VST Industries Ltd
NSE: VSTIND · Cigarettes & Tobacco Products · sector
₹195.40NSE close 2026-10-26
Key numbers
Market cap₹3,319 cr
Price₹195.40
52w high / low₹287 / ₹195
P/E11.9xSector median 10.3x
P/B2.3xSector median 2.7x
Book value₹85.1
Dividend yield5.11%Sector median 2.22%
ROE20.1%Sector median 14.7%
ROCE25.8%Sector median 17.6%
OPM16.9%Sector median 14.8%
Debt / equity0.00xSector median 0.01x
EV/EBITDA6.5xSector median 13.7x
Interest cover–
Current ratio2.52x
Sales growth 3y+7.0%Sector median +17.9%
Profit growth 3y-3.7%Sector median +30.3%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 6 companies in Cigarettes & Tobacco Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹593 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- No promoter shares are pledged.
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 18% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹195.40 on 2026-10-26: -31.9% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹416.75 · low ₹195.40
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 461 | 471 | 454 | 414 | 450 | 492 | 689 | 862 |
| EBITDA | 68 | 169 | 70 | 77 | 79 | 86 | 208 | 50 |
| OPM % | 14.7% | 35.9% | 15.3% | 18.6% | 17.5% | 17.5% | 30.2% | 5.8% |
| Other income | 8 | 8 | 10 | 11 | 12 | 9 | 9 | 20 |
| 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 |
| Revenue YoY | -2.3% | +4.5% | +51.9% | +108.1% | ||||
| Profit YoY | +24.5% | -55.8% | +120.2% | -24.4% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,561 | 1,673 | 1,838 | 1,809 | 2,046 | 2,493 |
| EBITDA | 412 | 383 | 353 | 379 | 450 | 423 |
| Net profit | 320 | 327 | 302 | 290 | 292 | 279 |
| EPS (₹) | 18.85 | 19.25 | 17.75 | 17.10 | 17.21 | 16.41 |
| Revenue growth | +7.2% | +9.9% | -1.5% | +13.1% | +38.5% | |
| Profit growth | +2.1% | -7.8% | -3.7% | +0.6% | -4.9% | |
| Dividend / share (₹) | 114.00 | 140.00 | 150.00 | 150.00 | 10.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +6.9% | +6.8% | +38.5% |
| Net profit | -3.7% | -1.2% | -4.9% |
| EPS | -3.7% | -1.2% | – |
| Share price | – | -25.9% (2y) | -22.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,180 | 1,252 | 1,323 | 1,446 |
| Borrowings | – | 0 | 0 | 0 | 0 |
| Cash & equivalents | – | 395 | 282 | 350 | 593 |
| Total assets | – | 1,654 | 1,720 | 1,816 | 2,016 |
| Fixed assets | – | 590 | 268 | 307 | 244 |
| Capital work in progress | – | 0 | 47 | 1 | 0 |
| Investments | – | 202 | 200 | 199 | 0 |
| Receivables | – | 43 | 46 | 64 | 47 |
| Inventory | – | 349 | 455 | 485 | 675 |
| Payables | – | 97 | 118 | 127 | 124 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 277 | 181 | 167 | 193 | 218 |
| Cash from investing | -96 | 47 | 79 | 10 | -31 |
| Cash from financing | -187 | -224 | -231 | -221 | -170 |
| Capex | 251 | 404 | 94 | 41 | 42 |
| Free cash flow | 27 | -222 | 73 | 152 | 176 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 27.7% | 24.1% | 22.0% | 20.2% |
| ROCE % | – | 36.4% | 31.5% | 27.9% | 27.0% |
| Debtor days | – | 9 | 9 | 13 | 8 |
| Inventory days | – | 205 | 220 | 222 | 359 |
| Payable days | – | 57 | 57 | 58 | 66 |
| Cash conversion cycle (days) | – | 157 | 172 | 177 | 301 |
| Working capital days | – | 83 | 78 | 95 | 148 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 32.16% |
| FIIs | 1.25% |
| DIIs | 5.91% |
| of which Mutual funds | 4.31% |
| of which Insurance | 1.53% |
| Public (non-institutions) | 60.49% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 32.16% | 32.16% | 32.16% | 32.16% | 32.16% | 32.16% | 32.16% | 32.16% |
| Promoter group | % |
|---|---|
| The Raleigh Investment Company Limited | 23.45% |
| Tobacco Manufacturers (India) Limited | 8.28% |
| Rothmans International Enterprises Limited | 0.43% |
| Public holders above 1% | % |
|---|---|
| Bright Star Investments Pvt. Ltd. | 25.95% |
| Radhakishan Shivkishan Damani | 3.15% |
| Parag Parikh ELSS Tax Saver Fund | 1.89% |
| The New India Assurance Co. Ltd. | 1.51% |
| SBI Conservative Hybrid Fund | 1.31% |
| HDFC Mutual Fund-HDFC Childrens Fund | 1.11% |
1,49,350 shareholders. Pledged: 0.00% of promoter shares.
