Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Quick Facts / Company Snapshot
| Metric / Dimension | Disclosed Corporate Value |
| Official Company Name | V.S.T. Tillers Tractors Limited |
| Corporate Identity Number (CIN) | L34101KA1967PLC001706 |
| BSE Script Code | 531266 |
| NSE Ticker Symbol | VSTTILLERS |
| International Securities Identification Number (ISIN) | INE764001017 |
| Year of Incorporation | 1967 (December 18, 1967) |
| Headquarters & Registered Office | Plot No. 1, Dyavasandra Industrial Layout, Whitefield Road, Mahadevapura Post, Bengaluru – 560048, Karnataka, India |
| Chairman of the Board | Arun V. Surendra (Non-Executive Chairman) |
| Managing Director | V. T. Ravindra |
| Chief Executive Officer | Antony Cherukara |
| Chief Financial Officer | Nitin Agrawal |
| Company Secretary & Compliance Officer | Chinmaya Khatua |
| Standalone Revenue from Operations | ₹1,240.36 Crores (₹1,24,036 Lakhs) |
| Operating EBITDA | ₹165.92 Crores (₹16,592 Lakhs) |
| Standalone Profit After Tax (PAT) | ₹106.00 Crores (₹10,600 Lakhs) |
| Standalone Net Worth | ₹1,100.74 Crores (₹11,00,74,36,364) |
| Free Cash Flow (FY 2025-26) | ₹131.61 Crores |
| Cash Generated from Operations | ₹132.00 Crores |
| Paid-up Equity Share Capital | ₹8,65,27,540 (86,52,754 Equity Shares of ₹10 each) |
| Credit Rating | [ICRA] AA- (Stable) / [ICRA] A1+ |
| Permanent Workforce | 825 Employees |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Company Overview
V.S.T. Tillers Tractors Limited (VTTL) is an Indian agricultural mechanisation pioneer and the flagship enterprise of the century-old VST Group. Founded in 1967 through a landmark industrial collaboration with Mitsubishi Heavy Industries of Japan, the Bengaluru-headquartered engineering company manufactures small-farm machinery, compact tractors, high-horsepower tractors, precision components, diesel engines, and allied agricultural implements. Over five decades of field engineering have positioned the enterprise as the premier manufacturer of power tillers in India, commanding dominant domestic market share while aggressively extending its global export reach across Europe, Asia, Africa, and Latin America.
The corporate enterprise focuses on small and marginal agricultural producers, who manage over 86% of operational landholdings across India. By designing application-specific machinery that fits fragmented field plots, VST bridges the gap between labor-intensive subsistence cultivation and technology-led agronomy. The firm has broadened its core competence beyond traditional power tillers into an integrated agricultural technology ecosystem encompassing power weeders, reapers, precision implements, sprayers, electric mobility solutions, and high-tolerance industrial components.
- Historical Inception: Established in 1967 under technical collaboration with Mitsubishi Heavy Industries to mechanise Indian farmlands.
- Flagship Enterprise: Operating as the core manufacturing anchor of the multi-business VST Group founded in 1911.
- Smallholder Commitment: Aligning manufacturing architecture with small and marginal farmers operating plots under two hectares.
- Diverse Product Spectrum: Producing agricultural machines spanning from 2 HP light-duty equipment to 50 HP multi-utility tractors.
- Global Footprint: Distributing machinery across more than 40 international markets with customized regional platforms.
The operational footprint of V.S.T. Tillers Tractors Limited relies on three dedicated manufacturing facilities in southern India—located at Hosur in Tamil Nadu, and Mysuru and Malur in Karnataka. Supported by 23 regional sales offices, 15 stock yards, and a nationwide retail and service architecture, the company provides continuous field support and rapid component replenishment. VST operates a specialized Precision Components Division (PCD) certified to international aerospace and defense standards, supplying precision engine blocks, crankshafts, and locomotive transmission parts to external global clients.
┌─────────────────────────────────────────────────────────────┐
│ V.S.T. TILLERS TRACTORS LIMITED │
│ (Core Business Model) │
└──────────────────────────────┬──────────────────────────────┘
│
┌──────────────────┬─────────────┴───────┬───────────────────┐
│ │ │ │
┌────▼────────┐ ┌──────▼──────┐ ┌──────▼──────┐ ┌──────▼────────┐
│ Small Farm │ │ Tractor │ │ Precision │ │ Distribution │
│ Machines │ │ Division │ │ Components │ │ & Aftermarket │
│ (Tillers, │ │ (Compact │ │ (Aerospace, │ │ (Parts, Oils, │
│ Weeders, │ │ to HHP) │ │ Defense, │ │ Motors, │
│ Reapers) │ │ │ │ Railways) │ │ Blades) │
└────┬────────┘ └──────┬──────┘ └──────┬──────┘ └──────┬────────┘
│ │ │ │
└──────────────────┴─────────────┬───────┴───────────────────┘
│
┌────────────────▼────────────────┐
│ SOEL - SOURCE ELECTRIC │
│ (Clean Drivetrains & Robotics) │
└────────────────┬────────────────┘
│
┌────────────────▼────────────────┐
│ GLOBAL TECHNOLOGY CENTRE (HOSUR)│
│ (₹100 Cr Multi-Stage R&D Hub) │
└─────────────────────────────────┘
The enterprise has structured its operational roadmap around the strategic transformation titled “Scale with Strength”. This roadmap shifts the corporate revenue center from single-product power tiller dependence to a balanced multi-vertical engineering organization. The initiative integrates digital infrastructure such as enterprise resource planning, dealer management networks, and cloud-linked project controls with capital expenditures in electric mobility, alternative fuel powerplants, and advanced R&D.
Related Posts
- Operational Scale: Managing 1,429 dealership networks, 8,545 retail outlets, and 165 specialized distributors across key territories.
- Research Infrastructure: Constructing an integrated Global Technology Centre at Hosur with a ₹100 crore phased capital outlay.
- Electrification Focus: Advancing clean farm mechanisation via the proprietary SOEL (Source Electric) drivetrain development wing.
- Manufacturing Modernization: Executing operational excellence using Theory of Constraints (TOC) supply chain logistics.
During the financial year ended March 31, 2026, V.S.T. Tillers Tractors Limited generated its highest-ever historical operating revenue of ₹1,240.36 crores, representing a year-over-year revenue expansion of approximately 25%. This volume expansion was anchored by record power tiller sales surpassing 50,300 units, expanding operating margins, and zero bank debt, giving the company a stable financial base for domestic and international expansion.
Business Segments
V.S.T. Tillers Tractors Limited structures its operations across five distinct business segments: Small Farm Machines (SFM), Tractors, International Business, Distribution Business, and Precision Components and Others. Each division addresses specific agricultural and engineering applications, operating through specialized manufacturing cells, distribution channels, and research teams.
| Business Segment | Revenue Contribution (%) | Calculated Operating Revenue (₹ Crores) | Operational Scope & Target Applications |
| Small Farm Machines (SFM) | 66.6% | ₹826.08 (Calculated by FirmsWorld) | Power tillers (9–16.5 HP), power weeders (2–8 HP), brush cutters, and multi-crop reapers for wetland, dryland, and terraced plots. |
| Tractors | 14.9% | ₹184.81 (Calculated by FirmsWorld) | Compact tractors (17–39 HP) and higher-horsepower tractors (40–50 HP) for intercultural tilling, orchards, vineyards, and haulage. |
| International Business | 9.9% | ₹122.80 (Calculated by FirmsWorld) | Export platforms marketed under the VST FIELDTRAC brand across 40+ countries in Europe, Africa, Asia, and the Americas. |
| Distribution Business | 7.0% | ₹86.83 (Calculated by FirmsWorld) | Genuine spare parts, specialized lubricants, consumables, diesel engines, and electric water pumps across rural networks. |
| Precision Components & Others | 1.6% | ₹19.85 (Calculated by FirmsWorld) | AS9100D-certified high-precision machined castings, crankshafts, camshafts, locomotive parts, defense components, and agro-implements. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Small Farm Machines (SFM)
The Small Farm Machines division forms the core revenue-generating business of the enterprise, accounting for 66.6% of total operational revenue. This corresponds to a calculated revenue contribution of ₹826.08 crores during FY 2025-26. The division transitioned from a legacy single-category power tiller manufacturer into an integrated mechanisation provider offering power weeders, reapers, and brush cutters.
