VSTTILLERS
V.S.T Tillers Tractors share price & financials
- Price
- ₹4,566.6
- Market cap
- ₹3.8k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
V.S.T Tillers Tractors Limited Q1 FY27
What went well
- Revenue of ₹313.4 crores, up 11% YoY from ₹282.4 crores in Q1 FY26.
- Power weeder volumes recorded an impressive growth of 56%.
- Power tiller business grew by roughly 18% in volume.
What to watch
- Operational EBITDA margin compressed by 45 basis points to 12.85% from 13.3% in Q1 FY26, primarily due to raw material cost inflation.
- Tractor exports were low at 275 units in the current quarter.
What V.S.T Tillers Tractors Limited does
V.S.T Tillers Tractors Ltd manufactures small farm mechanisation equipment (power tillers, power weeders, brush cutters, multi-crop reapers, 2HP-16HP) and 4WD compact tractors (17HP-50HP) sold under the VST and export-focused VST FIELDTRAC brands, targeting small and marginal Indian farmers as well as export markets across Europe, Africa, Asia and Latin America. It also runs a Precision Components division making engine and driveline parts (crankshafts, camshafts, connecting rods, cylinder blocks/heads, locomotive parts, rotary tillers) supplied to automotive, locomotive, defence and aerospace customers including in the USA, UK and Germany, and a VST Distribution business selling spare parts, lubricants, electric pumps and engines through a rural dealer/retailer network. VST began as a 1967 joint venture with Mitsubishi Heavy Industries, Japan and introduced India's first 4WD compact tractor in 1982; it has since entered a JV with Zetor (Czech Republic) to bring premium higher-HP tractors to India and is developing an electric-vehicle product line (VST Source Electric) through a new Global Technology Centre.
Segments
- Small Farm Machines
- Tractors
- International Business
- Precision Components
- VST Distribution
- Domestic power tiller market share
- Over 70% (market leader)
- Manufacturing plants
- 3 (Hosur, Mysuru, Malur)
- Countries with presence
- 40+
- Total dealer network
- 1,416
- Sales offices in India
- 23
- Stock yards across India
- 15
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 3 delivered 3 missed 12 open- Receivables Days went quiet said Q4 FY25 Promised: Bring receivables down to 50-60 days Q1 FY27: No update provided.
- European Operations Base Setup delayed said Q1 FY26 Promised: Set up base in Europe towards the end of this year (FY26) Q1 FY27: Timeline further delayed. Management now states the logistics infrastructure will become operational in Q3 FY27.
- FY26 Operational EBITDA Margin delivered said Q4 FY25 Promised: 11-13% for FY26 Q4 FY26: Implied achieved as margins were consistently within or at the top end of the range through 9M FY26.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.0%, net profit up 8.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 283 | 219 | 301 | 282 | 315 +11% | 314 +43% | 328 +9% | 313 +11% |
| EBITDA | 38 | 20 | 40 | 38 | 41 +8% | 41 +105% | 47 +18% | 40 +5% |
| Net profit | 45 | 2 | 25 | 45 | 25 −44% | 31 +1450% | 5 −80% | 49 +9% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −24.3% 1Y
1Y: ₹5,341 on 10 Sept 2025 → ₹4,042.9. High ₹6,262.5 (31 Dec 2025), low ₹4,042.9 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.6%
- 13 Aug
- Q4 FY26
- +0.6%
- 25 May
- Q3 FY26
- +1.4%
- 9 Feb
- Q2 FY26
- −3.8%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 7.2% a year over 3 years, FY23 to FY26. Operating margin widened to 13.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹968 Cr | ₹994 Cr | ₹1.2k Cr |
| Operating profit | ₹127 Cr | ₹125 Cr | ₹111 Cr | ₹167 Cr |
| Operating margin | 12.6% | 12.9% | 11.2% | 13.5% |
| Interest | ₹0 Cr | ₹3 Cr | ₹2 Cr | ₹2 Cr |
| Depreciation | ₹27 Cr | ₹28 Cr | ₹24 Cr | ₹24 Cr |
| Net profit | ₹92 Cr | ₹121 Cr | ₹95 Cr | ₹106 Cr |
| Net margin | 9.2% | 12.5% | 9.6% | 8.6% |
| Cash from operations | ₹36 Cr | ₹49 Cr | ₹77 Cr | ₹132 Cr |
| Free cash flow | ₹12 Cr | ₹41 Cr | ₹56 Cr | ₹105 Cr |
| ROCE | 16.0% | 18.0% | 13.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹659 Cr | ₹741 Cr | ₹816 Cr | ₹915 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Other liabilities | ₹218 Cr | ₹217 Cr | ₹264 Cr | ₹242 Cr | ₹284 Cr | ₹248 Cr |
| Total liabilities | ₹885 Cr | ₹966 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Fixed assets | ₹248 Cr | ₹266 Cr | ₹261 Cr | ₹250 Cr | ₹234 Cr | ₹232 Cr |
| Capital work in progress | ₹25 Cr | ₹12 Cr | ₹14 Cr | ₹5 Cr | ₹18 Cr | ₹18 Cr |
| Investments | ₹312 Cr | ₹414 Cr | ₹430 Cr | ₹484 Cr | ₹638 Cr | ₹634 Cr |
| Other assets | ₹300 Cr | ₹275 Cr | ₹385 Cr | ₹428 Cr | ₹455 Cr | ₹464 Cr |
| Total assets | ₹885 Cr | ₹966 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +2.02 pp while DIIs trimmed −1.75 pp. The shareholder count grew 20% to 24,293.
