VST Tillers Tractors Ltd. delivered a strong financial performance in the first nine months of FY26, as presented at the Omkara Capital Investors Meet in Mumbai on February 21, 2026. The company showcased robust growth across key financial metrics while outlining its strategic roadmap for continued expansion in the agricultural machinery sector.

Financial Performance Highlights

The company's 9M FY26 results demonstrated significant improvement across all major financial parameters:

The operational EBITDA includes Rs 1.66 crores impact of new labour code, and excluding this provision, the EBITDA margin would reach 13.20%. The company maintained its profit margins despite facing challenges from COVID-19, supply chain disruptions, and inflationary pressures through focused implementation of zero-based costing and other operational initiatives.

Revenue Growth Trajectory

VST Tillers Tractors has demonstrated consistent revenue growth over the years, with total revenue reaching Rs 994 crores in FY25. The company's revenue journey shows resilience through various market cycles:

Company Overview and Market Position

Founded in 1967 as part of the VST Group established in 1911, VST Tillers Tractors operates in the 2-50 HP range and is recognized as a pioneer in power tillers and 4WD compact tractor segments. The company maintains three manufacturing units in Hosur, Malur, and Mysore, supported by an extensive distribution network comprising:

• 1000+ dealer network
• 6200+ retailer network
• 85 spare parts distributors across India
• International presence in 40+ countries
• Organic entry into European markets in 2018 under the FieldTrac brand

Strategic Growth Initiatives

The company outlined several key strategic directions for future growth:

Power Tillers Evolution: Expanding from power tillers to small farm machines with global reach, targeting 15-20% growth in the tiller business and expansion of power weeder manufacturing.

Compact Tractor Leadership: Core tractor business expected to grow by 10-15%, with planned US market entry and product launch in 2027, alongside continued global expansion in Europe and South America.

Technology Development: Establishment of Global Technology Center (GTC) to drive product innovation in both ICE and electric segments, covering tractor range and small farm machine categories.

Operational Excellence and Cash Generation

VST Tillers Tractors has demonstrated strong cash generation capabilities, with Rs 108 crores generated from operations in 9M FY26. The company's cumulative cash generation from 2019-20 to 2024-25 reached Rs 618 crores, significantly higher than the Rs 275 crores generated from 2014-15 to 2019-20, reflecting improved operational efficiency and working capital management.

The company maintains operational EBITDA guidance of 11% to 13% despite investments for growth, positioning itself for sustained expansion while maintaining profitability standards.

Nippon India Mutual Fund has reduced its shareholding in vst tillers tractors through a series of open market transactions, according to a regulatory disclosure filed with stock exchanges on February 17, 2026.

Share Sale Details

The mutual fund sold 28,169 equity shares representing 0.3259% of the company's total voting capital. The transactions were executed over a period spanning from October 29, 2025, to February 13, 2026, through open market sales.

Shareholding Changes

Following the share sale, Nippon India Mutual Fund's stake in VST Tillers Tractors has been reduced from 6.6567% to 6.3308%. The fund continues to hold 5,47,195 equity shares in the company.

Company Information

VST Tillers Tractors Limited maintains an equity share capital of Rs. 8,64,33,580, comprising 86,43,358 shares with a face value of Rs. 10 per share. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited.

Regulatory Compliance

The disclosure was made under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Nippon India Mutual Fund, operating through Nippon Life India Trustee Limited, confirmed that it does not belong to the promoter or promoter group of VST Tillers Tractors.

The mutual fund's registered office is located at 30th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel, Mumbai – 400013. The disclosure was signed by an authorized signatory on behalf of Nippon Life India Asset Management Limited and submitted to both stock exchanges on February 17, 2026.