VST Industries Limited (IN:VSTIND)
:VSTIND
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VST Industries Limited
(VSTIND)
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Rating:77Outperform
Price Target:
₹299.00
▲(18.96% Upside)
Action:UpgradedDate:04/21/26
The score is driven primarily by strong financial quality, led by a debt-free balance sheet and solid profitability, partially offset by margin compression and weaker operating cash-flow conversion. Technicals are supportive but show overbought signals, while valuation is reasonable with a supportive dividend yield.
Positive Factors
Debt-free balance sheet
Zero reported debt and rising equity provide durable financial flexibility. This lowers default and refinancing risk, enables funding of capex/dividends from internal resources, and preserves strategic optionality to withstand regulatory/tax shocks common in tobacco over months to years.
Negative Factors
Margin compression
Notable compression in gross and operating margins versus earlier years suggests persistent cost or pricing pressure. If sustained, it erodes return on capital and reduces the company’s ability to self-fund growth or maintain payouts, limiting long-term profitability resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero reported debt and rising equity provide durable financial flexibility. This lowers default and refinancing risk, enables funding of capex/dividends from internal resources, and preserves strategic optionality to withstand regulatory/tax shocks common in tobacco over months to years.
Read all positive factors
VST Industries Limited (VSTIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹43.97B
Dividend Yield3.93%
Average Volume (3M)14.81K
Price to Earnings (P/E)11.6
Beta (1Y)1.07
Revenue Growth4.78%
EPS Growth0.64%
CountryIN
Employees772
SectorConsumer Defensive
Sector Strength42
IndustryTobacco
Share Statistics
EPS (TTM)6.87
Shares Outstanding169,861,110
10 Day Avg. Volume10,935
30 Day Avg. Volume14,815
Financial Highlights & Ratios
PEG Ratio18.07
Price to Book (P/B)2.35
Price to Sales (P/S)2.32
P/FCF Ratio18.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)22.4
Revenue Forecast (FY)₹17.41B
VST Industries Limited Business Overview & Revenue Model
Company Description
VST Industries Limited engages in the manufacture, distribution, and trading of cigarettes in India and internationally. It also trades in unmanufactured tobacco. The company was formerly known as Vazir Sultan Tobacco Company Limited and changed i...
How the Company Makes Money
VST Industries makes money primarily by manufacturing and selling cigarettes and related tobacco products. Its main revenue stream is the sale of finished cigarette products to distributors/wholesalers and retail trade channels, where earnings are...
VST Industries Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
92
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.48B | 14.65B | 13.98B | 14.20B | 12.90B | 11.77B |
| Gross Profit | 5.55B | 5.39B | 6.01B | 4.73B | 6.69B | 6.63B |
| EBITDA | 3.04B | 4.50B | 2.79B | 3.87B | 4.59B | 4.12B |
| Net Income | 3.05B | 2.92B | 2.90B | 3.02B | 3.27B | 3.20B |
Balance Sheet | ||||||
| Total Assets | 18.86B | 20.16B | 18.16B | 17.20B | 16.54B | 15.91B |
| Cash, Cash Equivalents and Short-Term Investments | 2.57B | 5.93B | 3.50B | 2.71B | 3.84B | 7.72B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 6.17B | 5.70B | 4.93B | 4.68B | 4.74B | 5.16B |
| Stockholders Equity | 12.68B | 14.46B | 13.23B | 12.52B | 11.80B | 10.74B |
Cash Flow | ||||||
| Free Cash Flow | 519.00M | 1.88B | 1.52B | 726.78M | -2.22B | 2.28B |
| Operating Cash Flow | 694.70M | 2.30B | 1.93B | 1.67B | 1.81B | 2.77B |
| Investing Cash Flow | 990.00M | -435.10M | 97.90M | 793.21M | 467.10M | -957.50M |
| Financing Cash Flow | -1.70B | -1.70B | -2.21B | -2.31B | -2.24B | -1.87B |
VST Industries Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹3.81T | 25.57 | ― | 3.52% | 5.14% | 73.66% | |
77 Outperform | ₹43.97B | 11.63 | ― | 3.93% | 4.78% | 0.64% | |
65 Neutral | ₹329.81B | 31.38 | ― | 1.29% | 20.85% | 27.51% | |
65 Neutral | ₹389.51B | 132.49 | ― | 0.62% | 6.73% | -3.85% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | ₹221.58B | 89.83 | ― | 0.61% | 13.18% | 20.96% | |
57 Neutral | ₹14.99B | 50.36 | ― | 1.67% | -5.09% | -57.46% |
* Consumer Defensive Sector Average
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VST Industries Limited
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VST Industries Limited Corporate Events
VST Industries Sets Record Date for Final Dividend of Rs 12 per Share
Apr 16, 2026
VST Industries’ board has recommended a final dividend of Rs 12 per equity share of face value Rs 10, underscoring continued cash returns to shareholders. The payout will be made within 30 days of shareholder approval at the company’s ...
VST Industries Declares Final Dividend of Rs. 12 Per Share
Apr 16, 2026
VST Industries’ board has recommended a final dividend of Rs. 12 per equity share of Rs. 10 each, reinforcing its practice of returning cash to shareholders. The dividend is subject to approval at the company’s 95th Annual General Meet...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.