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VST Industries Q2 FY27 results: net profit down 30.7% to ₹41.04 crore, revenue up 87.4%
VST Industries Limited reported standalone Q2 FY27 revenue of ₹844.06 crore for the July–September 2026 quarter, up 87.4% from Q2 FY26, while profit after tax fell 30.7% to ₹41.04 crore. EBITDA declined 45.0% to ₹43.24 crore and the EBITDA margin fell 12.4 percentage points to 5.1%. The company said changes in indirect taxes, including increased GST and excise duty and compensation cess reduced to nil, made gross sales and excise duty figures for the current quarter and half year not comparable with other periods.
Key points
- Revenue rose to ₹844.06 crore in Q2 FY27 from ₹450.37 crore in Q2 FY26, an increase of ₹393.69 crore.
- EBITDA fell to ₹43.24 crore from ₹78.62 crore, while EBITDA margin declined to 5.1% from 17.5%.
- Profit after tax was ₹41.04 crore, down ₹18.17 crore from Q2 FY26, and basic EPS fell to ₹2.41 from ₹3.49.
- In H1 FY27, revenue was ₹1,705.77 crore and profit after tax was ₹83.46 crore, compared with ₹864.49 crore and ₹115.34 crore in H1 FY26.
- The stock was down 1.3% on the reaction day and 3.3% by the next day's close from the pre-results close.
How did VST Industries perform in Q2 FY27?
VST Industries reported standalone revenue of ₹844.06 crore in Q2 FY27, up ₹393.69 crore or 87.4% from ₹450.37 crore in Q2 FY26. Total income rose ₹402.62 crore or 87.1% to ₹864.94 crore. Against Q1 FY27, revenue was lower by ₹17.65 crore or 2.0%, and total income was lower by ₹16.55 crore or 1.9%.
EBITDA fell ₹35.38 crore or 45.0% from Q2 FY26 to ₹43.24 crore, with the margin down 12.4 percentage points from 17.5% to 5.1%. Profit before tax was ₹53.30 crore, down ₹25.11 crore or 32.0%, and profit after tax was ₹41.04 crore, down ₹18.17 crore or 30.7%. Basic EPS declined to ₹2.41 from ₹3.49.
Compared with Q1 FY27, EBITDA fell ₹6.43 crore or 12.9% to ₹43.24 crore, while the margin declined 0.7 percentage points to 5.1%. Profit before tax fell ₹4.98 crore or 8.5% to ₹53.30 crore, profit after tax fell ₹1.38 crore or 3.3% to ₹41.04 crore, and basic EPS declined to ₹2.41 from ₹2.50. Consolidated results were not applicable because the company has no subsidiary, associate or joint venture.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 844.06 | 861.71 | 450.37 | +87.4% | −2.0% |
| Other income | 20.88 | 19.78 | 11.95 | +74.7% | +5.6% |
| Total expenses | 811.64 | 823.21 | 383.91 | +111.4% | −1.4% |
| EBITDA | 43.24 | 49.67 | 78.62 | −45.0% | −12.9% |
| EBITDA margin | 5.1% | 5.8% | 17.5% | −12.4 pp | −0.7 pp |
| Profit before tax | 53.30 | 58.28 | 78.41 | −32.0% | −8.5% |
| Tax | 12.26 | 15.86 | 19.20 | −36.1% | −22.7% |
| Net profit | 41.04 | 42.42 | 59.21 | −30.7% | −3.3% |
| EPS (₹) | 2.41 | 2.50 | 3.49 | −30.9% | −3.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in VST Industries' costs and profit?
Total expenses rose ₹427.73 crore or 111.4% from Q2 FY26 to ₹811.64 crore, outpacing the increase in revenue and other income. Other expenses accounted for the largest increase, rising ₹480.85 crore or 302.3% to ₹639.90 crore. The filing did not state a reason for this increase.
Cost of materials consumed fell ₹65.99 crore or 35.0% to ₹122.44 crore, employee benefit expense rose ₹2.22 crore or 7.0% to ₹34.01 crore, and depreciation and amortisation fell ₹1.34 crore or 11.0% to ₹10.82 crore. Finance costs were unchanged. Other income rose ₹8.93 crore or 74.7% to ₹20.88 crore, while tax expense fell ₹6.94 crore or 36.1% to ₹12.26 crore.
There was no exceptional item in either Q2 FY27 or Q2 FY26. The filing stated that, with effect from 1 February 2026, compensation cess on cigarettes was reduced to nil while GST and excise duty on the product increased significantly. It said gross sales, net of GST and compensation cess, and excise duty for the quarter and half year ended 30 September 2026 were not comparable with other presented periods.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 122.44 | 188.43 | −65.99 | −35.0% |
| Employee cost | 34.01 | 31.79 | +2.22 | +7.0% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 10.82 | 12.16 | −1.34 | −11.0% |
| Other expenses | 639.90 | 159.05 | +480.85 | +302.3% |
| Total expenses | 811.64 | 383.91 | +427.73 | +111.4% |
| Other income | 20.88 | 11.95 | +8.93 | +74.7% |
| Tax | 12.26 | 19.20 | −6.94 | −36.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, VST Industries reported revenue of ₹1,705.77 crore, up ₹841.28 crore or 97.3% from ₹864.49 crore in H1 FY26. Total income rose ₹859.18 crore or 96.8% to ₹1,746.43 crore.
