MarketFriction

VST Industries Ltd

NSE VSTIND · BSE 509966 · Cigarettes & Tobacco Products
₹201.14 -0.99%
NSE close2026-10-01
52 week range200.00 - 286.78
Market cap₹3,448 Cr.
P/E12.4
Price band 20% Delivery 60.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales350363375321360367349298336373457256
Expenses271290278248292299280221258288249207
Operating Profit7972977368687077798620850
OPM %23%20%26%23%19%19%20%26%23%23%46%19%
Other Income29930981081011129920
Interest000000000000
Depreciation91011101111121212146311
Profit before tax997111572651666776788115558
Tax %23%24%23%26%26%18%21%26%24%26%24%27%
Net Profit76548854481365356596011742
EPS in Rs4.473.165.193.152.808.023.123.303.493.556.872.50
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8839229481,0991,2391,1111,1781,2921,4201,3981,4651,423
Expenses6466756547468257007679101,0671,1191,0151,000
Operating Profit237248294353415411412383353279450423
OPM %27%27%31%32%33%37%35%30%25%20%31%30%
Other Income2020253947424776801354150
Interest000000000000
Depreciation31373941423530303844101101
Profit before tax227231279351420417428429395370390372
Tax %32%34%35%35%28%26%25%24%24%21%25%
Net Profit153152182227304311320327302290292279
EPS in Rs9.018.9210.7113.3517.9018.2918.8519.2517.7517.1017.2116.41
Dividend Payout %71%76%66%65%52%57%68%71%77%58%70%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth5%6%4%4%
Compounded Profit Growth8%-1%-4%32%
Stock Price CAGR0%-8%-13%-21%
Return on Equity28%23%19%21%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital15151515151515151515170170
Reserves3313555245676497729251,0591,1641,2371,1531,276
Borrowings000000000000
Other Liabilities479457259482541610545516474468493570
Total Liabilities8268277981,0641,2051,3971,4861,5911,6541,7201,8162,016
Fixed Assets198174220195213187173195590268307244
CWIP041134013331004710
Investments171162174416575753887971577447532559
Other Assets4574504034194164443934154869589761,213
Total Assets8268277981,0641,2051,3971,4861,5911,6541,7201,8162,016
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity118132146420290331286277181167193218
Cash from Investing Activity3-24-18-264-148-155-144-96477910-31
Cash from Financing Activity-126-130-130-139-144-177-159-187-224-231-221-170
Net Cash Flow-6-22-217-2-0-17-5516-1817
Free Cash Flow9480101377264310240229-22275255176
CFO/OP81%83%90%177%119%105%96%93%72%73%101%76%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days555115551012121712
Inventory Days336316257196187182226210205220222359
Days Payable715444455587847457575866
Cash Conversion Cycle27026721816213799148147161175180305
Working Capital Days-32-1843-44-58-63-58-42-4118122146
ROCE %65%58%51%50%56%58%48%42%38%32%21%28%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%
FIIs1.40%1.39%1.37%1.83%1.82%1.98%1.87%1.60%1.38%1.22%1.34%1.79%
DIIs17.54%17.52%15.69%12.64%9.07%8.96%7.22%6.24%6.23%6.31%6.63%6.03%
Public48.53%48.57%50.42%53.00%56.77%56.71%58.57%59.81%60.03%60.11%59.69%59.83%
Others0.37%0.37%0.37%0.37%0.19%0.19%0.19%0.19%0.19%0.19%0.19%0.19%
No. of Shareholders30,43131,07332,86834,3551,05,8321,22,8571,50,5481,58,7551,54,5211,51,0771,46,8151,48,518

