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VST Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹222.38Overvalued by 13.13%vs CMP ₹256.00

P/E (14.9) × ROE (21.1%) × BV (₹85.10) × DY (3.90%)

₹247.62Fairly Valued by 3.27%vs CMP ₹256.00
MoS: -3.4% (Negative)Confidence: 61/100 (Moderate)Models: 1 Under, 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹207.9020%Over (-18.8%)
Graham NumberEarnings₹160.5414%Over (-37.3%)
Earnings PowerEarnings₹149.1012%Over (-41.8%)
DCFCash Flow₹132.8412%Over (-48.1%)
Net Asset ValueAssets₹74.596%Over (-70.9%)
EV/EBITDAEnterprise₹190.008%Over (-25.8%)
Dividend DiscountDividends₹1,162.808%Under (+354.2%)
Earnings YieldEarnings₹134.606%Over (-47.4%)
ROCE CapitalReturns₹269.458%Fair (+5.3%)
Revenue MultipleRevenue₹123.355%Over (-51.8%)
Consensus (10 models)₹247.62100%Fairly Valued
Key Drivers: Wide model spread (₹75–₹1,163) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -6.5%

*Investments are subject to market risks

Analyst Summary

VST Industries Ltd operates in the Cigarettes & Tobacco Products segment, NSE: VSTIND | BSE: 509966, current market price is ₹256.00, market cap is 4,352 Cr.. At a glance, stock P/E is 14.9, ROE is 21.1 %, ROCE is 28.2 %, book value is 85.1, dividend yield is 3.90 %. The latest intrinsic value estimate is ₹247.62, which is broadly in line with the current market price. On operating trend, latest reported sales are about ₹1,398 Cr versus the prior period change of -1.5%, while latest net profit is about ₹290 Cr with a prior-period change of -4.0%. The 52-week range shown on this page is 319/200, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisVST Industries Ltd. is a Public Limited Listed company incorporated on 10/11/1930 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L291…

This summary is generated from the stock page data available for VST Industries Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

56
VST Industries Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 28.2% ExcellentROE 21.1% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 0.91% MF sellingPromoter holding at 32.2% Stable
Earnings Quality30/100 · Weak
OPM contracting (33% → 23%) DecliningWorking capital: 122 days Capital intensive
Quarterly Momentum50/100 · Moderate
Revenue (4Q): -5% YoY FlatProfit (4Q): -30% YoY DecliningOPM: 23.0% (up 4.0% YoY) Margin expansion
Industry Rank45/100 · Moderate
P/E 14.9 vs industry 20.1 In-lineROCE 28.2% vs industry 27.3% Average3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 26, 2026, 12:36 am

Market Cap 4,352 Cr.
Current Price 256
Intrinsic Value₹247.62
High / Low 319/200
Stock P/E14.9
Book Value 85.1
Dividend Yield3.90 %
ROCE28.2 %
ROE21.1 %
Face Value 10.0
PEG Ratio-2.29

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for VST Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
VST Industries Ltd 4,352 Cr. 256 319/20014.9 85.13.90 %28.2 %21.1 % 10.0
Godfrey Phillips India Ltd 32,868 Cr. 2,107 3,947/1,83225.3 3741.50 %26.3 %19.9 % 2.00
Industry Average18,610.00 Cr1,181.5020.10229.552.70%27.25%20.50%6.00

All Competitor Stocks of VST Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 346302333350363375321360367349298336373
Expenses 251220228271290278248292299280221258288
Operating Profit 958210579729773686870777986
OPM % 27%27%32%23%20%26%23%19%19%20%26%23%23%
Other Income 16161229930981081011129
Interest 0000000000000
Depreciation 7889101110111112121214
Profit before tax 103901099971115726516667767881
Tax % 24%23%23%23%24%23%26%26%18%21%26%24%26%
Net Profit 796984765488544813653565960
EPS in Rs 4.654.044.934.473.165.193.152.808.023.123.303.493.55

