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From February 2026, cigarettes and tobacco products will attract additional excise duty and cess over and above the highest 40% GST slab, replacing the earlier regime of 28% GST plus compensation cess. The Central Excise Act has also been amended to impose a per-stick excise duty on cigarettes, with rates linked to cigarette length.
According to media reports, the cost of a pack of 10 cigarettes has increased by around Rs 22-Rs 25, while premium 76 mm cigarettes are expected to cost Rs 50-Rs 55 more per pack. Revised maximum retail prices are likely to take effect from February 2 as fresh stock with updated MRPs reaches wholesale markets.
Total expenses rose 1.57% YoY to Rs 419.82 crore in Q3 FY26, compared with Rs 413.30 crore in Q3 FY25. Cost of materials consumed stood at Rs 212.07 crore (down 6.09% YoY), while employee benefits expense increased 2.41% YoY to Rs 36.43 crore during the period under review.
Profit before tax tumbled 51.04% YoY to Rs 81.09 crore in Q3 FY26, as against Rs 165.63 crore in the year-ago period.
EBITDA jumped 26.47% to Rs 86 crore in Q3 FY26 from Rs 68 crore in Q3 FY25. EBITDA margin improved to 23% in Q3 FY26, compared with 18.7% in Q3 FY25.
On a nine-month basis, the company’s standalone net profit fell 26.04% YoY to Rs 175.57 crore in 9M FY26, while revenue from operations slipped 3.91% YoY to Rs 1,007.47 crore.
Meanwhile, based on the recommendation of the Nomination and Remuneration Committee, the board approved the appointment of Piyush Srivastava as an additional director and as managing director & chief executive officer of the company, designated as a Key Managerial Personnel, for a period of five years with effect from 2 March 2026. The appointment is subject to shareholders’ approval through a postal ballot, notice of which will be issued in due course.
VST Industries manufactures and distributes cigarettes and tobacco products.
The counter rose 0.45% to Rs 235.55 on the BSE.
Total expenses declined 5.05% to Rs 383.91 crore in Q2 FY26, compared with Rs 404.37 crore in Q2 FY25. Cost of materials consumed was at Rs 188.43 crore (down 6.52% YoY) and Employee benefits expense stood at Rs 31.79 crore (down 6.77% YoY) during the period under review.
Profit before tax rose 21.22% to Rs 78.41 crore in Q1 FY26 as against Rs 64.68 crore posted in the year-ago period.
On a half-yearly basis, the company’s consolidated net profit jumped 14.03% to Rs 115.34 crore, on a 6.94% decrease in revenue from operations to Rs 634.02 crore in H1 FY26 over H1 FY25.