VST Tillers Tractors Ltd(VSTTILLERS)

NSE: VSTTILLERSBSE: 531266

₹ 3,903.3-2.33%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,377 crNext results: 5 Nov 2026Website: www.vsttractors.comUpdated: 24 Oct 2026

About

VST Tillers Tractors Ltd is India's largest manufacturer of power tillers, with over five decades of presence, and also makes tractors (17 - 50 HP) and small farm machines including power weeders, reapers and brush cutters. The company operates three plants in South India and exports to over 40 countries. In FY26 it recorded revenue of INR 1,240 crore, an all-time high, driven by record power tiller volumes of 50,332 units.^[1][2][3]

Products and brands

Small Farm Machines (SFM) portfolio: power tillers, power weeders, brush cutters and multi-crop reapers ranging from 2 HP to 16 HP.^[1]
Tractor portfolio spans 17 HP to 50 HP across six series: Classic, Series 9, FENTM, Viraaj, Power and VST Zetor.^[1]
Precision Components Division makes crankshafts, camshafts, connecting rods, cylinder blocks/heads and locomotive parts for tractors, railways, defence, electric mobility, aerospace and marine applications.^[1]
Distribution product portfolio covers over 5,000 genuine spare parts, lubricants, diesel engines, electric water pumps and allied agricultural solutions.^[1]

Manufacturing operations

Three manufacturing plants located at Hosur (Tamil Nadu), Mysuru (Karnataka) and Malur (Karnataka). All plants hold IMS certification covering ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018.^[1]
Malur SFM factory was running near full installed capacity of ~70,000 units (extendable to 1 lakh with a third shift) as of Q3 FY26; management is evaluating a new factory in North or West India.^[4]

Key operating volumes

Power tiller volumes: 50,332 units in FY26 (+34.9% YoY), an all-time high; 13,801 units in Q1 FY27 (+17.9% YoY).^[2][5]
Power weeder volumes: 11,346 units in FY26 (+52.1% YoY); 3,680 units in Q1 FY27 (+56.7% YoY). VST is the only domestic manufacturer of power weeders.^[2][5]
Domestic tractor volumes: 4,596 units in FY26 (+18.6% YoY); 985 units in Q1 FY27 (+4.5% YoY), with production ramp-up of new VZ variants constraining supply.^[2][5]
Tractor export volumes: 275 units in Q1 FY27 (-11.9% YoY), with ongoing logistics disruptions cited as a key drag; exports constituted 7% of total FY26 turnover.^[5][1]
Power tiller sales in September 2026: 4,520 units vs 3,002 in September 2025; tractor sales 430 units vs 478; power weeder sales 1,004 units vs 1,001.^[6]
Operational EBITDA margin: 13.4% in FY26 (+220 bps YoY); 12.85% in Q1 FY27 (-45 bps YoY), with raw material cost inflation across steel, forging, casting, aluminium, copper and natural rubber cited as the driver.^[2][5]

Customers and distribution

VST primarily serves small and marginal farmers; present in 28 states domestically and 40 countries internationally.^[1]
Distribution network as of FY26: 1,429 dealer networks, 8,545 retailers, 165 distributors and more than 23 sales offices.^[1]
Retail financing share of SFM volumes stood at 8 - 9% in Q1 FY27, up from near zero two years prior; FY26 full-year share was ~10%.^[5][2]
Export geography as of FY26: Europe ~90%, Africa ~5%, rest of world ~5%; US was zero in FY26.^[4]

VST Zetor joint venture

VST Zetor Private Limited is a 51:49 joint venture between VST and HTC Investments, established with share capital of ₹19 crore, targeting the higher-HP tractor segment.^[1]
VST Zetor volumes were growing month-on-month in FY26; company is targeting 1,000 units in FY27 and 5,000 - 6,000 units by FY30.^[2]

Expansion and capex

European logistics and operations infrastructure (Netherlands hub) is expected to become operational in Q3 FY27, delayed from an earlier June - July 2026 target; the hub is intended to restore distributor capital rotation speed.^[5][2]
Global tech centre investment of over INR 100 crore planned, with construction to commence soon and operations targeted by 2027; annual R&D spend maintained at INR 50 - 60 crore.^[2]
A new production facility is expected to be invested in within the next two years to support growth across five business verticals.^[5]
More than 30 tractor variants to be launched over the next three years across domestic and international markets, on three global platforms (Platform A, B, C) within 12 - 36 months.^[5]
Tractor dealer network targeted to add 50 - 60 dealers in FY27, focused on North India.^[5]
Company aspires to reach INR 3,000 crore revenue by FY30, implying approximately 25% CAGR from FY26.^[2]

Recent developments

FENTM tractor series launched in Gujarat in Q3 FY26, expanded to Maharashtra in Q2 FY27; rollout to all remaining states ongoing as of Q2 FY27.^[5][4]
A new product positioned between a tiller and tractor (internally referenced as SCORE) began rolling out of the factory from August 2026, with substantial volumes targeted in Q3 and Q4 FY27.^[5]
SoEL - Source Electric initiative is developing electric drivetrain platforms for tractors, tillers and weeders; prototype EV power tiller is expected by March 2027.^[1]
An MoU was signed with Tamil Nadu Agricultural University (TNAU) to promote small farm mechanisation training village-by-village through Krishi Vigyan Kendras across Tamil Nadu.^[1][7]
An inorganic acquisition in adjacencies was guided to close within six months of the Q4 FY26 call (i.e., by approximately November 2026).^[2]

Market Cap

₹3,377 Cr

High / Low

₹6,371 / 3,844

Stock P/E

31.0

Price / Book

3.1

Book Value

₹1,266

EPS

₹121.2

No. of Shares

0.86 Cr

ROCE

13.3%

ROE

10.0%

OPM

11.6%

Debt / Equity

0.00

Sales

₹1,240 Cr

Net Profit

₹105 Cr

Promoter holding

55.5%

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