VST Industries Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: February 4, 2025, 10:23 pm

Market Cap	5,509 Cr.
Current Price	324
High / Low	487/301
Stock P/E	22.7
Book Value	66.7
Dividend Yield	4.21 %
ROCE	32.2 %
ROE	24.6 %
Face Value	10.0
PEG Ratio	-8.48

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for VST Industries Ltd

Competitors of VST Industries Ltd

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
VST Industries Ltd	5,509 Cr.	324	487/301	22.7	66.7	4.21 %	32.2 %	24.6 %	10.0
Godfrey Phillips India Ltd	24,558 Cr.	4,724	8,480/2,284	26.0	906	1.19 %	22.2 %	19.0 %	2.00
Industry Average	15,033.50 Cr	2,524.00		24.35	486.35	2.70%	27.20%	21.80%	6.00

All Competitor Stocks of VST Industries Ltd

Quarterly Result

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	275	272	329	303	301	344	346	302	333	350	363	375	321
Expenses	183	167	220	196	188	251	251	220	228	271	290	278	248
Operating Profit	92	104	109	106	113	93	95	82	105	79	72	97	73
OPM %	33%	38%	33%	35%	38%	27%	27%	27%	32%	23%	20%	26%	23%
Other Income	9	10	10	17	11	33	16	16	12	29	9	30	9
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	6	7	8	9	7	7	7	8	8	9	10	11	10
Profit before tax	95	107	111	115	117	119	103	90	109	99	71	115	72
Tax %	26%	26%	25%	24%	26%	22%	24%	23%	23%	23%	24%	23%	26%
Net Profit	70	80	83	87	87	92	79	69	84	76	54	88	54
EPS in Rs	45.62	51.73	53.57	56.46	56.43	59.68	51.15	44.49	54.20	49.18	34.79	57.12	34.70

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 23, 2024, 3:15 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	669	789	836	883	922	948	1,099	1,239	1,111	1,178	1,292	1,420	1,409
Expenses	488	571	594	646	675	654	746	825	700	767	910	1,067	1,087
Operating Profit	180	218	243	237	248	294	353	415	411	412	383	353	321
OPM %	27%	28%	29%	27%	27%	31%	32%	33%	37%	35%	30%	25%	23%
Other Income	26	32	18	20	20	25	39	47	42	47	76	80	77
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	22	27	32	31	37	39	41	42	35	30	30	38	40
Profit before tax	184	224	229	227	231	279	351	420	417	428	429	395	358
Tax %	31%	33%	33%	32%	34%	35%	35%	28%	26%	25%	24%	24%
Net Profit	126	150	152	153	152	182	227	304	311	320	327	302	271
EPS in Rs	7.43	8.84	8.96	9.01	8.92	10.71	13.35	17.90	18.29	18.85	19.25	17.75	15.97
Dividend Payout %	76%	72%	71%	71%	76%	66%	65%	52%	57%	68%	71%	77%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	19.05%	1.33%	0.66%	-0.65%	19.74%	24.73%	33.92%	2.30%	2.89%	2.19%	-7.65%
Change in YoY Net Profit Growth (%)	0.00%	-17.71%	-0.68%	-1.31%	20.39%	4.99%	9.20%	-31.62%	0.59%	-0.71%	-9.83%

VST Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	6%
5 Years:	5%
3 Years:	9%
TTM:	7%

Compounded Profit Growth
10 Years:	7%
5 Years:	6%
3 Years:	-1%
TTM:	-21%

Stock Price CAGR
10 Years:	7%
5 Years:	-4%
3 Years:	4%
1 Year:	-1%

Return on Equity
10 Years:	33%
5 Years:	32%
3 Years:	28%
Last Year:	25%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 6:34 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	170
Reserves	289	313	331	355	524	567	649	772	925	1,059	1,164	1,237	963
Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Liabilities	439	427	479	457	259	482	541	610	545	516	474	468	545
Total Liabilities	744	755	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,678
Fixed Assets	175	209	198	174	220	195	213	187	173	195	590	268	304
CWIP	0	0	0	41	1	34	0	13	33	10	0	47	8
Investments	199	181	171	162	174	416	575	753	887	971	577	447	280
Other Assets	370	365	457	450	403	419	416	444	393	415	486	958	1,086
Total Assets	744	755	826	827	798	1,064	1,205	1,397	1,486	1,591	1,654	1,720	1,678

