VST Industries Ltd.
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ABOUT
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AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 29.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 22.9%
- Company has been maintaining a healthy dividend payout of 69.7%
- Company has a consistent dividend-paying track record
- Offers a healthy dividend yield of 5.9%
CONS
- Interest coverage is weak at 0.0x - earnings barely cover interest
- Working capital days have increased from 95 to 148 days
- Company has delivered a poor profit growth of -1.2% over past five years
- Operating margins have contracted to 22.0% from 27.4%
- Company has delivered a poor sales growth of 5.7% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITC | 260.25 | 16.44 | 326087.58 | 5.57 | 4508.79 | -15.62 | 29523.30 | 28.32 | 38.83 | 17.84 |
| GODFRYPHLP | 1928.00 | 21.98 | 30073.28 | 2.59 | 1983.90 | 456.84 | 38195.60 | 2020.43 | 33.70 | 5.49 |
| VSTIND | 204.05 | 55.90 | 3466.02 | 5.88 | 42.42 | -24.43 | 861.71 | 109.08 | 28.18 | 5.76 |
| IWP | 33.86 | 36.58 | 216.61 | 0.59 | 2.51 | 118.28 | 65.19 | 26.76 | 3.02 | 8.02 |
| NTCIND | 134.70 | 9.77 | 195.57 | 0.00 | 6.12 | 7.99 | 26.63 | 3.21 | 11.14 | 24.79 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 441 | 451 | 468 | 475 | 423 | 460 | 470 | 453 | 412 | 450 | 491 | 689 | 862 | |
| 336 | 373 | 396 | 379 | 351 | 393 | 402 | 384 | 337 | 372 | 406 | 481 | 823 | |
| Operating Profit | 105 | 77 | 72 | 96 | 73 | 67 | 68 | 69 | 75 | 78 | 85 | 208 | 38 |
| OPM % | 23.87% | 17.18% | 15.31% | 20.14% | 17.15% | 14.46% | 14.38% | 15.21% | 18.19% | 17.31% | 17.39% | 30.18% | 4.47% |
| 12 | 29 | 9 | 30 | 9 | 8 | 108 | 10 | 11 | 12 | 9 | 9 | 20 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 8 | 9 | 10 | 11 | 10 | 11 | 11 | 12 | 12 | 12 | 14 | 63 | 11 |
| Profit before Tax | 109 | 99 | 71 | 115 | 72 | 65 | 166 | 67 | 76 | 78 | 81 | 155 | 58 |
| Tax % | 23.45% | 23.38% | 24.36% | 23.44% | 25.87% | 26.47% | 17.73% | 20.92% | 26.14% | 24.49% | 25.72% | 24.50% | 27.21% |
| Net Profit | 84 | 76 | 54 | 88 | 54 | 48 | 136 | 53 | 56 | 59 | 60 | 117 | 42 |
| 54.20 | 4.47 | 3.16 | 5.19 | 3.15 | 2.80 | 8.02 | 3.13 | 3.30 | 3.49 | 3.55 | 6.87 | 2.50 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 922 | 948 | 1,099 | 1,239 | 1,111 | 1,178 | 1,292 | 1,420 | 1,398 | 1,465 | 2,492 | |
| 675 | 654 | 746 | 825 | 701 | 767 | 910 | 1,067 | 1,119 | 1,015 | 2,082 | |
| Operating Profit | 248 | 294 | 353 | 415 | 410 | 412 | 383 | 353 | 279 | 450 | 410 |
| OPM % | 26.86% | 31.03% | 32.13% | 33.46% | 36.93% | 34.94% | 29.61% | 24.87% | 19.95% | 30.72% | 16.44% |
| 20 | 25 | 39 | 47 | 42 | 47 | 76 | 80 | 135 | 41 | 50 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 37 | 39 | 41 | 42 | 35 | 30 | 30 | 38 | 44 | 101 | 101 |
| Profit before Tax | 231 | 279 | 351 | 420 | 417 | 428 | 429 | 395 | 370 | 390 | 372 |
| Tax % | 34.37% | 34.91% | 35.31% | 27.64% | 25.52% | 25.22% | 23.76% | 23.59% | 21.43% | 25.07% | 25.19% |
| Net Profit | 152 | 182 | 227 | 304 | 311 | 320 | 327 | 302 | 290 | 292 | 279 |
| EPS | 98.13 | 117.79 | 146.90 | 196.93 | 201.27 | 207.38 | 211.75 | 195.29 | 17.10 | 17.21 | — |
| Dividend Payout % | 76.43% | 65.79% | 64.67% | 52.30% | 56.64% | 67.51% | 70.84% | 76.81% | 58.49% | 69.75% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 6%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 7%
- 5 Years:
- -1%
- 3 Years:
- -4%
STOCK PRICE CAGR
- 10 Years:
- 0%
- 5 Years:
- -8%
- 3 Years:
- -14%
- 1 Year:
- -24%
RETURN ON EQUITY
- 10 Years:
- 31%
- 5 Years:
- 26%
- 3 Years:
- 23%
- Last Year:
- 21%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 170 | 170 |
| 524 | 567 | 649 | 772 | 925 | 1,058 | 1,162 | 1,234 | 1,151 | 1,274 | |
| Trade Payables | 56 | 58 | 83 | 143 | 110 | 103 | 97 | 118 | 127 | 124 |
| 180 | 399 | 427 | 441 | 410 | 392 | 362 | 338 | 350 | 404 | |
| Total Liabilities | 775 | 1,039 | 1,174 | 1,371 | 1,461 | 1,569 | 1,636 | 1,705 | 1,798 | 1,972 |
| 220 | 195 | 213 | 187 | 173 | 195 | 590 | 268 | 307 | 244 | |
| Capital Work in Progress | 1 | 34 | 0 | 13 | 33 | 10 | 0 | 47 | 1 | 0 |
| 174 | 416 | 575 | 753 | 887 | 971 | 577 | 447 | 532 | 559 | |
| 329 | 253 | 282 | 298 | 297 | 296 | 349 | 455 | 485 | 675 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46 | 64 | 47 | |
| Cash & Bank | 20 | 38 | 37 | 37 | 21 | 15 | 20 | 35 | 18 | 35 |
| 31 | 103 | 66 | 83 | 49 | 82 | 99 | 406 | 392 | 412 | |
| Total Assets | 775 | 1,039 | 1,174 | 1,371 | 1,461 | 1,569 | 1,636 | 1,705 | 1,798 | 1,972 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 224 | 521 | 419 | 437 | 394 | 383 | 275 | 167 | 193 | 218 | |
| Cash from Investing | -18 | -264 | -148 | -155 | -144 | -96 | 47 | 79 | 10 | -31 |
| Cash from Financing | -130 | -139 | -144 | -177 | -159 | -187 | -224 | -231 | -221 | -170 |
| -2 | 17 | -2 | -0 | -17 | -5 | 5 | 16 | -18 | 17 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-07-29 - VST Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 29, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-29 - VST Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 29, 2026
2026-07-28 - VST Industries Limited has informed the Exchange regarding a press release dated July 28, 2026, titled "Unaudited Financial Results-Press Release".
2026-07-28 - VST Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-13 - VST Industries Limited has informed the Exchange regarding Appointment of Mr. Venkateshwaran Sundaram as the CHRO of the company w.e.f. July 13, 2026.
2026-07-07 - VST Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-07 - VST Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-06 - VST Industries Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report'.
2026-07-06 - VST Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on July 29, 2026
News
Recent coverage and analyst commentary for VSTIND
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