VSTIND

VST Industries Limited

Cigarette manufacturer and unmanufactured tobacco trader

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Cigarettes & Tobacco Products›Cigarettes & Tobacco Products

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Key metrics

Price as of 2026-10-16

Stock price
₹201.86
Market cap
3,425 Cr
Stock P/E
12.3
P/B
2.37
Dividend yield
4.9%
ROE (FY26)
20.2%
ROCE (FY26)
27.0%
Operating margin (FY26)
17.0%
OCF / EBITDA (FY26)
48.5%
OCF / EBITDA (3Y)
53.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

VST Industries makes and sells cigarettes across India and also sells unmanufactured tobacco (tobacco leaf).

Company snapshot

2ndBy market cap

Ranked among 2 companies in Cigarettes & Tobacco Products.

What we see

Positives
  • ✓Return on equity of 20.2% — the company generates strong returns on shareholders' money.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales452 Cr468 Cr476 Cr424 Cr461 Cr471 Cr454 Cr414 Cr450 Cr492 Cr689 Cr862 Cr
Operating expenses (approx.)373 Cr396 Cr379 Cr351 Cr393 Cr402 Cr384 Cr337 Cr372 Cr406 Cr481 Cr812 Cr
EBITDA79 Cr72 Cr97 Cr73 Cr68 Cr68 Cr70 Cr77 Cr79 Cr86 Cr208 Cr50 Cr
OPM %17.4%15.4%20.3%17.3%14.7%14.5%15.3%18.6%17.5%17.5%30.2%5.8%
Other income29 Cr9 Cr30 Cr9 Cr8 Cr8 Cr10 Cr11 Cr12 Cr9 Cr9 Cr20 Cr
Interest0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Depreciation9 Cr10 Cr11 Cr10 Cr11 Cr11 Cr12 Cr12 Cr12 Cr14 Cr63 Cr11 Cr
Profit before tax99 Cr71 Cr115 Cr72 Cr65 Cr166 Cr67 Cr76 Cr78 Cr81 Cr155 Cr58 Cr
Tax %23.4%24.4%23.4%25.9%26.5%17.7%20.9%26.1%24.5%25.7%24.5%27.2%
Net profit76 Cr54 Cr88 Cr54 Cr48 Cr136 Cr53 Cr56 Cr59 Cr60 Cr117 Cr42 Cr
EPS (₹)₹49.18₹34.80₹57.11₹34.70₹2.80₹8.02₹3.13₹3.30₹3.49₹3.55₹6.87₹2.50

