What do the numbers say about VST Industries Ltd. (VSTIND)? Here's a look at its financials, valuation, and ownership data.
VST Industries Revenue Trend
VST Industries Ltd.'s top line shrank 3.8% in FY2025, coming in at ₹1,844 Cr against ₹1,917 Cr a year ago.
The 10-year revenue CAGR of 8.2% reflects steady — if not spectacular — top-line expansion from ₹836 Cr to ₹1,844 Cr.
VST Industries Ltd. is a mid-sized cigarettes company by revenue, with a top line of ₹1,844 Cr.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹1,844 Cr | -3.8% |
| FY2024 | ₹1,917 Cr | +9.6% |
| FY2023 | ₹1,749 Cr | +8.8% |
| FY2022 | ₹1,607 Cr | +9.1% |
| FY2021 | ₹1,473 Cr | — |
View VST Industries Ltd.'s full 10-year revenue trend with CAGR analysis →
VST Industries Profitability
On the earnings front, VST Industries Ltd. posted ₹290 Cr for FY2025 — a 3.7% drop from ₹302 Cr in FY2024.
Net margin was steady at 15.7% in FY2025, suggesting a stable cost structure.
Per-share earnings moved to ₹17.10 in FY2025 from ₹17.75 in FY2024.
Is VST Industries Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹275.
VST Industries Ltd. shares are currently trading at ₹253.50.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹275 | 8.6% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for VST Industries Ltd. with detailed assumptions →
VST Industries Shareholding Pattern
The promoter group has maintained its 32.2% holding through the last 4 quarters.
On the foreign institutional side, the holding is 1.3% as of March 2026 — down from 1.6%.
Domestic institutions moved their stake up to 6.6% from 6.2% over the past year.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 32.2% | 1.3% | 6.6% | 59.7% |
| Dec 2025 | 32.2% | 1.2% | 6.3% | 60.1% |
| Sep 2025 | 32.2% | 1.4% | 6.2% | 60.0% |
| Jun 2025 | 32.2% | 1.6% | 6.2% | 59.8% |
Track quarterly shareholding changes for VST Industries Ltd. →
VST Industries Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2025 total assets: ₹18.16B (up 5.6% YoY from ₹17.20B).
Top categories: Inventories (26.7%), Other Assets (23.2%), Cash & ST Investments (18.7%).
Of the ₹18.16B in liabilities and equity, 72.8% is shareholder equity, 0.0% is interest-bearing debt, and 27.2% is operating liabilities. Notable shift: Trade Payables is up 7.5% YoY (₹1.18B → ₹1.27B).
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 3.39B |
| Receivables | 640.61M |
| Inventories | 4.85B |
| Property, Plant & Equipment | 3.08B |
| Investments | 1.99B |
| Intangibles & Goodwill | 512,000 |
| Other Assets | 4.21B |
| Category | Value |
|---|---|
| Equity | 13.23B |
| Trade Payables | 1.27B |
| Other Liabilities | 3.66B |
VST Industries Key Takeaways
Here's the bottom line on VST Industries Ltd. (VSTIND) based on the latest available financials.
Revenue of ₹1,844 Cr in FY2025, down 3.8% year-over-year.
Long-term revenue has been compounding at 8.2% annually over 10 years.
The company is profitable, with a net margin of 15.7% and net income of ₹290 Cr.
The P/E Ratio model implies 8.6% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
There's more to the story. Craytheon's full profile for VST Industries Ltd. includes three valuation models, decade-long financials, and insider activity.