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	118	130	118	132	146	420	290	331	286	277	181	167
Cash from Investing Activity +	9	-18	3	-24	-18	-264	-148	-155	-144	-96	47	79
Cash from Financing Activity +	-117	-113	-126	-130	-130	-139	-144	-177	-159	-187	-224	-231
Net Cash Flow	10	-1	-6	-22	-2	17	-2	-0	-17	-5	5	16

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	180.00	218.00	243.00	237.00	248.00	294.00	353.00	415.00	411.00	412.00	383.00	353.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	13	4	5	5	5	11	5	5	5	10	12	12
Inventory Days	288	255	336	316	257	196	187	182	226	210	205	220
Days Payable	62	48	71	54	44	45	55	87	84	74	57	57
Cash Conversion Cycle	239	211	270	267	218	162	137	99	148	147	161	175
Working Capital Days	-74	-54	-32	-18	43	-44	-58	-63	-58	-42	-4	118
ROCE %	58%	69%	65%	58%	51%	50%	56%	58%	48%	42%	38%	32%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
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	1.81%	1.75%	1.84%	1.69%	1.86%	1.64%	1.55%	1.40%	1.39%	1.37%	1.83%	1.82%
DIIs	16.28%	16.59%	16.62%	16.64%	16.62%	16.87%	17.24%	17.54%	17.52%	15.69%	12.64%	9.07%
Public	49.55%	49.29%	49.01%	49.14%	49.00%	48.96%	48.69%	48.53%	48.57%	50.42%	53.00%	56.77%
Others	0.20%	0.20%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.37%	0.19%
No. of Shareholders	33,361	33,441	33,289	32,988	32,588	32,002	31,258	30,431	31,073	32,868	34,355	1,05,832

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan	850,000	0.52	289.57	106,869	2025-02-02	695.37%
Axis Small Cap Fund	172,492	0.33	63.84	106,869	2025-02-02	61.41%
Parag Parikh ELSS Tax Saver Fund	106,869	1.43	39.55	106,869	2025-02-02	0%
HDFC Childrens Gift Fund - Regular Plan	51,488	0.21	17.54	106,869	2025-02-02	-51.82%
Nippon India Consumption Fund	31,500	1.73	11.66	106,869	2025-02-02	-70.52%
Nippon India Consumption Fund	31,500	1.73	11.66	106,869	2025-02-02	-70.52%
Samco ELSS Tax Saver Fund	1,500	0.63	0.51	106,869	2025-02-02	-98.6%
ICICI Prudential S&P BSE 500 ETF	69	0.01	0.02	106,869	2025-02-02	-99.94%
HDFC S&P BSE 500 ETF	3	0.02	0	106,869	2025-02-02	-100%
HDFC S&P BSE 500 Index Fund	13	0.01	0	106,869	2025-02-02	-99.99%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	195.29	211.75	207.38	201.27	196.93
Diluted EPS (Rs.)	195.29	211.75	207.38	201.27	196.93
Cash EPS (Rs.)	219.97	231.31	226.87	223.98	223.97
Book Value[Excl.RevalReserv]/Share (Rs.)	811.05	763.96	695.70	609.02	509.71
Book Value[Incl.RevalReserv]/Share (Rs.)	811.05	763.96	695.70	609.02	509.71
Dividend / Share (Rs.)	150.00	150.00	140.00	114.00	103.00
Revenue From Operations / Share (Rs.)	919.88	836.97	762.97	719.46	802.59
PBDIT / Share (Rs.)	280.28	297.30	296.80	292.95	299.19
PBIT / Share (Rs.)	255.60	277.74	277.30	270.24	272.15
PBT / Share (Rs.)	255.60	277.74	277.30	270.24	272.15
Net Profit / Share (Rs.)	195.29	211.75	207.38	201.27	196.93
PBDIT Margin (%)	30.46	35.52	38.90	40.71	37.27
PBIT Margin (%)	27.78	33.18	36.34	37.56	33.90
PBT Margin (%)	27.78	33.18	36.34	37.56	33.90
Net Profit Margin (%)	21.22	25.29	27.18	27.97	24.53
Return on Networth / Equity (%)	24.07	27.71	29.80	33.04	38.63
Return on Capital Employeed (%)	30.97	35.70	39.02	43.35	52.07
Return On Assets (%)	17.53	19.77	20.13	20.91	21.76
Asset Turnover Ratio (%)	0.84	0.79	0.76	0.77	0.95
Current Ratio (X)	2.66	1.84	2.31	2.39	1.97
Quick Ratio (X)	1.64	1.07	1.72	1.82	1.47
Inventory Turnover Ratio (X)	1.95	1.90	1.74	1.60	2.07
Dividend Payout Ratio (NP) (%)	76.52	65.87	54.95	51.17	48.24
Dividend Payout Ratio (CP) (%)	67.93	60.30	50.23	45.98	42.41
Earning Retention Ratio (%)	23.48	34.13	45.05	48.83	51.76
Cash Earning Retention Ratio (%)	32.07	39.70	49.77	54.02	57.59
Enterprise Value (Cr.)	5479.92	4835.27	4715.83	5215.28	4258.33
EV / Net Operating Revenue (X)	3.86	3.74	4.00	4.69	3.44
EV / EBITDA (X)	12.66	10.53	10.29	11.53	9.22
MarketCap / Net Operating Revenue (X)	3.88	3.76	4.02	4.71	3.47
Retention Ratios (%)	23.47	34.12	45.04	48.82	51.75
Price / BV (X)	4.40	4.12	4.40	5.57	5.46
Price / Net Operating Revenue (X)	3.88	3.76	4.02	4.71	3.47
EarningsYield	0.05	0.06	0.06	0.05	0.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of VST Industries Ltd as of February 5, 2025 is: ₹310.52

