VST Tillers Tractors Ltd (VSTTILLERS)
🎯 Key Takeaways
- VST Tillers Tractors Ltd is navigating a growth phase marked by operational resilience and volume-driven expansion, despite macro headwinds. Management maintains confidence in long-term demand, supported by stable credit ratings and consistent promoter holding, while navigating inflation and export volatility.
- Revenue declined 4.6% QoQ to ₹313 in Q1FY27.
- ⚠️ 1) Export tractor volume decline of 11.9% in Q1 FY27 raises concerns about global demand sustainability. 2) Margin pressure from uneven monsoon patter
- Market Cap
- ₹3,727
- P/E Ratio
- 34.2
- P/B Ratio
- 3.41
- ROE
- 10.0%
- ROCE
- 13.7%
- Debt/Equity
- 0.00
- Div Yield
- 0.58%
- Promoter
- 55.5%
📖 The Story
VST Tillers Tractors Ltd is navigating a growth phase marked by operational resilience and volume-driven expansion, despite macro headwinds. Management maintains confidence in long-term demand, supported by stable credit ratings and consistent promoter holding, while navigating inflation and export volatility.
📰 What's Happening
In Q1 FY27 (August 2026), the company reported 11% YoY revenue growth to ₹313.40 crore, driven by a 17.9% rise in power tiller sales and 56.7% growth in power weeder volumes, though export tractor volumes declined 11.9%. PAT increased 9.36% YoY to ₹48.73 crore, reflecting effective margin management amid commodity inflation. The board approved unaudited Q1 FY27 results and appointed Brahmayya & Co as auditors for a five-year term, pending shareholder approval at the upcoming AGM in September 2026. ICRA reaffirmed its stable credit ratings (AA- long-term, A1+ short-term) in July 2026, underscoring low default risk.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 282 | 315 | 314 | 328 | 313 |
| Operating Profit | 31 | 34 | 34 | 41 | 35 |
| OPM % | 11.0% | 10.9% | 10.9% | 12.3% | 11.1% |
| Net Profit | 44 | 25 | 30 | 5 | 48 |
| EPS | ₹60.16 | ₹28.90 | ₹35.21 | ₹5.89 | ₹55.97 |
Revenue growth has shown sequential improvement, rising to ₹313 crore in June 2026 from ₹282 crore a year earlier, with operating margins holding steady near 11%. However, profitability dipped sharply in March 2026 to ₹5 crore NP from ₹48 crore in June 2026, suggesting seasonality or one-time pressures despite YoY gains. The company maintained strong gross profitability with OPM of 11.1% in June 2026, indicating pricing power and cost discipline. Net cash from operations remained healthy at ₹77 crore in March 2025, supporting operational sustainability.
🔮 Management Outlook & What's Next
Management highlighted operational resilience and effective cost control as key drivers of margin preservation during inflationary conditions. They emphasized export demand trends and monsoon-dependent rural sentiment as external variables affecting rural equipment demand. No formal long-term guidance was provided, but the company continues to focus on volume expansion in domestic and niche export markets while monitoring input cost volatility.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 |
| Reserves | 993 | 966 | 1,085 | 1,048 |
| Borrowings | 2 | 9 | 0 | 2 |
| Total Liabilities | 1,265 | 1,208 | 1,344 | 1,342 |
| Fixed Assets | 238 | 241 | 211 | 232 |
| Investments | 523 | 495 | 651 | 635 |
| Total Assets | 1,265 | 1,208 | 1,344 | 1,342 |
The balance sheet remains conservatively structured with negligible debt (₹2 crore borrowings) and growing equity and reserves. Equity increased to ₹1,085 crore from ₹993 crore YoY, while total assets rose to ₹1,344 crore, indicating capital accumulation without leverage. This suggests a deleveraged, self-funded growth model with reinvestment capacity intact.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +77 | +132 |
| Investing | -29 | -136 |
| Financing | -20 | -20 |
| Net Cash Flow | +27 | -24 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 55.6% | 55.6% | 55.6% | 55.5% |
| FII | 1.8% | 1.6% | 1.8% | 1.2% |
| DII | 21.4% | 20.6% | 19.6% | 20.0% |
| Public | 17.3% | 18.0% | 18.5% | 18.9% |
| # Shareholders | 21,237 | 22,694 | 24,076 | 24,293 |
Promoter holding remains stable near 55.55%, indicating confidence in long-term prospects. FII ownership declined slightly to 1.21% from 1.84%, while DII increased to 19.97% from 19.61%, suggesting institutional accumulation among mutual funds. The shareholder base has expanded to 24,293 individuals, reflecting retail engagement, but no significant shifts in major investor behavior were observed recently.