Last Updated: February 3, 2026, 2:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 10:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7898368839229481,0991,2391,1111,1781,2921,4201,3981,357
Expenses 5715946466756547468257007679101,0671,1191,046
Operating Profit 218243237248294353415411412383353279311
OPM % 28%29%27%27%31%32%33%37%35%30%25%20%23%
Other Income 321820202539474247768013542
Interest 0000000000000
Depreciation 27323137394142353030384450
Profit before tax 224229227231279351420417428429395370303
Tax % 33%33%32%34%35%35%28%26%25%24%24%21%
Net Profit 150152153152182227304311320327302290229
EPS in Rs 8.848.969.018.9210.7113.3517.9018.2918.8519.2517.7517.1013.46
Dividend Payout % 72%71%71%76%66%65%52%57%68%71%77%80%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)1.33%0.66%-0.65%19.74%24.73%33.92%2.30%2.89%2.19%-7.65%-3.97%
Change in YoY Net Profit Growth (%)0.00%-0.68%-1.31%20.39%4.99%9.20%-31.62%0.59%-0.71%-9.83%3.67%

VST Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:5%
5 Years:2%
3 Years:6%
TTM:-2%
Compounded Profit Growth
10 Years:4%
5 Years:-7%
3 Years:-13%
TTM:-22%
Stock Price CAGR
10 Years:7%
5 Years:-2%
3 Years:-2%
1 Year:-33%
Return on Equity
10 Years:30%
5 Years:27%
3 Years:23%
Last Year:16%

Last Updated: September 5, 2025, 1:51 pm

Balance Sheet

Last Updated: December 10, 2025, 3:39 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1515151515151515151515170170
Reserves 3133313555245676497729251,0591,1641,2371,1531,098
Borrowings 0000000000000
Other Liabilities 427479457259482541610545516474468493617
Total Liabilities 7558268277981,0641,2051,3971,4861,5911,6541,7201,8161,886
Fixed Assets 209198174220195213187173195590268307289
CWIP 0041134013331004717
Investments 181171162174416575753887971577447532434
Other Assets 3654574504034194164443934154869589761,155
Total Assets 7558268277981,0641,2051,3971,4861,5911,6541,7201,8161,886

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 118132146420290331286277181167193218
Cash from Investing Activity + 3-24-18-264-148-155-144-96477910-31
Cash from Financing Activity + -126-130-130-139-144-177-159-187-224-231-221-170
Net Cash Flow -6-22-217-2-0-17-5516-1817
Free Cash Flow 9480101377264310240229-22275255176
CFO/OP 81%83%90%177%119%105%96%93%72%73%101%76%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow218.00243.00237.00248.00294.00353.00415.00411.00412.00383.00353.00279.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 45551155510121217
Inventory Days 255336316257196187182226210205220222
Days Payable 487154444555878474575758
Cash Conversion Cycle 21127026721816213799148147161175180
Working Capital Days -54-32-1843-44-58-63-58-42-4118122
ROCE %69%65%58%51%50%56%58%48%42%38%32%21%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%32.16%
FIIs 1.64%1.55%1.40%1.39%1.37%1.83%1.82%1.98%1.87%1.60%1.38%1.22%
DIIs 16.87%17.24%17.54%17.52%15.69%12.64%9.07%8.96%7.22%6.24%6.23%6.31%
Public 48.96%48.69%48.53%48.57%50.42%53.00%56.77%56.71%58.57%59.81%60.03%60.11%
Others 0.37%0.37%0.37%0.37%0.37%0.37%0.19%0.19%0.19%0.19%0.19%0.19%
No. of Shareholders 32,00231,25830,43131,07332,86834,3551,05,8321,22,8571,50,5481,58,7551,54,5211,51,077

