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VST Tillers Tractors Q2 FY27 results: net profit down 10.5% to ₹22.77 crore, revenue up 2.1%
VST Tillers Tractors Ltd reported standalone revenue of ₹321.65 crore in Q2 FY27, up 2.1% from ₹315.15 crore a year earlier, while EBITDA fell 14.1% to ₹35.14 crore and net profit declined 10.5% to ₹22.77 crore. Basic EPS fell to ₹26.31 from ₹29.42, and the EBITDA margin narrowed to 10.9% from 13.0%.
Key points
- Standalone Q2 FY27 revenue rose 2.1% to ₹321.65 crore from ₹315.15 crore in Q2 FY26.
- EBITDA fell 14.1% to ₹35.14 crore and the margin narrowed 2.1 percentage points to 10.9%.
- Net profit declined 10.5% to ₹22.77 crore and basic EPS fell 10.6% to ₹26.31.
- Total expenses rose 4.0% to ₹292.59 crore while other income fell to ₹0.06 crore from ₹2.64 crore.
- H1 FY27 revenue rose 6.3% to ₹635.05 crore and net profit rose 2.2% to ₹71.50 crore.
How did VST Tillers Tractors perform in Q2 FY27?
VST Tillers Tractors reported standalone revenue of ₹321.65 crore for Q2 FY27, the July–September 2026 quarter, against ₹315.15 crore in Q2 FY26, a rise of ₹6.50 crore or 2.1%. Total income was ₹321.59 crore, up ₹3.80 crore or 1.2%. Against the previous quarter, Q1 FY27, revenue was higher by ₹8.25 crore or 2.6%, while total income was lower by ₹19.88 crore or 5.8%. The board approved standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026.
EBITDA for the quarter was ₹35.14 crore, down ₹5.76 crore or 14.1% from ₹40.90 crore in Q2 FY26, and the EBITDA margin narrowed 2.1 percentage points to 10.9% from 13.0%. Against Q1 FY27, EBITDA fell ₹5.15 crore or 12.8% from ₹40.29 crore, with the margin down 2.0 percentage points from 12.9%.
Profit before tax was ₹29 crore, down ₹7.51 crore or 20.6% from ₹36.51 crore a year earlier and down ₹33.49 crore or 53.6% from ₹62.49 crore in the previous quarter. Net profit was ₹22.77 crore, down ₹2.66 crore or 10.5% from ₹25.43 crore in Q2 FY26 and down ₹25.96 crore or 53.3% from ₹48.73 crore in Q1 FY27. Basic EPS was ₹26.31, against ₹29.42 a year earlier and ₹56.32 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 321.65 | 313.40 | 315.15 | +2.1% | +2.6% |
| Other income | −0.06 | 28.07 | 2.64 | ||
| Total expenses | 292.59 | 278.98 | 281.28 | +4.0% | +4.9% |
| EBITDA | 35.14 | 40.29 | 40.90 | −14.1% | −12.8% |
| EBITDA margin | 10.9% | 12.9% | 13.0% | −2.1 pp | −2.0 pp |
| Profit before tax | 29 | 62.49 | 36.51 | −20.6% | −53.6% |
| Tax | 6.23 | 13.76 | 11.08 | −43.8% | −54.7% |
| Net profit | 22.77 | 48.73 | 25.43 | −10.5% | −53.3% |
| EPS (₹) | 26.31 | 56.32 | 29.42 | −10.6% | −53.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in VST Tillers Tractors' costs and profit?
Total expenses rose ₹11.31 crore or 4.0% to ₹292.59 crore in Q2 FY27 against ₹281.28 crore a year earlier, outpacing the 2.1% rise in revenue. Cost of materials consumed was higher by ₹3.33 crore or 1.7% at ₹202.46 crore, employee benefit expenses rose ₹3.11 crore or 11.2% to ₹30.84 crore, and other expenses increased ₹3.14 crore or 11.0% to ₹31.66 crore. Depreciation fell ₹0.86 crore or 13.3% to ₹5.60 crore and finance costs fell ₹0.09 crore or 15.8% to ₹0.48 crore.
Other income fell ₹2.70 crore to ₹0.06 crore from ₹2.64 crore in Q2 FY26. The company recognised a fair value loss on investments of ₹271 lakhs, against a loss of ₹227 lakhs in Q2 of FY 2025-26, and reported it as a separate line under total income. There was no exceptional item in the quarter. Employee share-based payments under employee benefit expenses were ₹88 lakhs, against ₹127 lakhs in Q2 of FY 2025-26.
