Revenue climbed by 30.9% year-on-year to ₹457 crore, compared to ₹349 crore in the corresponding quarter of the previous year. EBITDA reached ₹208 crore, a substantial increase from ₹69.5 crore reported in the prior year.
The EBITDA margin improved to 45.6%, up from 19.9% year-on-year.
Net cigarette revenue increased to ₹1,151 crore, compared to ₹921 crore in the prior-year period, reflecting growth in the company’s core business. Revenue from cigarette operations was ₹631 crore in Q4FY26, versus ₹337 crore in Q4FY25.
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Revenue from unmanufactured tobacco stood at ₹58 crore, down from ₹116 crore in the year-ago period. Cigarette volumes averaged 667 million units monthly in Q4FY26, compared to 647 million units in the same quarter last year.
FY26
For FY26, net cigarette revenue rose to ₹1,732 crore from ₹1,333 crore in FY25. Revenue from unmanufactured tobacco amounted to ₹310 crore compared to ₹473 crore the previous year, while total revenue reached ₹2,042 crore versus ₹1,806 crore.
Cigarette volumes increased to an average of 696 million units per month in FY26, compared to 641 million units in FY25, marking an 8.6% year-on-year growth.
EBITDA for FY26 was ₹450 crore, compared to ₹279 crore in FY25, indicating a 61.4% increase. Profit after tax reached ₹292.3 crore in FY26, slightly up from ₹290.4 crore in FY25, while profit after tax before exceptional items was ₹292.3 crore versus ₹203.5 crore in the previous year.
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The company noted its continued commitment to fundamentals and market-driven initiatives that support volume recovery.
Dividend
The board of directors has recommended a final dividend of ₹12 per equity share of face value ₹10 each. The dividend will be paid or dispatched within 30 days following shareholder approval at the company’s 95th annual general meeting. The record date for determining shareholder eligibility for the dividend is set for July 10, 2026.
Piyush Srivastava, Managing Director, stated, “In 2025, we saw robust volume recovery, bolstered by our enhanced brand portfolio and disciplined market execution. While geopolitical instability in the Middle East continues to impact our unmanufactured tobacco business, our productivity initiatives have led to strong double-digit profit growth.”
He added, “With the significant tax increases, we anticipate a challenging year ahead. We remain focused on enhancing our brand portfolio and market execution, steadfast in our commitment to creating superior value for consumers and stakeholders.”
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Shares of VST Industries Ltd closed at ₹241.70, rising by ₹3.90, or 1.64%, on the BSE today, April 16.