- Total Unit Volume: 50,332 power tillers sold in FY 2025-26, representing the highest annual volume in the company’s operating history.
- Channel Infrastructure: 767 dedicated equipment dealerships nationwide.
- Power Weeder Momentum: 52% year-over-year volume expansion backed by indigenous manufacturing initiatives.
- Multi-Crop Reapers: 44% year-over-year sales growth across regional harvesting hubs.
- Brush Cutters: 53% year-over-year volume increase among horticulture and plantation farmers.
Operating machinery between 2 HP and 16.5 HP, the SFM division addresses the mechanisation challenges of small and marginal farm holdings under two hectares. These land parcels cannot support conventional multi-ton tractors due to high capital costs, tight turning radii, and narrow planting layouts. The SFM product pipeline operates across wet paddy puddling, dryland seedbed preparation, sugarcane weeding, vegetable earthing-up, and horticulture inter-row weeding.
The division has deployed an operational framework designated the “5A Strategy”: Awareness, Availability, Accessibility, Affordability, and Atmanirbhar (self-reliance). This strategic initiative pairs local field trials and farmer clinics with financing partnerships through non-banking financial companies (NBFCs) and retail banks. By offering low down-payments and customized harvest-linked equated monthly installments (EMIs), VST expands technology access for smallholders. The business plans to scale its specialized retail sales counters from 1,000 to 5,000 locations to ensure sub-district (taluka) coverage across high-density agricultural belts.
Tractors
The domestic Tractor business contributes 14.9% of company revenue, representing a calculated operating turnover of ₹184.81 crores in FY 2025-26. VST focuses on small-chassis 4WD compact tractors used in horticulture, orchard maintenance, viticulture, and rural transport. Total tractor dispatches reached 5,911 units during the fiscal year, supported by a specialized distribution network of 450 tractor dealerships.
┌────────────────────────────────────────────────────────────────────────┐
│ TRACTOR PORTFOLIO ARCHITECTURE │
├───────────────────────────────┬────────────────────────────────────────┤
│ HORSEPOWER CLASS │ PLATFORMS & SERIES │
├───────────────────────────────┼────────────────────────────────────────┤
│ Compact Tractors │ • Classic Series (17 HP – 27 HP) │
│ (17 HP to 39 HP) │ • Series 9 (18 HP – 36 HP) │
│ │ • FENTM Series (18.5 HP – 30 HP) │
│ │ • Power Series (32 HP – 39 HP) │
├───────────────────────────────┼────────────────────────────────────────┤
│ Higher-Horsepower Tractors │ • VIRAAJ Series (40 HP – 50 HP) │
│ (40 HP to 50 HP) │ • VST ZETOR Series (40 HP – 50 HP) │
└───────────────────────────────┴────────────────────────────────────────┘
The tractor division introduced the FENTM platform, an indigenously engineered series delivering higher torque outputs, lower specific fuel consumption, and narrow track widths. These machines fit tight crop rows without damaging roots or overhead canopies in orchards and vineyards. The company focused market penetration efforts across high-value horticulture zones, expanding footprint in Maharashtra, Gujarat, and adjacent states.
VST also increased its presence in higher-horsepower (HHP) utility tractors ranging from 40 HP to 50 HP through VST Zetor Private Limited, a joint venture with HTC Investments and Zetor Tractors of the Czech Republic. Following extensive field trials, VST introduced a refreshed VST Zetor lineup during the fourth quarter of FY 2025-26 to raise production capacity utilization at its assembly facilities.
International Business
The International Business division generated 9.9% of corporate operating revenues in FY 2025-26, producing a calculated turnover of ₹122.80 crores. Machinery exports accounted for 7% of total company turnover, while foreign exchange earnings reached ₹102.53 crores. Export operations center on compact utility tractors and small-farm equipment distributed across 40 countries spanning Europe, Africa, Asia, and Latin America.
- Key Export Brand: VST FIELDTRAC, delivering compact tractors engineered for European Union standards.
- Regulatory Compliance: European Stage-V low-emission engine certifications across models above 19 kW.
- Logistics Footprint: Establishing an operational logistics base in the Netherlands to shorten delivery times and improve spare parts availability across the European continent.
- North American Entry: Completing product validation and regulatory preparations for a phased commercial launch in the United States.
VST faced export headwinds in FY 2025-26, particularly from softer demand in Europe due to energy costs and slower industrial growth. In response, the company focused on technical upgrades, developing factory-fitted air-conditioned operator cabins, hydrostatic transmissions (HST), front three-point hitches, and specialized cold-start features for Nordic markets. In emerging African and Asian markets, VST exports rugged power tillers and mechanical reapers to support government-backed smallholder mechanisation programs.
VST Distribution Business
The Distribution Business functions as an aftermarket and farm input distribution engine, generating 7.0% of operational turnover, or a calculated ₹86.83 crores in FY 2025-26. The division supplies genuine spare parts, equipment consumables, and complementary rural machinery, ensuring high field uptime across machinery lifecycles.
┌──────────────────────────────────────────────────────────────────┐
│ DISTRIBUTION ECOSYSTEM │
├──────────────────────────────┬───────────────────────────────────┤
│ COMPONENT / VERTICAL │ SCALE & SCOPE │
├──────────────────────────────┼───────────────────────────────────┤
│ Dedicated Distributors │ 165 independent wholesale centers │
│ Retail Machinery Outlets │ 8,545 touchpoints nationwide │
│ Genuine Spare Parts Catalog │ 5,000+ active line items │
│ Specialized Lubricants │ Engine oils, gear & hydraulic oils│
│ Irrigation Solutions │ Electric water pumps │
│ Industrial Power │ Diesel engines for farm/industry │
└──────────────────────────────┴───────────────────────────────────┘
The distribution network spans 165 independent distributors and 8,545 rural retail touchpoints, supported by cloud-linked inventory tracking. Alongside its catalog of over 5,000 genuine tractor and tiller replacement components, the business distributes VST-branded lubricants, high-durability Japanese rotary tiller blades, diesel engine blocks, and irrigation water pumps. This multi-product distribution model diversifies revenue away from seasonal machinery sales while stabilizing corporate operating margins.
Precision Components Division (PCD)
The Precision Components Division, grouped within the “Precision Components and Others” segment, generated 1.6% of operational revenues, producing a calculated ₹19.85 crores in FY 2025-26. PCD operates from the company’s manufacturing facility in Mysuru, Karnataka, producing high-tolerance castings and machined metal components.
- Target Industries: Commercial agriculture, passenger and freight railways, national defense, electric mobility, marine propulsion, and aerospace.
- Key Components Produced: Crankshafts, camshafts, connecting rods, cylinder blocks, cylinder heads, crankcases, transmission boxes, and locomotive components.
- Quality Certifications: Upgraded to the AS9100:2016 (AS9100D) quality standard, clearing the division to supply global aerospace and defense supply chains.
- Global Export Reach: Supplying precision-machined industrial parts to commercial clients in the United States, the United Kingdom, Germany, and broader European markets.
PCD expanded beyond captive component manufacturing for internal tractor and tiller assembly lines to target external industrial accounts. Taking advantage of global “China-plus-one” component sourcing strategies, the division markets precision-machined castings to multinational heavy equipment and mobility manufacturers. The division also produces finished farm implements, including tractor-mounted rotary tillers and mechanical orchard sprayers, expanding its commercial portfolio.
