Manufactures and sells cigarettes in India, the company's sole product line, with the unmanufactured tobacco business contributing the balance. For FY26, the company reported total revenue of Rs 2,045.74 cr and cigarette revenue of Rs 1,732 cr, with net profit of Rs 292.26 cr and an EBITDA margin of 24.01%. Monthly cigarette volumes stood at 696 million sticks, up 8.6% YoY, supported by productivity initiatives and an enhanced brand portfolio. The cost structure is dominated by other operating expenses at 37.7% of revenue, followed by materials at 33.4% (largely tobacco leaf), with employee costs at 6.8%, depreciation at 4.9% and capex at 2.1%. The company carries no outstanding debt and operates manufacturing facilities including a Zero Liquid Discharge plant at Toopran, with 33% of its power coming from green sources and a 2030 carbon-neutrality target. Following the government's February 2026 removal of Compensation Cess and a simultaneous hike in GST and excise duty on cigarettes, Q1FY27 net revenue fell 13% YoY to Rs 256 cr, cigarette volumes dropped 14.4% QoQ, and EBITDA margin compressed to 19.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cigarettes, Unmanufactured tobacco. Single-category, branded consumer staple with regulated pricing and taxation
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,561 | 1,673 | 1,838 | 1,809 | 2,046 |
| EBITDA (ex other income) | 412 | 383 | 353 | 379 | 450 |
| margin % | 26.4 | 22.9 | 19.2 | 21.0 | 22.0 |
| Owners' profit | 320 | 327 | 302 | 290 | 292 |
| EPS, as reported (₹) | 207.38 | 211.75 | 195.29 | 17.10 | 17.21 |
| ROE % · ROCE % | 29.8 · 39.0 | 27.7 · 35.7 | 24.1 · 31.0 | 22.0 · 27.5 | 20.2 · 26.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 277 | 181 | 167 | 193 | 218 |
| Capex | (49) | (404) | (94) | (41) | (42) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 461 | 471 | 454 | 414 | 450 | 492 | 689 | 862 |
| Profit before tax | 65 | 166 | 67 | 76 | 78 | 81 | 155 | 58 |
| Net profit | 48 | 136 | 53 | 56 | 59 | 60 | 117 | 42 |
| EPS (₹) | 2.80 | 8.02 | 3.13 | 3.30 | 3.49 | 3.55 | 6.87 | 2.50 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODFREY PHILLIPS INDIA LT | 30,061 | 22.0 | 4.83 | 16.9 | 24.5 | 25.5 | 25.2 | 6.8 |
| VST INDUSTRIES LTD ◆ | 3,469 | 12.4 | 2.40 | — | 20.2 | 26.5 | — | 8.1 |
| ELITECON INTERNATIONAL L | 1,309 | 1.8 | 2.47 | 18.3 | 39.2 | 36.1 | — | 8.1 |
| N T C INDUSTRIES LTD. | 198 | 9.6 | 0.94 | 8.1 | 9.3 | 8.8 | 30.5 | 28.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Jul 2026 · VST Industries 95th AGM: All 4 resolutions passed, Rs 12 dividend cleared | board shareholder meetings | low | — | — |
| 29 Jul 2026 · 95th AGM concludes; Rs.12 dividend declared, Price Waterhouse appointed auditor | board shareholder meetings | medium | — | — |
| 28 Jul 2026 · VST Industries Q1FY27 results: PAT falls 25% on tax hike | compliance | low | — | — |
| 28 Jul 2026 · VST Industries Q1 FY27: PAT at 42.42 cr, down 24% YoY | results | high | — | — |
| 20 Jul 2026 · Board meeting on 28 Jul 2026 to approve Q1 FY27 financial results | results | low | — | — |
| 13 Jul 2026 · VST Industries appoints Venkateshwaran Sundaram as CHRO effective July 13, 2026 | management changes | medium | — | — |
| 7 Jul 2026 · Compliance certificate under SEBI Regulation 74(5) for quarter ended June 2026 | compliance | minimal | — | — |
| 7 Jul 2026 · Notice of 95th AGM published - meeting on 29 July 2026 | compliance | minimal | — | — |
| 6 Jul 2026 · VST Industries files BRSR with FY26 Annual Report | compliance | low | — | — |
| 6 Jul 2026 · AGM notice on July 29, 2026 and FY25-26 Annual Report filed | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| SINNAR BIDI UDYOG LTD. |
| 28 |
| 37.0 |
| 6.48 |
| — |
| (3.1) |
| (1.8) |
| (0.6) |
| (29.7) |
| RAGHUNATH INTERNATIONAL LTD. | 5 | 5.5 | 0.30 | 3.8 | 6.1 | 7.5 | (10.8) | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.4 | 16.3 | 125 of 316 | 61% |
| P/B | 2.4 | 1.8 | 176 of 280 | 37% |
| ROCE | 26.5 | 7.5 | 26 of 335 | 93% |
| ROE | 20.2 | 7.3 | 40 of 294 | 87% |
| Debt / Equity | 0.0 | 0.3 | 11 of 294 | 81% |
| EBITDA margin | 8.1 | 8.3 | 143 of 272 | 48% |
| Revenue growth | 108.1 | 9.8 | 23 of 273 | 92% |
| Profit growth | (24.4) | 12.9 | 192 of 276 | 31% |
| Market cap | 3469 | 156 | 56 of 340 | 84% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
