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VST Industries Q3 Results: Revenue flat, profit drops despite margin expansionST Industries reported a sharp year-on-year decline in Q3 profit despite marginal revenue growth, even as EBITDA and margins improved. The board also approved the appointment of a new MD & CEO.By Sheersh Kapoor  January 29, 2026, 2:18:05 PM IST (Published)1 Min ReadVST Industries Ltd reported a mixed set of numbers for the December quarter, with profitability under pressure despite stable revenues and a sharp improvement in operating margins.

The cigarette maker posted a 55.8% year-on-year decline in net profit at ₹60.23 crore for Q3, compared with ₹136.2 crore in the year-ago period.

Revenue from operations rose marginally by 1.7% YoY to ₹373.4 crore, reflecting largely steady topline performance during the quarter.

At the operating level, performance improved meaningfully. EBITDA increased 25.7% YoY to ₹86 crore from ₹68.3 crore, aided by better cost management. As a result, EBITDA margins expanded sharply to 23%, up from 18.6% in the corresponding quarter last year.

Following the earnings announcement, shares of VST Industries Ltd were trading largely flat, down 0.13% at ₹234.60 on the NSE as of 2:11 pm.

Management update

Separately, the company announced a key leadership change. The board approved the appointment of Piyush Srivastava as Additional Director and Managing Director & Chief Executive Officer for a period of five years, effective March 2, 2026, subject to shareholder approval through a postal ballot. The company confirmed that the appointee is not debarred by SEBI or any other authority.Continue ReadingTagsearningsQ3 resultsshare market todayVST Industries