History and Evolution
The history of V.S.T. Tillers Tractors Limited traces back to the early twentieth century, rooted in the commercial initiatives of the VST Group. Founded in 1911 by Sri V. S. Thiruvengadaswamy Mudaliar, the VST Group grew into a south Indian industrial house spanning automotive retail, finance, and industrial distribution. Recognizing the need to raise agricultural productivity across post-independence India, the family promoted a dedicated farm mechanisation enterprise.
1911: Founder Sri V. S. Thiruvengadaswamy Mudaliar establishes the VST Group
│
1967: V.S.T. Tillers Tractors Limited incorporated; JV with Mitsubishi Heavy Industries
│
1978: VST enters export markets with maiden power tiller shipments to Africa
│
1982: VST pioneers domestic small-chassis tractors by building India's first 4WD compact tractor
│
2016: VST launches FIELDTRAC brand; expands into European Union markets
│
2018: Malur manufacturing plant opens; VST celebrates Golden Jubilee (50 years)
│
2020: Enters JV with HTC Investments (Zetor); launches 5A smallholder farm strategy
│
2024: VST Americas Inc. and VST FieldTrac LLC incorporated in the United States
│
2026: Record revenue of ₹1,240 Cr; 50,332 tillers sold; Hosur Global Tech Centre work begins
V.S.T. Tillers Tractors Limited was formally incorporated on December 18, 1967, establishing a manufacturing joint venture with Mitsubishi Heavy Industries of Japan. This partnership brought Japanese small-diesel engine and two-wheel walking tractor (power tiller) designs to India, introducing mechanised tillage to smallholder paddy farmers across southern and eastern states.
In 1978, the enterprise began international operations by exporting power tillers to Africa, starting its ongoing cross-border trade. In 1982, company engineers pioneered the domestic compact tractor category by introducing India’s first four-wheel-drive (4WD) compact tractor. This development proved that small-chassis multi-cylinder diesel tractors could handle demanding inter-culture operations in orchards, sugarcane plantations, and wetland soils where standard tractors were too heavy or cumbersome.
- Industrial Collaboration: In 2017, VST signed a technology transfer agreement with Kukje Machinery Company of South Korea to manufacture high-horsepower Branson tractors in India.
- European Platform: In 2016, VST introduced its export brand VST FIELDTRAC, designing chassis and powertrains to meet European Union vehicular, safety, and emissions regulations.
- Facility Expansion: In 2018, the enterprise marked 50 years of operations by opening a modern, large-scale assembly plant in Malur, Karnataka, and rolling out the VIRAAJ tractor platform.
- Joint Venture: In 2020, VST entered a joint venture with HTC Investments a.s. (owner of Zetor Tractors) to co-develop and manufacture utility tractors above 36 HP.
- Leadership Transition: Managing Director V. T. Ravindra took office in 2021, succeeded by Chairman Arun V. Surendra in 2024, following the retirement of former Chairman V. K. Surendra.
- North American Corporate Incorporation: In 2024, the enterprise established two US subsidiaries—VST Americas Inc. and VST FieldTrac LLC—to enter the North American tractor and implement market.
- Operational Scale: By FY 2025-26, the company produced its 500,000th cumulative power tiller from the Malur facility, delivered record revenues of ₹1,240.36 crores, and broke ground on a ₹100 crore Global Technology Centre in Hosur.
Products and Services
V.S.T. Tillers Tractors Limited offers a broad agricultural and precision engineering product catalog. Its offerings cover machinery from 2 HP light-duty weeding tools to 50 HP multi-utility agricultural tractors, alongside replacement parts, lubricants, diesel engines, and aerospace-certified components.
Under Business Responsibility and Sustainability Reporting (BRSR) product disclosures, commercial revenue breaks down into two core product categories:
┌────────────────────────────────────────────────────────────────────────┐
│ PRODUCT PORTFOLIO REVENUE SPLIT │
├───────────────────────────────┬─────────────┬──────────────────────────┤
│ PRODUCT / SERVICE LINE │ NIC CODE │ % OF TURNOVER │
├───────────────────────────────┼─────────────┼──────────────────────────┤
│ Power Tillers, SFM, & Spares │ 282102 │ 67% │
│ Tractors and Spares │ 282101 │ 33% │
└───────────────────────────────┴─────────────┴──────────────────────────┘
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Small Farm Machinery: Power Tillers, Weeders, and Reapers
Small Farm Machinery forms the core of VST’s manufacturing output, providing affordable field mechanisation for smallholder plots.
┌────────────────────────────────────────────────────────┐
│ SMALL FARM MACHINERY (SFM) │
│ (Product Spectrum) │
└───────────────────────────┬────────────────────────────┘
│
┌──────────────────┬──────────┴────────┬───────────────────┐
│ │ │ │
┌─────▼──────────┐ ┌─────▼──────────┐ ┌──────▼─────────┐ ┌──────▼─────────┐
│ Power Tillers │ │ Power Weeders │ │ Brush Cutters │ │ Multi-Crop │
│ (9 to 16.5 HP) │ │ (2 to 8 HP) │ │ (Light Trimming│ │ Reapers │
│ • 95 DI Ignito │ │ • Ranger 50 │ │ & Clearing) │ │ • Paddy & │
│ • Single/Multi │ │ • Ranger 80 FR │ │ │ │ Grain Fields │
│ Cylinder │ │ • Ranger 80 RR │ │ │ │ • Maize Reaper │
└────────────────┘ └────────────────┘ └────────────────┘ └────────────────┘
- Power Tillers (9 HP to 16.5 HP): Walking two-wheel tractors powered by single-cylinder, direct-injection diesel engines designed for wet paddy field preparation, dryland seedbed tilling, and rural haulage. Key models include the 95 DI Ignito, featuring electric-start ignitions and fuel-efficient transmissions.
- Power Weeders (2 HP to 8 HP): Compact secondary-tillage tools developed for inter-row weeding, aeration, and bed forming across cotton, maize, vegetable, and sugarcane crops. The indigenous “Ranger” series includes the Ranger 50 and Ranger 80 models, built in Front Rotary (FR) and Rear Rotary (RR) configurations.
- Multi-Crop Reapers: Field harvest machines engineered to harvest standing grain crops, including paddy, wheat, pulses, and oilseeds, cutting crops cleanly at ground level to minimize grain loss. The company also introduced a specialized Maize Reaper model during the fiscal year.
- Brush Cutters: Handheld engine-powered equipment designed to trim forage crops, clear invasive undergrowth, and edge plantation borders across steep or uneven terrain.
Tractor Portfolio: Compact to High-Horsepower Platforms
The tractor business manufactures four-wheel tractors spanning four core platform categories, targeting horticulture operations, vineyard management, dryland farming, and transport haulage.
- Classic Series (17 HP to 27 HP): VST’s entry-level compact tractors, featuring narrow wheel tracks, mechanical transmissions, and high drawbar pull for vineyard farming and inter-row spraying.
- Series 9 (18 HP to 36 HP): Advanced compact tractors introduced for domestic and international markets, featuring aerodynamic styling, high hydraulic lift capacity, and multi-speed PTO drives. Models include the 927, 929, 932, and 939.
- FENTM Series (18.5 HP to 30 HP): A newly introduced compact tractor platform featuring modern engines that produce high torque at lower RPMs, designed to cut fuel consumption during inter-row operations.
- Power Series (32 HP to 39 HP): Fully featured compact utility tractors, including the VST 932 and VST 939 2WD, providing higher hydraulic performance and operator comforts for commercial applications.
- VIRAAJ Series (40 HP to 50 HP): High-horsepower utility tractors built for deep-field plowing, commercial haulage, rotary tilling, and multi-stage farming.
