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    VST Industries Limited

    Hyderabad cigarette maker and BAT associate selling Total, Editions, Charms brands; also exports tobacco leaf.

    Fast Moving Consumer Goods
    Fast Moving Consumer Goods
    ₹233
    -9.30% from avg

    Overview

    Price

    ₹233

    Market Cap

    ₹3.9k Cr

    Sector

    Fast Moving Consumer Goods

    Fast Moving Consumer Goods

    Rank

    2

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital1515151515170170170
    Reserves7729251.1k1.2k1.2k1.2k1.1k1.3k
    Borrowings00000000
    Other Liabilities610545516474468493617570
    Total Liabilities1.4k1.5k1.6k1.7k1.7k1.8k1.9k2.0k
    AssetsFixed Assets187173195590268307289244
    CWIP133310047170
    Investments753887971577447532434559
    Other Assets4443934154869589761.2k1.2k
    Total Assets1.4k1.5k1.6k1.7k1.7k1.8k1.9k2.0k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating290331286277181167193218
    Cash from Investing-148-155-144-96477910-31
    Cash from Financing-144-177-159-187-224-231-221-170
    SummaryCapital Expenditure
    Free Cash Flow264310240229-22275255176
    FCF Margin

    Valuation

    Assumptions

    Current — VSTIND
    Price
    ₹233
    EPS (TTM)
    ₹17.21
    PE (TTM)
    13.5
    Profit growth
    -3.7%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (19.1×) and current (13.5×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹233
    vs
    Fair value · 15% return
    ₹80
    65%Overvalued

    At -3.7% growth and a 14× exit, ₹233 only delivers your return if you pay ₹80. The price is currently baking in 17% growth.

    EPS grows -3.7%/yr for 5 years, then fades to 6% over 2, exits at 14×.

    YearGrowthEPS (₹)
    FY27-3.7%16.57
    FY28-3.7%15.96
    FY29-3.7%15.37
    FY30-3.7%14.80
    FY31-3.7%14.25
    FY321.1% ·fade14.42
    FY336.0% ·fade15.28

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

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