{"id":219109,"date":"2026-08-26T11:01:53","date_gmt":"2026-08-26T05:31:53","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=219109"},"modified":"2026-08-26T11:01:55","modified_gmt":"2026-08-26T05:31:55","slug":"tobacco-stocks-india-future-roadmaps-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/","title":{"rendered":"5 Tobacco Stocks in India with Strong Future Roadmaps as Exceptional Dividend Yields, Stable Cash Flows, and FMCG Diversification Define the Sector"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>India tobacco industry FY26: Rs 1,60,000 Cr+. ITC MCap Rs 3,37,051 Cr &#8212; largest. VST div 5.69% &#8212; highest. VST PE 12.85 &#8212; most value. Sector PE 17.42. ITC div 5.39%. Godfrey Phillips ROE 24.56% &#8212; highest. 5 picks: ITC, VSTIND, GODFYPHILLIP, NTC, GTC.<\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">Five tobacco stocks in India with strong future roadmaps are ITC Limited, VST Industries, Godfrey Phillips India, NTC Industries, and GTC Industries. India&#8217;s tobacco sector is dominated by cigarettes and is one of the most cash-generative industries in Indian listed markets. ITC is the largest tobacco stock by a significant margin at Rs 3,37,051 crore market cap. VST Industries offers the most attractive PE at 12.85 with the highest dividend yield at 5.69%. Godfrey Phillips has the highest ROE at 24.56%. The sector PE of 17.42 makes it one of the lowest-valued consumer sectors in India.<\/p>\n<\/div>\n<p>India&#8217;s tobacco sector is unique in the Indian listed market: it generates exceptional free cash flows from an addictive consumer product with high brand loyalty, pays extraordinary dividends, and faces regulatory headwinds that paradoxically protect incumbents from new entrants. The government&#8217;s excise duty structure on cigarettes is one of the highest in the world as a percentage of retail price, but this creates a near-impenetrable barrier to new market entry.<\/p>\n<p>For investors, tobacco stocks offer the most reliable income streams in the Indian consumer market. The sector PE of 17.42 &#8212; among the lowest for consumer staples &#8212; and dividend yields of 2-6% make tobacco stocks compelling for income-seeking investors. All price and fundamental data is as of 25 August 2026.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=tobacco-stocks-india-future-roadmaps-2026\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#What_Are_Tobacco_Stocks_in_India\" title=\"What Are Tobacco Stocks in India?\">What Are Tobacco Stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Budget_2026-27_Impact_on_Tobacco_Stocks\" title=\"Budget 2026-27 Impact on Tobacco Stocks\">Budget 2026-27 Impact on Tobacco Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#5_Tobacco_Stocks_in_India_to_Watch_in_2026\" title=\"5 Tobacco Stocks in India to Watch in 2026\">5 Tobacco Stocks in India to Watch in 2026<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#1_ITC_Limited_NSE_ITC\" title=\"1. ITC Limited (NSE: ITC)\">1. ITC Limited (NSE: ITC)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#2_VST_Industries_NSE_VSTIND\" title=\"2. VST Industries (NSE: VSTIND)\">2. VST Industries (NSE: VSTIND)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#3_Godfrey_Phillips_India_NSE_GODFYPHILLIP\" title=\"3. Godfrey Phillips India (NSE: GODFYPHILLIP)\">3. Godfrey Phillips India (NSE: GODFYPHILLIP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#4_NTC_Industries_NSE_NTC\" title=\"4. NTC Industries (NSE: NTC)\">4. NTC Industries (NSE: NTC)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#5_GTC_Industries_NSE_GTC\" title=\"5. GTC Industries (NSE: GTC)\">5. GTC Industries (NSE: GTC)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#What_Factors_Affect_Tobacco_Stocks\" title=\"What Factors Affect Tobacco Stocks?\">What Factors Affect Tobacco Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Benefits_of_Investing_in_Tobacco_Stocks\" title=\"Benefits of Investing in Tobacco Stocks\">Benefits of Investing in Tobacco Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Risks_to_Consider_Before_Investing\" title=\"Risks to Consider Before Investing\">Risks to Consider Before Investing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#How_to_Choose_Tobacco_Stocks\" title=\"How to Choose Tobacco Stocks\">How to Choose Tobacco Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#How_to_Invest_in_Tobacco_Stocks_in_India\" title=\"How to Invest in Tobacco Stocks in India\">How to Invest in Tobacco Stocks in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#FAQs_on_Tobacco_Stocks_in_India_2026\" title=\"FAQs on Tobacco Stocks in India 2026\">FAQs on Tobacco Stocks in India 2026<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Which_are_the_top_5_tobacco_stocks_in_India_in_2026\" title=\"Which are the top 5 tobacco stocks in India in 2026?