	56.97	53.66	71.33	41.36	37.29	30.36	24.79
Operating Profit	-29.02	-33.96	-6.06	-14.75	-0.98	-7.81	-12.24	-16.70	10.59	34.72	-13.87	11.43	7.87
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	32.86	18.26	0.75	-4.27	13.68	1.25	1.30	15.62	11.10	9.80	23.52	0.95	4.32
Interest	13.48	16.87	28.45	53.35	45.99	25.43	24.71	27.45	24.55	15.99	10.85	4.28	4.16
Depreciation	2.03	1.53	1.05	1.25	1.09	1.21	1.04	0.87	0.75	0.62	1.01	0.47	0.51
Profit before tax	-11.67	-34.10	-34.81	-73.62	-34.38	-33.20	-36.69	-29.40	-3.61	27.91	-2.21	7.63	7.52
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	-8.09	27.26	-1.59	7.63	6.92
EPS in Rs	-6.65	-19.37	-19.77	-41.81	-19.52	-17.58	-20.84	-16.70	-4.59	15.48	-0.90	4.33	3.93
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

Year	2010-2011	2011-2012	2012-2013	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021
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

Month	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Sep 2021
Equity Capital	17.59	17.59	17.59	17.59	17.59	17.59	17.59	17.59	17.59	17.59	17.59	17.59	17.59
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	97.76	143.40	356.66	351.61	168.55	59.92	48.95	47.40	0.00	0.00	2.00	2.00	2.33
Other Liabilities	140.42	209.89	227.84	278.49	404.70	456.77	455.75	488.10	502.04	401.60	386.37	350.54	351.63
Total Liabilities	282.98	362.87	558.95	530.70	439.24	347.44	298.88	310.62	267.12	193.65	174.35	148.61	148.70
Fixed Assets	26.60	25.04	26.97	26.09	25.06	19.71	18.93	18.07	15.78	15.15	8.38	7.93	7.38
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.20	0.32	0.00	0.00	0.00
Investments	6.29	6.29	6.29	6.29	6.29	6.29	6.29	12.12	11.72	11.38	2.26	1.19	1.70
Other Assets	250.09	331.54	525.69	498.32	407.89	321.44	273.66	280.43	239.42	166.80	163.71	139.49	139.62
Total Assets	282.98	362.87	558.95	530.70	439.24	347.44	298.88	310.62	267.12	193.65	174.35	148.61	148.70

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
Cash from Operating Activity +	25.70	-38.26	-199.11	31.71	145.66	96.76	17.63	0.83	63.21	24.54	20.75	-0.15
Cash from Investing Activity +	-0.71	-1.02	-3.08	-0.25	0.19	0.26	0.05	0.44	7.60	1.07	5.86	0.39
Cash from Financing Activity +	-23.59	38.60	206.70	-38.40	-144.10	-99.60	-17.42	-0.79	-70.11	-26.95	-26.05	0.00
Net Cash Flow	1.40	-0.68	4.51	-6.94	1.75	-2.58	0.26	0.48	0.69	-1.34	0.56	0.24

Free Cash Flow

Free cash flow is not available in the stored cash-flow statement. Missing values are not treated as zero.

Financial Efficiency Indicators

Month	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
Debtor Days	44.03	63.25	73.42	50.91	50.94	49.45	72.79	85.72	42.91	37.33	46.75	2.62
Inventory Days	724.15	704.85	771.96	1,050.47	784.73	1,091.48	964.72	1,292.02	289.19	965.34	633.34	263.16
Days Payable	55.85	130.28	123.61	262.84	243.46	379.66	418.17	630.78	300.35	1,084.83	147.37	139.29
Cash Conversion Cycle	712.33	637.82	721.77	838.54	592.21	761.27	619.34	746.95	31.75	-82.16	532.72	126.49
Working Capital Days	439.21	101.01	13.20	-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