Fundamentals

Market Cap₹ 3,448 Cr.
Current Price₹ 203
Stock P/E12.4
Book Value₹ 85.1
ROCE28.1 %
ROE21.0 %
Dividend Yield5.91 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)4%
Compounded Profit Growth (TTM)32%
Standalone figures.
Valuation
Market capRs 3,417 Cr
Enterprise valueRs 3,382 Cr
P/E (TTM)12.27x
Price to book2.36x
Price to sales2.40x
EV / EBITDA7.15x
EV / EBIT9.08x
EV / sales2.38x
Price to cash flow15.65x
Earnings yield8.15%
Dividend yield5.97%
P/E, 3-year average9.56x
P/B, 3-year average2.04x
P/E, 5-year average6.28x
P/B, 5-year average1.38x
Profitability
Operating margin (excl. other income)30.72%
Operating margin (incl. other income)33.54%
EBITDA margin33.23%
Pre-tax margin26.16%
Net profit margin19.57%
Net margin, latest quarter16.54%
ROE21.11%
ROCE28.18%
ROA15.25%
ROE, 3-year average22.82%
ROCE, 3-year average29.78%
ROA, 3-year average16.52%
ROE, 5-year average25.85%
ROCE, 5-year average33.98%
ROA, 5-year average18.11%
ROIC (approx.)19.77%
Tax rate25.07%
Other income / net worth2.86%
Growth
Sales growth (latest year)4.78%
Profit growth (latest year)0.64%
Sales CAGR, 3 years4.25%
Sales CAGR, 5 years5.68%
Profit CAGR, 3 years-3.67%
Profit CAGR, 5 years-1.22%
Sales growth QoQ-43.89%
Profit growth QoQ-63.65%
Sales growth YoY (latest quarter)-13.91%
Profit growth YoY (latest quarter)-24.43%
Per share
EPS (TTM)Rs 16.40
EPS (latest year)Rs 17.21
EPS (latest quarter)Rs 2.50
EPS, 3-year averageRs 76.53
EPS, 5-year averageRs 129.74
Book value per shareRs 85.11
Sales per shareRs 83.78
Cash flow per shareRs 12.85
Free cash flow per shareRs 10.36
Dividend per share (latest year)Rs 12.00
Dividend per share, 3-year averageRs 57.33
Dividend per share, 5-year averageRs 92.39
Dividends
Dividend payout69.75%
Dividend payout, 3-year average68.35%
Dividend payout, 5-year average68.67%
Efficiency
Asset turnover0.73x
Fixed asset turnover6.00x
Inventory turnover1.07x
Inventory days342 days
Debtor days12 days
Debtors turnover31.15x
Creditor days66 days
Cash conversion cycle305 days
Working capital days146 days
Leverage
Cash and bankRs 35 Cr
Net debtRs -35 Cr
Net debt / EBITDA-0.07x
Current ratio (filing 2026-03-31)2.52x
Quick ratio (filing 2026-03-31)1.28x
Trade payables (filing 2026-03-31)Rs 124 Cr
Owners' fund to total sources71.72%
Cash flow
Cash from Operating Activity (latest year)Rs 218 Cr
Cash from Investing Activity (latest year)Rs -31 Cr
Cash from Financing Activity (latest year)Rs -170 Cr
Net Cash Flow (latest year)Rs 17 Cr
Free cash flow (latest year)Rs 176 Cr
Cash from ops / profit, 5 years0.68x
Sales to cash flow6.71x
Statement figures
Net sales (TTM)Rs 1,423 Cr
Net sales (latest year)Rs 1,465 Cr
Sales (latest quarter)Rs 256 Cr
Operating profit excl. other income (latest year)Rs 450 Cr
Operating profit (latest quarter)Rs 50 Cr
Other income (TTM)Rs 50 Cr
EBITDA (TTM)Rs 473 Cr
PBDT (TTM)Rs 473 Cr
Profit before tax (TTM)Rs 372 Cr
Tax (latest year)Rs 98 Cr
Net profit (TTM)Rs 279 Cr
Net profit (latest year)Rs 292 Cr
Net profit (latest quarter)Rs 42 Cr
Depreciation (TTM)Rs 101 Cr
Depreciation (latest quarter)Rs 11 Cr
Cost of goods sold (latest year)Rs 720 Cr
Total expenditure (latest year)Rs 1,015 Cr
Total income (latest year)Rs 1,506 Cr
Share capitalRs 170 Cr
ReservesRs 1,276 Cr
Shareholders' fundsRs 1,446 Cr
Total assetsRs 2,016 Cr
Net blockRs 244 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 559 Cr
ReceivablesRs 47 Cr
InventoryRs 675 Cr
Other liabilitiesRs 570 Cr
Shares outstanding (crore)16.99
Ownership
Promoter holding32.16% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 12.3 is the lowest in its own 9.4-year history (median 17.4, low 12.3, high 36.4).
P/B 2.36 is the lowest in 9.4 years (median 5.29).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodVSTINDNifty 50Difference
1 week-2.7%-2.8% +0.1 pts
1 month-3.3%-6.8% +3.5 pts
3 months-25.1%-7.6% -17.4 pts
6 months+0.5%+0.4% +0.1 pts
1 year-23.7%-9.9% -13.7 pts
2 years-51.7%-13.6% -38.2 pts
3 years-35.8%+14.2% -50.0 pts
5 years-34.9%+27.9% -62.8 pts
5 mutual fund schemes hold about ₹154 Cr. Over three months 5 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Parag Parikh ELSS Tax Saver Fund0.86%48 +7%
SBI Conservative Hybrid Fund(Q0.46%47 +7%
HDFC Children's Fund(Lock in)0.37%40 +6%
Parag Parikh Dynamic Asset Allocation Fund0.73%19 +11%
Motilal Oswal BSE 1000 Index Fund0.01%0 +14%

