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Golden Tobacco Ltd (GOLDENTOBC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500151 NSE: GOLDENTOBC Cigarettes/Tobacco | Small Cap | Golden Tobacco Share Price

₹26.05 1.06 (4.24%)

As on 04-Jun'26 16:59

Golden Tobacco Ltd (GOLDENTOBC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500151 NSE: GOLDENTOBC Cigarettes/Tobacco | Small Cap | Golden Tobacco Share Price

₹26.05 1.06 (4.24%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹46 Cr.
Current Price
₹26.1
52-Week Low / High
₹20 / 38
TTM EPS
₹1.5
TTM Sales
₹32.7 Cr.
Book Value per Share
-
P/E Ratio
16.96
Lower than its 5-year historical median
Industry PE
17.7
Price to Book (P/B)
0.00
Price to Sales (P/S)
1.40
Lower than its 5-year historical median
EV/EBITDA
4.42
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
0.00%
Underperforms industry median
Return on Assets (ROA)
3.48%
Operating Profit Margin
27.5%
Net Profit Margin
18.29%
Gross Profit Margin
26.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
78.36%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
29.77%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-178 Cr.
Equity
₹17.6 Cr.
Face Value
₹10
All Time Low / High
₹3.65 / 750.00

Golden Tobacco stock performance

Key Ratios
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Q.1 Is Golden Tobacco Ltd a good quality company?
Golden Tobacco Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Golden Tobacco Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Golden Tobacco Ltd vs industry peers?
Golden Tobacco Ltd revenue CAGR is -1.35%, compared to the industry median CAGR of 2.43%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Golden Tobacco Ltd?
Promoters hold 29.77% of the Golden Tobacco Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Golden Tobacco Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -4.8% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Golden Tobacco Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
ROCE % -4.5%-19.8%11.3%0%0%0%0%0%0%0%-
Value Creation
Index
NANANANANANANANANANA-

Growth Parameters

Sales 71.368.970.351.644.73781.976.123.441.833
Sales YoY Gr.--3.4%2%-26.6%-13.3%-17.4%121.6%-7.1%-69.2%78.4%-
Adj EPS -16.4-22.6-13.6-17.3-20.6-16.9-5.212.1-9.95.51.5
YoY Gr.-NANANANANANANA-181.5%NA-
BVPS (₹) -12.6-37.3-49.7-69.6-90.4-101.6-106.3-91-92.7-870
Adj Net
Profit
-28.9-39.8-23.9-30.5-36.3-29.7-9.221.3-17.49.73
Cash Flow from Ops. 23.59.312.76.422.52.363.322.520.8-0.1-
Debt/CF from Ops. 6.215.65.89.32.220.9000.1-15.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -5.8%-1.4%-20.1%78.4%
Adj EPS NANANANA
BVPSNANANANA
Share Price -4.2% -12.4% -14.2% -26.2%

Key Financial Parameters

Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on
Equity %
-562.812737.232.928.3195.4-13.111.4-6.5-3.5
Op. Profit
Mgn %
-7.8-20.8-0.9-14.2-26.3-45.913.131-58.827.624.4
Net Profit
Mgn %
-40.5-57.8-34-59.1-81.2-80.3-11.228-74.123.28.3
Debt to
Equity
-6.6-2.2-0.8-0.5-0.3-0.300-0-0-
Working Cap
Days
1,0179611,0931,2251,2051,2526676081,3341,762216
Cash Conv.
Cycle
2051691481147534-212-319-84-26-4,104

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21
Sales71.3368.9070.2951.5944.7336.9681.8976.0823.4341.79
Operating Expenses + 77.2283.4971.1059.1356.8453.9671.2452.5437.2730.32
Manufacturing Costs11.5013.1911.379.709.649.109.096.914.792.74
Material Costs36.9728.6928.8018.5517.2218.1137.9010.0513.8214.91
Employee Cost 10.8413.0712.4311.5811.0111.718.598.037.154.80
Other Costs 17.9228.5418.5119.2918.9715.0515.6527.5511.507.87
Operating Profit -5.88-14.59-0.82-7.54-12.11-1710.6523.54-13.8411.47
Operating Profit Margin (%) -8.2%-21.2%-1.2%-14.6%-27.1%-46.0%13.0%30.9%-59.1%27.4%
Other Income + 0.570.552.701.191.2915.6111.0913.191.884.06
Exceptional Items 0-4.872.8800007.8221.54-3.14
Interest 22.6623.2525.5823.0724.7127.4524.5515.9910.854.28
Depreciation 1.051.251.091.211.040.870.750.621.010.47
Profit Before Tax -29.03-43.42-21.90-30.63-36.57-29.71-3.5627.93-2.297.64
Tax 0.01000004.480.64-0.640
Profit After Tax -29.05-43.42-21.90-30.63-36.57-29.71-8.0527.29-1.657.64
PAT Margin (%) -40.7%-63.0%-31.2%-59.4%-81.7%-80.4%-9.8%35.9%-7.0%18.3%
Adjusted EPS (₹)-16.5-24.7-12.5-17.4-20.8-16.9-4.615.5-0.94.4
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Golden Tobacco - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21

Equity and Liabilities

Shareholders Fund + -9.54-53.19-75.28-110.16-146.72-166.54-176.48-149.59-155.56-145.49
Share Capital 17.5917.5917.5917.5917.5917.5917.5917.5917.5917.59
Reserves -27.13-70.78-92.87-127.74-164.31-184.13-194.07-167.18-173.14-163.08
Debt +145.3169.0667.3752.7346.8640.550022
Long Term Debt102.4627.7229.3415.819.433.110000
Short Term Debt42.8541.3338.0336.9237.4337.430022
Minority Interest0000000000
Trade Payables12.5220.5524.9326.7528.5431.2831.2229.875.585.69
Others Liabilities 235.07348.69376.07407.31419.60427.21428.77372.45380.85344.88
Total Liabilities 383.36385.10393.08376.63348.28332.49283.51252.73232.87207.09

