V.S.T Tillers Tractors Limited (VSTTILLERS)
₹4,264.30 -0.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, V.S.T Tillers' revenue was ₹313 Cr (+11.0% year on year, -4.6% on the previous quarter), and net profit ₹48.4 Cr (+9.5% year on year); the operating margin was 12.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹313 | +11.0% | -4.6% |
| Operating profit | ₹40.3 | +7.4% | -13.6% |
| Net profit | ₹48.4 | +9.5% | +851.5% |
| EPS (₹) | 55.97 | +9.4% | +851.9% |
| Operating margin | 12.9% | — | — |
VSTTILLERS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.25% of the VSTTILLERS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.94%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 44.9% · 43.3% · 51.2% · 50.9% · 54.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
V.S.T Tillers Tractors Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent M/s Integrated Registry Management Services Private Limited on October 8, 2026. It confirms that securities received for dematerialization during the quarter ended September 30, 2026, were processed and confirmed within 15 days.
- Compliance confirmed for the quarter ended September 30, 2026
- RTA certificate issued by Integrated Registry Management Services on October 8, 2026
- Confirmation that share certificates received for demat were processed within 15 days
V.S.T Tillers Tractors reported total monthly sales of 5,954 units for September 2026, marking a 32.87% YoY increase compared to 4,481 units in September 2025. Growth was led by its core power tiller segment, which rose 50.57% YoY to 4,520 units from 3,002 units. Conversely, tractor volumes dipped 10.04% YoY to 430 units, while power weeder volumes were flat at 1,004 units (versus 1,001 units). On a year-to-date (H1 FY27) basis, total volume reached 35,660 units, up 10.15% YoY from 32,375 units.
- Total sales volume rose 32.87% YoY to 5,954 units in September 2026 vs 4,481 units in September 2025
- Power tiller sales surged 50.57% YoY to 4,520 units in September 2026
- Tractor sales contracted by 10.04% YoY to 430 units from 478 units in September 2025
- Year-to-date total volume expanded to 35,660 units vs 32,375 units in the corresponding period
V.S.T. Tillers Tractors Limited has received an Environmental, Social and Governance (ESG) score of 63, categorized as 'Strong', from SEBI-registered Crisil ESG Ratings & Analytics Limited. The rating is assigned under the 'Tractors' category and is based on publicly available data for FY 2025-26. While non-financial, a strong ESG rating supports institutional investor sentiment and compliance frameworks without impacting near-term revenue or profit. The company continues to maintain a nearly debt-free balance sheet with TTM revenue of ₹1,271 Cr.
- Assigned an ESG Score of 63, assessed as 'Strong'
- Rating evaluated under the 'Tractors' sector category
- Score assigned by SEBI-registered Crisil ESG Ratings & Analytics Limited
- Assessment based on public data pertaining to FY 2025-26
Shareholders of V.S.T. Tillers Tractors Limited approved the appointment of Mrs. Shuba Kumar as an Independent Director at their 58th AGM on September 23, 2026. Her appointment is effective for a five-year tenure from July 27, 2026, to July 26, 2031. Mrs. Kumar brings over 28 years of industry experience across automotive, aerospace, and semiconductor sectors, including qualifications from IIT Madras, MIT, and Stanford. The appointment adheres to corporate governance norms with no financial impact on the company.
- Shareholder approval granted for 5-year term from July 27, 2026 to July 26, 2031
- Candidate possesses over 28 years of leadership experience across automotive and aerospace sectors
- Academic credentials include degrees from IIT Madras, MIT, and Stanford University
- Confirmed independent with no familial relations to existing directors or promoters
Shareholders of V.S.T. Tillers Tractors Limited have approved the appointment of M/s. Brahmayya & Co as Statutory Auditors for a 5-year term from the 58th AGM to the 63rd AGM. The incumbent auditors, K.S. Rao & Co., ceased office on September 23, 2026, upon finishing their statutory maximum tenure of two consecutive 5-year terms (10 years total). The appointment complies with Section 139 of the Companies Act, 2013, representing a standard mandatory auditor rotation.
- M/s. Brahmayya & Co appointed as Statutory Auditors for a term of 5 consecutive years
- Term spans from the conclusion of the 58th AGM up to the conclusion of the 63rd AGM
- K.S. Rao & Co ceased to hold office after completing two terms of 5 consecutive years each (10 years total)
- Brahmayya & Co brings 28 partners and over 500 professional staff across 12 offices
Shareholders of V.S.T. Tillers Tractors Limited have approved the appointment of M/s. Brahmayya & Co as Statutory Auditors for a 5-year term from the 58th AGM to the 63rd AGM. The incumbent auditors, K.S. Rao & Co., ceased office on September 23, 2026, upon finishing their statutory maximum tenure of two consecutive 5-year terms (10 years total). The appointment complies with Section 139 of the Companies Act, 2013, representing a standard mandatory auditor rotation.
