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VST Tillers Tractors Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤7th Feb 26

Summary : VST Tillers Tractors reported strong Q3 and 9M 2025 standalone and consolidated financial results, driven by revenue growth and investment gains, while addressing new labor code impacts.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed: Q3 FY26 Rs. 19,588 lakhs (standalone), Rs. 19,588 lakhs (consolidated).
  2. Employee benefit Expenses: Q3 FY26 Rs. 2,988 lakhs (standalone), Rs. 2,988 lakhs (consolidated).
  3. Other expenses: Q3 FY26 Rs. 2,661 lakhs (standalone), Rs. 2,661 lakhs (consolidated).
  4. Revenue from operations: Q3 FY26 Rs. 31,430 lakhs (standalone), Rs. 31,430 lakhs (consolidated).
  5. Other income: Q3 FY26 Rs. 157 lakhs (standalone), Rs. 157 lakhs (consolidated).
  6. Net Gain/(Loss) on Fair value changes on Investments: Q3 FY26 Rs. 545 lakhs (standalone), Rs. 545 lakhs (consolidated).
  7. Paid up equity share capital: Rs. 864 lakhs (standalone and consolidated).
  8. Other Equity: Rs. 99,515 lakhs (standalone), Rs. 99,322 lakhs (consolidated) as of March 31, 2025.
  9. VST Zetor Private Limited is a Joint Venture of V.S.T. Tillers Tractors Limited.
  10. Both standalone and consolidated unaudited financial results are presented.
  11. Consolidated results include VST Zetor Private Limited as a Joint Venture.

Corporate Overview

  1. Manufacturing and trading of agriculture machinery.
  2. Operates within a single business segment: agriculture machinery.

Risk Factors

  1. Impact of new labor code regulations.
  2. Potential losses from joint venture.
  3. Market volatility affecting investments.
  4. Dependency on agricultural machinery sector.

Key Drivers

  1. Strong revenue growth quarter-on-quarter.
  2. Significant increase in profit for period.
  3. Positive fair value gain on investments.
  4. Improved earnings per share performance.

Auditor’s Report

  1. Limited review report, not an audit opinion.
  2. No material misstatement or non-disclosure identified based on review.
  3. Consolidated results include Joint Venture's net loss, deemed not material.

Board Commentary

  1. One-time increase in provision for employee benefits due to New Labour Codes.
  2. Implementation of New Labour Codes effective November 21, 2025, consolidating 29 existing labour regulations.

Corporate Governance

  1. Audit committee reviewed financial results.

Management Discussion & Analysis

Performance Drivers

  1. Fair value gain on investments of Rs. 545.03 lakhs for the quarter ended December 31, 2025, compared to a loss of Rs. 1104.44 lakhs in the prior year's Q3.

Risk Control Measures

  1. Company assessed and accounted for the estimated incremental impact of Rs. 165.95 lakhs due to New Labour Codes.

Critical Risks

  1. Impact of new Labour Codes on employee benefits, resulting in a one-time increase in provision.