Revenue from operations (excluding excise duty) declined 1.71% YoY to Rs 373.45 crore in the quarter ended 31 December 2025.

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.