\">Which are the top 5 tobacco stocks in India in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Why_do_tobacco_stocks_like_ITC_and_VST_offer_such_high_dividend_yields\" title=\"Why do tobacco stocks like ITC and VST offer such high dividend yields?\">Why do tobacco stocks like ITC and VST offer such high dividend yields?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Is_ITC_a_tobacco_stock_or_an_FMCG_stock\" title=\"Is ITC a tobacco stock or an FMCG stock?\">Is ITC a tobacco stock or an FMCG stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Why_is_Godfrey_Phillips_the_highest-ROE_tobacco_stock\" title=\"Why is Godfrey Phillips the highest-ROE tobacco stock?\">Why is Godfrey Phillips the highest-ROE tobacco stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#How_does_the_governments_excise_duty_policy_affect_tobacco_stocks\" title=\"How does the government&#8217;s excise duty policy affect tobacco stocks?\">How does the government&#8217;s excise duty policy affect tobacco stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#Should_an_ESG-conscious_investor_own_tobacco_stocks\" title=\"Should an ESG-conscious investor own tobacco stocks?\">Should an ESG-conscious investor own tobacco stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/tobacco-stocks-india-future-roadmaps-2026\/#How_do_I_invest_in_tobacco_stocks_in_India\" title=\"How do I invest in tobacco stocks in India?\">How do I invest in tobacco stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Tobacco_Stocks_in_India\"><\/span><strong>What Are Tobacco Stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Tobacco stocks are shares in companies that manufacture cigarettes, bidis, chewing tobacco, and tobacco-adjacent consumer products. India is one of the world&#8217;s largest tobacco markets by volume and the second-largest bidi consumer country. The listed tobacco sector is concentrated in three major companies: ITC Limited (the dominant conglomerate with cigarettes as its core profit engine), VST Industries (Philip Morris JV, cigarettes), and Godfrey Phillips India (Philip Morris JV, cigarettes and retail). Smaller listed stocks include NTC Industries and GTC Industries. India&#8217;s tobacco sector generates extraordinary free cash flows and pays among the highest dividends in the listed market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Budget_2026-27_Impact_on_Tobacco_Stocks\"><\/span><strong>Budget 2026-27 Impact on Tobacco Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=tobacco-stocks-india-future-roadmaps-2026\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<ul>\n<li><strong>Cigarette excise duty stability reducing unpredictability:<\/strong> Government has historically raised cigarette excise duty by 5-10% annually. In years where excise is held flat or raised minimally, tobacco stocks&#8217; margins expand meaningfully.<\/li>\n<li><strong>FMCG category investments by ITC creating diversification value:<\/strong> ITC&#8217;s Rs 2,000+ crore annual FMCG capex in Aashirvaad atta, Sunfeast biscuits, YiPPee noodles, and Bingo chips is creating a large alternative revenue base that reduces cigarette revenue concentration for this tobacco stock.<\/li>\n<li><strong>Export of tobacco leaf supporting farm income:<\/strong> India exports flue-cured tobacco leaf to East Europe, Middle East, and Asia. Export development creates farmer income support that provides political cover for the industry.<\/li>\n<li><strong>Hotels and hospitality recovery boosting ITC:<\/strong> ITC&#8217;s luxury hotels (ITC Grand, Welcomhotel brands) benefit from post-pandemic travel recovery, contributing to the non-tobacco revenue base of this large tobacco stock.<\/li>\n<li><strong>Agri-business growth in ITC e-Choupal network:<\/strong> ITC&#8217;s agribusiness (wheat procurement for Aashirvaad, agri-exports) is growing, creating a rural India footprint that reinforces its large-scale cigarette distribution advantage.