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,261 Cr1,359 Cr1,184 Cr1,370 Cr1,473 Cr1,561 Cr1,673 Cr1,838 Cr1,809 Cr2,046 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,014 Cr1,064 Cr831 Cr956 Cr1,062 Cr1,149 Cr1,290 Cr1,484 Cr1,531 Cr1,596 CrSign in free for the trailing twelve months
EBITDA248 Cr295 Cr353 Cr415 Cr411 Cr412 Cr383 Cr353 Cr279 Cr450 CrSign in free for the trailing twelve months
OPM %11.0%21.7%29.8%30.3%27.9%26.4%22.9%19.2%15.4%22.0%Sign in free for the trailing twelve months
Other income20 Cr24 Cr39 Cr47 Cr42 Cr47 Cr76 Cr80 Cr35 Cr41 CrSign in free for the trailing twelve months
Interest——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 CrSign in free for the trailing twelve months
Depreciation37 Cr39 Cr41 Cr42 Cr35 Cr30 Cr30 Cr38 Cr44 Cr101 CrSign in free for the trailing twelve months
Profit before tax231 Cr279 Cr351 Cr420 Cr417 Cr428 Cr429 Cr395 Cr370 Cr390 CrSign in free for the trailing twelve months
Tax %34.4%34.9%35.3%27.6%25.5%25.2%23.8%23.6%21.4%25.1%Sign in free for the trailing twelve months
Net profit152 Cr182 Cr227 Cr304 Cr311 Cr320 Cr327 Cr302 Cr290 Cr292 CrSign in free for the trailing twelve months
EPS (₹)₹98.13₹117.79₹146.90₹196.93₹201.27₹207.38₹211.75₹195.29₹17.10₹17.21Sign in free for the trailing twelve months
Dividend payout %————51.2%55.0%65.9%76.5%0.0%58.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr15 Cr170 Cr170 Cr
Reserves524 Cr567 Cr649 Cr772 Cr925 Cr1,059 Cr1,164 Cr1,237 Cr1,153 Cr1,276 Cr
Borrowings——————————
Other liabilities259 Cr482 Cr543 Cr610 Cr545 Cr516 Cr474 Cr468 Cr493 Cr570 Cr
Total liabilities798 Cr1,064 Cr1,207 Cr1,397 Cr1,486 Cr1,591 Cr1,654 Cr1,720 Cr1,816 Cr2,016 Cr
Fixed assets (net)220 Cr195 Cr213 Cr187 Cr173 Cr195 Cr590 Cr268 Cr307 Cr244 Cr
CWIP0.82 Cr34 Cr0.30 Cr13 Cr33 Cr10 Cr0.25 Cr47 Cr1 Cr0.17 Cr
Investments174 Cr416 Cr575 Cr753 Cr887 Cr971 Cr577 Cr447 Cr532 Cr559 Cr
Loans & advances——0.01 Cr0.01 Cr0.02 Cr0.38 Cr0.01 Cr0.01 Cr0 Cr0 Cr
Inventories329 Cr253 Cr282 Cr298 Cr297 Cr296 Cr349 Cr455 Cr485 Cr675 Cr
Trade receivables12 Cr27 Cr14 Cr15 Cr15 Cr33 Cr43 Cr46 Cr64 Cr47 Cr
Cash & bank12 Cr29 Cr26 Cr26 Cr9 Cr4 Cr9 Cr24 Cr6 Cr24 Cr
Other assets50 Cr110 Cr95 Cr105 Cr71 Cr81 Cr85 Cr432 Cr421 Cr467 Cr
Total assets798 Cr1,064 Cr1,207 Cr1,397 Cr1,486 Cr1,591 Cr1,654 Cr1,720 Cr1,816 Cr2,016 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity146 Cr420 Cr290 Cr331 Cr286 Cr277 Cr181 Cr167 Cr193 Cr218 Cr
Cash from investing-18 Cr-264 Cr-148 Cr-155 Cr-144 Cr-96 Cr47 Cr79 Cr10 Cr-31 Cr
Cash from financing-130 Cr-139 Cr-144 Cr-177 Cr-159 Cr-187 Cr-224 Cr-231 Cr-221 Cr-170 Cr
Net cash flow-2 Cr17 Cr-2 Cr-0.17 Cr-17 Cr-5 Cr5 Cr16 Cr-18 Cr17 Cr
Free cash flow (OCF − Capex)101 Cr375 Cr264 Cr310 Cr240 Cr27 Cr-222 Cr73 Cr152 Cr176 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %42.8%48.0%52.8%53.4%44.4%39.9%36.4%31.5%27.9%27.0%
ROE %28.1%31.2%34.2%38.6%33.0%29.8%27.7%24.1%22.0%20.2%
Debtor days27444899138
Inventory days256199183181227208208212224359
Days payable444654871007358555966
Cash conversion cycle21416013498130143160166178302
OCF / EBITDA %58.8%142.5%82.2%79.9%69.7%67.3%47.4%47.3%69.4%48.5%
OCF / EBITDA % (3 years)——95.6%98.0%77.0%72.3%61.8%54.5%53.4%53.5%
Debt / equity——————————
Current ratio——1.831.972.392.311.841.882.002.52
Net debt / EBITDA-0.05-0.10-0.07-0.06-0.02-0.01-0.02-0.07-0.02-0.05