VST Industries
VSTIND NSE
VST Industries
Fast Moving Consumer GoodsNSE: VSTIND BSE: 509966 Cigarettes & Tobacco Products
Key Fundamentals
MicrocapCigarettes & TobaccoConsumer GoodsMarket Cap
₹3,487 Cr
Volatility
Low Risk
P/E Ratio
12.43
EBITDA
₹491 Cr
Return on Equity
20.22%
Debt to Equity
0
Book Value
₹85.65
EPS
₹175.81
52W High
₹286.78
52W Low
₹200
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 68.4%
Weaknesses
2- The company has delivered a poor sales growth of 5.68% over past five years.
- Promoter holding is low: 32.2%
Growth Rate
Revenue Growth
5.11% higher than
3Y
Net Income Growth
0.65% higher than
3Y
Cash Flow Change
12.82% lower than
3Y
ROE
-7.88% lower than
3Y
ROCE
-3.42% higher than
3Y
EBITDA Margin (Avg.)
49.02% higher than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 333 | 350 | 363 | 375 | 321 | 360 | 367 | 349 | 298 | 336 | 373 | 457 | 256 |
| Expenses | 228 | 271 | 290 | 278 | 248 | 292 | 299 | 280 | 221 | 258 | 288 | 249 | 207 |
| Operating Profit | 105 | 79 | 72 | 97 | 73 | 68 | 68 | 70 | 77 | 79 | 86 | 208 | 50 |
| OPM % | 32% | 23% | 20% | 26% | 23% | 19% | 19% | 20% | 26% | 23% | 23% | 46% | 19% |
| Other Income | 12 | 29 | 9 | 30 | 9 | 8 | 108 | 10 | 11 | 12 | 9 | 9 | 20 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 8 | 9 | 10 | 11 | 10 | 11 | 11 | 12 | 12 | 12 | 14 | 63 | 11 |
| PBT | 109 | 99 | 71 | 115 | 72 | 65 | 166 | 67 | 76 | 78 | 81 | 155 | 58 |
| Tax % | 23% | 23% | 24% | 23% | 26% | 26% | 18% | 21% | 26% | 24% | 26% | 24% | 27% |
| Net Profit | 84 | 76 | 54 | 88 | 54 | 48 | 136 | 53 | 56 | 59 | 60 | 117 | 42 |
| EPS in Rs | 4.93 | 4.47 | 3.16 | 5.19 | 3.15 | 2.8 | 8.02 | 3.12 | 3.3 | 3.49 | 3.55 | 6.87 | 2.5 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 836 | 883 | 922 | 948 | 1,099 | 1,239 | 1,111 | 1,178 | 1,292 | 1,420 | 1,398 | 1,465 | 1,423 |
| Expenses | 594 | 646 | 675 | 654 | 746 | 825 | 700 | 767 | 910 | 1,067 | 1,119 | 1,015 | 1,000 |
| Operating Profit | 243 | 237 | 248 | 294 | 353 | 415 | 411 | 412 | 383 | 353 | 279 | 450 | 423 |
| OPM % | 29% | 27% | 27% | 31% | 32% | 33% | 37% | 35% | 30% | 25% | 20% | 31% | 30% |
| Other Income | 18 | 20 | 20 | 25 | 39 | 47 | 42 | 47 | 76 | 80 | 135 | 41 | 50 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 32 | 31 | 37 | 39 | 41 | 42 | 35 | 30 | 30 | 38 | 44 | 101 | 101 |
| PBT | 229 | 227 | 231 | 279 | 351 | 420 | 417 | 428 | 429 | 395 | 370 | 390 | 372 |
| Tax % | 33% | 32% | 34% | 35% | 35% | 28% | 26% | 25% | 24% | 24% | 21% | 25% | — |
| Net Profit | 152 | 153 | 152 | 182 | 227 | 304 | 311 | 320 | 327 | 302 | 290 | 292 | 279 |
| EPS in Rs | 8.96 | 9.01 | 8.92 | 10.71 | 13.35 | 17.9 | 18.29 | 18.85 | 19.25 | 17.75 | 17.1 | 17.21 | 16.41 |
| Div. Payout % | 71% | 71% | 76% | 66% | 65% | 52% | 57% | 68% | 71% | 77% | 58% | 70% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 170 | 170 |
| Reserves | 331 | 355 | 524 | 567 | 649 | 772 | 925 | 1,059 | 1,164 | 1,237 | 1,153 | 1,276 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 479 | 457 | 259 | 482 | 541 | 610 | 545 | 516 | 474 | 468 | 493 | 570 |
| Total Liabilities | 826 | 827 | 798 | 1,064 | 1,205 | 1,397 | 1,486 | 1,591 | 1,654 | 1,720 | 1,816 | 2,016 |
| Fixed Assets | 198 | 174 | 220 | 195 | 213 | 187 | 173 | 195 | 590 | 268 | 307 | 244 |
| CWIP | 0 | 41 | 1 | 34 | 0 | 13 | 33 | 10 | 0 | 47 | 1 | 0 |
| Investments | 171 | 162 | 174 | 416 | 575 | 753 | 887 | 971 | 577 | 447 | 532 | 559 |