- VST Zetor Series (40 HP to 50 HP): Premium utility tractors co-developed through the VST Zetor joint venture, engineered with high-torque engines and heavy-duty transmissions to handle demanding agricultural cycles.
Distribution Products: Spare Parts, Lubricants, Engines, and Water Pumps
The Distribution division provides a broad range of replacement components, consumables, and utility equipment across rural retail markets.
- Genuine Spare Parts: A catalog of over 5,000 factory-certified replacement parts, including gears, shafts, tines, gaskets, filters, and electrical assemblies for VST equipment.
- Lubricants and Consumables: Formulated engine oils, transmission fluids, hydraulic oils, extreme-pressure greases, and anti-corrosion engine coolants engineered for high-temperature farm field conditions.
- Diesel Engines: Industrial and agricultural multi-application diesel engines—including a newly introduced 1.6-liter powerplant—used for generator sets, water pumps, threshers, and agricultural processing equipment.
- Electric Water Pumps: Energy-efficient submersible, open-well, and surface centrifugal water pumps used for agricultural irrigation, livestock operations, and rural community water distribution.
Precision Components and Allied Assemblies
Operating from the Mysuru plant, the Precision Components Division manufactures high-tolerance metal castings and machined sub-assemblies for domestic and international heavy industries.
- Engine and Powertrain Components: Finish-machined engine crankshafts, camshafts, connecting rods, cylinder blocks, cylinder heads, crankcases, and cast transmission housings.
- Locomotive and Industrial Components: Heavy-duty structural castings, brake assemblies, and mechanical linkages supplied to national railway networks and heavy-equipment manufacturers.
- Aerospace and Defense Machining: High-tolerance precision parts produced under the AS9100:2016 aerospace quality certification.
- Precision Agricultural Implements: Heavy-duty tractor-mounted rotary tillers, specialized tilling blades manufactured using Japanese steel technology, and chemical spray systems.
Brand Portfolio
V.S.T. Tillers Tractors Limited operates a focused brand portfolio across domestic and export markets, with each brand targeting specific farming sectors, horsepower classes, and commercial industries.
┌─────────────────────────────────────────────────────────────┐
│ VST BRAND PORTFOLIO │
└──────────────────────────────┬──────────────────────────────┘
│
┌──────────────────┬────────────┴────────┬───────────────────┐
│ │ │ │
┌────▼────────┐ ┌──────▼──────┐ ┌──────▼──────┐ ┌──────▼────────┐
│ VST SHAKTI │ │VST FIELDTRAC│ │ VST ZETOR │ │ SOEL - SOURCE │
│ (Domestic │ │ (EU & Global│ │ (40 - 50 HP │ │ ELECTRIC │
│ Mechanised │ │ Export │ │ Joint Vent. │ │ (EV Agri- │
│ Equipment) │ │ Tractors) │ │ Platform) │ │ Mobility) │
└─────────────┘ └─────────────┘ └─────────────┘ └───────────────┘
VST and VST Shakti
The core VST and VST Shakti brands represent the enterprise’s flagship identity in India’s agricultural machinery sector. Associated with durability and ease of maintenance, the brand appears on VST’s dominant power tiller lineup, compact tractors, walking weeders, and genuine replacement spare parts.
VST Shakti represents practical mechanisation for small and marginal farmers. Its brand identity reflects reliability, low maintenance costs, and high torque output in flooded paddy conditions, supported by a widespread rural distribution network across India.
VST FIELDTRAC
VST FIELDTRAC serves as the corporate export brand, targeting compact tractor markets across Europe, Asia, Africa, and Latin America. Ranging from 17 HP to 50 HP, FIELDTRAC machines are engineered to meet strict international standards, including European Union Stage-V engine emissions regulations.
The brand focuses on small acreage farming, vineyards, fruit orchards, greenhouse operations, and commercial municipal landscaping. Its product designs feature modern ergonomics, power steering, hydrostatic transmissions, and specialized hydraulic attachments, giving the brand a growing international presence.
VST Zetor
The VST Zetor brand represents the company’s joint venture with Czech tractor manufacturer Zetor Tractors a.s. and HTC Investments. Competing in the domestic 40 HP to 50 HP utility tractor segment, VST Zetor combines European design with VST’s manufacturing capabilities and cost base.
The brand targets farmers in northern, western, and central India who need higher engine horsepower for heavy-duty rotary tilling, multi-crop harvesting, and rural commercial transport. VST Zetor tractors feature heavy chassis, multi-speed transmissions, and durable drivetrains.
SOEL – Source Electric
SOEL (Source Electric) is VST’s clean-energy sub-brand, focused on developing electric mobility platforms and battery systems for agriculture. The brand leads the engineering of zero-emission farm machines, including electric power tillers, electric weeders, and compact electric tractor drivetrains.
SOEL’s mission is to decouple smallholder farm cultivation from diesel fuel price volatility, supporting long-term decarbonisation goals for global agriculture. At the 2025 EIMA AGRIMACH and AGRITECHNICA machinery exhibitions, SOEL introduced electric tiller and weeder concepts designed for lower running costs, lower noise levels, and zero tailpipe emissions.
FENTM Series
The FENTM Series is VST’s next-generation compact tractor platform in the 18.5 HP to 30 HP power range. Introduced during FY 2025-26, FENTM tractors feature modern styling, higher torque performance, and improved operator ergonomics.
The series targets intensive horticulture, viticulture, and vegetable farming, where narrow field tracks and tight turns require agile machinery. At the 15th CII Design Excellence Awards 2025, the FENTM platform was named among the Top 100 Designs (Made in India), confirming its engineering and functional design.
Ranger Series
The Ranger Series represents VST’s indigenously developed line of agricultural power weeders, featuring the Ranger 50 and Ranger 80 models. Engineered under the “Make in India” initiative, the series includes both Front Rotary (FR) and Rear Rotary (RR) variants powered by compact, fuel-efficient engines.
The Ranger Series mechanises secondary weeding, soil aeration, and row maintenance, reducing reliance on manual field labor. At the 15th CII Design Excellence Awards 2025, the Ranger Weeder series won Silver in the “Design for Social Impact” category, recognizing its role in improving smallholder farm productivity.
Geographical Presence
V.S.T. Tillers Tractors Limited operates an extensive manufacturing, sales, and logistics footprint in India, alongside a growing international presence spanning four continents.
┌────────────────────────────────────────────────────────┐
│ VST GLOBAL FOOTPRINT (40+ COUNTRIES) │
└───────────────────────────┬────────────────────────────┘
│
┌──────────────────┬───────────┴──────────┬──────────────────┐
│ │ │ │
┌─────▼──────────┐ ┌─────▼────────────┐ ┌───────▼────────┐ ┌──────▼────────┐
│ ASIA-PACIFIC │ │ EUROPE │ │ AFRICA │ │ LATIN AMERICA │
│ • India │ │ • Austria │ │ • Benin │ │ • Bolivia │
│ • Bhutan │ │ • Belgium, France│ │ • DR Congo │ │ • Chile │
│ • Indonesia │ │ • Germany, Poland│ │ • Ghana, Kenya │ │ • Ecuador │
│ • UAE │ │ • Netherlands │ │ • South Africa │ │ • Haiti │
│ │ │ • 12+ Others │ │ • 14+ Others │ │ │
└────────────────┘ └──────────────────┘ └────────────────┘ └───────────────┘
Domestic Footprint: Manufacturing Facilities and Distribution Reach
VST’s domestic footprint relies on three modern manufacturing facilities in southern India, supported by an integrated corporate headquarters and supply chain logistics network.
- Hosur Facility (Tamil Nadu): Located at Plot No. 39, Sipcot Phase-I, Mookandapalli, Hosur. The plant houses power tiller assembly lines, engine machining centers, R&D facilities, and is the site for the new Global Technology Centre.
