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VST Industries Overview

VST Industries Ltd is an India-based enterprise, that's engaged in production and trading of cigarettes containing tobacco and unmanufactured tobacco merchandise. The Company operates thru Tobacco and related products segment. Its brands consist of Total, Editions, Charms, Special and Moments. The Company operates production plants with one positioned in Hyderabad, Telangana and other plant in Toopran, Telangana.

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VST Industries Key Financials

Market Cap ₹4352 Cr.

Stock P/E 15

P/B 3

Current Price ₹256.2

Book Value ₹ 85.1

Face Value 10

52W High ₹337

Dividend Yield 4.68%

52W Low ₹ 199.7

VST Industries Share Price

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Volume
Price

VST Industries Quarterly Price

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VST Industries Peer Comparison

VST Industries Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 468 476 424 461 471 454 414 450 492 689
Other Income 9 30 9 8 8 10 11 12 9 9
Total Income 477 506 433 469 478 464 425 462 501 699
Total Expenditure 396 379 351 393 402 384 337 372 406 481
Operating Profit 81 126 82 76 76 79 88 91 95 218
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 10 11 10 11 11 12 12 12 14 63
Exceptional Income / Expenses 0 0 0 0 100 0 0 0 0 0
Profit Before Tax 71 115 72 65 166 67 76 78 81 155
Provision for Tax 17 27 19 17 29 14 20 19 21 38
Profit After Tax 54 88 54 48 136 53 56 59 60 117
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 54 88 54 48 136 53 56 59 60 117
Adjusted Earnings Per Share 3.2 5.2 3.2 2.8 8 3.1 3.3 3.5 3.5 6.9

VST Industries Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 836 883 922 948 1099 1239 1111 1178 1292 1420 1398 2045
Other Income 18 20 20 25 39 47 42 47 76 80 35 41
Total Income 854 903 942 972 1138 1287 1153 1225 1369 1500 1433 2087
Total Expenditure 594 646 675 654 746 825 701 767 910 1067 1119 1596
Operating Profit 261 258 268 319 392 462 452 458 459 433 314 492
Interest 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
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 100 0
Profit Before Tax 229 227 231 279 351 420 417 428 429 395 370 390
Provision for Tax 77 73 79 98 124 116 107 108 102 93 79 98
Profit After Tax 152 153 152 182 227 304 311 320 327 302 290 292
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 152 153 152 182 227 304 311 320 327 302 290 292
Adjusted Earnings Per Share 9 9 8.9 10.7 13.4 17.9 18.3 18.9 19.3 17.8 17.1 17.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -2% 6% 2% 5%
Operating Profit CAGR -27% -12% -7% 2%
PAT CAGR -4% -3% -1% 7%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -23% -6% -3% 6%
ROE Average 23% 26% 29% 34%
ROCE Average 29% 33% 38% 49%

VST Industries Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 347 370 539 582 664 787 940 1074 1180 1252 1323
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities -8 -11 -12 -11 -13 -7 -3 1 4 7 5
Total Current Liabilities 473 447 248 468 522 590 523 493 452 446 470
Total Liabilities 812 806 775 1039 1174 1371 1461 1569 1636 1705 1798
Fixed Assets 198 174 220 195 213 187 173 195 590 268 307
Other Non-Current Assets 3 48 7 39 4 20 37 232 214 249 203
Total Current Assets 611 584 548 805 957 1164 1251 1142 832 839 939
Total Assets 812 806 775 1039 1174 1371 1461 1569 1636 1705 1798

VST Industries Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 42 36 14 12 29 26 26 9 4 9 24
Cash Flow from Operating Activities 118 132 146 420 290 331 286 277 181 167 193
Cash Flow from Investing Activities 3 -24 -18 -264 -148 -155 -144 -96 47 79 10
Cash Flow from Financing Activities -126 -130 -130 -139 -144 -177 -159 -187 -224 -231 -221
Net Cash Inflow / Outflow -6 -22 -2 17 -2 -0 -17 -5 5 16 -18
Closing Cash & Cash Equivalent 36 14 12 29 26 26 9 4 9 24 6

