V.S.T Tillers Tractors LimitedAutomobilesVSTTILLERS
Q1 FY27 concall · earnings callV.S.T Tillers Tractors Limited
The company reported volume growth in power tillers and weeders while navigating cost inflation, and sees near-term performance hinging on monsoon outcomes for crops and water levels.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹313.4 Cr | 11% | |
| Operational EBITDA | 12.85% | -45 bps | |
| PAT | ₹48.7 Cr | — | |
| Power Tiller Volume Growth | 18% | — | |
| Domestic Tractor Volume Growth | 4.5% | — | |
| Power Weeder Volume Growth | 56% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹219.10 Cr+28.9% YoY-22.7% QoQ | ₹1.28 Cr-92.4% YoY-97.1% QoQ | ₹1.48-92.4% YoY-97.1% QoQ |
| Q2 FY25 | ₹283.43 Cr— YoY+48.7% QoQ | ₹44.80 Cr— YoY+99.4% QoQ | ₹51.85— YoY+99.4% QoQ |
| Q1 FY25 | ₹190.59 Cr— YoY-30.3% QoQ | ₹22.47 Cr— YoY-35.3% QoQ | ₹26.00— YoY-35.4% QoQ |
| Q4 FY24 | ₹273.44 Cr— YoY+60.9% QoQ | ₹34.75 Cr— YoY+106% QoQ | ₹40.22— YoY+105.9% QoQ |
| Q3 FY24 | ₹169.96 Cr— YoY— QoQ | ₹16.87 Cr— YoY— QoQ | ₹19.53— YoY— QoQ |
TL;DR
- Q1 revenue grew 11% to INR313.4 crores.
- Power tiller volumes grew 18%, domestic tractors grew 4.5%, and power weeder volumes grew 56%.
- Operational EBITDA margin declined 45 basis points to 12.85% due to raw material cost inflation.
- Monsoon distribution and the next 20 days are critical for crop survival and the outlook for H2.
- Management reiterated a long-term goal of reaching close to 20,000 tractor units by FY30.
Said on the call
“The price of the product will be very close to the tiller, but the work of the product will be very close to the tractor.”
From the Q&A
| Topic | What management said |
|---|---|
| Tractor sales outlook and competition | Management acknowledged tractor numbers look small due to production ramp-up delays but expects growth in Q2 and substantial volume increase in Q3/Q4; plans to launch over 30 variants in the next 3 years. |
| Export market strategy | Focus is on solving logistics issues for distributors, with new infrastructure expected in Q3; sees Europe and Africa as key growth markets, while U.S. expansion is on hold due to tariff uncertainty. |
| Financing partnerships for tillers | Retail financing through Bajaj Finance has doubled year-on-year to about 1,000 units in Q1; aim is to grow retail financing to 15-20% of sales this year. |
| July volume decline | Attributed the year-on-year decline to a high base in July last year; stated demand for tillers and weeders remains strong with expected growth continuing. |
| New product between tiller and tractor | A new innovative product priced close to a tiller but with work capability close to a tractor will start rolling out from this month, with substantial volume expected in Q3 and Q4. |
| Capital allocation and non-core assets | Policy is to maximize shareholder value; exploring opportunities to deploy capital over the next 18-24 months. No development on sale of non-core assets (approx. 19 acres of land). |
| Emission norms impact | Company is prepared for upcoming norms; major cost implication of 25-30% is expected only when all tractors move to Stage 5 in 2032. |
Guidance
- Near-term outlook till September looks positive, but H2 depends on monsoon for crop survival and rabi sowing water levels.
- Aims to grow tractor volumes to upwards of 15,000, close to 20,000 numbers by FY30.
- Targeting retail financing for tillers to reach 15-20% of sales this year.
- Vision to achieve INR3,000 crores revenue by 2030.
- Planning to expand retail counters for SFM to about 2,000 by year-end and add 50-60 tractor dealers this year.
Source
Summary written from the transcript filed by V.S.T Tillers Tractors Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:22 IST.
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