VST Industries share price & results
- Sept 2026
- Sept 2026
Hyderabad cigarette maker and BAT associate selling Total, Editions, Charms brands; also exports tobacco leaf.
Price & Snapshot
Performance −28.5% 1Y
1Y: ₹261.25 on 31 Oct 2025 → ₹186.72. High ₹268.4 (3 Jul 2026), low ₹185.5 (30 Oct 2026).
- Previous close
- ₹185.5
- Market cap
- ₹3.2k Cr
- 52-week range
- ₹185.5 – ₹268.4
- One year
- −28.03%
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 241 | −28.3% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 18.0 | −5.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 41.0 | −30.5% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | +6.3 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | +6.1 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | +11.9 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Live Summary
Overview
- Symbol
- NSE:VSTIND
- Exchange
- NSE
- Currency
- INR
What VST Industries Limited does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2006 to Mar 2010).
Financials
What the filings say
Net profit, year on year: −31% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| 367 | 349 | 298 | 336 | 373 | 457 | 256 | 241 | |
| 299 | 280 | 221 | 258 | 288 | 249 | 207 | 198 | |
| 68 | 70 | 77 | 79 | 86 | 208 | 50 | 43 | |
| 19.0% | 20.0% | 26.0% | 23.0% | 23.0% | 46.0% | 19.0% | 18.0% | |
| 108 | 10 | 11 | 12 | 9 | 9 | 20 | 21 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 11 | 12 | 12 | 12 | 14 | 63 | 11 | 11 | |
| 166 | 67 | 76 | 78 | 81 | 155 | 58 | 53 | |
| 18.0% | 21.0% | 26.0% | 24.0% | 26.0% | 24.0% | 27.0% | 23.0% | |
| 136 | 53 | 56 | 59 | 60 | 117 | 42 | 41 | |
| 8.02 | 3.12 | 3.30 | 3.49 | 3.55 | 6.87 | 2.50 | 2.42 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,293 | 1,421 | 1,397 | 1,464 | |
| 910 | 1,067 | 1,119 | 1,016 | |
| 383 | 353 | 279 | 450 | |
| 76 | 80 | 135 | 41 | |
| 0 | 0 | 0 | 0 | |
| 29 | 38 | 44 | 101 | |
| 429 | 394 | 370 | 390 | |
| 327 | 302 | 291 | 292 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| 15 | 15 | 170 | 170 | 170 | 170 | |
| 1,164 | 1,237 | 1,153 | 1,098 | 1,276 | 1,156 | |
| 0 | 0 | 0 | 0 | 0 | 0 | |
| 474 | 468 | 493 | 617 | 570 | 735 | |
| 1,654 | 1,720 | 1,816 | 1,886 | 2,016 | 2,061 | |
| 590 | 268 | 307 | 289 | 244 | 229 | |
| 0 | 47 | 1 | 7 | 0 | 0 | |
| 577 | 447 | 532 | 434 | 559 | 594 | |
| 486 | 958 | 976 | 1,155 | 1,213 | 1,238 | |
| 1,654 | 1,720 | 1,816 | 1,886 | 2,016 | 2,061 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 286 | 277 | 181 | 167 | 193 | 218 | |
| -144 | -96 | 47 | 79 | 10 | -31 | |
| -159 | -187 | -224 | -231 | -221 | -170 | |
| -17 | -5 | 5 | 16 | -18 | 17 | |
| 240 | 229 | -222 | 75 | 255 | 176 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 5 | 10 | 12 | 12 | 17 | 12 | |
| 226 | 210 | 205 | 220 | 222 | 359 | |
| 84 | 74 | 57 | 57 | 58 | 66 | |
| 148 | 147 | 161 | 175 | 180 | 305 | |
| -58 | -42 | -4 | 118 | 122 | 146 | |
| 48.0% | 42.0% | 38.0% | 32.0% | 21.0% | 28.0% | |
| 57.0% | 68.0% | 71.0% | 77.0% | 58.0% | 70.0% |
What the price assumes
ExpensiveTo justify its price of ₹187, 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 ₹116 — downside of 38%.
- Growth the price implies
- 5.1% 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
Multiples & returns vs own history
Ownership
Who owns it
Public hold 60.50% as of Sept 2026; institutions cut 0.67 pts since Jun 2026.
- Promoters 32.16%
- Foreign institutions 1.25%
- Domestic institutions 5.90%
- Public 60.50%
- Others 0.19%
Who is on the register
Named in the Sep 2026 filing
Every holder of VST Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 25.95% | unchanged | |
| 23.45% | unchanged | |
| Corporate | 8.28% | unchanged |
| 3.15% | unchanged | |
| Mutual fund | 1.89% | unchanged |
| Insurer | 1.51% | unchanged |
| Mutual fund | 1.31% | −0.13 pp |
| Mutual fund | 1.11% | unchanged |
| Corporate | 0.43% | 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 Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹149 Cr
- 4 schemes
- Biggest holder
- Parag Parikh ELSS Tax Saver Fund
- ₹47 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Parag Parikh ELSS Tax Saver Fund PPFAS Mutual Fund | ₹47 Cr | held | Mar '23 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹45 Cr | held | Dec '25 |
| HDFC Children's Fund HDFC Mutual Fund | ₹38 Cr | held | Nov '24 |
| Parag Parikh Dynamic Asset Allocation Fund PPFAS Mutual Fund | ₹18 Cr | held | Feb '24 |
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 Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -32%
- vs est. average cost
- Held by funds
- ₹149 Cr
- 4 schemes · ≈ 4.3% of the company
- Biggest holder
- Parag Parikh ELSS Tax Saver Fund
- ₹47 Cr · 0.9% of that fund
Shares held by these funds +303%
Oct '23 73.29 L shares Sep '26
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Quick Answers
Frequently asked questions on VST Industries Limited
Compiled directly from VSTIND's filed financial statements, earnings call transcripts, and ownership disclosures.
How did VST Industries Limited (VSTIND) perform in its latest reported quarter (Sept 2026)?
For the quarter ended Sept 2026, VST Industries Limited reported revenue of ₹241 Cr, net profit of ₹41 Cr, an operating margin of 18.0%. Diluted earnings per share stood at ₹2.42.
How is VST Industries Limited (VSTIND) valued today, and what growth does the stock price imply?
VST Industries Limited (VSTIND) trades at ₹186.72, with a market capitalization of ₹3.2k Cr. Reverse-DCF analysis shows the current stock price implies 5.1% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of -3.7%.
Who owns VST Industries Limited (VSTIND) — promoters, FIIs, DIIs, and mutual funds?
As of Sept 2026, Promoters hold 32.2%, FIIs hold 1.3%, DIIs hold 5.9%, Public shareholders hold 60.5%.
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