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VSTTILLERS - VST Till. Tract.

📊 NSE: VSTTILLERS 🏢 Automobiles - Tractors 📅 Last Updated: 12/14/2025 15:13

📢 Recent Corporate Announcements

V.S.T Tillers Reports 36% YoY Growth in Total Sales for February 2026

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 01 Mar 2026, 10:35 AM

V.S.T Tillers Tractors Limited reported a strong performance for February 2026, with total sales reaching 4,435 units compared to 3,260 units in the same month last year. Power tiller sales grew significantly by 34.2% YoY to 3,963 units, while tractor sales saw a robust 53.2% jump to 472 units. On a Year-to-Date (YTD) basis, the company has achieved a 47.9% growth in total volumes, reaching 51,303 units. This performance indicates strong demand in the agricultural equipment sector and efficient market penetration throughout the fiscal year.

Total sales for February 2026 rose 36% YoY to 4,435 units from 3,260 units.
Power tiller sales witnessed a 34.2% YoY increase, reaching 3,963 units in February.
Tractor sales grew by 53.2% YoY to 472 units during the month.
Cumulative YTD total sales surged by 47.9% to 51,303 units compared to 34,692 units in the previous year.

💡 Investors should maintain a positive outlook on the stock given the strong YTD volume growth of nearly 48%, which suggests a significant improvement in market share and rural demand.

VST Tillers Reports 32% Revenue Growth in 9MFY26; EBITDA Margins Expand to 13.1%

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 21 Feb 2026, 12:11 PM

VST Tillers Tractors Limited reported a robust 32% year-on-year revenue growth for 9MFY26, reaching ₹912 crore. Operational EBITDA margins improved significantly to 13.1% from 10.2% in the previous year, driven by strategic initiatives and process improvements. The company maintained a healthy PAT of ₹100.7 crore and generated ₹108 crore in cash from operations during the nine-month period. Management has guided for 15-20% growth in the tiller business and aims for a US market entry by 2027.

9MFY26 Revenue grew 32% YoY to ₹912 crore compared to ₹693 crore in 9MFY25.
Operational EBITDA margin improved to 13.1% (₹119.1 crore) from 10.2% (₹70.7 crore) YoY.
PAT increased to ₹100.7 crore for 9MFY26, up from ₹69.5 crore in the prior year period.
Management targets 15-20% growth in tillers and 10-15% in tractors with EBITDA guidance of 11-13%.
Strong cash flow generation of ₹108 crore from operations during the 9M period.

💡 Investors should view the margin expansion and double-digit growth guidance across core segments as positive indicators of operational efficiency. Monitor the progress of the US market entry and the scaling of the high-horsepower tractor segment as long-term growth catalysts.

V.S.T Tillers Tractors to Attend Omkara Capital Investors Meet on February 21, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 04:01 PM

V.S.T Tillers Tractors Limited has announced its participation in a group meeting with analysts and institutional investors scheduled for February 21, 2026. The meeting will be held physically in Mumbai as part of the Omkara Capital Investors Meet. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this interaction. Such meetings are standard corporate actions intended to maintain transparency and engagement with the investment community.

Physical group meeting scheduled for February 21, 2026, in Mumbai.
Participation in the Omkara Capital Investors Meet for institutional interaction.
Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
The schedule is subject to change based on exigencies from either the company or investors.

💡 Investors should look for any post-meeting presentations or transcripts filed with the exchanges to understand the company's future outlook and management commentary. No immediate action is required as this is a routine disclosure of an investor meeting.

VST Tillers Tractors Releases Q3 FY26 Post-Result Earnings Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 06:01 PM

V.S.T Tillers Tractors Limited has informed the exchanges that the audio recording of its Q3 FY26 earnings conference call is now available. The call, which took place on February 09, 2026, discussed the company's financial performance for the quarter and nine-month period ended December 31, 2025. This disclosure is part of the company's regulatory compliance to ensure transparency for all stakeholders. Investors can access the recording through the link provided on the company's official website.

Recording of the Q3 FY26 post-result conference call is now live on the company website.
The call was conducted on February 09, 2026, at 10:00 AM IST.
Covers financial performance for the quarter and nine months ended December 31, 2025.
The filing follows the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations.

💡 Investors should listen to the recording to understand management's perspective on rural demand and future growth guidance for the tractor and tiller segments. No immediate trading action is required based solely on this procedural filing.

VST Tillers Reports Strong Q3 FY26: Revenue Up 44%, PAT Surges to ₹30.7 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 09:34 AM

VST Tillers Tractors delivered a robust performance in Q3 FY26, with revenue growing 44% YoY to ₹314 Cr. The company achieved its highest-ever 9-month turnover of ₹912 Cr, driven by a 55% surge in power tiller volumes. Profitability improved significantly, with Q3 PAT rising to ₹30.7 Cr from just ₹1.7 Cr in the previous year. While domestic tractor sales grew by 18% in the 9-month period, export markets remained a drag with a 23% decline.

