S Mahalakshmi, a promoter of vst tillers tractors , acquired 2,30,424 equity shares in the company through an off-market transaction on August 4, 2026. The acquisition represents a 2.66% increase in her shareholding relative to the total voting capital and was executed via transmission following the demise of Mr. V K Surendra. This internal restructuring within the promoter group does not alter the company’s total equity share capital, which remains at 8,65,27,540 shares.

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing details the movement in shareholding for S Mahalakshmi, who is listed as part of the Promoter/Promoter group. The shares were transferred off-market between promoters, specifically categorized as a transmission due to death. The transaction date recorded is August 4, 2026, which serves as both the date of acquisition and the date of the signed disclosure.

Shareholding Structure Changes

Prior to this transaction, S Mahalakshmi held 35,375 shares carrying voting rights, constituting 0.41% of the total share capital. There were no encumbrances, voting rights otherwise than by shares, or warrants/convertible securities reported in her pre-acquisition holding. Following the acquisition of 2,30,424 additional shares, her total holding stands at 2,65,799 shares, representing 3.07% of the total voting capital. The total diluted share/voting capital of the target company remains at 8,65,27,540, indicating no outstanding convertible securities or warrants affecting the diluted count.

Transaction Details

The mode of acquisition is explicitly stated as an off-market inter-se transfer between promoters. The specific reason cited for the transfer is transmission due to the demise of Mr. V K Surendra. This type of transfer is common in family-owned or closely-held businesses where shares are passed to heirs or designated beneficiaries upon the death of a shareholder. The transaction does not involve any open market purchase, public issue, rights issue, or preferential allotment.

The total equity share capital of V.S.T. Tillers Tractors Ltd before and after the acquisition remains constant at 8,65,27,540 shares. Similarly, the total diluted share/voting capital is reported as 8,65,27,540, confirming that there are no pending conversions of securities that would alter the denominator for percentage calculations. The disclosure was signed by S Mahalakshmi on August 4, 2026, fulfilling the regulatory requirement for timely notification to the stock exchanges where the company is listed: BSE Ltd. and National Stock Exchange of India Ltd.

VST Tillers Tractors Ltd reported a standalone net profit of ₹1.70 crore for the quarter ended December 31, 2024 (Q3FY25), marking a steep 90% decline from ₹16.95 crore in the same quarter of FY24. The contraction was driven by a reversal in investment gains, with the company recording a net loss of ₹11.04 crore on fair value changes of investments during the quarter, compared to a gain of ₹15.42 crore in Q3FY24. Despite the profit drop, revenue from operations expanded 29% year-on-year to ₹219.10 crore, supported by higher material consumption and inventory adjustments.

The Board of Directors, chaired by Managing Director V.T. Ravindra, approved the financial results at a meeting held on February 10, 2025. The results were prepared in accordance with Ind AS-34 and reviewed by the Statutory Auditors, K.S. Rao & Co., who issued a limited review report under Standard on Review Engagements (SRE) 2410. The company also addressed queries from the National Stock Exchange regarding formatting discrepancies between PDF and XBRL filings, attributing minor differences in 'other expenses' to rounding-off procedures.

Financial Performance Highlights

For the nine months ended December 31, 2024, standalone net profit stood at ₹69.49 crore, down 19% from ₹86.39 crore in the corresponding period of FY24. Revenue for the nine-month period remained flat at ₹693.12 crore, slightly below the ₹694.61 crore recorded in nine months of FY24. The cumulative fair value gain on investments was ₹28.54 crore, a significant reduction from the ₹41.15 crore gain recorded in the prior year's nine-month period.

Consolidated Results and Joint Venture Impact

Consolidated net profit for Q3FY25 declined 92% to ₹1.28 crore, reflecting both the parent company’s performance and a share of loss from its joint venture, VST Zetor Private Limited. The joint venture, a partnership with HTC Investments a.s., contributed a net loss of ₹24.47 lakh for the quarter and ₹93.92 lakh for the nine months ended December 31, 2024. Consolidated revenue matched standalone figures at ₹219.10 crore for the quarter, as the company operates within a single business segment focused on agriculture machinery manufacturing and trading.

What the Numbers Show

The divergence between robust top-line growth and collapsing bottom-line profitability highlights the volatility introduced by investment valuation changes. While operational revenue grew nearly 30%, total expenses rose by 23%, indicating some cost pressure despite efficiency gains in inventory management (change in inventories contributed a negative expense of ₹18.13 crore). The shift from a ₹15.42 crore investment gain in Q3FY24 to an ₹11.04 crore loss in Q3FY25 underscores that current earnings are heavily influenced by market-linked asset valuations rather than core operational leverage alone.