Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
News 
About
VST Industries Ltd (VSTIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509966 NSE: VSTIND Cigarettes/Tobacco | Small Cap | VST Industries Share Price
₹233.85 2.35 (1.02%)
As on 21-Jul'26 16:59
VST Industries Ltd (VSTIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509966 NSE: VSTIND Cigarettes/Tobacco | Small Cap | VST Industries Share Price
₹233.85 2.35 (1.02%)
As on 21-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹3,932 Cr.
Current Price
₹233.9
52-Week Low / High
₹200 / 295
TTM EPS
₹17.2
TTM Sales
₹1,465 Cr.
Book Value per Share
₹85
P/E Ratio
13.46
Lower than its 5-year historical median
Industry PE
17.7
Price to Book (P/B)
2.72
Lower than its 5-year historical median
Price to Sales (P/S)
2.68
Lower than its 5-year historical median
EV/EBITDA
7.93
Lower than its 5-year historical median
Dividend Yield
5.13%
Profitability Efficiency
Return on Equity (ROE)
21.14%
Outperforms industry median
Return on Capital Employed (ROCE)
28.18%
Outperforms industry median
Return on Assets (ROA)
15.51%
Operating Profit Margin
30.7%
Net Profit Margin
19.96%
Gross Profit Margin
24%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
4.78%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
61.36%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
0.64%
Asset Quality
Promoter Holding
32.16%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,274 Cr.
Equity
₹169.9 Cr.
Face Value
₹10
All Time Low / High
₹4.52 / 486.70
Check Before You Invest
Quality
Very GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Weak
Is VST Industries Ltd a good quality company?
VST Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does VST Industries Ltd performance compare with that of its Peers?
Revenue growth of VST Industries Ltd vs industry peers?
VST Industries Ltd revenue CAGR is 2.43%, compared to the industry median CAGR of 2.43%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of VST Industries Ltd?
Promoters hold 32.16% of the VST Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of VST Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 5.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
VST Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 50.9% | 49.9% | 56.3% | 57.9% | 48.3% | 42.5% | 38.1% | 32.5% | 28.7% | 28.2% | - |
| Value Creation Index ⓘ | 2.6 | 2.6 | 3.0 | 3.3 | 2.6 | 2.0 | 1.7 | 1.4 | 1.1 | 1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 922 | 948 | 1,099 | 1,239 | 1,111 | 1,178 | 1,292 | 1,420 | 1,398 | 1,465 | 1,465 |
| Sales YoY Gr. | - | 2.7% | 16% | 12.8% | -10.4% | 6.1% | 9.7% | 9.9% | -1.6% | 4.8% | - |
| Adj EPS ⓘ | 8.2 | 10.1 | 12.1 | 16.5 | 17.1 | 18.3 | 17.9 | 17.6 | 12.9 | 17.1 | 17.2 |
| YoY Gr. | - | 23% | 20.1% | 35.8% | 3.6% | 6.9% | -1.9% | -1.9% | -26.5% | 32.1% | - |
| BVPS (₹) ⓘ | 31.7 | 34.3 | 39.1 | 46.3 | 55.4 | 63.2 | 69.3 | 73.5 | 77.8 | 85 | 85 |
| Adj Net Profit ⓘ | 140 | 172 | 206 | 280 | 290 | 310 | 305 | 299 | 220 | 290 | 292 |
| Cash Flow from Ops. ⓘ | 146 | 420 | 290 | 331 | 286 | 277 | 181 | 167 | 193 | 218 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.3% | 5.7% | 4.3% | 4.8% | ||||
| Adj EPS ⓘ | 8.5% | -0% | -1.6% | 32.1% | ||||
| BVPSⓘ | 11.6% | 9% | 7% | 9.3% | ||||
| Share Price | 3% | -5.9% | -11% | -20.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 30.7 | 30.6 | 33.1 | 38.6 | 33.6 | 30.8 | 27 | 24.6 | 17.1 | 21 | 20.2 |
| Op. Profit Mgn % ⓘ | 26.9 | 31 | 32.1 | 33.5 | 37 | 34.9 | 29.6 | 24.9 | 20 | 30.7 | 22 |
| Net Profit Mgn % ⓘ | 15.1 | 18.1 | 18.8 | 22.6 | 26.1 | 26.3 | 23.6 | 21 | 15.7 | 19.8 | 20 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 62 | 96 | 109 | 97 | 90 | 85 | 90 | 100 | 116 | 123 | 113 |
| Cash Conv. Cycle ⓘ | 25 | 51 | 54 | 30 | 10 | 23 | 36 | 51 | 65 | 70 | 66 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 922 | 948 | 1,099 | 1,239 | 1,111 | 1,178 | 1,292 | 1,420 | 1,398 | 1,465 |
| Operating Expenses ⓘ + | 675 | 654 | 746 | 825 | 701 | 767 | 910 | 1,067 | 1,119 | 1,015 |
| Operating Profit ⓘ | 248 | 294 | 353 | 415 | 410 | 412 | 383 | 353 | 279 | 450 |
| Operating Profit Margin (%) | 26.9% | 31.0% | 32.1% | 33.5% | 36.9% | 34.9% | 29.6% | 24.9% | 19.9% | 30.7% |
| Other Income ⓘ + | 20 | 25 | 39 | 47 | 42 | 47 | 76 | 80 | 35 | 41 |
| Interest ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation ⓘ | 37 | 39 | 41 | 42 | 35 | 30 | 30 | 38 | 44 | 101 |
| Profit Before Tax ⓘ | 231 | 279 | 351 | 420 | 417 | 428 | 429 | 395 | 370 | 390 |