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	30.04%	30.04%	30.04%	30.04%	30.04%	30.04%	29.77%	29.77%	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%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%
Public	69.88%	69.87%	69.86%	69.81%	69.80%	69.80%	70.08%	70.08%	70.08%	70.09%	70.09%	70.09%
No. of Shareholders	31,391	31,049	31,447	30,988	30,849	30,831	30,880	30,789	30,698	30,637	30,969	30,969

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

Month	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	4.34	-0.90	15.50	-4.60	-16.71
Diluted EPS (Rs.)	4.34	-0.90	15.50	-4.60	-16.71
Cash EPS (Rs.)	4.60	-0.32	15.86	-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.)	23.76	13.32	43.26	46.58	21.01
PBDIT / Share (Rs.)	8.80	-6.84	20.83	12.31	-0.64
PBIT / Share (Rs.)	8.54	-7.41	20.48	11.89	-1.14
PBT / Share (Rs.)	4.34	-1.26	15.86	-2.05	-16.71
Net Profit / Share (Rs.)	4.34	-0.90	15.50	-4.60	-16.71
NP After MI And SOA / Share (Rs.)	4.34	-0.90	15.50	-4.60	-16.71
PBDIT Margin (%)	37.05	-51.32	48.16	26.43	-3.06
PBIT Margin (%)	35.94	-55.64	47.34	25.52	-5.40
PBT Margin (%)	18.26	-9.43	36.67	-4.39	-79.53
Net Profit Margin (%)	18.25	-6.77	35.83	-9.87	-79.53
NP After MI And SOA Margin (%)	18.25	-6.77	35.83	-9.87	-79.53
Return on Networth / Equity (%)	-3.74	0.00	-10.43	0.00	0.00
Return on Capital Employeed (%)	-7.36	6.09	-17.31	-8.90	0.90
Return On Assets (%)	5.13	-0.91	14.07	-3.02	-9.46
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.00	-0.01
Total Debt / Equity (X)	-0.01	-0.01	0.00	0.00	-0.17
Asset Turnover Ratio (%)	0.21	0.10	0.29	0.27	0.11
Current Ratio (X)	0.04	0.08	0.09	0.09	0.18
Quick Ratio (X)	0.01	0.01	0.02	0.03	0.05
Inventory Turnover Ratio (X)	0.23	0.40	0.51	0.39	0.37
Interest Coverage Ratio (X)	3.65	-1.11	2.30	0.88	-0.04
Interest Coverage Ratio (Post Tax) (X)	3.54	-1.15	2.22	0.67	-0.07
Enterprise Value (Cr.)	69.31	31.74	74.90	91.53	169.13
EV / Net Operating Revenue (X)	1.66	1.35	0.98	1.12	4.58
EV / EBITDA (X)	4.48	-2.64	2.04	4.23	-149.22
MarketCap / Net Operating Revenue (X)	1.69	1.40	1.01	1.20	3.54
Price / BV (X)	-0.34	-0.15	-0.29	-0.40	-0.55
Price / Net Operating Revenue (X)	1.69	1.40	1.01	1.20	3.54
EarningsYield	0.10	-0.04	0.35	-0.08	-0.22

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

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

Golden Tobacco Ltd: the stored intrinsic value estimate is ₹97.66, compared with a stored share price of ₹25.00. The model value is 290.6% above that quote. The model classifies this as undervalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Golden Tobacco Ltd?

The stored share price is ₹25.00. Price-data record updated: 25 August 2026, 6:41 am +05:30. This is not a live quote. The stored 52-week high / low is 37.9/20.3; this is a rolling range, not a financial-year range.

How have Golden Tobacco Ltd's revenue and profit changed?

Does Golden Tobacco Ltd's profit convert into cash?

What should I check in Golden Tobacco Ltd's balance sheet?

Reported borrowings were ₹2.33 Cr in Sep 2021. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Golden Tobacco Ltd's P/E with other stocks?

The stored P/E is 8.30. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Golden Tobacco Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.