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"5_Tobacco_Stocks_in_India_to_Watch_in_2026\"><\/span><strong>5 Tobacco Stocks in India to Watch in 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; border-collapse: collapse;\" border=\"1\" cellspacing=\"0\" cellpadding=\"8\">\n<thead>\n<tr style=\"background: #1F4E79; color: #ffffff;\">\n<th>Company<\/th>\n<th>CMP (Rs)<\/th>\n<th>Market Cap (Rs Cr)<\/th>\n<th>P\/E Ratio<\/th>\n<th>ROE (%)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/itc\/itc-ltd-share-price-today\">ITC Limited<\/a><\/td>\n<td>269<\/td>\n<td>3,37,051<\/td>\n<td>16.70<\/td>\n<td>28.53%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/vstind\/vst-industries-ltd-share-price-today\">VST Industries<\/a><\/td>\n<td>211<\/td>\n<td>3,581<\/td>\n<td>12.85<\/td>\n<td>20.22%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/godfyphillip\/godfrey-phillips-india-ltd-share-price-today\">Godfrey Phillips India<\/a><\/td>\n<td>2,097<\/td>\n<td>32,709<\/td>\n<td>23.91<\/td>\n<td>24.56%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/ntc\">NTC Industries<\/a><\/td>\n<td>80<\/td>\n<td>500<\/td>\n<td>15.00<\/td>\n<td>8.00%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/stocks\/gtc\">GTC Industries<\/a><\/td>\n<td>50<\/td>\n<td>300<\/td>\n<td>12.00<\/td>\n<td>6.00%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12px; color: #555; margin-top: 4px;\">Data as of 25 August 2026. For 52-week high\/low, verify at nseindia.com before making any investment decision.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_ITC_Limited_NSE_ITC\"><\/span><strong>1. ITC Limited (NSE: ITC)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ITC is India&#8217;s largest tobacco stock by an enormous margin &#8212; the 6th largest company by market cap in India and the dominant player in the cigarette market with over 80% value market share. Founded in 1910 and headquartered in Kolkata, the company operates cigarettes, FMCG (Aashirvaad, Sunfeast, YiPPee, Bingo, Fiama), hotels (ITC Grand Chola, Maurya Sheraton), agribusiness, and paperboards. Market cap is Rs 3,37,051 crore at CMP Rs 269. PE is 16.70, near sector average, ROE is 28.53% &#8212; the best capital efficiency among Indian FMCG-tobacco companies &#8212; D\/E is 0.03, and dividend yield is 5.39%. ITC&#8217;s cigarette business generates Rs 15,000+ crore in annual EBIT with near-100% free cash conversion. For investors in tobacco stocks who want the most diversified, highest-ROE, near-debt-free, and reliable dividend-paying conglomerate with cigarettes as the cash engine, ITC is unrivalled.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_VST_Industries_NSE_VSTIND\"><\/span><strong>2. VST Industries (NSE: VSTIND)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>VST Industries is the most value-priced tobacco stock at PE 12.85 and offers the highest dividend yield at 5.69% among these tobacco stocks &#8212; a zero-debt company that is an exceptional income-generating investment for conservative investors. A Philip Morris International affiliate headquartered in Hyderabad, the company manufactures Charms, Special and Charminar cigarettes, primarily sold in South India. Market cap is Rs 3,581 crore at CMP Rs 211. ROE is 20.22% and D\/E is 0.00. VST&#8217;s concentrated South Indian market position with the Charminar brand (positioned as a value alternative) gives it pricing power in the economy cigarette segment. For investors in tobacco stocks who want the best combination of value PE, highest dividend yield, zero debt, and above-20% ROE in a small-cap tobacco pure-play, VST Industries is the most analytically compelling income stock.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for Live Fundamental Data on These Stocks<\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Godfrey_Phillips_India_NSE_GODFYPHILLIP\"><\/span><strong>3. Godfrey Phillips India (NSE: GODFYPHILLIP)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Godfrey Phillips India is the second-largest tobacco stock in India by market cap and the highest-ROE tobacco company at 24.56%, selling Cavanders, Four Square, Flake, and Red &amp; White cigarettes under a Philip Morris licence. Founded in 1936 and headquartered in New Delhi, the company also operates a large Modern Trade retail chain (24Seven convenience stores) and distributes Philip Morris international cigarettes. Market cap is Rs 32,709 crore at CMP Rs 2,097. PE is 23.91, above sector average, ROE is 24.56%, and D\/E is 0.04. Godfrey Phillips&#8217; 24Seven convenience store network creates an additional non-tobacco retail revenue stream that differentiates it from pure cigarette tobacco stocks. For investors in tobacco stocks who want the highest-ROE tobacco company with non-tobacco retail diversification, Godfrey Phillips offers a growth-quality premium.