Revenue grew 30.9% year-on-year to ₹457 crore, up from ₹349 crore in the corresponding quarter of the previous year. EBITDA stood at ₹208 crore, significantly higher than ₹69.5 crore reported in the year-ago period.
EBITDA margin expanded to 45.6% from 19.9% on a year-on-year basis.
Net cigarette revenue rose to ₹1,151 crore versus ₹921 crore in the corresponding period, reflecting growth in the company’s core business. Revenue from cigarette operations stood at ₹631 crore in Q4FY26 compared with ₹337 crore in Q4FY25.
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Revenue from unmanufactured tobacco was ₹58 crore versus ₹116 crore in the year-ago period. Cigarette volumes averaged 667 million units per month in Q4FY26, compared with 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 stood at ₹310 crore compared with ₹473 crore in the previous year, while total revenue stood at ₹2,042 crore versus ₹1,806 crore.
Cigarette volumes increased to an average of 696 million units per month in FY26, compared with 641 million units in FY25, marking an 8.6% year-on-year rise.
EBITDA for FY26 stood at ₹450 crore versus ₹279 crore in FY25, reflecting a 61.4% increase. Profit after tax stood at ₹292.3 crore in FY26 compared with ₹290.4 crore in FY25, while profit after tax before exceptional items stood at ₹292.3 crore versus ₹203.5 crore in the previous year.
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The company stated that it continues to focus on fundamentals and market-driven initiatives supporting a rebound in volumes.
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 of approval by shareholders at the company’s 95th annual general meeting. The record date for determining the eligibility of shareholders to receive the dividend has been fixed as July 10, 2026.
Piyush Srivastava, Managing Director, 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 strong double-digit profit growth.”
He added, “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.”
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Shares of VST Industries Ltd ended at ₹241.70, up by ₹3.90, or 1.64%, on the BSE today, April 16.
