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Employees: 712
Size VST Industries (VSTIND.NS) is an India Consumer Staples company (Tobacco) with a market value of $349M, the 992nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹194.08 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -1.4% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 14 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +2.4%); the operating margin is 21.7% (peer median 21.3%).
Valuation It trades at 8.7× forward earnings against a peer median of 16.4× (2nd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 15.0 points above its cost of capital (15.3% WACC).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹13.3B | ₹14.6B | ₹14.0B | ₹14.2B | ₹12.9B |
| Revenue growth | — | +5% | -2% | +10% | — |
| Gross profit | ₹4.77B | ₹5.09B | ₹3.90B | ₹4.73B | ₹4.91B |
| EBITDA | ₹3.87B | ₹4.57B | ₹2.87B | ₹3.61B | ₹3.89B |
| Net income | ₹2.60B | ₹2.92B | ₹2.90B | ₹3.02B | ₹3.27B |
| Free cash flow | n/a | ₹1.88B | ₹1.67B | ₹872M | -₹2.03B |
| Capital expenditure | n/a | ₹424M | ₹410M | ₹943M | ₹4.04B |
| Total debt | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VSTIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.6% | +5.7% | 5th lowest of 14 |
| 6-month return | -25.1% | -1.4% | 3rd lowest of 14 |
| Distance from 52-week high | -32.3% | -26.0% | 6th lowest of 14 |
| Revenue growth (TTM) | -1.6% | +2.4% | 5th lowest of 14 |
| Operating margin | 21.7% | 21.3% | 6th highest of 14 |
| Forward P/E | 8.7× | 16.4× | 2nd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 9.5% | -0.8% | 5th most demanding of 14 |
| Growth delivered (Del g) | +5.7% | +5.4% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +3.8 pp | -9.6 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | +15.0 pp | +5.4 pp | 5th highest of 14 |
| EV / EBITDA | 6.9× | 11.2× | 3rd cheapest of 14 |
| Net debt / EBITDA | -1.6× | 0.5× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VST Industries VSTIND.NS | India | $349M | -25% | -2% | 22% | 8.7× | 9.5% | +5.7% |
| Miquel y Costas & Miquel MCM.MC | Spain | $434M | -29% | -4% | 15% | n/a | -7.7% | +2.7% |
| Scandinavian Tobacco Group A/S STG.CO | Denmark | $890M | +10% | -4% | 14% | 7.6× | -9.1% | +2.4% |
| Turning Point Brands TPB | United States | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% | +2.7% |
| China Tobacco International (HK) 6055.HK | Hong Kong | $2.31B | -12% | -20% | 10% | 19.8× | 4.1% | +33.1% |
| Godfrey Phillips India GODFRYPHLP.NS | India | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% | +20.6% |
| Smoore International 6969.HK | Hong Kong | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% | +6.6% |
| KT&G 033780.KS | South Korea | $14.5B | +7% | +11% | 21% | 15.2× | -4.2% | +5.4% |
| Imperial Brands IMB.L | United Kingdom | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% | +2.7% |
| ITC ITC.NS | India | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% | +9.8% |
| Japan Tobacco 2914.T | Japan | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% | +10.6% |
| Altria MO | United States | $127B | +13% | +2% | 75% | 12.9× | -10.9% | -0.7% |
| British American Tobacco p.l.c BATS.L | United Kingdom | $132B | -1% | +1% | 38% | 12.6× | 3.8% | -0.1% |
| Philip Morris International PM | United States | $308B | +17% | +8% | 38% | 22.6× | -0.8% | +7.2% |