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_NTC_Industries_NSE_NTC\"><\/span><strong>4. NTC Industries (NSE: NTC)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>NTC Industries is a small-cap tobacco stock primarily engaged in tobacco trading, processing, and leaf export rather than cigarette manufacturing. Founded in 1974 and headquartered in Mumbai, the company exports processed tobacco leaf to European and Asian buyers. Market cap is approximately Rs 500 crore. PE approximately 15, ROE approximately 8%, and D\/E approximately 0.30. NTC represents the upstream tobacco supply chain rather than the branded cigarette market. For investors in tobacco stocks who want leaf export and processing exposure at a small-cap level, NTC is a niche option. Note: The tobacco leaf export business is subject to international price volatility and agricultural risk. Verify exact fundamentals at nseindia.com.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track live prices and expert research.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_GTC_Industries_NSE_GTC\"><\/span><strong>5. GTC Industries (NSE: GTC)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>GTC Industries is a micro-cap tobacco stock with tobacco processing and packaging activities in Gujarat. The company operates at a very small scale compared to the dominant ITC, VST, and Godfrey Phillips tobacco stocks. Market cap is approximately Rs 300 crore. PE approximately 12, ROE approximately 6%, and D\/E approximately 0.40. GTC&#8217;s very small scale means it lacks the brand equity, distribution scale, or regulatory relationships of larger tobacco stocks. For investors in tobacco stocks who want the most value-priced micro-cap entry, GTC is a very high-risk, very low-liquidity option. Note: The listed tobacco universe in India is thin beyond the three major stocks &#8212; the significant investment opportunity in this sector lies in ITC, VST, and Godfrey Phillips. Verify exact fundamentals at nseindia.com.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Factors_Affect_Tobacco_Stocks\"><\/span><strong>What Factors Affect Tobacco Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Annual cigarette excise duty revision:<\/strong> The Union Budget excise duty on cigarettes is the single most important variable for tobacco stocks. A higher-than-expected excise hike causes immediate price increases, which can temporarily reduce volume. The long-term volume impact of excise is smaller than the market fears.<\/li>\n<li><strong>ITC&#8217;s FMCG segment growth trajectory:<\/strong> ITC&#8217;s non-cigarette FMCG revenue is growing at 15-20% annually. As FMCG becomes a larger share of ITC&#8217;s total revenue, the company&#8217;s valuation multiple should de-rate from a tobacco discount toward an FMCG premium.<\/li>\n<li><strong>Illicit cigarette trade control:<\/strong> Illicit cigarettes (smuggled, tax-evaded) constitute 25-30% of India&#8217;s cigarette market. Effective control of illicit trade by government authorities directly improves volume for legal tobacco stocks.<\/li>\n<li><strong>Volume trends in legal cigarette market:<\/strong> Despite excise increases, India&#8217;s legal cigarette market volume has grown modestly at 2-3% annually. Volume resilience in a legal market confirms the addictive demand inelasticity that makes tobacco stocks reliable cash generators.<\/li>\n<li><strong>Dividend payout policy:<\/strong> Tobacco stocks historically pay 70-80% of earnings as dividends. ITC (5.39%), VST (5.69%), and Godfrey (2.38%) dividends are among the most consistent in the Indian market.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Investing_in_Tobacco_Stocks\"><\/span><strong>Benefits of Investing in Tobacco Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>5-6% dividend yield among highest in Indian listed market:<\/strong> VST (5.69%) and ITC (5.39%) offer dividend yields that rival fixed income instruments while providing capital appreciation potential. Tobacco stocks are premier income investments.<\/li>\n<li><strong>Extraordinary free cash flow generation:<\/strong> Cigarette manufacturing requires minimal ongoing capex and generates near-100% free cash flow conversion. Tobacco stocks accumulate cash rapidly, supporting large and growing dividends.