Shareholding Pattern Chart

No. of Shareholders

VST Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Conservative Hybrid Fund 5,858 0.6 272002,720,0002026-03-30 19:37:40-99.78%
Parag Parikh ELSS Tax Saver Fund 2,078,122 0.85 48.61949,3282026-03-11 08:05:32118.9%
HDFC Childrens Fund 1,732,834 0.39 40.531,666,3682026-01-26 01:48:153.99%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 17.10195.29211.75207.38201.27
Diluted EPS (Rs.) 17.10195.29211.75207.38201.27
Cash EPS (Rs.) 19.72219.97231.31226.87223.98
Book Value[Excl.RevalReserv]/Share (Rs.) 77.87811.05763.96695.70609.02
Book Value[Incl.RevalReserv]/Share (Rs.) 77.87811.05763.96695.70609.02
Dividend / Share (Rs.) 10.00150.00150.00140.00114.00
Revenue From Operations / Share (Rs.) 82.29919.88836.97762.97719.46
PBDIT / Share (Rs.) 18.46280.28297.30296.80292.95
PBIT / Share (Rs.) 15.84255.60277.74277.30270.24
PBT / Share (Rs.) 21.76255.60277.74277.30270.24
Net Profit / Share (Rs.) 17.10195.29211.75207.38201.27
PBDIT Margin (%) 22.4330.4635.5238.9040.71
PBIT Margin (%) 19.2527.7833.1836.3437.56
PBT Margin (%) 26.4427.7833.1836.3437.56
Net Profit Margin (%) 20.7721.2225.2927.1827.97
Return on Networth / Equity (%) 21.9524.0727.7129.8033.04
Return on Capital Employeed (%) 19.9930.9735.7039.0243.35
Return On Assets (%) 15.9917.5319.7720.1320.91
Asset Turnover Ratio (%) 0.790.840.790.760.77
Current Ratio (X) 2.742.661.842.312.39
Quick Ratio (X) 1.711.641.071.721.82
Inventory Turnover Ratio (X) 2.981.951.901.741.60
Dividend Payout Ratio (NP) (%) 79.4676.5265.8754.9551.17
Dividend Payout Ratio (CP) (%) 68.9067.9360.3050.2345.98
Earning Retention Ratio (%) 20.5423.4834.1345.0548.83
Cash Earning Retention Ratio (%) 31.1032.0739.7049.7754.02
Enterprise Value (Cr.) 4437.915479.924835.274715.835215.28
EV / Net Operating Revenue (X) 3.173.863.744.004.69
EV / EBITDA (X) 14.1512.6610.5310.2911.53
MarketCap / Net Operating Revenue (X) 3.193.883.764.024.71
Retention Ratios (%) 20.5323.4734.1245.0448.82
Price / BV (X) 3.374.404.124.405.57
Price / Net Operating Revenue (X) 3.193.883.764.024.71
EarningsYield 0.060.050.060.060.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

VST Industries Ltd. is a Public Limited Listed company incorporated on 10/11/1930 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L29150TG1930PLC000576 and registration number is 000576. Currently Company is involved in the business activities of Manufacture of cigarettes, cigarette tobacco. Company's Total Operating Revenue is Rs. 1464.53 Cr. and Equity Capital is Rs. 169.86 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
Cigarettes & Tobacco Products1-7-1063/1065, Azamabad, Hyderabad Telangana 500020Contact not found
Management
NamePosition Held
Mr. Naresh Kumar SethiChairman & Non-Exe.Director
Mr. Sanjay WaliWhole Time Director
Mr. S ThirumalaiNon Executive Director
Mr. Alok AgarwalNon Executive Director
Ms. Rama BijapurkarInd. Non-Executive Director
Mr. Sudip BandyopadhyayInd. Non-Executive Director
Mr. Rajeev BakshiInd. Non-Executive Director
Mr. Nellaiappan ThiruambalamInd. Non-Executive Director

FAQ

What is the intrinsic value of VST Industries Ltd and is it undervalued?

As of 25 April 2026, VST Industries Ltd's intrinsic value is ₹247.62, which is 3.27% lower than the current market price of ₹256.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (21.1 %), book value (₹85.1), dividend yield (3.90 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of VST Industries Ltd?

VST Industries Ltd is trading at ₹256.00 as of 25 April 2026, with a FY2026-2027 high of ₹319 and low of ₹200. The stock is currently in the middle of its 52-week range. Market cap stands at ₹4,352 Cr..

How does VST Industries Ltd's P/E ratio compare to its industry?

VST Industries Ltd has a P/E ratio of 14.9, which is below the industry average of 20.10. This is broadly in line with or below the industry average.

Is VST Industries Ltd financially healthy?

Key indicators for VST Industries Ltd: ROCE of 28.2 % indicates efficient capital utilization; ROE of 21.1 % shows strong shareholder returns. Dividend yield is 3.90 %.

Is VST Industries Ltd profitable and how is the profit trend?

VST Industries Ltd reported a net profit of ₹290 Cr in Mar 2025 on revenue of ₹1,398 Cr. Compared to ₹320 Cr in Mar 2022, the net profit shows a declining trend.

Does VST Industries Ltd pay dividends?

VST Industries Ltd has a dividend yield of 3.90 % at the current price of ₹256.00. This is a relatively attractive yield for income-seeking investors.

Last Updated: April 26, 2026, 12:36 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 509966 | NSE: VSTIND
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in VST Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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