Shareholders meeting

VST Industries Limited July 6, 2026 The General Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street, Fort Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 STOCK CODE : 509966 STOCK SYMBOL : VSTIND Dear Sir/Madam, Sub : Annual Report 2026 Pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, we enclose a copy of the Annual Report for the financial year ended 31st March, 2026 including the Report and Accounts of the Company, Notice of the 95th Annual General Meeting of the Company to be held on 29th July, 2026 and the Business Responsibility & Sustainability Report (BRSR). The abovementioned report is also being uploaded on the Company’s website (www.vsthyd.com). Please take the same on record. Yours faithfully, For VST INDUSTRIES LIMITED PHANI K. MANGIPUDI Company Secretary & Vice President – Legal & Secretarial Encl : As above. Registered Office: Azamabad, Hyderabad – 500 020; Phone: 91-40-27688000; Fax:91-40-27615336; CIN: L29150TG1930PLC000576; Email:corporate@vstind.com; website: www.vsthyd.com STRENGTH AMIDST TRANSITION Annual Report 2025-26 WHAT’S INSIDE FY 2025-26 HIGHLIGHTS STRENGTH Financial CORPORATE OVERVIEW 2,04,575 Lakhs AMIDST 02 VST at a glance Revenue 04 Board of Directors J TRANSITION 07 Management team 29,225 Lakhs 08 Chairman’s message Net profit 10 MD & CEO’s message J 12 I ndustry landscape and 17.21 market outlook Earnings per share 14 Strategic priorities 16 Business model 34,873 18 Brand and portfolio Lakhs performance EBIT 22 Key performance indicators J 24 M anufacturing excellence 1,44,567 Lakhs and supply chain Net assets employed 25 Leaf operations and farmer FY 2025-26 was a year shaped by ecosystem transition at VST Industries Limited (VST), 12 marked by shifting industry conditions, 26 Digital transformation and evolving leadership, sharper regulatory future-readiness Dividend per share sensitivity, and our continued push 28 ESG overview-Progress towards a more future-ready business against the ESG 2030 27.8 model. Even as the operating landscape roadmap % remained demanding, our core strengths RoCE 31 CSR continued to provide stability: a trusted 33 Corporate information portfolio, disciplined execution, stronger Non-financial manufacturing capabilities, deep farmer linkages, a growing digital foundation, STATUTORY REPORTS 758 and a governance-led approach to long- Lakhs 35 Notice term value creation. CSR expenditure 46 R eport of the Board of In this context, we define strength Directors & Management not merely by our ability to withstand Discussion and Analysis 1 pressure, but by our capacity to adapt 61 R eport on Corporate School building block constructed with clarity and purpose. For us, transition Governance has meant more than responding to 87 C orporate Social change; it has meant using change 12,000 Responsibility (CSR) Policy as an opportunity to reinforce our Women self-help groups supported competitiveness, sharpen our priorities, 99 B usiness Responsibility & and prepare the Company for its next Sustainability Report phase of growth. Our performance during 5,000 the past fiscal year demonstrates how FINANCIAL STATEMENTS Mid-day meals provided to schoolchildren this strength has been expressed across 150 Financial statements our strategy, operations, brand-building, sustainability, and commitment to stakeholders. Smart toilets constructed 02 VST INDUSTRIES LIMITED ANNUAL REPORT 2025-26 1 CORPORATE OVERVIEW 2 3 03 VST AT A GLANCE Trusted for nine decades, NATIONWIDE PRESENCE focused on tomorrow With a legacy spanning more than 90 years, our Company is a well- established player in the Indian cigarette industry, recognised for our responsible conduct, trusted brands and disciplined approach Delhi to business. We serve the evolving preferences of adult consumers through a diversified portfolio, while remaining focused on product Lucknow Guwahati quality, operational excellence and long-term value creation. Kolkata WHAT SETS US APART? Best of both worlds Eye on changing trends Our Company's distinguishing A diversified portfolio designed to A product and portfolio feature lies in the discipline with address varied adult consumer development approach shaped which we bring our business preferences across segments, by changing adult consumer Mumbai together, translating our long- supported by a mix of heritage preferences, insight-led launches standing market presence into and new-age offerings. and continued category Toopran a more integrated, execution- relevance Guntur led, and future-ready operating Hyderabad model. In a category shaped by regulation, tax sensitivity, and shifting market realities, our ability to respond with consistency, Chennai control, and preparedness gives us a more durable platform for CORE long-term value creation. STRENGTHS Map not to scale As an associate undertaking of British OFFICES AND American Tobacco Expansive footprint Strategic guidance MANUFACTURING FACILITIES 1 850+ Plc, our operations are anchored by state-of-the- A wide and deeply embedded A culture supported by Market presence (States) Manufacturing facility in Wholesale dealers art facilities in Toopran, distribution network that supports experienced leadership, capable Toopran Regional offices enabling consistency, access across key markets and teams and a governance-led 10 Lakhs+ precision and quality enables consistent product mindset that reinforces long-term Corporate office across the manufacturing availability. performance. Retail outlets Manufacturing facilities value chain. Regional offices in Hyderabad, Leaf offices Mumbai, Delhi, Kolkata, Chennai, Guwahati and Lucknow 04 VST INDUSTRIES LIMITED ANNUAL REPORT 2025-26 1 CORPORATE OVERVIEW 2 3 05 BOARD OF DIRECTORS MR. NARESH KUMAR SETHI MR. ALOK AGARWAL Non-executive Director & Chairman of the Board Non-executive Director Mr. Sethi joined the Board of Directors of VST Mr. Alok Agarwal joined the Board of Directors of Industries Limited in 2018 as a Non-executive VST Industries Limited effective 25th April 2025 as a Collective wisdom, Director, representing the interests of the Promoter Non-executive Director representing the interests Group — British American Tobacco (BAT). He serves of M/s. Bright Star Investments Pvt. Ltd. He has the as a member of the Audit Committee, Nomination requisite skills and expertise in Corporate & Business clear oversight and Remuneration Committee, the Stakeholders Management, Strategy, M&A in India and globally. Relationship Committee, Corporate Social He has over 48 years of experience in various Responsibility Committee, Risk Management industries and sectors. He is a member of the Committee and the Strategy Committee. Stakeholders Relationship Committee, the Corporate Social Responsibility Committee and the Risk An alumnus of IIT (BHU) Varanasi, Mr. Sethi holds Management Committee. a degree in Chemical Engineering and a Post Graduate Diploma in Management from IIM He is a Chartered Accountant from ICAI and has a Calcutta. He is a seasoned global leader in Masters degree in Business Administration (FMS) consumer products, with deep expertise in strategy from University of New Delhi and has attended and business transformation. With a proven track executive education/programmes at the Harvard record of managing large, complex businesses, he Business School (Boston), Wharton Business School has consistently delivered exceptional performance (Philadelphia), London Business School (London) and and long-term shareholder value. INSEAD (Paris). MR. NARESH KUMAR SETHI MR. ALOK AGARWAL MR. S. THIRUMALAI Non-Executive Chairman Non-Executive Director Non-Executive Director MR. S. THIRUMALAI MS. RAMA BIJAPURKAR Non-executive Director Independent Non-executive Director Mr. Thirumalai has been serving as a Non-executive Ms. Rama Bijapurkar joined th [Showing first 8,000 characters — download PDF for full document]