VST Industries Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 8.96 9.01 8.92 10.71 13.35 17.9 18.3 18.85 19.25 17.75 17.1
CEPS(Rs) 10.84 10.84 11.09 13.01 15.79 20.36 20.36 20.62 21.03 20 19.72
DPS(Rs) 6.36 6.36 6.82 7.05 8.64 9.36 10.36 12.73 13.64 13.64 10
Book NAV/Share(Rs) 20.25 21.65 31.73 34.27 39.09 46.34 55.37 63.19 69.31 73.54 77.77
Core EBITDA Margin(%) 14.08 11.51 10.96 21.64 29.82 30.26 27.85 26.38 22.88 19.22 15.41
EBIT Margin(%) 13.28 10.98 10.21 20.57 29.62 30.67 28.33 27.44 25.64 21.48 20.43
Pre Tax Margin(%) 13.28 10.98 10.21 20.57 29.62 30.67 28.33 27.44 25.64 21.48 20.43
PAT Margin (%) 8.83 7.42 6.7 13.39 19.16 22.19 21.1 20.52 19.55 16.41 16.05
Cash Profit Margin (%) 10.69 8.93 8.33 16.27 22.65 25.24 23.48 22.45 21.36 18.49 18.51
ROA(%) 19.55 18.92 19.17 20.05 20.5 23.9 21.96 21.14 20.41 18.05 16.58
ROE(%) 45.53 43.02 33.42 32.45 36.41 41.91 35.98 31.8 29.06 24.86 22.6
ROCE(%) 68.42 63.66 50.93 49.86 56.28 57.92 48.31 42.51 38.06 32.46 28.71
Receivable days 2.09 2.15 1.97 5.29 6.42 3.95 3.79 5.67 8.35 8.9 11.14
Inventory Days 67.12 65.74 57.01 78.2 82.41 77.18 73.71 69.32 70.38 79.88 94.77
Payable days 58.52 59.59 46.97 44.27 46.81 68.86 96.26 75.76 58.84 52.01 56.21
PER(x) 16.3 16.34 29.35 24.78 23.66 14.13 16.85 14.77 14.85 18.29 15.34
Price/Book(x) 7.21 6.8 8.25 7.74 8.08 5.46 5.57 4.41 4.12 4.42 3.37
Dividend Yield(%) 4.36 4.32 2.6 2.66 2.73 3.7 3.36 4.57 4.77 4.2 3.81
EV/Net Sales(x) 2.92 2.81 4.8 4.72 4.85 3.44 4.69 4 3.74 3.86 3.18
EV/Core EBITDA(x) 9.36 9.63 16.53 14.03 13.6 9.22 11.53 10.29 10.53 12.66 14.15
Net Sales Growth(%) 5.95 5.62 4.44 2.73 15.98 12.77 -10.36 6.05 9.7 9.91 -1.6
EBIT Growth(%) 2.13 -0.95 1.91 21.03 25.49 19.84 -0.7 2.61 0.16 -7.97 -6.35
PAT Growth(%) 1.37 0.59 -1.04 20.04 24.71 34.05 2.2 3.04 2.11 -7.77 -3.7
EPS Growth(%) 1.37 0.59 -1.04 20.04 24.71 34.05 2.2 3.04 2.11 -7.77 -3.7
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 1.29 1.31 2.21 1.72 1.83 1.97 2.39 2.31 1.84 1.88 2
Quick Ratio(x) 0.52 0.46 0.88 1.18 1.29 1.47 1.82 1.72 1.07 0.86 0.97
Interest Cover(x) 0 0 0 0 0 0 0 0 0 0 0
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

VST Industries Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16 32.16
FII 1.39 1.37 1.83 1.82 1.98 1.86 1.6 1.38 1.23 1.34
DII 17.52 15.69 12.64 9.07 8.96 7.22 6.24 6.24 6.31 6.63
Public 48.94 50.78 53.37 56.95 56.9 58.75 60 60.22 60.3 59.87
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

VST Industries News

VST Industries Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 26%
  • Company is almost debt free.

Cons

  • Promoter holding is low: 32.16%.
  • Debtor days have increased from 52.01 to 56.21days.
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