⚖️ Peer Comparison — Automobile
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| MARUTI | 3.79 L Cr | 26.4 | 17.6% | — | 0.00 |
| M&M | 3.72 L Cr | 18.1 | 16.4% | — | 1.42 |
| BAJAJ-AUTO | 3.08 L Cr | 26.1 | 27.5% | — | 0.57 |
| EICHERMOT | 1.98 L Cr | 34.3 | 29.6% | — | 0.01 |
| TVSMOTOR | 1.94 L Cr | 56.6 | 18.6% | — | 3.30 |
| HYUNDAI | 1.67 L Cr | 33.7 | 31.9% | — | 0.05 |
| TMCV | 1.59 L Cr | 38.0 | 38.2% | — | 0.38 |
| HEROMOTOCO | 1.08 L Cr | 19.8 | 33.1% | — | 0.02 |
| TMPV | 1.04 L Cr | — | -0.5% | — | 0.62 |
| ASHOKLEY | 91,280 | 26.3 | 13.0% | — | 4.47 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Export tractor volume decline of 11.9% in Q1 FY27 raises concerns about global demand sustainability. 2) Margin pressure from uneven monsoon patterns and commodity inflation could impact rural demand and input costs. 3) Dependence on agricultural cycles and weather variability introduces execution risk. 4) Auditor transition pending AGM approval introduces minor governance uncertainty.
📋 Recent Filings
- 🔴 Announcement2026-09-28VST Tillers Tractors announced it received an ESG score of 63 (Strong) from Crisil ESG Ratings for FY 2025-26, reflecting its environmental, social, a…
- Announcement2026-09-24VST Tillers Tractors has closed its insider trading window effective October 1, 2026, ahead of quarterly results, restricting designated persons and r…
- 🟡 Board Meeting2026-09-23At the 58th AGM on September 23, 2026, shareholders approved the audited standalone and consolidated financial statements for FY2026, declared a final…
- 🟡 Board Meeting2026-09-23VST Tillers Tractors announced the appointment of Brahmayya & Co as its new statutory auditors following shareholder approval at the 58th AGM on Septe…
- 🟡 Board Meeting2026-09-23VST Tillers Tractors shareholders approved all seven AGM resolutions including adopting audited standalone and consolidated financial statements for F…
- 🟡 Board Meeting2026-09-23VST Tillers Tractors held its 58th AGM on September 23, 2026 via video conference, adopting audited standalone and consolidated financial statements f…
- 🟡 Board Meeting2026-09-23VST Tillers Tractors announced the appointment of Mrs. Shuba Kumar as an Independent Director for a five-year term starting July 27, 2026, approved by…
- 🟡 voting results2026-09-23At the 58th AGM on September 23, 2026, shareholders approved all seven resolutions including adoption of audited standalone and consolidated financial…
- 🟡 Board Meeting2026-09-23VST Tillers Tractors announced the appointment of Brahmayya & Co as its new statutory auditor following shareholder approval at the 58th AGM on Septem…
- 🟡 Board Meeting2026-09-01The 58th AGM of VST Tillers Tractors Ltd is scheduled for September 23, 2026, with record date September 16, 2026, and e-voting from September 19 to 2…
🧠 Analyst's Read
VST Tillers is positioned for steady growth supported by volume gains and prudent cost management, but its near-term outlook hinges on monsoon performance and global agricultural export trends. Investors should monitor rural demand indicators and export order pipelines ahead of the AGM and monsoon season.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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