- M/s. Brahmayya & Co appointed as Statutory Auditors for a term of 5 consecutive years
- Term spans from the conclusion of the 58th AGM up to the conclusion of the 63rd AGM
- K.S. Rao & Co ceased to hold office after completing two terms of 5 consecutive years each (10 years total)
- Brahmayya & Co brings 28 partners and over 500 professional staff across 12 offices
V.S.T. Tillers Tractors Limited has released the voting results and scrutinizer report for its 58th Annual General Meeting held on September 23, 2026. Shareholders approved all 7 resolutions with requisite majorities, including the declaration of a final dividend of Rs 25 per equity share for FY26. Other key approved ordinary and special businesses include the adoption of FY26 financial statements, the appointment of M/s Brahmayya & Co as Statutory Auditors, and the appointment of Mrs. Shuba Kumar as an Independent Director. Overall voter participation stood at 72.70% of total voting capital.
- Approved final dividend of Rs 25 per equity share for FY26 with ~100% votes in favor
- Appointed M/s Brahmayya & Co, Chartered Accountants, as Statutory Auditors (92.02% votes in favor, 7.98% against)
- Approved appointment of Mrs. Shuba Kumar as Independent Director with 100% votes in favor
- Overall voting turnout recorded at 72.70% (6,290,191 votes polled out of 8,652,754 shares)
VST Tillers Tractors Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report confirms that power tillers and small farm machinery accounted for 67% of turnover, while tractors and spares represented 33%. Exports contributed 7% of total turnover across 40 destination countries. The company reported resolving all 4,718 customer complaints received during the year with zero pending, alongside zero product recalls and data breaches.
- Power tiller and small farm machinery constituted 67% of turnover, while tractors and spares accounted for 33%
- Exports accounted for 7% of total turnover across 40 countries
- Company operations span 3 plants and 23 offices across 28 Indian states
- Resolved all 4,718 customer complaints received during FY26 (vs 4,119 in FY25) with zero pending
V.S.T. Tillers Tractors Limited has issued the notice for its 58th Annual General Meeting (AGM) to be held on September 23, 2026, via Video Conferencing. The Board has recommended a final dividend of Rs 25 per share (face value Rs 10) for FY26, subject to shareholder approval. The record date for dividend entitlement and e-voting cut-off is fixed for September 16, 2026, with remote e-voting open from September 19 to September 22, 2026. The accompanying Annual Report confirms FY26 revenue of Rs 1,240.4 crore, PAT of Rs 106.0 crore, and sales volume of 50,332 power tillers and 5,911 tractors.
- 58th Annual General Meeting scheduled for September 23, 2026 via VC/OAVM
- Final dividend of Rs 25/- per equity share (FV Rs 10) recommended for FY26
- Record date and cut-off date for dividend and e-voting fixed as September 16, 2026
- Remote e-voting window runs from September 19, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
- FY26 total volumes reported at 50,332 power tillers and 5,911 tractors across 40+ countries
V.S.T. Tillers Tractors Limited has scheduled its 58th Annual General Meeting for September 23, 2026, and fixed September 16, 2026, as the Record Date for determining shareholder eligibility for its final dividend of Rs 25 per share (face value Rs 10) for FY 2025-26. Subject to approval at the AGM, the dividend will be disbursed on or after September 23, 2026. Against the current share price of Rs 4,315.90, this proposed dividend represents a dividend yield of approximately 0.58%.
- Recommended final dividend of Rs 25 per share (FV Rs 10) for FY 2025-26.
- Record date and e-voting cut-off set for Wednesday, September 16, 2026.
- 58th Annual General Meeting to be held via Video Conferencing on September 23, 2026.
- Remote e-voting window runs from September 19, 2026 (9:00 AM) to September 22, 2026 (5:00 PM).
V.S.T Tillers Tractors reported total monthly sales of 3,720 units in August 2026, marking a 17.3% YoY decline compared to 4,499 units sold in August 2025. Power tiller sales fell 17.4% YoY to 3,387 units (vs 4,100 units), while tractor sales declined 16.5% YoY to 333 units (vs 399 units). On a cumulative YTD basis, total volume is up 3.0% at 24,634 units compared to 23,925 units in the corresponding period of the previous year.
- Total sales in August 2026 stood at 3,720 units, down 17.3% YoY from 4,499 units in August 2025.
- Power Tiller monthly volume dropped 17.4% YoY to 3,387 units, though YTD volume grew 3.7% to 22,638 units.
- Tractor monthly volume fell 16.5% YoY to 333 units, with YTD volume down 4.9% to 1,996 units.
- Overall YTD volume reached 24,634 units compared to 23,925 units in the previous year period.