| Tax ⓘ | 79 | 98 | 124 | 116 | 107 | 108 | 102 | 93 | 79 | 98 |
| Profit After Tax | 152 | 182 | 227 | 304 | 311 | 320 | 327 | 302 | 290 | 292 |
| PAT Margin (%) | 16.4% | 19.2% | 20.6% | 24.5% | 28.0% | 27.2% | 25.3% | 21.2% | 20.8% | 20.0% |
| Adjusted EPS (₹) | 8.9 | 10.7 | 13.4 | 17.9 | 18.3 | 18.9 | 19.3 | 17.8 | 17.1 | 17.2 |
| Dividend Payout Ratio (%) | 76.40% | 65.80% | 64.70% | 52.30% | 56.60% | 67.50% | 70.80% | 76.80% | 58.50% | 69.80% |
Valuation of VST Industries - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 539 | 582 | 664 | 787 | 940 | 1,073 | 1,177 | 1,249 | 1,321 | 1,444 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 56 | 58 | 83 | 143 | 110 | 103 | 97 | 118 | 127 | 124 | |
| Others Liabilities ⓘ | 180 | 399 | 427 | 441 | 410 | 392 | 362 | 338 | 350 | 404 | |
| Total Liabilities ⓘ | 775 | 1,039 | 1,174 | 1,371 | 1,461 | 1,569 | 1,636 | 1,705 | 1,798 | 1,972 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 220 | 195 | 213 | 187 | 173 | 195 | 590 | 268 | 307 | 244 | |
| CWIP ⓘ | 1 | 34 | 0 | 13 | 33 | 10 | 0 | 47 | 1 | 0 | |
| Investments ⓘ | 174 | 416 | 575 | 753 | 887 | 971 | 577 | 447 | 532 | 559 | |
| Inventories | 329 | 253 | 282 | 298 | 297 | 296 | 349 | 455 | 485 | 675 | |
| Trade Receivables | 12 | 27 | 14 | 15 | 15 | 33 | 43 | 46 | 64 | 47 | |
| Cash Equivalents | 20 | 38 | 37 | 37 | 21 | 15 | 20 | 35 | 18 | 35 | |
| Others Assets ⓘ | 19 | 76 | 52 | 67 | 34 | 49 | 56 | 406 | 392 | 412 | |
| Total Assets ⓘ | 775 | 1,039 | 1,174 | 1,371 | 1,461 | 1,569 | 1,636 | 1,705 | 1,798 | 1,972 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 146 | 420 | 290 | 331 | 286 | 277 | 181 | 167 | 193 | 218 |
| Cash Flow From Investing Activity ⓘ + | -18 | -264 | -148 | -155 | -144 | -96 | 47 | 79 | 10 | -31 |
| Cash Flow From Financing Activity ⓘ + | -130 | -139 | -144 | -177 | -159 | -187 | -224 | -231 | -221 | -170 |
| Net Cash Flow ⓘ | -2 | 17 | -2 | -0 | -17 | -5 | 5 | 16 | -18 | 17 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 33.42 | 32.45 | 36.41 | 41.91 | 35.98 | 31.8 | 29.06 | 24.86 | 22.6 | 21.14 |
| ROCE (%) | 50.93 | 49.86 | 56.28 | 57.92 | 48.31 | 42.51 | 38.06 | 32.46 | 28.71 | 28.18 |
| Asset Turnover Ratio | 2.86 | 1.5 | 1.07 | 1.08 | 1.04 | 1.03 | 1.04 | 1.1 | 1.03 | 1.09 |
| PAT to CFO Conversion(x) | 0.96 | 2.31 | 1.28 | 1.09 | 0.92 | 0.87 | 0.55 | 0.55 | 0.67 | 0.75 |
| Working Capital Days | ||||||||||
| Receivable Days | 2 | 5.30 | 6.40 | 4 | 3.80 | 5.70 | 8.40 | 8.90 | 11.10 | 9.90 |
| Inventory Days | 57 | 78.20 | 82.40 | 77.20 | 73.70 | 69.30 | 70.40 | 79.90 | 94.80 | 103.40 |
| Payable Days | 47 | 44.30 | 46.80 | 68.90 | 96.30 | 75.80 | 58.80 | 52 | 56.20 | 66.80 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
VST Industries Ltd FAQs
The current trading price of VST Industries on 21-Jul-2026 16:59 is ₹233.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Jul-2026 the market cap of VST Industries stood at ₹3,932.3 Cr
The latest P/E ratio of VST Industries as of 20-Jul-2026 is 13.46.
The latest P/B ratio of VST Industries as of 20-Jul-2026 is 2.72.
The 52-week high of VST Industries is ₹295.4 and the 52-week low is ₹199.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of VST Industries is ₹1,465 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that VST Industries Ltd is a good quality company.
The key valuation ratios of VST Industries Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of VST Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About VST Industries Ltd
VST Industries Ltd. is an India-based company, which is engaged in manufacture of cigarettes containing tobacco and unmanufactured tobacco.The Vazir Sultan Tobacco Company Limited was incorporated on November 10, 1930, under the Hyderabad Companies Act No. IV of 1320 Fasli and now governed under the Companies Act, 1956/2013. The name of the Company was subsequently changed to VST Industries Limited on 30th April, 1983. The Company has its Registered Office at Azamabad, Hyderabad. The Company’s shares are listed on BSE Limited and National Stock Exchange of India Limited.
Business area of the company
The Company has a manufacturing facility at Hyderabad and Toopran (Telangana) and its principal activities are manufacture & sale of cigarettes and unmanufactured tobacco.
Brands of the company
- SHAH-I-DECCAN
- GOLD RESERVE
- GOLD PREMIUM
- CHARMINAR
- START UP
- MOMENTS
- CHARMS
- THINK
- VIJAY
- SHAAN
- XL
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