VST Tillers Tractors Ltd

Q2 FY26Agricultural, Commercial & Construction Vehicles

VST Tillers Tractors Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue and margins.

Price₹4,264

Market cap₹3.7K Cr

P/E33.5

Updated16 Oct 2026

Read3 min read

The short version

Total revenue growth in H1 FY'25-'26 was 26%, reaching Rs. The company expects continued growth in revenues and profitability driven by strong performance in H1 and positive outlook for H2. - Operational EBITDA improved from 10.8% to 13.2% in H1, indicating better operating efficiency. - PAT excluding MTM adjustments shows improvement from Rs.

From VST Tillers Tractors Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Total revenue growth in H1 FY'25-'26 was 26%, reaching Rs. 598 crores, highest ever for the period.
Power tillers grew 43% in H1, with continued strong demand expected.
Domestic tractor sales rose 10% in H1, reversing a prior decline; expected to cross 7,000 units this year and 10,000+ units in the medium term (next 1-2 years).
New tractor launches (30-50 HP segment) with fuel-efficient engines are expected to drive 15-25% growth in tractors.
Power weeder sales grew 42% in H1, expected to continue growing due to market consolidation and increased financing.
Power reaper sales doubled in volume YoY, but seasonal demand peaks around Nov.
Export volumes currently challenged due to logistics; setting up European operations anticipated in 6-9 months to improve volume.

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Profitability & Margins

The company expects continued growth in revenues and profitability driven by strong performance in H1 and positive outlook for H2.
Operational EBITDA improved from 10.8% to 13.2% in H1, indicating better operating efficiency.
PAT excluding MTM adjustments shows improvement from Rs. 28.2 crores last year to Rs. 48.5 crores in H1 FY26.
Tractor segment is recovering with a 10% domestic growth and expected to reach 10,000-12,000 units over the next two years, enhancing earnings.
Power tillers and power weeders are growing rapidly, supporting earnings growth.
Export challenges are being addressed by setting up European operations to improve capital rotation and volumes.
New product launches in H2 expected to improve gross margins and profitability.

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VST Tillers Tractors Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹328 Cr, net profit ₹5 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What VST Tillers Tractors Ltd's management said in earlier quarters

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Frequently Asked Questions

What were VST Tillers Tractors Ltd Q2 FY26 results?

What is VST Tillers Tractors Ltd share price analysis?

VST Tillers Tractors Ltd currently shows a neutral. The stock trades at a P/E of 33.5 with a market cap of ₹3,690 Cr. Investors should review the full earnings analysis for detailed insights.

Is VST Tillers Tractors Ltd planning capital expenditure?

No specific details on current or planned capex were provided in the transcript. - Company indicated exploring inorganic growth opportunities with a couple of agencies but nothing concrete at the moment (Page 14). - Discussion on investments mentions a significant increase from Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.