- Promoters
- 55.5%
- FIIs
- 1.2%
- DIIs
- 20.0%
- Public
- 23.3%
Since Jun 2025
- Public +2.02 pp
- DIIs −1.75 pp
- FIIs −0.19 pp
How it drifted, 12 quarters
Over this window DIIs went from 17.2% to 20.0% — +2.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.6%, FIIs 2.1%, DIIs 17.2%, Public 25.1%.Dec '23: Promoters 55.6%, FIIs 2.0%, DIIs 16.6%, Public 25.8%.Mar '24: Promoters 55.6%, FIIs 1.9%, DIIs 16.9%, Public 25.6%.Jun '24: Promoters 55.6%, FIIs 2.8%, DIIs 18.0%, Public 23.6%.Sep '24: Promoters 55.6%, FIIs 2.9%, DIIs 19.1%, Public 22.4%.Dec '24: Promoters 55.6%, FIIs 2.7%, DIIs 20.5%, Public 21.2%.Mar '25: Promoters 55.6%, FIIs 2.5%, DIIs 20.7%, Public 21.2%.Jun '25: Promoters 55.6%, FIIs 1.4%, DIIs 21.7%, Public 21.3%.Sep '25: Promoters 55.6%, FIIs 1.8%, DIIs 21.4%, Public 21.2%.Dec '25: Promoters 55.6%, FIIs 1.6%, DIIs 20.6%, Public 22.2%.Mar '26: Promoters 55.6%, FIIs 1.8%, DIIs 19.6%, Public 22.9%.Jun '26: Promoters 55.5%, FIIs 1.2%, DIIs 20.0%, Public 23.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- V V Vijayendra +12.13 pp 19.37% held
- V P Tiruvengadaswamy +7.56 pp 10.39% held
- Ikigai Emerging Equity Fund AIF +0.18 pp 3.59% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of V.S.T Tillers Tractors Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| V V Vijayendra | 19.37% | +12.13 pp |
| V P Tiruvengadaswamy | 10.39% | +7.56 pp |
| Kotak Aggressive Hybrid Fund Mutual fund | 9.48% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund | 5.80% | unchanged |
| V S T Motors Private Limited | 4.49% | unchanged |
| Ikigai Emerging Equity Fund AIF | 3.59% | +0.18 pp |
| Mitsubishi Heavy Industries Engine And Turbocharger Ltd | 2.93% | unchanged |
| V K Surendra | 2.66% | −19.72 pp |
| V V Pravindra | 2.59% | unchanged |
| Arun Vellore Surendra | 2.49% | unchanged |
| Padmanaban Motors Llp | 1.58% | unchanged |
| K S And Sons Llp | 0.99% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in VSTTILLERS
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹219 Cr
- 1 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹219 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹219 Cr | held | Jan '20 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +101%
- vs est. average cost
- Held by funds
- ₹219 Cr
- 1 schemes · ≈ 6.0% of the company
Shares held by these funds −17%
Aug '23 5.02 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹4043, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹1454 — downside of 64%.
- Growth the price implies
- 24.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.8% a year
- net profit, FY23–FY26 · EPS 4.7%
- The gap
- 0.2 pp
- -64% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse V.S.T Tillers Tractors Limited
Guides on how to read this kind of business and the numbers that matter.