- Mysuru Facility (Karnataka): Located at Plot No. 42/43, Metagalli Industrial Area, Mysuru. The plant houses the Precision Components Division (PCD), operating AS9100D-certified high-tolerance CNC machining centers and component lines.
- Malur Facility (Karnataka): Located at Plot Nos. 222–224 and 229–232, KIADB Industrial Area, Malur III Phase, Kolar District. The facility operates advanced tractor assembly lines and rolled out the company’s 500,000th power tiller.
- Corporate Experience Centre: Located in Pune, Maharashtra, showcasing VST machinery platforms, supporting customer trials, and conducting commercial dealer demonstrations.
- Sales Offices & Logistics: 23 regional sales offices across 28 Indian states, supported by 15 regional stock yards that supply products quickly to high-demand agricultural markets.
Global Market Footprint: Continental Analysis
VST distributes tractors, power tillers, weeders, and precision components across more than 40 countries, adapting its product platforms to local soil types, farm sizes, and regulatory standards.
| Continent / Region | Disclosed Destination Countries | Target Applications & Strategic Focus |
| Europe | Austria, Belgium, Bulgaria, Croatia, Czech Republic, Cyprus, France, Germany, Hungary, Luxembourg, Moldova, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, United Kingdom. | Compact tractors (17–36 HP) for vineyards, orchards, private estates, and municipal upkeep. All models comply with EU Stage-V emissions, with plans to establish a Dutch logistics hub. |
| Africa | Angola, Benin, Botswana, DR Congo, Ghana, Guinea, Ivory Coast, Kenya, Liberia, Mali, Mozambique, Namibia, Rwanda, South Africa, Swaziland, Tanzania, Togo, Tunisia, Zambia. | Power tillers and heavy-duty reapers supporting government smallholder agricultural mechanisation initiatives. |
| Asia-Pacific | Bhutan, India, Indonesia, United Arab Emirates (UAE). | Wet paddy tillage equipment, inter-row orchard tractors, diesel pump sets, and rural distribution. |
| Latin America | Bolivia, Chile, Ecuador, Haiti. | Versatile compact tractors and rotary tillage equipment for small-scale horticulture, fruit orchards, and hillside farms. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Profit and Loss
V.S.T. Tillers Tractors Limited delivered strong financial results for the financial year ended March 31, 2026, driven by record production volumes, higher operating leverage, and disciplined cost control. Standalone revenue from operations grew to ₹1,240.36 crores, an expansion of 24.7% over the ₹994.55 crores generated during FY 2024-25. Operating EBITDA rose 49.37% to ₹165.92 crores, with operating margins expanding to 13.38%. Standalone Profit After Tax (PAT) reached ₹106.00 crores, yielding a basic earnings per share of ₹122.63.
┌────────────────────────────────────────────────────────────────────────┐
│ 5-YEAR OPERATING REVENUE TREND │
├────────────────────────────────────────────────────────────────────────┤
│ FY 2021-22 ████████████████████ ₹853.86 Cr │
│ FY 2022-23 ████████████████████████ ₹1,006.43 Cr │
│ FY 2023-24 ███████████████████████ ₹968.05 Cr │
│ FY 2024-25 ████████████████████████ ₹994.55 Cr │
│ FY 2025-26 ██──────────────────────────────── ₹1,240.36 Cr │
└────────────────────────────────────────────────────────────────────────┘
The table below outlines the standalone and consolidated financial performance for the financial years ended March 31, 2026, and March 31, 2025.
| Financial Statement Metric | Standalone FY 2025-26 (₹ in Lakhs) | Standalone FY 2024-25 (₹ in Lakhs) | Consolidated FY 2025-26 (₹ in Lakhs) | Consolidated FY 2024-25 (₹ in Lakhs) |
| Operating Income (Revenue) | 1,24,036 | 99,455 | 1,24,036 | 99,455 |
| Non-Operating Income | 435 | 3,831 | 435 | 3,831 |
| Total Income | 1,24,471 | 1,03,286 | 1,24,471 | 1,03,286 |
| Finance Costs | 191 | 196 | 191 | 196 |
| Depreciation and Amortisation | 2,550 | 2,548 | 2,550 | 2,548 |
| Total Expenses | 1,10,186 | 91,091 | 1,10,186 | 91,091 |
| Exceptional Items | 0 | 0 | 0 | 0 |
| Profit Before Tax (PBT) | 14,285 | 12,195 | 14,157 | 12,046 |
| Tax Expense | 3,685 | 2,749 | 3,685 | 2,749 |
| Profit After Tax (PAT) | 10,600 | 9,446 | 10,472 | 9,297 |
| Other Comprehensive Income (OCI) | (29) | (24) | (29) | (24) |
| Total Comprehensive Income | 10,571 | 9,422 | 10,443 | 9,273 |
| Basic Earnings Per Share (₹) | 122.63 | 109.33 | 121.16 | 107.60 |
| Diluted Earnings Per Share (₹) | 122.15 | 109.15 | 120.68 | 107.43 |
| Operating EBITDA | 16,592 | 11,108 | 16,592 | 10,959 |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Total standalone expenditure rose 20.96% to ₹1,10,186 lakhs, up from ₹91,091 lakhs in FY 2024-25. This increase aligned with higher raw material procurement, increased power tiller production runs, and broader field distribution programs. Fixed asset depreciation remained stable at ₹2,550 lakhs compared to ₹2,548 lakhs in the prior year. Financing costs remained minimal at ₹191 lakhs, reflecting the company’s debt-free capital structure.
┌────────────────────────────────────────────────────────────────────────┐
│ 5-YEAR NET PROFIT AFTER TAX (PAT) │
├────────────────────────────────────────────────────────────────────────┤
│ FY 2021-22 ████████████████████ ₹99.31 Cr │
│ FY 2022-23 ██████████████████ ₹92.36 Cr │
│ FY 2023-24 ████████████████████████ ₹121.51 Cr │
│ FY 2024-25 ███████████████████ ₹94.46 Cr │
│ FY 2025-26 █████████████████████ ₹106.00 Cr │
└────────────────────────────────────────────────────────────────────────┘
The table below presents the key financial operating ratios reported under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
| Key Performance Ratio | FY 2025-26 Value | FY 2024-25 Value | Year-over-Year Variance (%) | Explanatory Operational Context |
| Debtors’ Turnover Ratio | 6.57 | 5.51 | +19.25% | Reflects faster receivables collections from dealership networks. |
| Inventory Turnover Ratio (times) | 7.58 | 6.26 | +21.09% | Driven by Theory of Constraints supply chain integration. |
| Interest Coverage Ratio | 75.65 | 63.24 | +19.60% | Supported by operating profit growth and low finance costs. |
| Current Ratio | 5.63 | 4.77 | +17.99% | Current assets comfortably cover short-term obligations. |
| Operating Profit Margin (%) | 13.38% | 11.17% | +19.79% | Improved through operating leverage and fixed cost efficiency. |
| Net Profit Margin (%) | 8.55% | 9.50% | -10.02% | Lower other income (₹4.35 Cr vs ₹38.31 Cr in FY25) affected net margin. |
| Return on Net Worth (%) | 10.09% | 9.80% | +2.96% | Driven by higher net earnings relative to total equity. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Balance Sheet
V.S.T. Tillers Tractors Limited maintains a liquid, debt-free balance sheet, funded largely by equity capital and accumulated retained reserves. As of March 31, 2026, standalone net worth rose to ₹1,100.74 crores (₹11,00,74,36,364), up from ₹1,003.79 crores at the end of the previous fiscal year, representing an expansion of 9.66%.
The company’s subscribed and paid-up share capital increased slightly from ₹8,64,33,580 (86,43,358 shares of ₹10 each) to ₹8,65,27,540 (86,52,754 shares of ₹10 each). This increase was driven by the allotment of 9,396 equity shares following the exercise of stock options under the “VST Tillers Tractors Limited – Restricted Stock Unit Plan 2024”.
