Event Details
The 89th Annual General Meeting (AGM) of Godfrey Phillips India Limited was held on Monday, 24th August 2026 at 2:30 PM IST through video conference/audiovisual means. The meeting was conducted in compliance with Ministry of Corporate Affairs circulars and provisions of the Companies Act, 2013 and SEBI Listing Regulations.
Dr. Bina Modi, Chairperson of the Board and Managing Director, chaired the meeting. The requisite quorum was present as confirmed by the Company Secretary.
Proceedings Summary
The Company Secretary introduced Directors and Management team participants. Statutory Registers and documents remained open for electronic inspection during the meeting. Statutory Auditors and Secretarial Auditors submitted unqualified reports for FY ended 31st March 2026, which were circulated as part of the Annual Report.
The Chairperson delivered her speech and addressed shareholder queries on agenda items. Shareholders had electronic voting facilities from Thursday, 20th August 2026 (9:00 AM IST) to Sunday, 23rd August 2026 (5:00 PM IST), with additional voting allowed during the AGM.
Mr. V Ramchandran, Practicing Company Secretary, was appointed as Scrutinizer to report on voting results. Voting results will be submitted to Stock Exchanges per Regulation 44(3) of SEBI Listing Regulations and displayed on company and MUFG Intime India Private Limited websites.
The AGM concluded at 3:35 PM IST.
Agenda Items Discussed
Ordinary Business:
1. Adoption of Audited Standalone Financial Statements for FY ended 31st March 2026, with reports of Board of Directors and Auditors
2. Adoption of Audited Consolidated Financial Statements for FY ended 31st March 2026 with Auditor's report
3. Declaration of Final Dividend at ₹33 per equity share and confirmation of Interim Dividend at ₹17 per equity share for FY 2025-26
4. Re-appointment of Ms. Charu Modi (DIN: 00029625) who retires by rotation
5. Re-appointment of Mr. Paul Norman Janelle (DIN: 03489805) who retires by rotation
Financial Performance Highlights (FY 2025-26)
- Consolidated Gross Sales Value (including duties and taxes): ₹18,379 crore, representing 27% growth
- Consolidated net profit from continuing operations: ₹1,525 crore, representing 32% growth (highest ever)
- Domestic cigarette volumes grew by 20% during the year
- Unmanufactured tobacco exports reached ₹1,945 crore
Dividend Declaration
- Interim dividend paid: ₹17 per share
- Final dividend recommended: ₹33 per share
- Total dividend payout for FY 2025-26: ₹50 per share, representing 58% increase compared to previous financial year
Business Environment and Challenges
- Significant headwinds from steep cigarette taxation increase effective February 2026
- Expected pressure on domestic business outlook for FY 2026-27 regarding volumes, profitability, and consumer demand
- Higher tax burden contributing to growth of illicit trade, a significant concern for legal cigarette industry
Strategic Initiatives
- Calibrated and balanced pricing strategy to phase impact on consumers
- Continued investments in brands, innovation, market execution, and operational efficiencies
- International business maintained growth momentum with expansion beyond traditional markets
ESG and Sustainability Performance
- Dow Jones Sustainability Index score rose to 77 in 2025 from 64 in previous year
- Ranked among top five tobacco companies globally on sustainability
- Progress in renewable energy, water replenishment, emissions reduction, plastic neutrality, and community engagement
CSR Initiatives (FY 2025-26)
- CSR spends increased 26% over previous year
- Coverage expanded to over 20 states
- Over 1 lakh beneficiaries impacted
- Water conservation and recharge initiatives conserved over 2.7 lakh kilolitres of water
- Healthcare initiatives reached over 6,200 beneficiaries including daily traders and hawkers
Corporate Governance
- Certified as Great Place To Work for eighth consecutive year
- Strengthened Board representation with induction of two Philip Morris International nominees
- Refreshed Board committees to enhance diversity of perspective
- Strategic relationship with Philip Morris International continues to deepen