VST Tillers Tractors Limited has confirmed that its promoters and persons acting in concert have not created any encumbrance on shares during the financial year ended March 31, 2026. The disclosure was submitted to the stock exchanges in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing ensures transparency regarding the pledging or hypothecation of promoter holdings, a key metric for investor risk assessment.

The company explicitly stated that no new encumbrances were made directly or indirectly during FY26, other than those already disclosed to the exchanges. This declaration covers all shares held by the promoters and entities acting in concert with them. The confirmation was signed by Promoter V.T Ravindra on April 03, 2026.

Regulatory Filing Details

The disclosure was addressed to the General Manager of Listing at the National Stock Exchange of India Ltd and the Manager Listing at BSE Ltd. The submission serves as a formal declaration for the records of the exchanges and the Audit Committee of VST Tillers Tractors Limited.

Signatories to the Disclosure

VST Tillers Tractors reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company delivered a 25% increase in annual revenue to ₹1,240 crore from ₹994 crore in FY25. Profit After Tax (PAT) for the year stood at ₹106 crore, a 15% increase compared to ₹95 crore in the previous year. Excluding the impact of fair value gains or losses on investments, adjusted PAT grew by 61% to ₹113 crore from ₹70 crore in FY25. The Board of Directors recommended a final dividend of ₹25 per equity share of ₹10 each, subject to shareholder approval at the Annual General Meeting. The statutory auditors, M/s. K.S. Rao & Co., issued an unmodified opinion on both the standalone and consolidated financial results, as declared by Chief Financial Officer Nitin Agrawal.

Operational Performance

Operational EBITDA for FY26 increased significantly to ₹165.90 crore from ₹111.10 crore in the previous year, with margins improving to 13.40% from 11.20%. The company generated strong operating cash flows of ₹132 crore during the year, compared to ₹76 crore in FY25. For the quarter ended March 31, 2026, revenue from operations stood at ₹328 crore, a 9% growth year-on-year over ₹301 crore in Q4 FY25. Operational EBITDA for Q4 increased by 16% to ₹46.80 crore from ₹40.40 crore in the prior year, with margins expanding to 14.20% from 13.40%. Q4 FY26 PAT stood at ₹5 crore, compared to ₹25 crore in Q4 FY25, reflecting an 80% decline. However, PAT excluding fair value gains or losses improved 36% to ₹39 crore from ₹28 crore in Q4 FY25, indicating strong underlying operational profitability.

The following table summarises the full-year standalone financial performance:

The quarterly standalone performance is summarised below:

Sales Volumes and Highlights

The company achieved record-breaking sales volumes across key product categories for the full year. Power Tiller sales reached their highest-ever level at 50,332 units, reflecting 34.90% growth over FY25. Domestic tractor volumes grew 18.60% to 4,596 units, while Power Weeder sales surged 52.10% to 11,346 units. Power Reaper sales also rose 44.20% to 3,464 units.

Management Outlook and Strategy

In an investor con-call held on May 18, 2026, management addressed the outlook for FY27, citing uncertainties regarding inflationary pressures and the potential impact of an El Niño-affected monsoon. Consequently, the company is not providing formal guidance at this stage. However, April performance was reported to be better than the previous year. The company continues to focus on small farm machinery, with plans to scale up its higher horsepower tractor segment through its joint venture, VST Zetor Private Limited.

On the global front, management noted challenging business conditions in Europe due to inflation and the war situation. To mitigate transit time issues, the company is establishing operations in the Netherlands. Plans for a US launch are progressing, with shipments expected by the end of the year and a market launch planned by the end of calendar year 2027. The company is also developing a global tech centre, targeted to become operational by 2027, with an investment of over ₹100 crore in infrastructure. Annual R&D spend remains in the range of ₹50-60 crore.

Management highlighted the potential for electric tillers and weeders, with commercialization expected to scale up from Q2 FY27 onwards. Regarding market share, the company holds approximately 70%-75% in the power tiller segment and 6%-7% in the power weeder segment. The overall tractor market share is less than 1%, though it exceeds 10% in the compact tractor segment in Maharashtra and Gujarat. The company expects to launch 16-20 new product variants over the next 18 months.