<\/li>\n<li><strong>80%+ volume market share for ITC creating pricing power:<\/strong> ITC&#8217;s 80%+ cigarette market share makes it the primary pricing authority in India&#8217;s cigarette market. Price increases pass through to consumers with minimal volume loss.<\/li>\n<li><strong>Excise duty structure as competitive moat:<\/strong> India&#8217;s high excise duty creates such a large tax liability for new cigarette entrants that the market remains effectively closed to new competition. Established tobacco stocks face no material competitive threat from new domestic entrants.<\/li>\n<li><strong>ITC&#8217;s FMCG diversification reducing cigarette revenue concentration:<\/strong> ITC&#8217;s Aashirvaad, Sunfeast, and YiPPee brands are creating a large alternative revenue base. As FMCG grows, the environmental, social, and governance (ESG) concerns about tobacco are offset for long-term investors.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing\"><\/span><strong>Risks to Consider Before Investing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Annual excise duty hikes compressing near-term volume:<\/strong> Steep annual excise increases (10%+ on cigarettes) force price hikes that temporarily reduce cigarette volumes. Tobacco stocks&#8217; earnings are briefly impacted before volume recovers.<\/li>\n<li><strong>ESG-driven institutional exclusion:<\/strong> Many ESG funds and institutional investors exclude tobacco stocks from portfolios due to health and ethical concerns. This permanent institutional exclusion creates a valuation discount that tobacco stocks must overcome through dividend yield.<\/li>\n<li><strong>Plain packaging and pictorial health warning regulations:<\/strong> Government regulations requiring large health warnings, plain packaging, and restrictions on display advertising incrementally reduce brand marketing effectiveness for tobacco stocks.<\/li>\n<li><strong>ITC conglomerate discount:<\/strong> ITC&#8217;s diverse businesses (cigarettes, FMCG, hotels, paperboards, agribusiness) have different growth profiles and ROIC. The conglomerate structure creates a sum-of-the-parts discount where the market values ITC below the combined value of its businesses.<\/li>\n<li><strong>Long-term volume decline risk from health awareness:<\/strong> As health literacy grows and alternatives (nicotine patches, vaping) develop, long-term cigarette volume growth may slow. Tobacco stocks must compensate with price increases to sustain earnings.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Choose_Tobacco_Stocks\"><\/span><strong>How to Choose Tobacco Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>PE near or below sector average of 17.42:<\/strong> VST Industries (12.85), GTC (approximately 12), and NTC (approximately 15) are below sector average. ITC (16.70) is near average. Godfrey Phillips (23.91) commands the highest ROE premium.<\/li>\n<li><strong>Dividend yield above 4%:<\/strong> VST (5.69%) and ITC (5.39%) are the premier income tobacco stocks in India. For investors prioritising income over growth, these two tobacco stocks are the definitive choices.<\/li>\n<li><strong>Zero or minimal debt:<\/strong> VST (D\/E 0.00), ITC (D\/E 0.03), Godfrey (D\/E 0.04) are essentially debt-free. Near-zero debt is the norm for tobacco stocks given their exceptional cash generation.<\/li>\n<li><strong>ROE above 20%:<\/strong> Godfrey Phillips (24.56%), ITC (28.53%), and VST (20.22%) all deliver above-20% ROE &#8212; demonstrating that tobacco stocks are among India&#8217;s most capital-efficient consumer companies.<\/li>\n<li><strong>FMCG diversification as future value driver:<\/strong> ITC&#8217;s FMCG portfolio is the most advanced diversification among tobacco stocks. Investors who buy ITC are also buying an emerging FMCG company. As cigarette revenue share declines and FMCG grows, ITC&#8217;s valuation multiple should expand.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Invest_in_Tobacco_Stocks_in_India\"><\/span><strong>How to Invest in Tobacco Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Step 1: Open a SEBI-registered demat account. Univest offers zero-brokerage broking with integrated research, so you can screen, research, and invest in tobacco products stocks from one platform.<\/p>\n<p>Step 2: Use the Univest Screener to filter the sector by PE, ROE, D\/E, and revenue growth. This gives you a ranked snapshot of all listed tobacco products companies.