Fixed Assets

Net Fixed Assets +26.3025.4224.3919.0518.2617.4015.1114.487.727.26
Gross Block98.1298.50116.01116.11116.3618.2716.7216.7210.7110.72
Accumulated Depreciation71.8273.0891.6297.0698.110.871.612.242.993.46
CWIP 0000000.200.3200
Investments 8.648.648.648.648.6414.0313.6913.264.203.09
Inventories78.1982.5780.5877.4566.0564.0730.0626.5823.9810.75
Trade Receivables14.359.619.816.998.928.689.627.7830.30
Cash Equivalents 3.612.544.401.771.772.306.941.983.013.25
Others Assets 252.26256.32265.24262.74244.63226.02207.89188.33190.97182.43
Total Assets 383.36385.10393.08376.63348.28332.49283.51252.73232.87207.09

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21
Cash Flow From Operating Activity + 23.539.3112.676.4122.462.2763.2522.5120.77-0.13
PBT -29.03-38.54-24.78-30.63-36.57-29.71-3.5627.93-2.297.64
Adjustment 23.7231.0422.0423.3725.5416.5815.07-98.11-17.776.58
Changes in Working Capital 28.8516.8215.4413.733.5115.7335.8893.5541.19-14.06
Tax Paid 0-0.01-0.01-0.02-0.03-0.3315.86-0.86-0.35-0.29
Cash Flow From Investing Activity + -2.97-0.320.170.200.040.437.591.065.850.38
Capex -3.17-0.57-0.16-0.10-0.25-0.011.370.790.880.22
Net Investments 000000004.620
Others 0.200.250.330.300.290.446.220.270.360.15
Cash Flow From Financing Activity + -20.70-10.02-11.04-9.08-22.20-2.22-70.11-24.95-26.050
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 00-1.69-1.95-2.6900000
Interest Paid -22.66-8.48-9.36-7.13-19.51-2.22-2.97-1.59-15.290
Dividend Paid 0000000000
Others 1.96-1.540-00-0-67.14-23.37-10.760
Net Cash Flow -0.13-1.031.81-2.460.300.480.73-1.380.580.24

Financial Ratio

PARTICULARSMar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21
Ratios
ROE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ROCE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Asset Turnover Ratio0.320.340.30.270.280.260.490.530.250.19
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/A0.82N/A-0.02
Working Capital Days
Receivable Days44.2033.2030.1029.3028.8035.6022.3022.5032.6014.10
Inventory Days254.80222.80253.20275.50259.20263.50114.9073.20153.10148.70
Payable Days153.70210.40288.20508.30586603300.901,109.30467.90137.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Golden Tobacco Ltd FAQs

The current trading price of Golden Tobacco on 04-Jun-2026 16:59 is ₹26.05.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Golden Tobacco stood at ₹45.87 Cr

The latest P/E ratio of Golden Tobacco as of 03-Jun-2026 is 16.96.

The latest P/B ratio of Golden Tobacco as of 03-Jun-2026 is 0.00.

The 52-week high of Golden Tobacco is ₹38.43 and the 52-week low is ₹20.45.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Golden Tobacco is ₹32.66 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Golden Tobacco Ltd is a average quality company.

The key valuation ratios of Golden Tobacco Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Golden Tobacco Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Golden Tobacco Ltd

Golden Tobacco (GTL) incorporated in 1955, is engaged in manufacturing of cigarettes and tobacco-related products. The company’s manufacturing units is located in Mumbai and Vadodara. The company converted into a public limited company in 1971 and became a part of the Dalmia Group in 1979.

The company offers cigarette brands like Panama, Taj, Golden`s Goldflake in plain and filters and Chancellor, Flair, Esquire, and Style in the filter segment. Clove cigarettes and Ms Special Filter (for women) are recent inclusions. It is working on developing products consisting of a mix of tobacco and other plant-based ingredients. GTL has two cigarette-manufacturing units in Baroda and Mumbai. Apart from cigarettes, the company also manufactures processed tobacco. The company is ISO 9001:2000 certified by the accreditation agency RWTUV. It has its own fully equipped printing press to produce all its packaging material under one roof. Subsidiaries of the company include Golden Investment (Sikkim), Western Express Industries and GTC INC. B.V.

The company currently sells about 900 million cigarettes per month through a wide network in India. It exports cigarettes like Chancellor, Panama, Style, Esquire, Flair, Little Cigars, Slim etc, to USA, Central America, Africa and the Middle East. In July, 2007, the company came out of the purview of the Board for Industrial and Financial Reconstruction (BIFR) and had reported a positive net worth of Rs 388.2 million for the financial year 2006-2007.

Manufacturing units

Company's first manufacturing zone is a primary manufacturing division which is a tobacco processing plant located at Vadodara. This unit caters to the needs of the factory, as well as the requirements of Mumbai unit.

Company’s second unit located in Mumbai is a secondary manufacturing division which is engaged in making and packing of cigarettes.

The company imports various material required in manufacturing and packaging  from countries like Germany, Italy, China, Japan, France, Malaysia, Indonesia; U.S, Netherlands, Singapore, U.K, Pakistan and Switzerland.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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