9M FY26 revenue reached a record ₹912 Cr, marking a 32% YoY growth compared to ₹693 Cr.
Power Tiller sales volume grew by 85.2% in Q3 FY26, reaching 12,545 units.
Operational EBITDA margin for 9M FY26 improved to 13.1% from 10.2% in the previous year.
Cash generation from operations turned positive at ₹108 Cr versus a deficit of ₹35 Cr in 9M FY25.
Power weeder sales saw a massive 107.6% growth in Q3 FY26, selling 3,429 units.

💡 The stock is likely to react positively to the strong volume growth in tillers and weeders and the sharp recovery in margins. Investors should monitor the sustainability of this growth and the recovery of the export tractor segment.

VST Tillers Tractors Grants 3,080 RSUs to Employees at INR 10 Exercise Price

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Feb 2026, 04:57 PM

VST Tillers Tractors Limited has announced the grant of 3,080 Restricted Stock Units (RSUs) to eligible employees under its 2024 RSU Plan. Each RSU is exercisable at a price of INR 10, which is the face value of the company's equity shares. The vesting is structured over four years, with 25% of the grant vesting annually starting one year from the grant date. This move is designed to align employee performance with company targets, as vesting is subject to specific performance criteria.

Grant of 3,080 Restricted Stock Units (RSUs) to eligible employees under the 2024 Plan.
Exercise price fixed at INR 10 per RSU, significantly below current market price.
Vesting schedule of 25% per annum over a period of four years.
Vesting is contingent upon meeting company and department-level performance targets.
Exercise period is limited to 3 months from the date of each vesting.

💡 This is a routine corporate action for employee retention and involves negligible equity dilution. No immediate action is required from investors.

VST Tillers Q3 FY26 Net Profit Surges to ₹30.7 Cr; Revenue Up 43.4% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 04:11 PM

VST Tillers reported a stellar performance for Q3 FY26, with revenue growing 43.4% YoY to ₹314.3 crore. The company's net profit saw a massive jump to ₹30.7 crore from just ₹1.7 crore in the previous year's quarter, driven by significant margin expansion. Operational EBITDA margins improved to 12.9% from 8.9%, despite a one-time labor code impact of ₹1.66 crore. For the nine-month period, the company maintained strong momentum with a 31.6% revenue growth and a net profit of ₹100.7 crore.

Q3 FY26 Revenue grew 43.4% YoY to ₹314.3 crore compared to ₹219.1 crore in Q3 FY25.
Net Profit skyrocketed to ₹30.7 crore in Q3 FY26 from ₹1.7 crore in the same quarter last year.
EBITDA margins expanded significantly to 12.9% from 8.9% YoY; adjusted for labor code impact, margins would be 13.5%.
9M FY26 Net Profit reached ₹100.7 crore, up from ₹69.5 crore in the previous year's nine-month period.
Net profit margins for the quarter improved from 0.8% to 9.6%.

💡 The stock is likely to react positively to the massive turnaround in profitability and robust top-line growth. Investors should focus on the sustainability of these double-digit EBITDA margins and the company's performance in the 4WD compact tractor segment.

VST Tillers Q3 Net Profit Surges to ₹30.72 Cr; Revenue Up 43% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 03:42 PM

VST Tillers Tractors Limited reported a robust performance for the quarter ended December 31, 2025, with revenue from operations growing 43.4% YoY to ₹314.30 crore. Net profit witnessed a massive jump to ₹30.72 crore from a low base of ₹1.70 crore in the previous year, significantly aided by a turnaround in investment valuations. The company's nine-month profit for FY26 reached ₹100.71 crore, marking a 45% increase compared to the same period last year. Despite a one-time labor code provision of ₹1.66 crore, operational margins showed marked improvement.

Revenue from operations increased by 43.4% YoY to ₹31,430 lakhs in Q3 FY26.
Net Profit surged to ₹3,072 lakhs from ₹170 lakhs in the year-ago quarter.
Fair value gain on investments contributed ₹545 lakhs compared to a loss of ₹1,104 lakhs in Q3 FY25.
Nine-month EPS rose to ₹116.52 from ₹80.43 in the previous year.
Recognized a one-time impact of ₹165.95 lakhs due to the implementation of New Labour Codes.

💡 Investors should view these results positively as they reflect strong operational recovery and a significant turnaround in bottom-line performance. Monitor the sustainability of this growth in the agricultural machinery segment and the impact of the VST Zetor joint venture in upcoming quarters.

V.S.T Tillers Tractors to Host Q3 FY26 Earnings Conference Call on February 9, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 03 Feb 2026, 05:29 PM

V.S.T Tillers Tractors Limited has scheduled a conference call for analysts and investors on Monday, February 9, 2026, at 10:00 AM IST. The call is intended to discuss the company's financial performance for the third quarter of the 2025-26 fiscal year (3QFY26). Key management personnel, including the Managing Director, CEO, and CFO, will be present to address queries. The session is being organized by B&K Securities and requires advance registration via Webex.