<\/p>\n<p>Step 3: Review financial statements of your shortlist. Look at three-year revenue trends, net profit margins, and operating cash flows. Single-quarter numbers are not a sufficient basis for long-term allocation in this sector.<\/p>\n<p>Step 4: Decide on position size based on your risk tolerance. High-growth tobacco products stocks carry more volatility than diversified blue-chips. Diversify across two or three names rather than concentrating in one.<\/p>\n<p>Step 5: Set price alerts and monitor quarterly results. The Univest app lets you track analyst views and set real-time alerts so you stay informed on order inflows, margin trends, and management guidance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The five tobacco stocks covered here, ITC, VST Industries, Godfrey Phillips, NTC, and GTC, represent India&#8217;s tobacco sector from the dominant conglomerate to pure-play cigarette companies. Exceptional dividend yields, zero debt, high ROE, and low sector PE create a unique value proposition for income investors. ESG concerns and annual excise duty risk are the defining considerations. Consult a SEBI-registered investment advisor before making any investment decisions.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Tobacco_Stocks_in_India_2026\"><\/span><strong>FAQs on Tobacco Stocks in India 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_top_5_tobacco_stocks_in_India_in_2026\"><\/span><strong>Which are the top 5 tobacco stocks in India in 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The top 5 tobacco stocks in India as of August 2026 are ITC Limited (ITC), VST Industries (VSTIND), Godfrey Phillips India (GODFYPHILLIP), NTC Industries (NTC), and GTC Industries (GTC). ITC is the largest by market cap at Rs 3,37,051 crore and has an ROE of 28.53%. VST Industries offers the highest dividend yield at 5.69% with zero debt. The investable tobacco universe is primarily the top three stocks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_tobacco_stocks_like_ITC_and_VST_offer_such_high_dividend_yields\"><\/span><strong>Why do tobacco stocks like ITC and VST offer such high dividend yields?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tobacco stocks generate extraordinary free cash flows from a product with near-100% brand loyalty and minimal competitive threat. Cigarette manufacturing requires limited ongoing capex (the production assets are long-lived and rarely require major reinvestment). This results in most earnings being convertible to cash dividends. ITC, VST, and Godfrey Phillips have all maintained 70-80% dividend payout ratios consistently. The market assigns a tobacco discount to PEs, further elevating the effective dividend yield relative to earnings.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_ITC_a_tobacco_stock_or_an_FMCG_stock\"><\/span><strong>Is ITC a tobacco stock or an FMCG stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ITC is both &#8212; and this duality is the source of its long-debated valuation. ITC derives approximately 40-45% of revenue from cigarettes but 80%+ of EBIT from cigarettes. Its FMCG, hotels, paperboards, and agribusiness contribute significant revenue but lower margins. As ITC&#8217;s FMCG segment (Aashirvaad, Sunfeast, YiPPee, Bingo) grows toward 30-35% of EBIT, the company will increasingly be valued as a diversified FMCG-tobacco company rather than a tobacco stock with FMCG side businesses.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_Godfrey_Phillips_the_highest-ROE_tobacco_stock\"><\/span><strong>Why is Godfrey Phillips the highest-ROE tobacco stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Godfrey Phillips&#8217; ROE of 24.56% reflects its licensing arrangement with Philip Morris (which provides brand technology and marketing without requiring domestic R&amp;D investment), its efficient cigarette manufacturing operations, and the high-margin premium cigarette portfolio (Cavanders, Four Square). The 24Seven convenience store business adds a non-tobacco growth vertical. Near-zero debt (D\/E 0.04) means earnings flow directly to equity holders, mechanically supporting the high ROE.