Revenue from operations (excluding excise duty) jumped 31.09% YoY to Rs 457.06 crore in the quarter ended 31 March 2026.

Total expenses rose 37.18% YoY to Rs 544.34 crore in Q4 FY26, compared with Rs 396.79 crore in Q4 FY25. Cost of materials consumed stood at Rs 137.38 crore (down 31.91% YoY), while employee benefits expense increased 16.16% YoY to Rs 37.66 crore during the period under review.

Profit before tax rallied 130.60% YoY to Rs 154.55 crore in Q4 FY26, as against Rs 67.02 crore in the year-ago period.

EBITDA jumped 197.14% to Rs 208 crore in Q4 FY26 from Rs 70 crore in Q4 FY25. EBITDA margin improved to 30.3% in Q4 FY26, compared with 15.3% in Q4 FY25.

Piyush Srivastava, managing director (MD), said, “In 2025, we achieved robust volume recovery supported by our enhanced brand portfolio and disciplined in-market execution. While geopolitical instability in the Middle East continues to weigh on our unmanufactured tobacco business, our productivity initiatives have delivered sirong double-digit profit growth. Given the extraordinary tax increases, a challenging year awaits us. We will remain focused on strengthening our brand portfolio and in-market execution. We remain steadfast in our commitment to creating superior value for consumers and stakeholders.'

The board of directors recommended a final dividend of Rs 12 per equity share of face value Rs 10 each for the financial year. The dividend will be paid within 30 days after shareholders approve it at the 95th Annual General Meeting, which is scheduled for July 29, 2026. The record date to determine eligible shareholders is July 10, 2026.

VST Industries is engaged inter-alia in manufacture and trading of Cigarettes, Tobacco and Tobacco products.