VST Tillers Tractors released the transcript of its Q1 FY27 earnings conference call. Revenue grew 11% YoY to ₹313.4 crore, while operational EBITDA stood at ₹40.3 crore (12.85% margin, down 45 bps YoY due to input cost inflation). Power tiller and power weeder volumes grew 18% and 56% YoY, respectively, while tractor exports stood at 275 units. Management outlined a roadmap to launch over 30 tractor variants over the next 3 years to reach ~20,000 tractor units by FY30.
- Q1 Revenue rose 11% YoY to ₹313.4 crore from ₹282.4 crore in Q1 FY26
- Operational EBITDA margin contracted by 45 bps YoY to 12.85% (₹40.3 crore) due to commodity inflation
- Power tiller volumes grew ~18% and power weeders jumped 56%, while domestic tractor volume rose 4.5%
- Company aims to achieve ~20,000 tractor sales by FY30, supported by >30 new variant launches in 3 years
- Company holds ~19 acres of land in Bangalore where operations have shifted, with monetization planned at an appropriate time
V.S.T. Tillers Tractors Limited has submitted copies of newspaper advertisements regarding its financial results for the quarter ended June 30, 2026. The notices were published in Business Standard (English) and Sanjevani (Kannada) in compliance with Regulation 47 of SEBI (LODR) Regulations, 2015. This is a routine statutory disclosure and contains no new operational or financial data beyond the previously approved results.
- Published pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Pertains to un-audited financial results for the quarter ended June 30, 2026
- Advertised across two editions: Business Standard (English) and Sanjevani (Kannada)
- Filing submitted to stock exchanges on August 14, 2026
VST Tillers Tractors reported a steady Q1 FY27 with revenue growing 11% YoY to ₹313.40 crore, up from ₹282.5 crore. Operational EBITDA improved to ₹40.29 crore, maintaining a margin of 12.85% despite commodity inflationary pressures. Net profit (PAT) increased by 9.36% to ₹48.73 crore compared to ₹44.56 crore in the same quarter last year. The company continues to leverage its 70% market share in the power tiller segment while navigating supply chain disruptions.
- Revenue from operations increased 11% YoY to ₹313.40 crore.
- Operational EBITDA rose to ₹40.29 crore from ₹37.50 crore in the previous year.
- Profit After Tax (PAT) grew 9.36% YoY to ₹48.73 crore.
- EBITDA margin maintained at 12.85% despite commodity inflationary pressures.
- Company remains virtually debt-free with a total debt of only ₹2 crore against a net worth of ₹1098 crore.
V.S.T Tillers Tractors Limited has published the audio recording of its investor conference call held on August 13, 2026, following its Q1 FY27 results. The company, which holds a dominant 70% market share in the domestic power tiller segment, reported TTM revenue of ₹1,240 crore. Management's strategy continues to focus on expanding the high-horsepower VST ZETOR tractor range and increasing retail finance penetration, which recently reached 12-13% in focus states. The company remains virtually debt-free with ₹2 crore in debt against ₹457.7 crore in cash reserves.
- Conference call recording for Q1 FY27 results uploaded on August 13, 2026
- Company maintains a dominant 70% market share in the domestic power tiller segment
- TTM revenue stands at ₹1,240 crore with an operating profit margin of 13.3%
- Retail finance penetration has increased to 12-13% in focus states from negligible levels
- Cash reserves remain high at ₹457.7 crore as of the latest qualitative profile
Financial Performance
Revenue Growth by Segment
Revenue from operations for FY 2024-25 was INR 994.55 Cr, a growth of 2.74% YoY. In H1 FY26, revenue grew 26% YoY to INR 598 Cr. Segment-wise, Power Tillers contributed 54% and Tractors 24% of revenue in H1 FY25. Power Weeder sales grew 42.4% YoY (4,970 units) and Power Reapers grew 139% YoY (1,512 units) in H1 FY26.
Geographic Revenue Split
Karnataka and Maharashtra are key regions, collectively generating 35-40% of the total revenue as of March 31, 2023. The company is also expanding its export footprint, though export volumes in H1 FY26 were 566 units compared to 776 units in the previous year.
Profitability Margins
PAT for FY 2024-25 was INR 94.46 Cr, a decline of 22.26% from INR 121.51 Cr in FY 2023-24. PAT margins were impacted by MTM losses in Q2 FY26, though PAT excluding fair value gains/losses improved to INR 48.5 Cr in H1 FY26 from INR 28.2 Cr YoY.
EBITDA Margin
Operational EBITDA margin for FY 2024-25 was 11.17% (INR 111.09 Cr), down from 12.83% (INR 124.19 Cr) in FY 2023-24. In H1 FY26, operational EBITDA margin improved to 13.2% from 10.8% YoY, driven by better scale and product mix.
Capital Expenditure
The company plans a moderate capital expenditure of INR 50-60 Cr annually over the medium term, which is expected to be funded entirely through internal accruals.
