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Golden Tobacco Limited (GOLDENTOBC) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹442M

GT Golden Tobacco Limited GOLDENTOBC · NSE
Price₹24.99
Fair Value₹68.84
Upside+175.5%
Quality56/100
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Weak Growth
Highly profitable · 21.2% net margin
Negative equity (buybacks among others) · negative free cash flow
Mixed vs. peers (6/12)
Narrow moat 38/100
Evidence: Medium Range ₹48.19 – ₹89.49 Share as image

Fair value as of: Aug 13, 2026

From 11 valuation models · updated 3 days ago

Share price −2.0% over the past month.

A solid business, screening 175% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (₹48.19). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (₹48.19 to ₹89.49) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹181.75 ₹21.41 Fair Value ₹68.84 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹21.41 – ₹181.75 · fair‑value band ₹48.19 – ₹89.49 · the ₹24.99 price screens below the ₹68.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Golden Tobacco Limited (GOLDENTOBC) currently trades at ₹24.99, while our model-based Fair Value estimate is ₹68.84, implying the stock looks roughly 175.5% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Golden Tobacco Limited generated revenue of ₹327M at a net margin of 21.2%. Revenue declined 18.4% year over year. Net debt stands at ₹8.4M. The stock trades on a trailing P/E of 13.9. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹48.19 (bear case) to ₹89.49 (bull case); at ₹24.99, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 6% fair-value upside, at 175%, GOLDENTOBC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
ROIC Compounder ₹52.42 ₹59.48 ₹65.36 72
Gordon GGM ₹1.07 ₹1.16 ₹1.28 70
Growth-Adj P/E ₹48.19 ₹68.84 ₹89.49 68
All 11 models by family
Earnings-Based
Graham-Dodd ₹29.46 ₹36.01 ₹40.51 54
EPV ₹52.42 ₹59.48 ₹65.36 59
Dividend Discount
Gordon GGM ₹1.07 ₹1.16 ₹1.28 70
DDM Multi-Stage ₹1.07 ₹1.28 ₹1.54 61
Multiples
P/E Multiple ₹68.24 ₹90.99 ₹113.74 63
P/S Multiple ₹28.48 ₹37.98 ₹47.47 58
EV/EBIT ₹92.31 ₹122.87 ₹153.42 53
EV/EBITDA ₹73.32 ₹97.55 ₹121.77 54
EV/Revenue ₹25.58 ₹36.26 ₹46.94 43
Economic Profit
ROIC Compounder ₹52.42 ₹59.48 ₹65.36 72
Growth Earnings
Growth-Adj P/E ₹48.19 ₹68.84 ₹89.49 68

Widest divergence: Multiples (₹90.99) versus Dividend Discount (₹1.16). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) ₹327M
Revenue growth (YoY) -18.4%
Net margin 21.2%
Free cash flow −₹1.6M FY2021
P/E ratio 13.9
Operating margin -14.4%
More key figures
EPS (TTM) ₹1.79
EPS growth (YoY) -17.6%
Net debt ₹8.4M FY2021

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 51 · Market factors (momentum, volatility) 35

Profitability 39
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 4
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Golden Tobacco Limited engages in the manufacturing, purchasing, processing, selling, and marketing tobacco and tobacco related products in India. The company offers cigarettes, slim/super slim cigarettes, cigars, cigarillos products, tobacco, and packed type cigarettes.

Full company description

Golden Tobacco Limited engages in the manufacturing, purchasing, processing, selling, and marketing tobacco and tobacco related products in India. The company offers cigarettes, slim/super slim cigarettes, cigars, cigarillos products, tobacco, and packed type cigarettes. It sells its products under the Panama, Chancellor, Golden's Gold Flake, Taj Chhap, Style, Esquire, Flair, June, and Just Black brand names. The company also exports its products to the United States, Europe, Russia, Singapore, Cambodia, Japan, the Middle East, and internationally. Golden Tobacco Limited was formerly known as GTC Industries Ltd. and changed its name to Golden Tobacco Limited in July 2008. Golden Tobacco Limited was founded in 1930 and is based in Vadodara, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2017 – FY2021 · reported fiscal years

Golden Tobacco Limited reported revenue of ₹418M in FY2021 versus ₹456M in FY2017, a compound −2.2%/yr. Reported net income was ₹76.3M in FY2021.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2021)
₹418M
Latest YoY
+115.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−19.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.3%
Avg. growth/yr (15Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−9.2%
Revenue −2.2%/yr
FY17 ₹456M
FY18 ₹795M
FY19 ₹729M
FY20 ₹194M
FY21 ₹418M
Net income
FY17 −₹275M
FY18 −₹80.9M
FY19 ₹273M
FY20 −₹15.9M
FY21 ₹76.3M

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Cite: Fair Value Calculator (2026). "Golden Tobacco Limited Fair Value". https://www.fairvalue-calculator.com/stock/GOLDENTOBC

Peer Group

Tobacco · 34 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 56 · Below median
Fair Value upside +176% · Top 25%
Return on assets 3% · Below median
Net margin (TTM) 21% · Top 25%
Operating margin (TTM) -14% · Bottom 25%
Revenue growth -18% · Bottom 25%
Dividend yield (TTM) 0.6% · Bottom 25%

Valuation Multiples vs Tobacco median · lower = cheaper

P/E (TTM) 13.9× · Cheaper than median
P/S (TTM) 1.35× · Cheaper than median
EV/EBITDA 5.9× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 50
FUTURE 0 · sector 26
PAST 0 · sector 51
HEALTH 100 · sector 99
DIVIDEND 11 · sector 80

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Tobacco

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Tobacco stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Philip Morris International Inc PM $186.19 $103.71 -44%
British American Tobacco p.l.c. BTI $55.84 $61.07 +9%
Altria Group MO $64.38 $81.81 +27%
KT&G Corporation 033780 177,400 KRW 110,656 KRW -38%
PT Hanjaya Mandala Sampoerna Tbk, HMSP 730.00 IDR 1,041 IDR +43%
Smoore International Holdings 6969 HK$8.76 HK$4.19 -52%
Godfrey Phillips India Limited GODFRYPHLP ₹2,160 ₹1,194 -45%
PT Gudang Garam Tbk, GGRM 19,575 IDR 16,988 IDR -13%
TABAK TABAK 18,700 CZK 23,215 CZK +24%
China Tobacco International (HK) Company 6055 HK$22.82 HK$24.09 +6%

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Frequently asked questions

Is Golden Tobacco Limited (GOLDENTOBC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹68.84 versus a price of ₹24.99, about +175% (undervalued).
What is the fair value of GOLDENTOBC?
Our model-based fair value for Golden Tobacco Limited is ₹68.84 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹24.99.
What is the quality score of GOLDENTOBC?
Golden Tobacco Limited has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Golden Tobacco Limited (GOLDENTOBC)?
Golden Tobacco Limited reported trailing-twelve-month revenue of about ₹327M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of GOLDENTOBC?
The net profit margin of Golden Tobacco Limited is about 21.2%, meaning it keeps roughly 21.2% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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