VST Tillers Tractors Q1 FY27: Volume-led growth, margins tested by costs

Revenue in Q1 FY27 was INR 313.4 crores, compared with INR 282.4 crores in Q1 FY26.

Operational EBITDA margin (excluding other income and fair value gains or losses) was 12.85% or INR 40.3 crores versus 13.3% or INR 37.5 crores last year. PAT was INR 48.7 crores versus INR 44.6 crores.

Power tiller volumes rose 17.9% year on year to 13,801 units and power weeder volumes rose 56.7% to 3,680 units.

Management attributed the margin decline mainly to raw material cost increases, alongside a broader inflationary trend in key commodities.

Management said Q1 tractor volumes were constrained by production ramp-up and expects Q2 growth and substantial volume increases in Q3 and Q4, while noting the 40 to 50 HP segment is highly competitive.

Management stated a vision of achieving INR 3,000 crores revenue by 2030.

Management said Stage 5 emission norms for products below 25 HP will apply from October 2026 and stated the company is fully prepared, with further preparedness for TREM 3AA from April 2028.