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_does_the_governments_excise_duty_policy_affect_tobacco_stocks\"><\/span><strong>How does the government&#8217;s excise duty policy affect tobacco stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Union Budget annually revises cigarette excise duty. Historically, the duty is raised 5-15% on different cigarette length categories. A higher excise requires tobacco stocks to raise retail prices, which temporarily reduces cigarette volumes. However, historical data shows India&#8217;s cigarette volumes recover within 1-2 quarters after price increases as addictive demand reasserts. The legal cigarette market has grown at 2-3% annually despite consistent excise hikes over 20 years, confirming the demand inelasticity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_an_ESG-conscious_investor_own_tobacco_stocks\"><\/span><strong>Should an ESG-conscious investor own tobacco stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tobacco stocks present a genuine ESG consideration. Cigarettes cause documented health harm and are addictive. Many ESG funds and ethical investors exclude tobacco stocks from their portfolios on principle. For investors with no ethical objection to the tobacco industry, the financial characteristics (exceptional dividends, near-zero debt, high ROE, low PE) are compelling. Investors must make a personal decision about whether the financial merits override the ESG concerns. This is not an investment advisor&#8217;s recommendation either way.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_I_invest_in_tobacco_stocks_in_India\"><\/span><strong>How do I invest in tobacco stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> To invest in tobacco stocks, open a demat account with a SEBI-registered broker, filter by dividend yield, ROE, D\/E ratio, and FMCG diversification progress. Monitor Union Budget excise duty announcements and quarterly volume data as primary triggers. Consult a SEBI-registered investment advisor before investing.<\/p>\n<div class=\"faq-schema\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>India tobacco industry: Rs 1,60,000 crore. Discover 5 tobacco stocks in India with strong future roadmaps in high dividend income and FMCG diversification.<\/p>\n","protected":false},"author":36,"featured_media":219108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[3802],"class_list":["post-219109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-news"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["219108"],"_edit_lock":["1787722317:36"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["24"],"rank_math_seo_score":["63"],"rank_math_title":["5 Tobacco Stocks India 2026: Strong Future Roadmaps"],"rank_math_description":["India tobacco industry: Rs 1,60,000 crore. Discover 5 tobacco stocks in India with strong future roadmaps in high dividend income and FMCG diversification."],"rank_math_focus_keyword":["Tobacco Stocks India 2026"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"],"_edit_last":["36"],"_ez-toc-disabled":[""],"_ez-toc-insert":[""],"_ez-toc-header-label":[""],"_ez-toc-alignment":["none"],"_ez-toc-heading-levels":["a:0:{}"],"_ez-toc-alttext":[""],"_ez-toc-visibility_hide_by_default":[""],"_ez-toc-hide_counter":[""],"_ez-toc-exclude":[""],"_ez-toc-position-specific":["before"],"stm_select_gm_zoom":[""],"stm_agenda":[""],"stm_host":[""],"stm_select_approved_denied":[""],"stm_multiselect_approved":[""],"stm_multiselect_denied":[""],"stm_date":[""],"stm_time":[""],"stm_timezone":[""],"stm_duration":[""],"stm_password":[""],"stm_waiting_room":[""],"stm_join_before_host":[""],"stm_host_join_start":[""],"stm_start_after_participants":[""],"stm_mute_participants":[""],"stm_enforce_login":[""],"stm_alternative_hosts":[""],"top_bar_custom_style":[""],"top_bar_bg":[""],"wc_top_bar_cart_custom_style":[""],"wc_top_bar_cart_color":[""],"wc_top_bar_cart_icon_color_hover":[""],"wc_top_bar_cart_counter_color":[""],"wc_top_bar_cart_counter_color_hover":[""],"wc_top_bar_cart_counter_bg":[""],"wc_top_bar_cart_counter_bg_hover":[""],"top_bar_wpml_switcher_custom_style":[""],"wpml_switcher_color":[""],"top_bar_wpml_switcher_bg":[""],"top_bar_wpml_switcher_bg_hover":[""],"top_bar_wpml_switcher_color_hover":[""],"top_bar_socials_custom_style":[""],"top_bar_socials_color":[""],"top_bar_socials_color_hover":[""],"top_bar_search_custom_style":[""],"top_bar_search_color":[""],"top_bar_search_icon_color_hover":[""],"top_bar_contact_info_style":[""],"top_bar_contact_info_color":[""],"top_bar_contact_info_link_color":[""],"top_bar_contact_info_link_color_hover":[""],"top_bar_contact_info_select_bg":[""],"top_bar_contact_info_select_color":[""],"top_bar_contact_info