VST IndustriesNSE:VSTIND +0.15%84 ROE % is 32.29% as of Mar. 2026, which is 6% above its 10-year median of 30.40. GuruFocus rates NSE:VSTIND with a GF Score™ of 84/100 and a GF Value™ of ₹346.81 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 45 Tobacco Products companies, VST Industries ranks better than 53.33% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. VST Industries's annualized net income for the quarter that ended in Mar. 2026 was ₹4,668 Mil. VST Industries's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was ₹14,457 Mil. Therefore, VST Industries's annualized ROE % for the quarter that ended in Mar. 2026 was 32.29%.
The historical rank and industry rank for VST Industries's ROE % or its related term are showing as below:
NSE:VSTIND'
s ROE % Range Over the Past 10 Years
Min: 21.11 Med: 30.4 Max: 41.91
Current: 21.72
During the past 13 years, VST Industries's highest ROE % was 41.91%. The lowest was 21.11%. And the median was 30.40%.
NSE:VSTIND's ROE % is ranked better than 53.33% of 45
companies
in the Tobacco Products industry
Industry Median: 16.13
vs NSE:VSTIND: 21.72
VST Industries (NSE:VSTIND) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
VST Industries ROE % Related Terms
VST Industries ROE % Historical Data
* Premium members only.
The historical data trend for VST Industries's ROE % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Tobacco subindustry, VST Industries's ROE %, along with its competitors' market caps and ROE % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
VST Industries ROE % vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, VST Industries's ROE % distribution charts can be found below:
* The bar in red indicates where VST Industries's ROE % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
VST Industries (NSE:VSTIND) has a ROE % of 32.29% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on VST Industries and its competitors. This is near median its historical median of 30.40. Over the past decade, VST Industries' ROE % has ranged from 21.11 to 41.91. According to the industry distribution chart, VST Industries ranks #21 out of 45 companies in the Tobacco Products industry, placing it in the top 46.7%.
Is VST Industries' ROE % too high?
VST Industries' current ROE % of 32.29% is near median its 10-year median of 30.40. Over the past 10 years, this metric has ranged from a low of 21.11 to a high of 41.91. The Tobacco Products industry median ROE % is 16.13. VST Industries' value of 32.29% is 100.2% above this industry median. Based on the distribution chart, VST Industries ranks #21 out of 45 companies in the Tobacco Products industry, which is above the industry midpoint. Overall, VST Industries has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does VST Industries' ROE % compare to PM and MO?
According to the Tobacco Products industry distribution chart, VST Industries ranks #21 out of 45 companies for ROE %. This puts VST Industries in the upper half of its industry. The industry median ROE % is 16.13. VST Industries' value of 32.29% is 100.2% above this benchmark. Historically, VST Industries' own ROE % has ranged from 21.11 to 41.91 over the past decade. While the company's 10-year median is 30.40 vs. the industry median of 16.13, VST Industries has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for a Tobacco Products company?
The median ROE % among Tobacco Products companies is 16.13, based on 45 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. VST Industries's current ROE % of 32.29% is 100.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on VST Industries and its competitors. For the Tobacco Products industry, the median ROE % is 16.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. VST Industries's current ROE % is 32.29%, which is near median its own 10-year median of 30.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VST Industries stock overvalued right now?
Based on GuruFocus' analysis, VST Industries (NSE:VSTIND) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹346.81, compared to a current price of ₹261.10 — trading 24.7% below its estimated fair value. The current ROE % is 32.29%, which is near median its 10-year median of 30.40 and 100.2% above the Tobacco Products industry median of 16.13. VST Industries' overall GF Score™ is 84/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For VST Industries (NSE:VSTIND), the current ROE % is 32.29% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is VST Industries (NSE:VSTIND) Overvalued in 2026?
Based on GuruFocus' analysis, VST Industries stock appears to be undervalued.
The current stock price of ₹261.10 is trading 24.7% below its estimated GF Value™ of ₹346.81.
GuruFocus considers VST Industries to be Modestly Undervalued.
Key valuation signals for NSE:VSTIND:
ROE %: 32.29% (near median its 10-year median of 30.40)
GF Value™: ₹346.81 vs. price of ₹261.10 (24.7% below fair value)
Industry Position: 100.2% above the Tobacco Products median (#21 of 45)
No single metric tells the full story. See the NSE:VSTIND stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
VST Industries Ltd manufactures and distributes cigarettes and unmanufactured tobacco under the brand names Charms, Charminar, Gold, Moments, and Zaffran. The company operates its business out of India. In terms of revenue from operations, a majority comes from the sale of cigarettes and the remainder generally comes from the sale of unmanufactured tobacco. It has a single operating segment which is. Tobacco and related products. Geographical segments consist of sales within India and sales outside of India with a majority derived from India.
84GF Score
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