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of February 5, 2025, VST Industries Ltd is Overvalued by 4.16% compared to the current share price ₹324.00

Intrinsic Value of VST Industries Ltd as of February 5, 2025 is: ₹302.21

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of February 5, 2025, VST Industries Ltd is Overvalued by 6.73% compared to the current share price ₹324.00

Last 5 Year EPS CAGR: -2.68%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 52.08%, which is a positive sign. The stock has a low average Working Capital Days of -23.83, which is a positive sign. The company has higher reserves (703.69 cr) compared to borrowings (0.00 cr), indicating strong financial stability. The company has shown consistent growth in sales (388.77 cr) and profit (320.92 cr) over the years.	The stock has a high average Cash Conversion Cycle of 186.17, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in VST Industries Ltd:
1. Net Profit Margin: 21.22%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 30.97% (Industry Average ROCE: 27.2%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 24.07% (Industry Average ROE: 21.8%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 0
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.64
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 22.7 (Industry average Stock P/E: 24.35)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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. 1420.47 Cr. and Equity Capital is Rs. 15.44 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Cigarettes & Tobacco Products	1-7-1063/1065, Azamabad, Hyderabad Telangana 500020	corporate@vstind.com; http://www.vsthyd.com

Management
Name	Position Held
Mr. Naresh Kumar Sethi	Chairman
Mr. Aditya Deb Gooptu	Managing Director & CEO
Mr. S Thirumalai	Non Executive Director
Ms. Rama Bijapurkar	Ind. Non-Executive Director
Mr. Sudip Bandyopadhyay	Ind. Non-Executive Director
Mr. Rajiv Gulati	Ind. Non-Executive Director

FAQ

What is the latest intrinsic value of VST Industries Ltd?

The latest intrinsic value of VST Industries Ltd as on 04 February 2025 is ₹310.52, which is 4.16% lower than the current market price of ₹324.00, indicating the stock is overvalued by 4.16%. The stock has a market capitalization of 5,509 Cr. and recorded a high/low of 487/301 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹963 Cr and total liabilities of 1,678 Cr.

What is the Market Cap of VST Industries Ltd?

The Market Cap of VST Industries Ltd is 5,509 Cr..

What is the current Stock Price of VST Industries Ltd as on 04 February 2025?

The current stock price of VST Industries Ltd as on 04 February 2025 is 324.

What is the High / Low of VST Industries Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of VST Industries Ltd stocks is 487/301.

What is the Stock P/E of VST Industries Ltd?

The Stock P/E of VST Industries Ltd is 22.7.

What is the Book Value of VST Industries Ltd?

The Book Value of VST Industries Ltd is 66.7.

What is the Dividend Yield of VST Industries Ltd?

The Dividend Yield of VST Industries Ltd is 4.21 %.

What is the ROCE of VST Industries Ltd?

The ROCE of VST Industries Ltd is 32.2 %.

What is the ROE of VST Industries Ltd?

The ROE of VST Industries Ltd is 24.6 %.

What is the Face Value of VST Industries Ltd?

The Face Value of VST Industries Ltd is 10.0.