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Swing Capital

VST Tillers Tractors Ltd

NSE: VSTTILLERS BSE: 531266Energy

VST Tillers Tractors Ltd. was established in the year 1967 by the VST Group of companies, a well-known century-old business house in South India. The founder of the group was Sri V.S. Thiruvengadaswamy Mudaliar. VST Tillers Tractors Ltd. was promoted by VST Motors as a joint venture since 1966 with Mitsubishi Heavy Industries Ltd, Japan. The company is now the largest manufacturer of Power Tillers in India.

₹4,650
52W: ₹3501 — ₹6374
PE 38 · Book ₹1268 · +267% vs book
Market Cap₹4,023 Cr
Stock P/E38Price to Earnings
ROCE13.8%Return on Capital
ROE10.1%Return on Equity
Div. Yield0.43%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 17.6%

Weaknesses

  • −Stock is trading at 3.57 times its book value
  • −The company has delivered a poor sales growth of 10.2% over past five years.
  • −Company has a low return on equity of 11.0% over last 3 years.
  • −Working capital days have increased from 131 days to 245 days

Shareholding Pattern

Promoters55.61%
FIIs1.84%
DIIs19.61%
Public22.95%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.64%55.64%55.64%55.64%55.61%▼0.055.61%55.61%55.61%
FIIs2.79%2.9%▲0.12.67%▼0.22.47%▼0.21.4%▼1.11.76%▲0.41.61%▼0.11.84%▲0.2
DIIs17.97%19.1%▲1.120.47%▲1.420.72%▲0.321.72%▲1.021.41%▼0.320.59%▼0.819.61%▼1.0
Public23.6%22.37%▼1.221.22%▼1.221.18%▼0.021.26%▲0.121.23%▼0.022.19%▲1.022.95%▲0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales169.96273.44190.59283.43219.1301.43282.45315.15314.3328.46
Expenses160.42233.61177.21245.64199.55261.06244.95274.25273.6281.64
Operating Profit9.5439.8313.3837.7919.5540.3737.540.940.746.82
OPM %5.61%14.57%7.02%13.33%8.92%13.39%13.28%12.98%12.95%14.25%
Net Profit16.9535.1222.8544.931.724.9844.5625.4330.725.29
EPS ₹19.6240.6526.4552.011.9728.951.5529.4235.546.11

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,240Cr, up 24.6% YoY. OPM at 13%.

Debt Position

Borrowings at ₹2Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹18Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.61% (+0.64pp change). FIIs: 1.84% (+0.08pp change). Promoters hold 55.61%.

Margin & Efficiency

ROCE declining from 30% (Mar 2015) to 14% (Mar 2026). Working capital days: 245.

Valuation

PE 38x with 13.8% ROCE. Price is 267% above book value of ₹1,268. Dividend yield: 0.43%.

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