NTC Industries FY26: A ₹217 Cr Cigarette Maker Where ₹12 Cr of “Other Income” Does Heavy Lifting

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1 — At a Glance

Here is a company incorporated in 1931 that still makes cigarettes, matchboxes, and incense sticks, and just closed FY26 with sales of ₹112.64 crore — nearly double the ₹60.09 crore of FY25. Net profit climbed to ₹19.56 crore from ₹11.37 crore. On paper, a small-cap tobacco name having a very good year.

Then you look at the composition. Other Income for the year was ₹12.25 crore, sitting right next to an Operating Profit of ₹21 crore. Interest income and finance-related lines carry weight here that a pure cigarette business wouldn’t explain on its own. The market currently pays 11.1x earnings, below the peer median of 14.4x.

Promoter holding, meanwhile, has slid from 65.90% to 54.34% over recent quarters, and borrowings jumped from ₹6.6 crore in FY23 to ₹80 crore in FY25 before easing to ₹76.66 crore. A 94-year-old tobacco company doesn’t usually reinvent its balance sheet this fast. Something changed — and the numbers below tell the story of what.

2 — Introduction

NTC Industries Ltd operates out of Kamarhati, Kolkata, and is part of the RDB Industries group. It processes tobacco blends, manufactures packed cigarettes and other tobacco products, sells them domestically, and exports to Brussels, Rotterdam, Amsterdam, Paris, and Luxembourg. It also holds a licence to manufacture FMCG products.

The FY26 audited results were approved by the board on 26 May 2026, with an unmodified auditor’s opinion from R. Rampuria & Company. Shortly before that, in May 2026, the CFO seat changed hands: Avijit Maity resigned effective 7 May 2026 and Vivek Soni, previously the company’s Accounts Manager, was appointed in his place.

The bigger structural shift is older. Across FY25, the company issued shares via a preferential route and a share swap agreement with Solitude Flame Private Limited, converted warrants into equity, and saw reserves leap from roughly ₹90 crore to ₹195 crore. That is the event lurking behind almost every FY25-to-FY26 comparison in this entry.

3 — Business Model: WTF Do They Even Do?

At its core, NTC sells cigarettes under a genuinely long list of brands — Fine Cut, Regent Special, Prestige, Macpole, Maypole, Jaipur, FX American Blend, Cool, No.10, General, Aadie, Goldmans, Valentino, Royal King, DOS II — plus Agardeep incense sticks and R’Gent matchboxes on the side. That’s a brand roster longer than most companies ten times its size, all funnelled through a market cap of ₹217 crore.

The FY22 revenue breakup told a curious tale: sale of cigarettes ~51%, agarbatti and matchboxes ~1%, sale of services ~33%, interest income ~13%, others ~2%. A cigarette company where a third of revenue was “services” and another eighth was interest income is not, strictly, only a cigarette company. Exports made up ~71% of geography that year — the Kamarhati factory ships more abroad than at home.

By FY26 the consolidated segment disclosure showed FMCG-Cigarettes at ₹62.36 crore and a “Foods & Beverages” segment at ₹37.65 crore — the latter barely existed a year earlier. Rental income runs as its own line too. The subsidiaries carry names like NTCIL Realty and NTCIL Real Estate.

So the honest description: a legacy tobacco manufacturer bolted onto a trading operation, a nascent food segment, property rental, and a large loans-and-investments book. Does a business this diversified have a centre of gravity, or is it four small companies wearing one 1931 nameplate?

4 — Financials Overview

Figures are consolidated, in ₹ crore.

Quarterly revenue rose 33.7% year-on-year and profit before tax reached ₹7.43 crore in the March quarter. Operating Profit of ₹6.90 crore was the highest