┌────────────────────────────────────────────────────────────────────────┐
│ 5-YEAR STANDALONE NET WORTH TREND │
├────────────────────────────────────────────────────────────────────────┤
│ FY 2021-22 ██████████████ ₹749.53 Cr │
│ FY 2022-23 ████████████████ ₹824.45 Cr │
│ FY 2023-24 ██████████████████ ₹924.06 Cr │
│ FY 2024-25 ████████████████████ ₹1,003.79 Cr │
│ FY 2025-26 ██████████████████████ ₹1,100.74 Cr │
└────────────────────────────────────────────────────────────────────────┘
The table below outlines the core balance sheet metrics, equity components, and subsidiary asset structures disclosed in the report.
| Balance Sheet Component / Dimension | Reported Value as of March 31, 2026 | Reported Value as of March 31, 2025 | Accounting Basis & Remarks |
| Paid-up Share Capital | ₹8,65,27,540 | ₹8,64,33,580 | 86,52,754 equity shares of face value ₹10 each. |
| Standalone Net Worth | ₹1,100.74 Crores | ₹1,003.79 Crores | Total equity funds and reserves. |
| Current Ratio | 5.63 | 4.77 | Indicates a solid short-term liquidity position. |
| Debt-to-Equity Ratio | 0.00 (Zero / Debt-Free) | 0.00 (Zero / Debt-Free) | The company carries no long-term or short-term bank borrowings. |
| Subsidiary Capital (VST Zetor Pvt Ltd) | ₹1,900.00 Lakhs | ₹1,900.00 Lakhs | 51% owned subsidiary; ₹19.00 crore share capital. |
| Subsidiary Reserves (VST Zetor Pvt Ltd) | ₹(630.36) Lakhs | Disclosed negative reserves | Reflects initial setup and development expenses. |
| Subsidiary Total Assets (VST Zetor) | ₹1,861.55 Lakhs | Consolidated within accounts | Commercial assets of the JV enterprise. |
| Subsidiary Liabilities (VST Zetor) | ₹591.91 Lakhs | Consolidated within accounts | Operational trade liabilities of the JV. |
| Accounts Payable Days | 42 Days | 53 Days | Trade payables settlement cycle. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
VST’s current ratio improved from 4.77 to 5.63 in FY 2025-26, showing that current assets provide comfortable coverage over current operating liabilities. Accounts payable days shortened from 53 to 42 days, reflecting disciplined settlements with component suppliers.
The company carries no long-term or short-term debt, which lowers solvency risk during downcycles in the agricultural sector. ICRA affirmed its high-grade credit ratings of [ICRA] AA- (Stable) for long-term facilities and [ICRA] A1+ for short-term facilities, reflecting its conservative capital structure and cash position.
Cash Flow
V.S.T. Tillers Tractors Limited demonstrated strong cash generation during FY 2025-26, supported by higher operating income, faster trade receivable collections, and controlled working capital cycles.
- Cash Generated from Operations: ₹132.00 crores in FY 2025-26, driven by higher operating earnings across business segments.
- Free Cash Flow (FCF): Reached ₹131.61 crores in FY 2025-26, up from ₹76.55 crores in FY 2024-25, representing an increase of 71.93%.
- Capital Reinvestment: Self-funding its capital expenditure programs, including the ₹100 crore multi-stage Hosur Global Technology Centre, entirely through internal cash accruals.
- Shareholder Dividends: The Board recommended a final dividend payout of ₹25 per equity share (250% on ₹10 par value), representing an estimated cash outflow of ₹21.63 crores.
┌────────────────────────────────────────────────────────────────────────┐
│ 5-YEAR FREE CASH FLOW TREND │
├────────────────────────────────────────────────────────────────────────┤
│ FY 2021-22 ██████████████████ ₹96.20 Cr │
│ FY 2022-23 ███ ₹13.02 Cr │
│ FY 2023-24 ████████ ₹42.70 Cr │
│ FY 2024-25 ███████████████ ₹76.55 Cr │
│ FY 2025-26 █████████████████████████ ₹131.61 Cr │
└────────────────────────────────────────────────────────────────────────┘
The table below presents the historical Free Cash Flow and capital return metrics disclosed in the report.
| Cash Generation & Outflow Parameter | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
| Free Cash Flow (₹ Crores) | 131.61 | 76.55 | 42.70 | 13.02 | 96.20 |
| Cash from Operations (₹ Crores) | 132.00 | Disclosed positive | Disclosed positive | Disclosed positive | Disclosed positive |
| Recommended Dividend Per Share (₹) | ₹25.00 | ₹20.00 | ₹20.00 | ₹25.00 | ₹20.00 |
| Dividend Rate (%) | 250% | 200% | 200% | 250% | 200% |
| Total Proposed Cash Outflow for Dividend | ₹21.63 Crores | Disclosed in statements | Disclosed in statements | Disclosed in statements | Disclosed in statements |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
The multi-year free cash flow track record shows positive cash generation across changing market cycles. After dipping to ₹13.02 crores in FY 2022-23 due to post-COVID supply chain adjustments and inflation, free cash flow rebounded over the next three years to reach a peak of ₹131.61 crores in FY 2025-26. This cash generation supports dividend distributions while funding ongoing R&D and capital projects.
Board of Directors and Leadership Team
The corporate leadership team combines promoter guidance with experienced, independent operational management. The Board comprises an optimal balance of Executive, Non-Executive, and Independent Directors in compliance with the Companies Act, 2013 and SEBI Listing Regulations.
┌─────────────────────────────────────────────────────────────┐
│ BOARD OF DIRECTORS │
└──────────────────────────────┬──────────────────────────────┘
│
┌──────────────────┬─────────────┴───────┬───────────────────┐
│ │ │ │
┌────▼────────┐ ┌──────▼──────┐ ┌──────▼──────┐ ┌──────▼────────┐
│ Promoter │ │ Executive │ │ Independent │ │ Independent │
│ Leadership │ │ Operational │ │ Governance │ │ Specialists │
│ │ │ │ │ │ │ │
│ • Arun V. │ │ • V. T. │ │ • Rajen │ │ • Dr. N. │
│ Surendra │ Ravindra │ Padukone │ Jairam │
│ • V. V. │ (MD) │ │ • Ajith │ │ • Shuba Kumar │
│ Pravindra │ │ Kumar Rai │ │ │
└─────────────┘ └─────────────┘ └─────────────┘ └───────────────┘
Board Composition and Directors’ Details
The table below outlines the composition of the Board of Directors, their executive categories, director identification numbers, shareholding, and board meeting attendance during FY 2025-26.
| Full Name of Director | DIN | Category / Status | Board Meetings Attended | Last AGM Attendance | Shares Held in VTTL | Directorships in Other Public Companies |
| Arun V. Surendra | 01617103 | Chairman, Non-Executive Director | 4 of 4 | Yes | 2,15,630 | 0 |
| V. T. Ravindra | 00396156 | Managing Director (Executive) | 4 of 4 | Yes | 29,152 | 1 |
| V. V. Pravindra | 00239888 | Non-Executive Director | 3 of 4 | Yes | 2,24,146 | 1 |
| Rajen Krishnanand Padukone | 00262729 | Independent Director | 4 of 4 | Yes | 0 | 1 |
| Ajith Kumar Rai | 01160327 | Independent Director | 4 of 4 | Yes | 0 | 2 |
| Dr. Nandakumar Jairam | 00321693 | Independent Director | 4 of 4 | Yes | 50 | 3 |
| Siva Kameswari Vissa | 02336249 | Independent Director (Retired July 28, 2026) | 4 of 4 | Yes | 0 | 9 |
| Shuba Kumar | 02081819 | Additional Independent Director (Appointed July 27, 2026) | Appointed after FY26 | Scheduled AGM | Disclosed in notice | Disclosed in notice |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Profiles of Directors and Key Managerial Personnel
- Arun V. Surendra (Chairman, Non-Executive Director): A member of the promoter family, he became Chairman of the Board on February 1, 2024, succeeding the late Mr. V. K. Surendra. He guides the enterprise’s capital allocation, long-term strategic investments, joint venture relations, and high-level corporate governance.
