VSTIND Q2 : STANDALONE NET PROFIT DOWN 30.7% AT ₹41.04 CR (YOY), DOWN 3.3% (QOQ). WEAK (ON 1ST LOOK)

• Revenue from operations at ₹844.06 Cr, down 3.2% QoQ; YoY base not comparable after excise/cess reset (Note 6). • Profit before tax at ₹53.30 Cr vs ₹78.41 Cr YoY and ₹58.28 Cr QoQ; other income ₹20.88 Cr. • Excise duty at ₹602.74 Cr vs ₹114.25 Cr YoY; tax expense ₹12.26 Cr; EPS ₹2.41 vs ₹3.49 YoY. • H1 FY27 PAT at ₹83.46 Cr vs ₹115.34 Cr YoY; H1 revenue from operations ₹1,705.77 Cr. • Caution: Compensation cess on cigarettes cut to nil and GST/excise hiked from 11 Feb 2026, so gross sales and excise duty are not comparable with prior periods. Impact: Q2 profit fell both YoY and QoQ, with revenue down QoQ and prior-period comparability affected by excise/cess changes.

VST Industries Limited

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