_select_drop_bg":[""],"top_bar_contact_info_select_items_bg":[""],"top_bar_contact_info_select_items_color":[""],"top_bar_contact_info_select_items_hover":[""],"header_inverse":["default"],"enable_header_transparent":["off"],"header_nav_custom_style":[""],"header_bg":[""],"header_shadow":[""],"wc_cart_custom_style":[""],"wc_cart_icon_color":[""],"wc_cart_icon_color_hover":[""],"wc_cart_counter_color":[""],"wc_cart_counter_color_hover":[""],"wc_cart_counter_bg":[""],"wc_cart_counter_bg_hover":[""],"header_wpml_switcher_custom_style":[""],"header_wpml_switcher_color":[""],"header_wpml_switcher_color_hover":[""],"header_wpml_switcher_bg":[""],"header_wpml_switcher_bg_hover":[""],"header_socials_custom_style":[""],"header_socials_color":[""],"header_socials_color_hover":[""],"header_search_custom_style":[""],"header_search_icon_color":[""],"header_search_icon_color_hover":[""],"header_contact_info_style":[""],"header_contact_info_color":[""],"header_contact_info_link_color":[""],"header_contact_info_link_color_hover":[""],"header_button_custom_style":[""],"header_button_color":[""],"header_button_color_hover":[""],"header_button_bg":[""],"header_button_bg_hover":[""],"header_nav_menu_customize":[""],"header_nav_menu_link_color":[""],"header_nav_menu_link_color_hover":[""],"header_nav_menu_link_color_active":[""],"header_nav_menu_link_arrow_color":[""],"header_nav_menu_link_arrow_color_hover":[""],"header_nav_menu_level_1_bg":[""],"header_nav_menu_level_1_link_color":[""],"header_nav_menu_level_1_link_color_hover":[""],"header_nav_menu_level_1_link_bg_hover":[""],"header_nav_menu_level_1_link_arrow_color":[""],"header_nav_menu_level_1_link_arrow_color_hover":[""],"header_nav_menu_level_2_bg":[""],"header_nav_menu_level_2_link_color":[""],"header_nav_menu_level_2_link_color_hover":[""],"header_nav_menu_level_2_link_bg_hover":[""],"header_mega_menu_bg":[""],"header_mega_menu_title_color":[""],"header_mega_menu_title_color_hover":[""],"header_mega_menu_description_color":[""],"header_mega_menu_description_link_color":[""],"header_mega_menu_description_link_color_hover":[""],"header_mega_menu_color":[""],"header_mega_menu_color_hover":[""],"header_mega_menu_border_color":[""],"header_mega_menu_icons_color":[""],"header_nav_menu_customize_end":[""],"hfe_enabled_notice":[""],"disable_title_box":["default"],"hfe_disabled":[""],"enable_transparent":["default"],"title_box_title_bg_color":[""],"title_box_bg_custom_image":["default"],"title_box_bg_image":[""],"title_box_bg_position":["default"],"metabox_title_box_bg_position_x":[""],"metabox_title_box_bg_position_y":[""],"metabox_title_box_bg_attachment":["default"],"title_box_bg_size":["default"],"metabox_title_box_bg_size_slider":[""],"title_box_bg_repeat":["default"],"disable_title":["default"],"title_box_title_color":[""],"title_box_title_line_color":[""],"disable_breadcrumbs":["default"],"metabox_title_box_breadcrumbs_color":[""],"metabox_title_box_links_color":[""],"metabox_title_box_links_color_hover":[""],"content_bg_transparent":[""],"show_popup_single":[""],"popups_single":[""],"popups_single_event":[""],"popup_single_event_open_delay":[""],"popup_single_event_showing_in":[""],"popup_single_event_date_from":[""],"popup_single_event_date_to":[""],"popup_single_event_time_from":[""],"popup_single_event_time_to":[""],"popup_single_animation":[""],"popup_single_responsive":[""],"separator_footer_copyright_border_t":[""],"name":[""],"email":[""],"phone":[""],"company":[""],"memberId":[""],"testimonial_position":[""],"testimonial_company":[""],"testimonial_bg_img":[""],"testimonial_video_url":[""],"popups_width":[""],"popups_height":[""],"popups_image_bg":[""],"popups_color_bg":[""],"popups_border_radius":[""],"popups_template":[""],"rank_math_analytic_object_id":["39995"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/08\/tobacco-stocks-india-future-roadmaps-2026.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/219109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=219109"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/219109\/revisions"}],"predecessor-version":[{"id":219487,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/219109\/revisions\/219487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/219108"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=219109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=219109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=219109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}