Credit Rating & Borrowing
The company maintains a strong credit profile with an [ICRA]AA- (Stable) and [ICRA]A1+ rating. It remains debt-free with a net worth of INR 1,003.79 Cr as of March 31, 2025, and cash/liquid investments of INR 457.7 Cr as of September 30, 2024.
Operational Drivers
Raw Materials
Input costs include steel, castings, and engine components, though specific percentage breakdowns per material are not disclosed. Input cost inflation and supply chain constraints exerted pressure on margins, causing OPM to contract from 14.8% in FY22 to 12.1% in 9M FY24.
Import Sources
Not specifically disclosed in the provided documents, though the company mentions global supply chain disturbances as a risk factor.
Capacity Expansion
The company is utilizing its Mysore plant for external business, supplying components to the metro rail and aerospace sectors. It is also expanding its dealer network, which currently exceeds 660 dealers.
Raw Material Costs
Operational EBITDA declined by approximately INR 13 Cr in FY25 due to strategic increases in expenditures to support growth and higher input costs. Procurement strategies include cost-optimization initiatives to scale margins back to historical levels of ~14.8%.
Manufacturing Efficiency
The company won the Machinist Super Shopfloor Award for its Mysore plant. It also utilizes Kaizen competitions (Gold award) to drive efficiency in manufacturing processes.
Logistics & Distribution
The company maintains a widespread network of over 660 dealers to support its ~70% market share in the power tiller segment.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Growth is driven by a 43% increase in Power Tiller sales (24,829 units in H1 FY26), expansion into the high-horsepower tractor segment (VST ZETOR), and increasing retail finance penetration which rose from negligible to 12-13% in focus states. The company is also diversifying into power weeders, brush cutters, and electric pumps.
Products & Services
Power Tillers, Tractors, Power Weeders, Power Reapers, Brush Cutters, Electric Pumps, and aerospace/metro rail components.
Brand Portfolio
VST, VST ZETOR.
New Products/Services
New product launches include the VST ZETOR tractor range and higher horsepower engines. The company is also launching subsidy-neutral tillers to mitigate regulatory risks.
Market Expansion
Expansion into five focus states for retail finance and increasing revenue share from higher-margin exports. Target regions include domestic markets with low farm mechanization and international markets.
Market Share & Ranking
Dominant market leader in the domestic power tiller segment with approximately 70% market share.
Strategic Alliances
MOU signed with partners for component supply (aerospace/metro) and a partnership with Bajaj Finance for small farm machinery financing.
External Factors
Industry Trends
The industry is seeing a shift toward increased farm mechanization and retail financing for small farm machinery. VST is positioning itself by diversifying into the Small Farm Machinery (SFM) segment and higher HP tractors.
Competitive Landscape
The tractor segment is highly competitive, with VST lagging behind market trends in recent years (tractor volumes declined 23% in 11M FY24).
Competitive Moat
Moat is built on a 70% market share in power tillers, an established brand, and a wide distribution network of 660+ dealers. Sustainability is supported by a debt-free balance sheet and high cash reserves of INR 457.7 Cr.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and monsoon performance. Unseasonal rainfall in Karnataka and Maharashtra (35-40% revenue base) led to volume declines in 9M FY24.
Consumer Behavior
Increasing adoption of retail finance (now 12-13% in focus states) is changing how small farmers purchase equipment.
Geopolitical Risks
Global disruptions such as wars or supply chain disturbances are identified as factors that complicate the business landscape and impact input prices.
Regulatory & Governance
Industry Regulations
Operations are subject to government regulations on agricultural subsidies, which significantly impact the power tiller segment. Changes in tax laws and environmental norms for tractor engines also affect the business.
Environmental Compliance
The company reports under Business Responsibility and Sustainability Reporting (BRSR) standards.
Taxation Policy Impact
Average net profit for CSR calculation was INR 110.92 Cr, with a 2% CSR obligation of INR 2.22 Cr.
Legal Contingencies
The company reported no material changes affecting its financial position between the end of FY25 and the date of the report. No specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Monsoon dependency (high impact on revenue), Government subsidy changes for tillers, and the ability to regain market share in the tractor segment (volumes were flat in 11M FY25).
Geographic Concentration Risk
High concentration in Karnataka and Maharashtra, which account for 35-40% of total revenue.
Third Party Dependencies
Dependence on government subsidies for the power tiller segment and reliance on retail finance partners like Bajaj Finance for sales growth.
Technology Obsolescence Risk
The company is mitigating technology risks through R&D in new engines and electric pumps, and by diversifying into high-tech sectors like aerospace components.
Credit & Counterparty Risk
Debtors turnover ratio was 5.51 in FY25, indicating a slight slowdown in collections compared to 6.36 in FY24.