Peers in Cigarettes & Tobacco Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| GODFRYPHLP | ₹25,958 cr | 19.0x | 4.2x | 23.9% | 23.9% | 12.8% | +28.9% | 2.22% |
| VSTIND | ₹3,319 cr | 11.9x | 2.3x | 20.1% | 25.8% | 16.9% | +7.0% | 5.11% |
| ELITECON | ₹1,069 cr | 2.9x | 3.1x | 86.4% | 45.6% | 4.5% | +344.1% | 0.30% |
| NTCIND | ₹179 cr | 8.7x | 0.9x | 9.3% | 11.2% | 16.8% | +39.0% | – |
| SINNAR | ₹25 cr | 34.6x | 5.8x | -5.8% | -6.0% | -5.9% | -7.5% | – |
| RAGHUNAT | ₹5 cr | 4.3x | 0.3x | 6.5% | 7.8% | 29.8% | +6.5% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-10 | Dividend | Dividend - Rs 12 Per Share |
| 2025-07-03 | Dividend | Dividend - Rs 10 Per Share |
| 2024-09-06 | Bonus | Bonus 10:1 |
| 2024-06-14 | Dividend | Dividend - Rs 150 Per Share |
| 2023-08-04 | Dividend | Dividend - Rs 150 Per Share |
| 2022-07-13 | Dividend | Dividend - Rs 140 Per Share |
| 2021-07-16 | Dividend | Dividend - Rs 114 Per Share |
| 2020-07-20 | Dividend | Dividend - Rs 103 Per Share |
| 2019-08-19 | Dividend | Annual General Meeting/Dividend - Rs 95 Per Share |
| 2018-09-18 | Dividend | Annual General Meeting/Dividend- Rs 77.50 Per Share |
| 2017-07-24 | Dividend | Annual General Meeting/Dividend - Rs 75/- Per Share |
| 2016-08-02 | Dividend | Annual General Meeting And Dividend Rs.70/- Per Share |
| 2015-08-04 | Dividend | Annual General Meeting/Dividend Rs- 70/- Per Share |
| 2014-07-28 | Dividend | Dividend - Rs.70/- Per Share |
| 2013-07-09 | Dividend | Annual General Meeting / Dividend Rs.62.50 Per Share |
| 2012-06-15 | Dividend | Annual General Meeting And Dividend Rs.65/- Per Share |
| 2011-07-08 | Dividend | Dividend-Rs.45/- Per Share |
| 2010-07-12 | Dividend | Dividend-Rs.30/- Pr Share |
| 2009-07-10 | Other | Agm/Div-Rs.30/- Per Share |
| 2008-07-11 | Other | Agm/Div-Rs.20 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of Cigarettes containing tobacco: Manufacturing & marketing cigarettes
| Sector | Fast Moving Consumer Goods |
| Industry | Cigarettes & Tobacco Products |
| Sub-industry | Cigarettes & Tobacco Products |
| Symbol | VSTIND |
| BSE code | 509966 |
| ISIN | INE710A01016 |
| Face value | ₹10.0 |
| Incorporated | 1930-11-10 |
| Website | www.vsthyd.com |
| Plants (India / abroad) | 1 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.