V.S.T. Tillers Tractors Limited Q2 profit falls to Rs 22.41 crore

V.S.T. Tillers Tractors Limited reported consolidated profit after tax of Rs 22.41 crore for the quarter ended September 30, 2026, down from Rs 45.43 crore in the preceding quarter, while revenue from operations rose to Rs 321.65 crore from Rs 313.40 crore. Profit was also below Rs 25.92 crore a year earlier.

How did V.S.T. Tillers Tractors’ September-quarter profit compare with earlier periods?

V.S.T. Tillers Tractors’ consolidated profit after tax fell by Rs 23.02 crore, or 50.7%, from the June 2026 quarter and by Rs 3.51 crore, or 13.5%, from the September 2025 quarter. The company disclosed the September 2026 quarterly and half-year consolidated results as unaudited on November 5, 2026.

V.S.T. Tillers Tractors’ profit before tax was Rs 28.64 crore in the September 2026 quarter, compared with Rs 62.19 crore in June 2026 and Rs 36.06 crore a year earlier. Earnings per share, or EPS, declined to Rs 25.90 from Rs 52.50 sequentially and Rs 28.78 in the corresponding quarter of 2025.

Did V.S.T. Tillers Tractors’ revenue grow in the September 2026 quarter?

Yes, V.S.T. Tillers Tractors’ revenue from operations increased by Rs 8.25 crore, or 2.6%, sequentially to Rs 321.65 crore in the quarter ended September 30, 2026. Revenue was also Rs 6.50 crore, or 2.1%, above the Rs 315.15 crore reported in the quarter ended September 30, 2025.

The filing therefore records revenue growth alongside a decline in both profit before tax and profit after tax. V.S.T. Tillers Tractors reported profit before exceptional items and tax of Rs 28.64 crore for the September 2026 quarter, and the statement shows no exceptional item for the period.

V.S.T. Tillers Tractors did not provide a management explanation in the results statement for the difference between the 2.6% sequential revenue increase and the 50.7% fall in profit after tax. The reported data establishes the change in profitability, but this filing does not identify an operating cause for it.

What do V.S.T. Tillers Tractors’ first-half results show?

V.S.T. Tillers Tractors reported revenue from operations of Rs 635.05 crore for the half year ended September 30, 2026, up Rs 37.45 crore, or 6.3%, from Rs 597.60 crore in the corresponding 2025 period. Consolidated profit after tax rose by Rs 1.64 crore to Rs 70.84 crore from Rs 69.20 crore.

Profit before tax moved in the opposite direction, falling to Rs 90.83 crore for the first half of 2026-27 from Rs 92.33 crore in the corresponding prior-year period. The first-quarter profit after tax of Rs 45.43 crore meant that the Rs 22.41 crore September-quarter figure did not prevent a higher first-half profit after tax.

V.S.T. Tillers Tractors consolidated the unaudited results of VST Zetor Private Limited, a joint venture with HTC Investments a.s. The share of loss from that joint venture was Rs 66.44 lakh for the half year ended September 30, 2026, compared with a Rs 78.80 lakh loss in the comparable 2025 period.

The company’s notes state that net gain or loss on fair-value changes of investments is presented as a separate line item under total income. The results were prepared using Indian Accounting Standard 34, or Ind AS 34, which covers interim financial reporting, and were subject to a limited review by the statutory auditors.

How did V.S.T. Tillers Tractors’ cash flow change in the first half?

V.S.T. Tillers Tractors generated net operating cash flow of Rs 24.30 crore in the half year ended September 30, 2026, compared with Rs 62.49 crore in the corresponding 2025 half year. Cash and cash equivalents stood at Rs 16.28 crore at September 30, 2026, against Rs 46.68 crore at the beginning of the financial year and Rs 12.07 crore a year earlier.

Investing activities used Rs 53.18 crore during the six months to September 2026, less than the Rs 102.88 crore used in the previous corresponding period. Financing activities used Rs 1.52 crore, compared with Rs 18.71 crore a year earlier, resulting in a net cash-and-cash-equivalents decrease of Rs 30.40 crore against a Rs 59.10 crore decrease in the prior-year period.

Working-capital movements included Rs 42.41 crore of cash absorbed by inventories, compared with Rs 35.16 crore in the first half of 2025. Trade payables, other liabilities and provisions provided Rs 54.48 crore of cash, compared with Rs 19.52 crore a year earlier, while direct taxes paid net of refunds rose to Rs 23.64 crore from Rs 15.92 crore.

At September 30, 2026, V.S.T. Tillers Tractors held Rs 16.27 crore of cash and cash equivalents in current accounts and Rs 1 lakh in bank fixed deposits. The company also reported Rs 299.33 lakh of lease liabilities at the end of the half year, compared with Rs 190.99 lakh at April 1, 2026.

Conclusion

V.S.T. Tillers Tractors’ September 2026 results combined modest quarterly revenue growth with a materially lower profit after tax. Revenue reached Rs 321.65 crore, but profit after tax fell to Rs 22.41 crore from Rs 45.43 crore in the June quarter; for the first half, revenue increased to Rs 635.05 crore and profit after tax edged up to Rs 70.84 crore.

The next results disclosure will be important for whether the September-quarter profit level persists and whether operating cash flow improves from Rs 24.30 crore in the first half. The current filing leaves the cause of the quarterly profit decline unresolved, while the consolidated figures will continue to include VST Zetor Private Limited’s joint-venture results.