- V. T. Ravindra (Managing Director): Leading VST’s executive management since 2021, he directs manufacturing operations, engineering R&D, product diversification, and sustainability initiatives. He also serves as the designated Board authority overseeing Business Responsibility and Sustainability policies.
- V. V. Pravindra (Non-Executive Director): A member of the promoter group, he provides guidance across commercial manufacturing, dealer expansion programs, and corporate strategy. He retires by rotation and offers himself for reappointment at the 58th Annual General Meeting.
- Rajen Krishnanand Padukone (Independent Director): Appointed to the Board in May 2023, he brings executive leadership and strategic management experience. He serves as Chairman of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee.
- Ajith Kumar Rai (Independent Director): Appointed in November 2023, he contributes industrial engineering and automotive manufacturing expertise, currently serving as a Director of Suprajit Engineering Limited. He chairs the Risk Management Committee.
- Dr. Nandakumar Jairam (Independent Director): Appointed to the Board in June 2021, he contributes healthcare, institutional administration, and governance perspective. Shareholders approved his reappointment for a second five-year term starting June 21, 2026, via postal ballot.
- Mrs. Siva Kameswari Vissa (Independent Director): Served two consecutive terms as an Independent Woman Director before completing her tenure and retiring on July 28, 2026.
- Mrs. Shuba Kumar (Additional Independent Director): Appointed as an Additional Independent Woman Director effective July 27, 2026, bringing corporate management and commercial experience to the Board.
- Antony Cherukara (Chief Executive Officer): Joined VST in 2020, leading the operational turnaround, the 5A rural strategy, global brand positioning, and the electric agri-mobility program. He was named “Impactful Turnaround CEO” at the ET India’s Impactful CEO Awards.
- Nitin Agrawal (Chief Financial Officer): Heads financial reporting, capital structure management, cost re-engineering, internal financial controls, and risk assessment systems.
- Chinmaya Khatua (Company Secretary & Compliance Officer): Leads statutory legal compliance, secretarial governance, capital market reporting, and investor relations. He also serves as the Nodal Officer for the Investor Education and Protection Fund (IEPF).
Board Committees and Governance Charters
The Board has established five specialized committees to oversee risk, governance, financial reporting, and sustainability initiatives.
| Committee Name | Committee Chairman | Members & Composition | Key Mandate & Statutory Scope |
| Audit Committee | Rajen Padukone | Ajith Kumar Rai, Siva Kameswari Vissa (tenure completed), V. V. Pravindra | Oversees financial disclosures, internal financial controls, statutory and internal audit processes, and evaluates related-party transactions. |
| Nomination, Compensation & Remuneration Committee | Rajen Padukone | Arun V. Surendra, Dr. Nandakumar Jairam | Determines board diversity, evaluates director and KMP performance, and sets executive remuneration policies and employee stock plans. |
| Stakeholders Relationship Committee | Rajen Padukone | Arun V. Surendra, Dr. Nandakumar Jairam | Resolves investor grievances, monitors share transfers and transmissions, and oversees the reduction of unclaimed dividends. |
| Corporate Social Responsibility (CSR) Committee | Arun V. Surendra | Rajen Padukone, Dr. Nandakumar Jairam, V. V. Pravindra | Allocates CSR capital, approves social development programs, and monitors project execution under Schedule VII of the Companies Act. |
| Risk Management Committee | Ajith Kumar Rai | Arun V. Surendra, Rajen Padukone | Evaluates enterprise-wide strategic, operational, IT, supply chain, and regulatory risks, and reviews mitigation frameworks. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Subsidiaries, Associates, and Joint Ventures
V.S.T. Tillers Tractors Limited operates one active operating joint-venture subsidiary and two wholly owned international corporate entities created to expand its overseas footprint.
┌─────────────────────────────────────────────────────────────┐
│ V.S.T. TILLERS TRACTORS LIMITED │
└──────────────────────────────┬──────────────────────────────┘
│
┌──────────────────┬────────────┴────────────────────────────┐
│ │ │
┌────▼────────┐ ┌──────▼──────┐ ┌──────▼────────┐
│ VST Zetor │ │VST Americas │ │ VST Fieldtrac │
│ Private Ltd │ │ Inc. │ │ LLC │
│ (51% JV, │ │ (100% US │ │ (Step-Down │
│ India) │ │ Subsidiary) │ │ US Subsidiary)│
└─────────────┘ └─────────────┘ └───────────────┘
The table below summarizes the financial performance and ownership status of VST’s subsidiaries as disclosed in Form AOC-1.
| Corporate Entity Name | Relationship / Legal Classification | Equity Ownership (%) | FY 2025-26 Turnover (₹ in Lakhs) | Profit / (Loss) After Taxation (₹ in Lakhs) | Total Balance Sheet Assets (₹ in Lakhs) | Operational Status & Footprint |
| VST Zetor Private Limited | Subsidiary / Joint Venture | 51.00% | 1,753.04 | (250.27) | 1,861.55 | Active operating commercial entity in India producing 40–50 HP tractors. |
| VST Americas Inc. | Wholly Owned Subsidiary | 100.00% | 0.00 | 0.00 | Disclosed in accounts | Incorporated in the United States; operations yet to commence. |
| VST Fieldtrac LLC | Step-Down Wholly Owned Subsidiary | 100.00% | 0.00 | 0.00 | Disclosed in accounts | Incorporated in the United States; operations yet to commence. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
VST Zetor Private Limited
VST Zetor Private Limited (VZPL) is an Indian joint-venture subsidiary established between VST Tillers Tractors Limited (51% equity interest) and HTC Investments a.s. / Zetor Tractors a.s. of the Czech Republic (49% equity interest). The joint venture operates with an equity share capital of ₹1,900.00 lakhs (₹19.00 crores).
- Turnover: ₹1,753.04 lakhs generated in FY 2025-26, representing a calculated 1.41% of VST’s standalone operating revenue (Calculated by FirmsWorld).
- Profitability: Reported a loss after tax of ₹(250.27) lakhs, reflecting initial marketing and channel seeding expenses.
- Balance Sheet Scale: Total assets stand at ₹1,861.55 lakhs against total liabilities of ₹591.91 lakhs, with negative reserves of ₹(630.36) lakhs.
- Product Lineup: Introduced a refreshed range of 40 HP to 50 HP utility tractors in Q4 FY 2025-26 to expand into tractor segments across northern and western India.
VST Americas Inc. and VST Fieldtrac LLC
VST Americas Inc. is a wholly owned subsidiary incorporated in the United States to serve as the corporate vehicle for VST’s commercial entry into North America. VST Fieldtrac LLC was incorporated as a step-down subsidiary to support commercial marketing, channel establishment, and equipment distribution across the United States and Canada. Both entities had not yet commenced formal commercial sales as of March 31, 2026, while the company completed product validation, emission tests, and evaluated US tariff frameworks.
