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VST Industries Limited Q2 FY27 results press release summary

NSE: VSTIND · BSE: 509966

Results press release of 28 Oct 2026, summarised by AI from the filing.

VST Industries' H1 FY27 net revenue fell 21.4% to ₹498 cr and PAT 27.6% to ₹83.5 cr after cigarette tax incidence rose about 50% on average.

Key takeaways

  1. Guidance No forward guidance was given; management cited a challenging operating environment from higher cigarette taxation.
  2. Tax change From 1 February 2026 the Compensation Cess on cigarettes went to Nil while GST and excise duty rose, lifting tax incidence about 50% on average.
  3. Main risk The higher tax incidence and the geopolitical situation weighing on the unmanufactured tobacco business.

Original filing on BSE

VST Industries Limited Q2 FY27 results

As filed: Revenue ₹844 cr (+88% year on year), EBITDA ₹43.2 cr (−45% year on year), PAT ₹41.0 cr (−30% year on year), EBITDA margin 5.1% (−1,000 bps).

The Q2 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q1 FY27: Revenue ₹862 cr (+108% year on year), EBITDA ₹49.7 cr (−35% year on year), PAT ₹42.4 cr (−24% year on year), EBITDA margin 5.8% (−1,000 bps). Score 46 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 1000 bps year on year. Other income 34% of PBT. Profit fell 64% from last quarter. Share price after the results: −7.9% in 30 days (Nifty 500: +1.6%).
  • Q4 FY26: Revenue ₹689 cr (+52% year on year), EBITDA ₹208 cr (+202% year on year), PAT ₹117 cr (+120% year on year), EBITDA margin 30.2% (+1,000 bps). Score 100 of 100, Above trend. Revenue, EBITDA and profit growth were well above the company's own trend. EBITDA margin rose 1000 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: +7.7% in 29 days (Nifty 500: −0.6%).
  • Q3 FY26: Revenue ₹492 cr (+4% year on year), EBITDA ₹85.9 cr (+25% year on year), PAT ₹60.2 cr (−56% year on year), EBITDA margin 17.5% (+282 bps). Score 58 of 100, In line with trend. Revenue growth was in line with the company's own trend; EBITDA growth was well above it; profit growth was below it. EBITDA margin rose 282 bps year on year. Share price after the results: +1.5% in 29 days (Nifty 500: +0.4%).
  • Q2 FY26: Revenue ₹450 cr (−2% year on year), EBITDA ₹78.0 cr (+15% year on year), PAT ₹59.0 cr (+23% year on year), EBITDA margin 17.3% (+258 bps). Score 57 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA growth was above it; profit growth was in line with it. EBITDA margin rose 258 bps year on year. Share price after the results: −1.5% in 30 days (Nifty 500: −0.1%).
  • Q1 FY26: Revenue ₹414 cr (−2% year on year), EBITDA ₹77.0 cr (+5% year on year), PAT ₹56.0 cr (+4% year on year), EBITDA margin 18.6% (+138 bps). Score 52 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA growth was above it; profit growth was in line with it. EBITDA margin rose 138 bps year on year. Revenue fell 9% from last quarter. Share price after the results: −3.8% in 30 days (Nifty 500: −1.0%).
  • Q4 FY25: Revenue ₹454 cr (−5% year on year), EBITDA ₹69.0 cr (−28% year on year), PAT ₹53.0 cr (−40% year on year), EBITDA margin 15.2% (−497 bps). Score 28 of 100, Below trend. Revenue and profit growth were below the company's own trend; EBITDA growth was well below it. EBITDA margin fell 497 bps year on year. Revenue fell 4% from last quarter. Share price after the results: −12.7% in 28 days (Nifty 500: +2.7%).
  • Q3 FY25: Revenue ₹471 cr (+1% year on year), EBITDA ₹69.0 cr (−4% year on year), PAT ₹136 cr (−7% year on year), EBITDA margin 14.7% (−73 bps). Score 47 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA and profit before exceptional items growth were in line with it. EBITDA margin fell 73 bps year on year.

Past price moves after results do not indicate future moves. Not a recommendation.

VST Industries Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.