StockWatch
·

V.S.T.TILLERS TRACTORS LTD.-$

BSE: 531266

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
341.47
+14.9%+10.7%
Expenditure
278.98
-3.2%+10.8%
Net Profit
48.73
+821.2%+9.4%
OPM %
12.86%
-1.39pp-0.42pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.0095.61191.22286.83382.45Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

SFM Strength Masks the Tractor Reckoning—and the Market Knows It

small-farm-mechanization · tractor-underperformance · margin-compression

Result verdictFollow-upQ1 FY2719 Aug 20266 minAutomobile

SFM momentum masks tractor lag, monsoon watch delays FY27 guide

power-weeder-56pct · domestic-tractor-weakness · monsoon-dependent

TranscriptDeep diveQ1 FY2719 Aug 20266 minAutomobile

VST Tillers Q1 FY27: Consolidated PAT +9.5% YoY to ₹48.4 Cr, core margin slips to 12.9%

agri machinery · power tillers · tractors

ResultsQ1 FY2713 Aug 20263 minAutomobile
Latest
Board Meeting13 Aug, 3:12 pm

VST Tillers Q1 FY27: Consolidated PAT +9.5% YoY to ₹48.4 Cr, core margin slips to 12.9%

VST Tillers Tractors posted consolidated revenue of ₹313.40 Cr, up 11.0% YoY (₹282.45 Cr) but down 4.6% QoQ from ₹328.46 Cr. Consolidated PAT came in at ₹48.43 Cr, up 9.5% YoY (₹44.22 Cr) — trailing revenue growth, which points to operating-margin compression rather than a clean beat. Standalone PAT of ₹48.73 Cr (EPS ₹56.32) is within 1% of the consolidated figure (EPS ₹55.97), so basis doesn't change the story. Sequentially PAT looks like it jumped over 8x from Q4 FY26's ₹5.09 Cr, but that comparison is not meaningful — Q4 was a seasonal trough dragged further by a one-off swing described below. Core operating margin (OPM) came in at 12.86% of revenue, down from 13.28% a year ago and well below Q4 FY26's 14.19% — a genuine ~42bps YoY compression on the operating line. Net margin, however, held up much better at 14.18% of total income versus 14.34% a year ago, because this quarter carried a ₹26.15 Cr fair-value gain on investments (versus ₹23.79 Cr a year ago and, critically, a ₹33.75 Cr fair-value LOSS in Q4 FY26). That non-operating swing explains most of the eye-catching sequential PAT jump and most of the gap between Q4's near-zero margin and this quarter's double-digit margin — it is not a repeatable operating improvement. Adjusting both quarters for the fair-value line, YoY core PBT growth is ~11%, close to the ~10.5% reported PBT growth, so the YoY comparison itself is relatively clean; the compression shows up specifically in OPM, not in the FV-assisted PAT line. Management's own FY27 framing from the Q4 FY26 call flagged a deliberate slowdown from FY26's 25% revenue growth pace to a "cautiously optimistic," quarter-by-quarter approach given inflation and monsoon uncertainty, while targeting EBITDA margins of 12-14%. This quarter's 11.0% YoY revenue growth and 12.86% OPM sit squarely inside that guided range, at the lower end of the margin band — a met-guidance quarter rather than a beat. No formal analyst consensus or brokerage preview for this specific print turned up in search, so street comparison is marked unknown rather than guessed. Company data this quarter also shows a mixed volume signal — July 2026 monthly sales showed power tillers down and tractors up — consistent with a business still finding its FY27 mix, and the board used today's meeting to approve Brahmayya & Co as new statutory auditors (replacing K.S. Rao & Co) for a five-year term from the 58th AGM, a governance item unconnected to the results. No separate management press release accompanied this filing. Going into Q2 FY27, the two things to watch are whether OPM holds inside the 12-14% band as the fair-value tailwind normalizes, and whether the power-tiller/tractor mix shift flagged in July stabilizes ahead of the monsoon-driven demand season.

13 Aug 2026, 03:12 pm

Corporate Events

Board MeetingVSTTILLERS
2026
23Sep

Board Meeting

The 58th Annual General Meeting (AGM) shall be held on Wedne…

BSE Filing
DividendVSTTILLERS
2026
16Sep

₹25 / share

BSE Filing
Board MeetingVSTTILLERS
2026
13Aug

Board Meeting

The Board of Directors meeting is scheduled to be held on Au…

BSE Filing
Board MeetingVSTTILLERS
2025
6Nov

Board Meeting

Consider and approve the Un-audited Financial Results (Stand…

BSE Filing
DividendVSTTILLERS
2025
3Sep

₹20 / share

BSE Filing
Board MeetingVSTTILLERS
2025
11Aug

Board Meeting

Consider and approve the Un-audited Financial Results for th…

BSE Filing
Board MeetingVSTTILLERS
2024
4Nov

Board Meeting

Un-audited Financial Results (Standalone & Consolidated) for…

BSE Filing
DividendVSTTILLERS
2024
12Sep

₹20 / share

BSE Filing
Board MeetingVSTTILLERS
2024
9May

Board Meeting

Consideration and approval of audited financial results (Sta…

BSE Filing
Board MeetingVSTTILLERS
2024
1Feb

Board Meeting

consider and approve the Un-Audited Standalone and Consolida…

BSE Filing
Board MeetingVSTTILLERS
2023
7Nov

Board Meeting

consider and approve Un-Audited Financial Results

BSE Filing
DividendVSTTILLERS
2023
1Sep

₹25 / share

BSE Filing