NSE: VSTTILLERS · BSE: 531266
VST TILLERS TRACTORS LTD
Manufactures compact tractors, power tillers and power weeders for Indian small and marginal farmers, and exports to over 40 countries including Europe under the FieldTrac brand. The product range spans 2-50 HP and is sold through 1,000-plus dealers domestically, with power tillers the dominant category where the company holds a 70-75% market share. Power weeder volumes scaled from roughly 2,000 to 11,500 units over three years as the segment replaces imports. Higher-horsepower tractors are being scaled up via the VST Zetor joint venture in FY27, a US market launch is targeted by end CY2027, and electric tillers and weeders commercialise from Q2 FY27. Around 16-20 new product launches are planned over 18 months, alongside a ₹100 crore global technology centre targeted to be operational by 2027. Raw materials form the largest input cost at 60% of revenue, with employees and other operating costs each near 9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tractors (compact, 2-50 HP), Power tillers, Power weeders, Electric tillers and weeders. Compact tractors and small farm machinery — seasonal demand tied to the monsoon and rural cash flows.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 968 | 995 | 1,240 |
| EBITDA (ex other income) | 124 | 110 | 165 |
| margin % | 12.8 | 11.0 | 13.3 |
| Owners' profit | 121 | 0 | 105 |
| EPS, as reported (₹) | 140.13 | 107.60 | 121.16 |
| ROE % · ROCE % | 13.1 · 16.1 | 9.3 · 11.5 | 9.6 · 12.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 49 | 77 | 132 |
| Capex | (7) | (20) | (26) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 283 | 2,191 | 301 | 282 | 315 | 314 | 328 | 313 |
| Profit before tax | 57 | 36 | 32 | 57 | 37 | 41 | 9 | 62 |
| Net profit | 45 | 13 | 24 | 44 | 25 | 30 | 5 | 48 |
| EPS (₹) | 51.85 | 1.48 | 28.27 | 51.16 | 28.90 | 35.21 | 5.89 | 55.97 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ESCORTS KUBOTA LIMITED | 30,275 | 21.5 | 2.45 | 14.4 | 19.4 | 14.3 | 10.5 | 17.5 |
| VST TILLERS TRACTORS LTD ◆ | 3,359 | 30.8 | 3.07 | 19.6 | 9.6 | 12.3 | — | 21.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.8 | 27.8 | 8 of 11 | 30% |
| P/B | 3.1 | 4.6 | 4 of 11 | 70% |
| ROCE | 12.3 | 12.3 | 6 of 11 | 50% |
| ROE | 9.6 | 16.2 | 7 of 11 | 40% |
| Debt / Equity | 0.0 | 0.3 | 1 of 11 | 90% |
| EBITDA margin | 21.8 | 15.2 | 2 of 12 | 91% |
| Revenue growth | 11.0 | 20.1 | 10 of 11 | 10% |
| Profit growth | 9.5 | 7.3 | 5 of 10 | 56% |
| Market cap | 3359 | 6625 | 8 of 12 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Analyst call for second-quarter FY27 results on November 5 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve Q2 and H1 FY2027 results | results | low | — | — |
| 12 Oct 2026 · Compliance certificate for share dematerialization quarter ended Sept 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · September 2026 Sales Volumes | business updates | medium | — | — |
| 28 Sept 2026 · Intimation of ESG Rating | business updates | medium | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · VST Tillers Tractors appoints Shuba Kumar as Independent Director | management changes | medium | — | — |
| 23 Sept 2026 · VST Tillers Tractors appoints Brahmayya and Co as new Statutory Auditors | management changes | medium | — | — |
| 23 Sept 2026 · New statutory auditor appointed at AGM; K.S. Rao tenure ends | management changes | medium | — | — |
| 23 Sept 2026 · All 7 AGM resolutions approved; final dividend of Rs 25 per share declared | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.