Want to see IN:VSTIND full AI Analyst Report?
Top Page
VST Industries Limited
(VSTIND)
Select Model
Select Model
Rating:66Neutral
Price Target:
₹239.00
▲(3.89% Upside)
Action:Downgraded
Date:08/06/26
The score is primarily supported by strong financial fundamentals—especially a debt-free balance sheet and solid profitability—along with a supportive valuation (moderate P/E and high dividend yield). These positives are tempered by clearly bearish technicals, with the stock trading below key moving averages and negative momentum indicators.
Positive Factors
Debt-free balance sheet
Zero reported debt grants VST Industries durable financial flexibility: it can fund capex, maintain dividends, or withstand industry tax shocks without refinancing risk. A debt-free structure lowers bankruptcy risk and preserves strategic optionality over the next 2–6 months and beyond.
Negative Factors
Margin compression vs prior years
Compression in gross and operating margins versus 2022–2023 suggests structural cost pressure or weaker pricing power. Persisting input cost increases, taxation, or channel shifts could permanently depress profitability, limiting the company’s ability to restore prior margin levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero reported debt grants VST Industries durable financial flexibility: it can fund capex, maintain dividends, or withstand industry tax shocks without refinancing risk. A debt-free structure lowers bankruptcy risk and preserves strategic optionality over the next 2–6 months and beyond.
Read all positive factors
VST Industries Limited (VSTIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹37.06B
Dividend Yield5.52%
Average Volume (3M)14.81K
Price to Earnings (P/E)13.2
Beta (1Y)1.01
Revenue Growth3.55%
EPS Growth-4.92%
CountryIN
Employees712
SectorGeneral
Sector StrengthN/A
IndustryTobacco
Share Statistics
EPS (TTM)16.41
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 manufacturing, trading, and marketing of cigarettes, tobacco, and tobacco products in India and internationally. It sells unmanufactured tobacco. The company was formerly known as Vazir Sultan Tobacco Company ...
How the Company Makes Money
VST Industries makes money mainly by selling manufactured cigarettes and other tobacco products in India. Its core revenue stream is the sale of cigarettes under its brand portfolio, with earnings driven by (i) volumes sold through the distributio...
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 | 14.23B | 14.65B | 13.98B | 14.20B | 12.90B | 11.77B |
| Gross Profit | 5.18B | 5.39B | 6.01B | 4.73B | 6.69B | 6.63B |
| EBITDA | 4.44B | 4.50B | 2.79B | 3.87B | 4.59B | 4.12B |
| Net Income | 2.79B | 2.92B | 2.90B | 3.02B | 3.27B | 3.20B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 20.16B | 18.16B | 17.20B | 16.54B | 15.91B |
| Cash, Cash Equivalents and Short-Term Investments | 5.82B | 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 | -14.46B | 5.70B | 4.93B | 4.68B | 4.74B | 5.16B |
| Stockholders Equity | 14.46B | 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 Technical Analysis
Negative
230.05
Price Trends
238.24
Negative
235.75
Negative
234.66
Negative
Market Momentum
-6.12
Negative
29.64
Positive
13.68
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VSTIND, the sentiment is Negative. The current price of 230.05 is above the 20-day moving average (MA) of 224.37, below the 50-day MA of 238.24, and below the 200-day MA of 234.66, indicating a bearish trend. The MACD of -6.12 indicates Negative momentum. The RSI at 29.64 is Positive, neither overbought nor oversold. The STOCH value of 13.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VSTIND.
VST Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹3.47T | 17.58 | ― | 5.11% | -4.13% | -43.21% | |
66 Neutral | ₹37.06B | 13.24 | ― | 5.22% | 3.55% | -4.92% | |
65 Neutral | ₹342.35B | 24.62 | ― | 1.74% | 1.25% | 14.03% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:VSTIND
VST Industries Limited
217.25
-43.00
-16.52%
IN:GODFRYPHLP
Godfrey Phillips India Ltd.
2,179.50
-1,128.26
-34.11%
IN:GOLDENTOBC
Golden Tobacco Limited
25.02
-11.57
-31.62%
IN:ITC
ITC Limited
279.50
-112.77
-28.75%
VST Industries Limited Corporate Events
VST Industries Sets July 29 Virtual AGM, Fixes Dividend Record Date
Jul 7, 2026
VST Industries Limited has announced that its 95th Annual General Meeting will be held on July 29, 2026 at 10:00 a.m. IST via video conferencing and other audio-visual means, in line with MCA and SEBI guidelines that permit virtual AGMs without ph...
VST Industries Confirms SEBI Dematerialisation Compliance for Q1 FY27
Jul 7, 2026
VST Industries Limited has reported compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026, supported by a certificate from its Registrar and Share Transfer Agents, KFin T...
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.