Conference call scheduled for February 9, 2026, at 10:00 Hours IST to discuss 3QFY26 results.
Management representation includes MD Mr. V T Ravindra, CEO Mr. Antony Cherukara, and CFO Mr. Nitin Agrawal.
The call is hosted by Batlivala & Karani (B&K) Securities India Pvt Ltd.
Advance registration is required through the provided Webex webinar link.
The meeting follows the disclosure requirements under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should attend or review the transcript of the call to understand management's outlook on rural demand and margin sustainability. Key focus areas should be the sales volume of power tillers and tractors during the October-December period.

VST Tillers Reports Strong 54% YoY Growth in Total Sales for January 2026

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 01 Feb 2026, 10:59 AM

V.S.T Tillers Tractors Limited reported a robust performance for January 2026, with total sales reaching 5,257 units compared to 3,416 units in January 2025. Power tiller sales saw a significant jump of 54.9% YoY to 4,810 units, while tractor sales grew by 43.7% YoY to 447 units. The year-to-date (YTD) figures show a strong upward trend with total sales growing 49.1% to 46,868 units. This performance indicates strong demand in the agricultural equipment segment.

Total sales for January 2026 surged 53.9% YoY to 5,257 units from 3,416 units
Power tiller sales grew by 54.9% YoY, reaching 4,810 units in Jan-26
Tractor sales increased by 43.7% YoY to 447 units compared to 311 units in Jan-25
Year-to-date (YTD) total sales reached 46,868 units, a 49.1% increase over the previous year's 31,432 units

💡 Investors should view this as a strong signal of demand recovery and market share gains in the agri-equipment sector. The significant YTD growth suggests a strong financial performance for the current fiscal year.

VST Tillers Tractors Submits SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 10:39 AM

V.S.T Tillers Tractors Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Integrated Registry Management Services Private Limited, covers the quarter ended December 31, 2025. It confirms that all dematerialization requests were processed, and physical certificates were mutilated and cancelled within the mandatory 15-day timeframe. This is a standard administrative filing ensuring the accuracy of the company's electronic shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025
Confirmation that dematerialization requests were processed within 15 days of receipt
Physical share certificates were mutilated and cancelled after due verification
Registrar confirmed the substitution of depository names in the register of members

💡 No action is required by investors as this is a routine regulatory filing confirming administrative compliance.

VST Tillers Reports Strong 29.8% YoY Sales Growth in December 2025

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 01 Jan 2026, 09:21 AM

V.S.T Tillers Tractors Limited reported a robust performance for December 2025, with total sales reaching 4,376 units compared to 3,372 units in the previous year. Power tiller sales grew by 26.1% YoY to 3,792 units, while tractor sales saw a significant jump of 60% to 584 units. On a Year-to-Date (YTD) basis, the company has achieved a 48.5% growth in total volumes, reaching 41,611 units. This strong volume growth indicates healthy demand in the agricultural machinery segment and improved market positioning.

Total monthly sales for December 2025 grew 29.8% YoY to 4,376 units
Power tiller sales increased to 3,792 units from 3,007 units in December 2024
Tractor sales witnessed a sharp 60% YoY increase, reaching 584 units
Year-to-Date (YTD) total sales stand at 41,611 units, up 48.5% compared to 28,016 units in the previous year

💡 Investors should view this strong volume growth as a positive indicator of market share gains and rural demand. Monitor the upcoming quarterly earnings to see if these volumes translate into improved profitability and margins.

V.S.T Tillers Tractors to Close Trading Window from Jan 1, 2025 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 09:48 AM

V.S.T Tillers Tractors Limited has announced the closure of its trading window for designated persons starting January 1, 2025. This is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results are made public. The specific date for the board meeting to approve these results will be notified at a later date.

Trading window closure commences on January 1, 2025
Closure is related to the financial results for the quarter ending December 31, 2025
Window to reopen 48 hours after the official declaration of results
Applies to all designated persons and their immediate relatives as per SEBI norms

💡 This is a routine regulatory filing and requires no immediate action from retail investors. Monitor for the upcoming board meeting date to stay informed about the Q3 earnings release.

VST Tillers Showcases Engineering at EXCON 2025

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 12 Dec 2025, 05:43 PM

VST Tillers Tractors Ltd. showcased its engineering solutions at EXCON 2025, highlighting its evolution into a diversified engineering company. The company presented a range of 3-cylinder and 4-cylinder compact engines from 17 HP to 30 HP. VST's Mysuru manufacturing unit is expanding into new industrial segments. The company's 13 HP horizontal engine is widely used in concrete cutter machines and construction equipment.

Showcased 3-cylinder and 4-cylinder compact engines ranging from 17 HP to 30 HP.
VST has a legacy of more than 57 years.
VST exports products to > 40 European, Asian, and African markets.
VST was established in the year 1967.

💡 Investors should monitor VST's expansion into new industrial segments and its ability to secure contracts. Keep an eye on the company's performance in the construction equipment industry.

View All VSTTILLERS Announcements on Live Market Tracking →

💰 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.