Tax expense fell ₹4.85 crore or 43.8% to ₹6.23 crore from ₹11.08 crore in Q2 FY26, which limited the fall in net profit. The net profit margin was 7.1%, down 1.0 percentage point from 8.1%. Against Q1 FY27, tax expense was lower by ₹7.53 crore or 54.7% from ₹13.76 crore, while other income was lower by ₹28.13 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 202.46 | 199.13 | +3.33 | +1.7% |
| Employee cost | 30.84 | 27.73 | +3.11 | +11.2% |
| Finance costs | 0.48 | 0.57 | −0.09 | −15.8% |
| Depreciation | 5.60 | 6.46 | −0.86 | −13.3% |
| Other expenses | 31.66 | 28.52 | +3.14 | +11.0% |
| Total expenses | 292.59 | 281.28 | +11.31 | +4.0% |
| Other income | −0.06 | 2.64 | −2.70 | |
| Tax | 6.23 | 11.08 | −4.85 | −43.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, standalone revenue was ₹635.05 crore, up ₹37.45 crore or 6.3% from ₹597.60 crore in H1 FY26. Total income rose ₹36.93 crore or 5.9% to ₹663.06 crore from ₹626.13 crore. Profit before tax was ₹91.49 crore, down ₹1.62 crore or 1.7% from ₹93.11 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 635.05 | 597.60 | +6.3% |
| Profit before tax | 91.49 | 93.11 | −1.7% |
| Net profit | 71.50 | 69.99 | +2.2% |
| EPS (₹) | 82.63 | 80.98 | +2.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹1,478.33 crore as on 30 September 2026 against ₹1,347.45 crore as on 31 March 2026, and total equity rose to ₹1,148.77 crore from ₹1,097.34 crore. The company reported no borrowings at either date. Cash and cash equivalents fell to ₹16.28 crore from ₹46.68 crore. Inventories rose to ₹165.73 crore from ₹123.31 crore, trade receivables rose to ₹211.11 crore from ₹171.71 crore, and trade payables rose to ₹140.44 crore from ₹100.92 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,478 | 1,347 |
| Total equity | 1,149 | 1,097 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 16.28 | 46.68 |
| Inventories | 165.73 | 123.31 |
| Trade receivables | 211.11 | 171.71 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 24.30 | 62.49 |
| Cash from investing | −53.18 | −102.88 |
| Cash from financing | −1.52 | −18.71 |
| Capital expenditure | 21.49 | 14 |
Source: Company's results filing (XBRL).
How has VST Tillers Tractors done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis, though the sequential path was uneven. Revenue reached ₹328.46 crore in Q4 FY26 and was ₹321.65 crore in Q2 FY27, against a low of ₹219.10 crore in Q3 FY25. The company reported revenue of ₹313.40 crore in Q1 FY27 before a rise to ₹321.65 crore.
Net profit has been uneven, reaching a high of ₹48.73 crore in Q1 FY27 and a low of ₹1.70 crore in Q3 FY25, before falling to ₹22.77 crore in Q2 FY27. The EBITDA margin peaked at 14.3% in Q4 FY26, was 12.9% in Q1 FY27 and fell to 10.9% in Q2 FY27, against 13.0% in Q2 FY26.
What else did the company announce?
The company had earlier notified the exchanges on 23 October 2026 that the board would meet on 5 November 2026 to consider and approve the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. The company also filed an investor presentation on the results with the exchanges on 5 November 2026. No dividend, fund raise or appointment was disclosed in the filings reviewed.
What did VST Tillers Tractors' management say?
Management said Q2 FY27 revenue was ₹321.6 crore, up 2% year on year, while H1 FY27 revenue rose 6% to ₹635.0 crore. Management said power tiller volumes increased in both the quarter and the half year, and that power weeder growth was concentrated in the first half. Domestic and export tractor volumes declined, and power reaper volumes contracted sharply.
Management said operating EBITDA declined to ₹35.1 crore from ₹40.9 crore and net profit declined to ₹22.8 crore from ₹25.4 crore despite 2% revenue growth. Management identified volume declines in domestic and export tractors in both Q2 and H1, power reaper volumes down 20% in Q2 and 23% in H1, and power weeder volumes down 9% in Q2 even as the half year grew 22%. The investor presentation carried a safe harbour statement noting that forward-looking statements on future growth prospects involve risks and uncertainties that could cause actual results to differ materially. No guidance was given.
How did VST Tillers Tractors shares react?
The filing appeared during market hours. From the price when the results were filed, the stock fell 3.8% after 5 minutes, 2.4% after 15 minutes and 1.6% after 30 minutes. The prior close was ₹4,063.00 and the price when the filing appeared was ₹4,120.00. The industry median move for Agricultural Commercial & Construction Vehicles stocks over the same closes was 1.8%.
Earlier results days were mixed: the reaction-day move was 8.3% on 11 August 2025, -0.8% on 13 August 2026, -2.6% on 15 May 2026, 0.9% on 7 February 2026, -3.3% on 6 November 2025, 0.1% on 13 May 2025, -9.0% on 10 February 2025 and 1.5% on 4 November 2024.
| After the filing | Stock | Agricultural Commercial & Construction Vehicles median |
|---|---|---|
| 5 minutes | −3.8% | |
| 15 minutes | −2.4% | |
| 30 minutes | −1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | −0.8% |
| 15 May 2026 | −2.6% |
| 7 February 2026 | +0.9% |
| 6 November 2025 | −3.3% |
| 11 August 2025 | +8.3% |
| 13 May 2025 | +0.1% |
| 10 February 2025 | −9.0% |
| 4 November 2024 | +1.5% |
Source: MarketPing price-reaction measurement.
Quick answers
What was VST Tillers Tractors' revenue in Q2 FY27?
Revenue from operations was ₹321.65 crore, up 2.1% from ₹315.15 crore in Q2 FY26 (standalone).
Did VST Tillers Tractors make a profit in Q2 FY27?
Yes. Net profit was ₹22.77 crore, against a net profit of ₹25.43 crore in Q2 FY26.
What was VST Tillers Tractors' EPS in Q2 FY27?
Basic earnings per share were ₹26.31, against ₹29.42 in Q2 FY26.
When did VST Tillers Tractors announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Un-Audited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 23 October 2026) · PDF
- Unaudited Financial Results (BSE, 5 November 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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