NSE: VSTIND · BSE: 509966
VST INDUSTRIES LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODFREY PHILLIPS INDIA LT | 26,955 | 19.7 | 4.33 | 15.1 | 24.5 | 25.5 | 25.2 | 6.8 |
| VST INDUSTRIES LTD ◆ | 3,264 | 11.7 | 2.26 | — | 20.2 | 26.5 | — | 8.1 |
| ELITECON INTERNATIONAL L | 1,093 | 1.5 | 2.06 | 15.2 | 39.2 | 36.1 | — | 8.1 |
| N T C INDUSTRIES LTD. | 174 | 8.4 | 0.83 | 7.4 | 9.3 | 8.8 | 30.5 | 28.7 |
| SINNAR BIDI UDYOG LTD. | 25 | — | 5.84 | — | (3.1) | (1.8) | (0.6) | (29.7) |
| RAGHUNATH INTERNATIONAL LTD. | 5 | 5.2 | 0.28 | 3.5 | 6.1 | 7.5 | (10.8) | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.7 | 17.8 | 92 of 278 | 67% |
| P/B | 2.3 | 1.7 | 175 of 281 | 38% |
| ROCE | 26.5 | 7.5 | 25 of 331 | 93% |
| ROE | 20.2 | 7.3 | 38 of 283 | 87% |
| Debt / Equity | 0.0 | 0.3 | 1 of 281 | 85% |
| 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 | 3264 | 160 | 55 of 341 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Six-month profit falls 28% as cigarette tax burden rises | compliance | minimal | — | — |
| 28 Oct 2026 · VST Industries profit falls 28% in H1 FY27 as margins narrow | results | high | — | — |
| 19 Oct 2026 · Board meeting on Oct 28 to consider Q2 FY26 financial results | results | low | — | — |
| 5 Oct 2026 · Quarterly demat compliance certificate from registrar | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.