VSTIND

VST Industries share price & financials

Price
₹233
Market cap
₹3.5k Cr
Sector
Fast Moving Consumer Goods

What VST Industries Limited does

VST Industries manufactures and sells cigarettes under brands including Total, Editions, Charms, Special and Moments, and separately sources, processes and exports unmanufactured tobacco leaf to global buyers. It is an associate undertaking of British American Tobacco Plc and runs an integrated manufacturing facility at Toopran, Telangana, combining primary processing (threshing, grading, cutting, drying) with secondary manufacturing (making, packing, wrapping). Tobacco leaf is procured from a network of contracted farmers across Andhra Pradesh, Telangana, Karnataka, Gujarat and Maharashtra, largely through auctions. Finished cigarettes are distributed nationwide through wholesale dealers and retail outlets, while unmanufactured tobacco is exported for domestic consumption and export markets.

Segments

  • Cigarettes
  • Leaf tobacco (unmanufactured tobacco)
Manufacturing facility
1 integrated factory at Toopran (combines Primary and Secondary Manufacturing Divisions)
Regional offices
7 (Hyderabad, Mumbai, Delhi, Kolkata, Chennai, Guwahati, Lucknow)
Retail outlets reached
10 lakh+
Wholesale dealers
800+
Distribution reach
Network spans over 80% of India
Contracted tobacco farmers
17,246 farmers across 609 villages
Founded 1930Headquarters Hyderabad, Telangana, IndiaEmployees 696 (2025-03-31) Company website

Quarterly results

Q1 FY27: revenue down 14.1%, net profit down 25.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue360 367 349 298 336 −7%373 +2%457 +31%256 −14%
EBITDA68 68 70 77 79 +16%86 +26%208 +197%50 −35%
Net profit48 136 53 56 59 +23%60 −56%117 +121%42 −25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −24.1% 1Y

₹200₹220₹240₹260Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹268.7 on 10 Sept 2025 → ₹203.93. High ₹271.35 (17 Sept 2025), low ₹200.07 (30 Mar 2026).

Financials, as filed

Revenue grew 4.2% a year over 3 years, FY23 to FY26. Operating margin widened to 30.7%.

Year endingFY23FY24FY25FY26
Revenue₹1.3k Cr₹1.4k Cr₹1.4k Cr₹1.5k Cr
Operating profit₹383 Cr₹353 Cr₹279 Cr₹450 Cr
Operating margin29.6%24.8%20.0%30.7%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹29 Cr₹38 Cr₹44 Cr₹101 Cr
Net profit₹327 Cr₹302 Cr₹291 Cr₹292 Cr
Net margin25.3%21.3%20.8%19.9%
Cash from operations₹181 Cr₹167 Cr₹193 Cr₹218 Cr
Free cash flow₹-222 Cr₹75 Cr₹255 Cr₹176 Cr
ROCE38.0%32.0%21.0%28.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹170 Cr₹170 Cr
Reserves₹925 Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.1k Cr₹1.3k Cr
Borrowings₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other liabilities₹545 Cr₹516 Cr₹474 Cr₹468 Cr₹617 Cr₹570 Cr
Total liabilities₹1.5k Cr₹1.6k Cr₹1.7k Cr₹1.7k Cr₹1.9k Cr₹2.0k Cr
Fixed assets₹173 Cr₹195 Cr₹590 Cr₹268 Cr₹289 Cr₹244 Cr
Capital work in progress₹33 Cr₹10 Cr₹0 Cr₹47 Cr₹7 Cr₹0 Cr
Investments₹887 Cr₹971 Cr₹577 Cr₹447 Cr₹434 Cr₹559 Cr
Other assets₹393 Cr₹415 Cr₹486 Cr₹958 Cr₹1.2k Cr₹1.2k Cr
Total assets₹1.5k Cr₹1.6k Cr₹1.7k Cr₹1.7k Cr₹1.9k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.21 pp while FIIs added +0.19 pp. The shareholder count shrank 6% to 1,48,518.

Promoters
32.2%
FIIs
1.8%
DIIs
6.0%
Public
59.8%
Others
0.2%

Since Jun 2025

  • DIIs −0.21 pp
  • FIIs +0.19 pp
  • Public +0.02 pp

How it drifted, 12 quarters

Over this window DIIs fell from 17.5% to 6.0% — −11.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 32.2%, FIIs 1.4%, DIIs 17.5%, Public 48.5%, Others 0.4%.Dec '23: Promoters 32.2%, FIIs 1.4%, DIIs 17.5%, Public 48.6%, Others 0.4%.Mar '24: Promoters 32.2%, FIIs 1.4%, DIIs 15.7%, Public 50.4%, Others 0.4%.Jun '24: Promoters 32.2%, FIIs 1.8%, DIIs 12.6%, Public 53.0%, Others 0.4%.Sep '24: Promoters 32.2%, FIIs 1.8%, DIIs 9.1%, Public 56.8%, Others 0.2%.Dec '24: Promoters 32.2%, FIIs 2.0%, DIIs 9.0%, Public 56.7%, Others 0.2%.Mar '25: Promoters 32.2%, FIIs 1.9%, DIIs 7.2%, Public 58.6%, Others 0.2%.Jun '25: Promoters 32.2%, FIIs 1.6%, DIIs 6.2%, Public 59.8%, Others 0.2%.Sep '25: Promoters 32.2%, FIIs 1.4%, DIIs 6.2%, Public 60.0%, Others 0.2%.Dec '25: Promoters 32.2%, FIIs 1.2%, DIIs 6.3%, Public 60.1%, Others 0.2%.Mar '26: Promoters 32.2%, FIIs 1.3%, DIIs 6.6%, Public 59.7%, Others 0.2%.Jun '26: Promoters 32.2%, FIIs 1.8%, DIIs 6.0%, Public 59.8%, Others 0.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of VST Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bright Star Investments Private Limited 25.95%unchanged
The Raleigh Investment Company Limited 23.45%unchanged
Tobacco Manufacturers (India) Limited Corporate8.28%unchanged
Radhakishan Shivkishan Damani 3.15%unchanged
Parag Parikh ELSS Tax Saver Fund Mutual fund1.89%unchanged
The New India Assurance Co. Ltd. Insurer1.51%unchanged
SBI Conservative Hybrid Fund Mutual fund1.44%−0.69 pp
HDFC Mutual Fund - HDFC Childrens Fund Mutual fund1.11%+0.09 pp
Rothmans International Enterprises Limited Corporate0.43%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in VSTIND

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹89 Cr
2 schemes
Biggest holder
SBI Conservative Hybrid Fund
₹47 Cr · 0.5% of that fund
SchemeHoldingLast month
SBI Conservative Hybrid Fund SBI Mutual Fund₹47 Crheld
HDFC Children's Fund HDFC Mutual Fund₹42 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-9%
vs est. average cost
Held by funds
₹89 Cr
2 schemes · ≈ 2.8% of the company
Biggest holder
SBI Conservative Hybrid Fund
₹47 Cr · 0.5% of that fund
Longest holder
HDFC Children's Fund
1y 9m · since Nov '24

Shares held by these funds +141%

Aug '23 41.22 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹204, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹127 — downside of 38%.

Growth the price implies
5.0% a year
for 7 years, fading to 4%
It has actually compounded at
-3.7% a year
net profit, FY23–FY26 · EPS -3.6%
The gap
0.1 pp
-38% downside if it only repeats history
Price today ₹203.93 Value at the reference growth ₹127.15

Change the assumptions yourself →

Learn to analyse VST Industries Limited

Guides on how to read this kind of business and the numbers that matter.