| Other Assets | 457 | 450 | 403 | 419 | 416 | 444 | 393 | 415 | 486 | 958 | 976 | 1,213 |
| Total Assets | 826 | 827 | 798 | 1,064 | 1,205 | 1,397 | 1,486 | 1,591 | 1,654 | 1,720 | 1,816 | 2,016 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 118 | 132 | 146 | 420 | 290 | 331 | 286 | 277 | 181 | 167 | 193 | 218 |
| Investing | 3 | -24 | -18 | -264 | -148 | -155 | -144 | -96 | 47 | 79 | 10 | -31 |
| Financing | -126 | -130 | -130 | -139 | -144 | -177 | -159 | -187 | -224 | -231 | -221 | -170 |
| Net Cash Flow | -6 | -22 | -2 | 17 | -2 | 0 | -17 | -5 | 5 | 16 | -18 | 17 |
| Free Cash Flow | 94 | 80 | 101 | 377 | 264 | 310 | 240 | 229 | -222 | 75 | 255 | 176 |
| CFO/OP | 81 | 83 | 90 | 177 | 119 | 105 | 96 | 93 | 72 | 73 | 101 | 76 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 5 | 5 | 5 | 11 | 5 | 5 | 5 | 10 | 12 | 12 | 17 | 12 |
| Inventory Days | 336 | 316 | 257 | 196 | 187 | 182 | 226 | 210 | 205 | 220 | 222 | 359 |
| Days Payable | 71 | 54 | 44 | 45 | 55 | 87 | 84 | 74 | 57 | 57 | 58 | 66 |
| Cash Conversion Cycle | 270 | 267 | 218 | 162 | 137 | 99 | 148 | 147 | 161 | 175 | 180 | 305 |
| Working Capital Days | -32 | -18 | 43 | -44 | -58 | -63 | -58 | -42 | -4 | 118 | 122 | 146 |
| ROCE % | 65% | 58% | 51% | 50% | 56% | 58% | 48% | 42% | 38% | 32% | 21% | 28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view VST Industries insights
43 extracted metrics + investor summaries across FY15–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Change in Management
22 Apr - CHRO Amit Arora resigned; last working day is 29 May 2026. 22 Apr - CHRO Amit Arora resigned; last working day is 29 May 2026.
2
Announcement under Regulation 30 (LODR)-Change in Management
8h - CHRO Amit Arora resigned; last working day is 29 May 2026. 8h - CHRO Amit Arora resigned; last working day is 29 May 2026.
4
Announcement under Regulation 30 (LODR)-Press Release / Media Release
16 Apr - VST Industries FY26 net cigarette revenue rose 25%, EBITDA 61% to Rs450 crore, PAT Rs292.3 crore. 16 Apr - VST Industries FY26 net cigarette revenue rose 25%, EBITDA 61% to Rs450 crore, PAT Rs292.3 crore.
Frequently Asked Questions about VST Industries
What does VST Industries Ltd do?
VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)
Where is VST Industries Ltd (VSTIND) listed?
VST Industries Ltd trades as VSTIND on the NSE and under code 509966 on the BSE.
Which sector does VST Industries Ltd belong to?
VST Industries Ltd is classified under the Fast Moving Consumer Goods sector, in the Cigarettes & Tobacco Products industry.
What is the market capitalisation of VST Industries Ltd?
VST Industries Ltd has a market capitalisation of ₹3,487 Cr, which places it in the Small Cap band.
What is the PE ratio of VST Industries Ltd?
VST Industries Ltd trades at a PE ratio of 12.43, on earnings per share of ₹175.81, against a book value of ₹85.65 per share.
What is the 52-week high and low of VST Industries Ltd?
Over the last 52 weeks VST Industries Ltd has traded between ₹200 and ₹286.78.
Does VST Industries Ltd pay dividends?
VST Industries Ltd has a dividend yield of 5.81%.
What is the Return on Equity (ROE) of VST Industries Ltd?
VST Industries Ltd reported a return on equity of 20.22%. Its debt-to-equity ratio is 0.00.
Company Information
VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)
Website vsthyd.com
CEO Mr. Naresh Kumar Sethi
Employees 696
Listed 2003-09-05
Face Value ₹ 10
Issued Size 16,98,61,120
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