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Swing Capital

VST Industries Ltd

NSE: VSTIND BSE: 509966

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.(Source : 202003 Annual Report Page No: 93)

₹253
52W: ₹200 — ₹319
PE 14.6 · Book ₹85.1 · +197% vs book
Market Cap₹4,292 Cr
Stock P/E14.6Price to Earnings
ROCE28.2%Return on Capital
ROE21.1%Return on Equity
Div. Yield4.75%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 75.4%

Weaknesses

  • −The company has delivered a poor sales growth of 5.68% over past five years.
  • −Promoter holding is low: 32.2%
  • −Working capital days have increased from 175 days to 285 days

Shareholding Pattern

Promoters32.16%
FIIs1.34%
DIIs6.63%
Public59.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%
FIIs1.83%1.82%▼0.01.98%▲0.21.87%▼0.11.6%▼0.31.38%▼0.21.22%▼0.21.34%▲0.1
DIIs12.64%9.07%▼3.68.96%▼0.17.22%▼1.76.24%▼1.06.23%▼0.06.31%▲0.16.63%▲0.3
Public53%56.77%▲3.856.71%▼0.158.57%▲1.959.81%▲1.260.03%▲0.260.11%▲0.159.69%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales363375321360367349298336373457
Expenses290278248292299280221258288249
Operating Profit729773686870777986208
OPM %20%26%23%19%19%20%26%23%23%46%
Net Profit5488544813653565960117
EPS ₹3.165.193.152.88.023.123.33.493.556.87

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,465Cr, up 4.8% YoY. OPM at 31%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Institutional Flow

DIIs: 6.63% (-10.61pp change). FIIs: 1.34% (-0.21pp change). Promoters hold 32.16%.

Margin & Efficiency

ROCE declining from 65% (Mar 2015) to 28% (Mar 2026). Working capital days: 285.

Valuation

PE 14.6x with 28.2% ROCE. Price is 197% above book value of ₹85.1. Dividend yield: 4.75%.

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