• The document contains the transcript of VST Tillers Tractors Limited's Q1 FY26/27 Post Results Conference Call held on August 13, 2026, hosted by 360 One Capital Market Research and moderated by B&K Securities.
  • The conference call was scheduled after the Q1 FY27 results announcement and included management participants: Mr. V.T. Ravindra (Managing Director), Mr. Antony Cherukara (Chief Executive Officer), and Mr. Nitin Agrawal (Chief Financial Officer).
  • The purpose of the event was to discuss Q1 FY27 financial results, business performance, and provide strategic updates and outlook.
  • Financial Performance Highlights:
  • Revenue: INR 313.4 crores (11% growth YoY from INR 282.4 crores)
  • Operational EBITDA: INR 40.3 crores (12.85% margin, down 45 bps YoY)
  • PAT: INR 48.7 crores (up from INR 44.6 crores YoY)
  • Volume Performance Q1 FY27:
  • Power tiller: 18% growth YoY
  • Domestic tractor: 4.5% growth YoY
  • Tractor exports: 275 units
  • Power weeder: 56% growth YoY
  • Reaper: Seasonal product, volumes expected to pick up in Q2
  • Management Commentary and Outlook:
  • Monsoon outlook: Currently normal but next 15-20 days critical for crop survival and water table levels
  • Tractor business targeting 15,000-20,000 units by FY30 (including 5,000-6,000 in international markets)
  • Revenue vision: INR 3,000 crores by 2030
  • Planning to launch more than 30 tractor variants over next 3 years
  • Expanding dealership network: Targeting 50-60 new dealers this year, 2,000 retail counters for SFM business
  • Product Development Updates:
  • New product between tiller and tractor (innovation from VST R&D) to launch this month
  • Hydrostatic transmission tractors for export market
  • 75 HP tractors seeded in African market
  • Electric tillers and weeders in development for international markets
  • Geared tiller with differential for European market
  • Market Expansion:
  • European expansion: Moving into Turkey, Nordic markets with hydrostatic transmission
  • African market focus on higher horsepower tractors (50HP, 75HP)
  • US market expansion on hold due to tariff uncertainties and reduced emphasis on electric vehicles
  • Financing Partnerships:
  • Retail financing through Bajaj Finance, Chola, TVS, and nationalized banks
  • Current retail financing at 8-9% of business, targeting 15-20% this year
  • Emission Norms Preparedness:
  • Stage 5 for products <25 HP (October 2026): Fully prepared
  • TREM 3AA (April 2028): Fully capable
  • Complete tractor range to Stage 5 (2032): Work in progress
  • Cost implications: 25-30% increase expected for Stage 5 technology in 2032
  • Capital Allocation:
  • Exploring opportunities for strategic capital deployment in next 18-24 months
  • No current developments on non-core asset (19 acres land in Bangalore) monetization

Additional Notes Section

  • The document is a regulatory filing containing the complete transcript of the investor conference call under SEBI LODR Regulations.
  • The transcript includes detailed financial data for Q1 FY27, management commentary, and forward-looking statements.
  • A standard disclaimer regarding forward-looking statements is included at the end of the transcript.