Red flags

F-score 5 of 8
lookInventory outrunning sales Inventory grew 39% vs sales +5% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹256 Cr -14.1% vs Jun 2025. Net profit ₹42 Cr -25.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-10Dividend - Rs 12 Per Share
2025-07-03Dividend - Rs 10 Per Share
2024-09-06Bonus 10:10.0909
2024-06-14Dividend - Rs 150 Per Share
2023-08-04Dividend - Rs 150 Per Share
2022-07-13Dividend - Rs 140 Per Share
2021-07-16 Dividend - Rs 114 Per Share
2020-07-20 Dividend - Rs 103 Per Share
2019-08-19 Annual General Meeting/Dividend - Rs 95 Per Share
2018-09-18 Annual General Meeting/Dividend- Rs 77.50 Per Share
2017-07-24 Annual General Meeting/Dividend - Rs 75/- Per Share
2016-08-02 Annual General Meeting And Dividend Rs.70/- Per Share
2015-08-04Annual General Meeting/Dividend Rs- 70/- Per Share
2014-07-28Dividend - Rs.70/- Per Share
2013-07-09Annual General Meeting / Dividend Rs.62.50 Per Share
2012-06-15Annual General Meeting And Dividend Rs.65/- Per Share
2011-07-08Dividend-Rs.45/- Per Share
2010-07-12Dividend-Rs.30/- Pr Share
2009-07-10Agm/Div-Rs.30/- Per Share
2008-07-11Agm/Div-Rs.20 Per Share
2007-07-12Dividend-Rs.20/- Per Sh
2006-07-21Agm/Div-Rs.12.50 Per Sh
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of VST Industries Ltd?

VST Industries Ltd (VSTIND) has a market capitalisation of Rs 3,448 Cr. at the 2026-10-01 close.

What is the P/E ratio of VST Industries Ltd?

VST Industries Ltd trades at a P/E of 12.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were VST Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, VST Industries Ltd sales was Rs 256 Cr (-14.1% vs Jun 2025) and net profit was Rs 42 Cr.

What is the 52-week high and low of VST Industries Ltd?

The 52-week high is Rs 286.78 and the 52-week low is Rs 200.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03