Profit before tax fell ₹42.82 crore or 27.7% to ₹111.58 crore, while profit after tax declined ₹31.88 crore or 27.6% to ₹83.46 crore. Basic EPS was ₹4.91, down ₹1.88 or 27.7% from ₹6.79 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,706 | 864.49 | +97.3% |
| Profit before tax | 111.58 | 154.40 | −27.7% |
| Net profit | 83.46 | 115.34 | −27.6% |
| EPS (₹) | 4.91 | 6.79 | −27.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,061.13 crore, up from ₹2,015.83 crore at 31 March 2026, while total equity fell to ₹1,326.03 crore from ₹1,445.67 crore. There were no borrowings at either date. Cash and cash equivalents declined to ₹7.69 crore from ₹23.69 crore.
Inventories rose to ₹756.99 crore from ₹674.97 crore, trade receivables fell to ₹39.59 crore from ₹47.02 crore, and trade payables fell to ₹100.27 crore from ₹123.79 crore. H1 FY27 operating cash flow was ₹198.80 crore, compared with ₹69.47 crore in H1 FY26.
Investing cash flow was negative ₹11.35 crore in H1 FY27 against positive ₹99.00 crore a year earlier, while financing cash flow was negative ₹203.45 crore against negative ₹169.54 crore. Capital expenditure was ₹11.16 crore, compared with ₹17.57 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,061 | 2,016 |
| Total equity | 1,326 | 1,446 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 7.69 | 23.69 |
| Inventories | 756.99 | 674.97 |
| Trade receivables | 39.59 | 47.02 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 198.80 | 69.47 |
| Cash from investing | −11.35 | 99 |
| Cash from financing | −203.45 | −169.54 |
| Capital expenditure | 11.16 | 17.57 |
Source: Company's results filing (XBRL).
How has VST Industries done over the last 8 quarters?
Revenue peaked at ₹861.71 crore in Q1 FY27 and was ₹844.06 crore in Q2 FY27, compared with its low of ₹414.12 crore in Q1 FY26. Revenue has risen year on year in each of the last four quarters, and the latest quarter was lower than the preceding quarter.
Profit after tax peaked at ₹136.26 crore in Q3 FY25 and was lowest at ₹41.04 crore in Q2 FY27, following ₹42.42 crore in Q1 FY27. The EBITDA margin reached 30.2% in Q4 FY26, then fell to 5.8% in Q1 FY27 and 5.1% in Q2 FY27; the low across the listed quarters was 5.1%.
How did VST Industries shares react?
The filing was released after market hours on 28 October 2026. From the price when the filing appeared, the stock was unchanged after five minutes, up 0.2% after 15 minutes and down 0.5% after 30 minutes. It closed the reaction day down 1.3% from the previous close of ₹192.15, and by the next day's close it was down 3.3% from that pre-results close.
The industry median for other Cigarettes & Tobacco Products stocks rose 0.9% on the reaction day, while the Nifty Microcap 250 rose 0.7%. VST Industries therefore underperformed the industry median by 2.3 percentage points on the reaction day. By the next day's close, the market was down 1.9% from the same pre-results close.
| After the filing | Stock | Cigarettes & Tobacco Products median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +0.2% | |
| 30 minutes | −0.5% | |
| Reaction day | −1.3% | +0.9% |
| Next day | −3.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | −4.6% |
| 16 April 2026 | +9.3% |
| 29 January 2026 | +0.2% |
| 29 October 2025 | +0.0% |
| 22 July 2025 | −3.1% |
| 7 February 2025 | +0.7% |
| 24 October 2024 | −9.4% |
| 25 July 2024 | +2.4% |
Source: MarketPing price-reaction measurement.
Quick answers
What was VST Industries' revenue in Q2 FY27?
Revenue from operations was ₹844.06 crore, up 87.4% from ₹450.37 crore in Q2 FY26 (standalone).
Did VST Industries make a profit in Q2 FY27?
Yes. Net profit was ₹41.04 crore, against a net profit of ₹59.21 crore in Q2 FY26.
What was VST Industries' EPS in Q2 FY27?
Basic earnings per share were ₹2.41, against ₹3.49 in Q2 FY26.
How did VST Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.3% from the previous close; the median Cigarettes & Tobacco Products stock moved +0.9%.
When did VST Industries announce its Q2 FY27 results?
On 28 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (BSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 28 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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