VSTTILLERSV.S.T. Tillers Tractors Ltd.
V.S.T. Tillers Tractors Q2 FY27 Results: Consolidated Net Profit ₹22.41 Crore on Total Income of ₹322 Crore
- Earnings
- agricultural machinery
Reviewed byKeshav SehgalBlacklitt Research
V.S.T. Tillers Tractors (NSE: VSTTILLERS) reported consolidated total income of ₹321.59 crore and net profit of ₹22.41 crore for the quarter ended 30 Sep 2026, and standalone net profit of ₹22.77 crore, it said in a filing on 05 Nov 2026. The board approved the unaudited results on 5 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹321.59 crore, up 1.2% YoY and down 5.8% QoQ
- Net profit and EPS: ₹22.41 crore; consolidated EPS not stated in readable form
- Profit before tax: ₹28.64 crore, down 20.6% YoY and 53.9% QoQ
- Other income: ₹2.65 crore, up 38.7% YoY, 0.8% of total income
Standalone
The company on its own, without its subsidiaries
- Total income: ₹321.59 crore, same as consolidated
- Net profit and EPS: ₹22.77 crore; basic EPS ₹26.31, not annualised
- Profit before tax: ₹29.00 crore, down 20.6% YoY
- Net profit: Down 11.8% YoY from ₹25.83 crore
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 321.59 | 317.79 | +1.2% | 341.47 | -5.8% | |
| Revenue from operations | 321.65 | 315.15 | +2.1% | n/a | n/a |
| Other income | 2.65 | 1.91 | +38.7% | n/a | n/a |
| 22.41 | n/a | n/a | 48.43 | -53.7% | |
| Profit before tax | 28.64 | 36.06 | -20.6% | 62.19 | -53.9% |
| Depreciation | 5.60 | 6.46 | -13.3% | n/a | n/a |
| Tax expense | 6.23 | n/a | n/a | 13.76 | -54.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit fell faster than income in the quarter. Total income of ₹321.59 crore was 5.8% below the previous quarter, while net profit of ₹22.41 crore was 53.7% lower than the ₹48.43 crore reported for Q1 FY27. Against the year-ago quarter, total income rose 1.2% but profit before tax fell 20.6%, to ₹28.64 crore from ₹36.06 crore.
Revenue from operations grew 2.1% YoY to ₹321.65 crore, slower than other income, which rose 38.7% to ₹2.65 crore. Other income is small, at 0.8% of total income and 9.3% of profit before tax. Tax of ₹6.23 crore is 21.8% of profit before tax, and depreciation fell 13.3% to ₹5.60 crore from ₹6.46 crore.
The notes record a fair value loss on investments of ₹2.71 crore in the quarter, shown as a separate line under total income. The company says it recognised employee share based payments of ₹88 lakh, against ₹1.27 crore in Q2 FY26. The filing does not say what drove the fall in profit before tax.
The consolidated figures include VST Zetor Private Limited, a joint venture with HTC. The company's share of its net loss after tax was ₹36.05 lakh for the quarter. According to the management information the auditors relied on, this is not material to the parent company.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 321.59 | n/a | n/a | n/a | n/a | |
| Revenue from operations | 321.65 | n/a | n/a | n/a | n/a |
| Other income | 2.65 | n/a | n/a | n/a | n/a |
| 22.77 | 25.83 | -11.8% | n/a | n/a | |
| Profit before tax | 29.00 | 36.51 | -20.6% | n/a | n/a |
| Tax expense | 6.23 | n/a | n/a | n/a | n/a |
| EPS, basic (₹) | 26.31 | n/a | n/a | n/a | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit was ₹22.77 crore, 11.8% below the ₹25.83 crore of the year-ago quarter, which is less than the 20.6% fall in profit before tax to ₹29.00 crore. Total income matches the consolidated figure at ₹321.59 crore, and the ₹0.36 crore gap in net profit is the joint venture's share of loss.
Standalone other income of ₹2.65 crore is 0.8% of total income and 9.1% of profit before tax. Tax expense of ₹6.23 crore is 21.5% of profit before tax. Basic EPS for the quarter is ₹26.31 and is not annualised, according to the notes.
Inference
The results are unaudited, and the statutory auditors carried out a limited review with an unmodified conclusion. Paid-up equity share capital is ₹8.65 crore at face value of ₹10 per share, and dividends paid on equity shares in the half year were ₹0.69 lakh.
The filing does not give the reason for the fair value loss on investments or for the fall in profit before tax against the year-ago quarter, and it does not state consolidated basic and diluted EPS in readable form.
Filed with BSE on . Reference: Original filing (PDF)
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