Physical Properties
V.S.T. Tillers Tractors Limited owns and operates an integrated industrial infrastructure footprint in India. The table below outlines the company’s manufacturing locations, research centers, corporate offices, and supply chain hubs.
| Physical Property / Facility Type | Physical Location / Address | Operating Activities & Scope |
| Hosur Manufacturing Facility | Plot No. 39, Sipcot Phase I, Mookandapalli Post, Hosur – 635126, Tamil Nadu. | Power tiller assembly, small farm engine production, R&D design center, and the site for the Global Technology Centre. |
| Mysuru Manufacturing Facility | Plot No. 42/43, Metagalli Industrial Area, Mysuru – 570016, Karnataka. | Precision Components Division (PCD), AS9100D-certified aerospace and defense machining, locomotive components, and agricultural rotary tillers. |
| Malur Manufacturing Facility | Plot Nos. 222–224 & 229–232, KIADB Industrial Area, Malur III Phase, Malur – 563130, Karnataka. | Advanced tractor assembly, compact chassis manufacturing, and high-volume power tiller production. |
| Corporate Registered Office | Plot No. 1, Dyavasandra Industrial Layout, Whitefield Road, Mahadevapura Post, Bengaluru – 560048, Karnataka. | Executive management, finance, statutory legal compliance, secretarial affairs, and investor relations. |
| Corporate Experience Centre | Pune, Maharashtra. | Machinery testing, dealer demonstration suites, and commercial customer clinics. |
| Regional Sales Network | 23 Sales Offices across 28 Indian States. | Regional distribution management, institutional agricultural sales, and channel network support. |
| Logistics Stock Yards | 15 Stock Yards across India. | Regional inventory buffering, equipment logistics, and stock replenishment. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
Founders
The foundational heritage of V.S.T. Tillers Tractors Limited traces back to Sri V. S. Thiruvengadaswamy Mudaliar, who founded the VST Group in 1911. Over several decades, he built the business from a regional enterprise in Bangalore into a diversified commercial house spanning automotive dealerships, retail petroleum, and financial services.
In 1967, his successors founded V.S.T. Tillers Tractors Limited in partnership with Mitsubishi Heavy Industries of Japan to manufacture mechanised farm equipment in India. The late Mr. V. K. Surendra, a member of the promoter family who passed away in January 2026, served as Chairman of the Company from 1996 until his retirement from the Board on February 1, 2024. Over nearly three decades of leadership, he helped build VST’s manufacturing capabilities, introduced the 4WD compact tractor platform, and led the development of the Malur plant.
Parent
V.S.T. Tillers Tractors Limited functions as the flagship manufacturing enterprise of the VST Group, operating under the brand identity “A VST GROUP ENTERPRISE”. The VST Group is a century-old diversified South Indian commercial group with business lines spanning commercial automotive retail, vehicle servicing, component supply, financial services, and agricultural machinery. Promoter family members—including Chairman Arun V. Surendra, Managing Director V. T. Ravindra, and Non-Executive Director V. V. Pravindra—maintain operational leadership and hold a controlling interest in the company.
Investments and Capital Expenditure Plans
V.S.T. Tillers Tractors Limited continues to direct its capital allocation toward advanced engineering, electric mobility drivetrains, and manufacturing capacity expansion.
┌────────────────────────────────────────────────────────┐
│ CAPITAL ALLOCATION & R&D ROADMAP │
└───────────────────────────┬────────────────────────────┘
│
┌──────────────────┬───────────┴──────────┬──────────────────┐
│ │ │ │
┌─────▼──────────┐ ┌─────▼────────────┐ ┌───────▼────────┐ ┌──────▼────────┐
│ Global Tech │ │ Research & Dev. │ │ Clean Mobility │ │ Environmental │
│ Centre (Hosur) │ │ Expenditures │ │ (SOEL Platform)│ │ & ESG Capex │
│ • ₹100 Crore │ │ • ₹13.67 Crore │ │ • Electric │ │ • Rooftop │
│ Phased │ Invested in │ Tillers │ Solar Arrays │
│ Outlay │ FY 2025-26 │ • Electric │ • Zero Discharge │
│ • Prototyping │ • CCPM Project │ Weeders │ Effluent Units │
│ & Validation │ Management │ • EV Tractors │ │
└────────────────┘ └──────────────────┘ └────────────────┘ └───────────────┘
- Hosur Global Technology Centre (GTC): VST is constructing an integrated technology center at Hosur with a phased capital outlay of approximately ₹100 crore. The foundation stone was laid in July 2026, beginning construction on testing bays, digital simulation tools, and prototyping labs.
- R&D Outlay: During FY 2025-26, the company invested ₹13.67 crores in operational and platform R&D. Projects included the FENTM compact series, the Ranger weeder lineup, a new 1.6-liter diesel engine, and high-horsepower Stage-V European platforms.
- Clean-Energy Investments: Through SOEL (Source Electric), VST is developing electric power tillers, electric weeders, and compact electric tractor powertrains, with field prototypes targeted for March 2027.
- Environmental & ESG Capital: Capex allocated to environmental improvements reached 3.2% of total capex in FY 2025-26. Investments supported rooftop solar installations that generated 4,463.06 GJ of renewable electricity and Zero Liquid Discharge (ZLD) effluent facilities.
Shareholding Pattern
The subscribed and paid-up share capital of V.S.T. Tillers Tractors Limited as of March 31, 2026, stood at ₹8,65,27,540, divided into 86,52,754 equity shares of face value ₹10 each.
The shareholding profile shows stable promoter control (55.61% combined Indian and foreign promoter holdings), institutional backing from domestic mutual funds (15.29%), alternative investment funds (4.30%), and retail and public investors (20.47%). As of March 31, 2026, 99.30% of total issued shares were held in dematerialized form across NSDL and CDSL depositories.
┌────────────────────────────────────────────────────────────────────────┐
│ SHAREHOLDING DISTRIBUTION (%) │
├────────────────────────────────────────────────────────────────────────┤
│ Indian Promoters/Associates ███████████████████████████ 52.68%│
│ Public & Others ██████████ 20.47% │
│ Domestic Mutual Funds ████████ 15.29% │
│ Alternative Investment Funds ██ 4.30% │
│ Foreign Promoters █ 2.93% │
│ Foreign Financial Inst. █ 1.84% │
│ Corporate Bodies █ 1.53% │
│ Non-Resident Indians (NRIs) 0.94% │
│ Financial Institutions/Banks 0.02% │
└────────────────────────────────────────────────────────────────────────┘
The table below provides the full category breakdown of shareholders and shares held as of March 31, 2026.
| Shareholder Classification Category | Number of Shareholders | Number of Shares Held | Percentage of Total Issued Shares (%) |
| Indian Promoters and Associates | 25 | 45,53,465 | 52.68% |
| Foreign Promoters | 1 | 2,53,125 | 2.93% |
| Domestic Mutual Funds | 3 | 13,21,649 | 15.29% |
| Alternative Investment Funds (AIFs) | 7 | 3,71,247 | 4.30% |
| Foreign Financial Institutions / FPIs | 52 | 1,59,457 | 1.84% |
| Domestic Corporate Bodies | 257 | 1,31,830 | 1.53% |
| Non-Resident Indians (NRIs) | 854 | 81,052 | 0.94% |
| Commercial Banks | 3 | 1,763 | 0.02% |
| Public Financial Institutions | 1 | 225 | 0.00% |
| Clearing Members | 1 | 31 | 0.00% |
| General Public and Others | 22,872 | 17,69,514 | 20.47% |
| Total Reported | 24,076 | 86,43,358 | 100.00% |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26.
(Note: During FY 2025-26, the company allotted 9,396 equity shares under its RSU Plan 2024, raising total paid-up shares to 86,52,754. Final stock exchange listing for these shares was completed after March 31, 2026, accounting for the variance between the listed total of 86,43,358 shares and total paid-up shares).
Future Strategy
V.S.T. Tillers Tractors Limited has structured its long-term growth roadmap around six strategic priorities designed to increase operational scale and expand its global market reach.
┌─────────────────────────────────────┐
│ STRATEGIC PRIORITIES │
└──────────────────┬──────────────────┘
│
┌──────────────────┬──────────────┴─────┬──────────────────┐
│ │ │ │
┌────────▼─────────┐ ┌──────▼───────────┐ ┌──────▼─────────┐ ┌──────▼─────────┐
│ Evolve Tillers │ │ Leadership in │ │ Maximize HHP │ │ Technology │
│ to SFM Platforms │ │ Compact Tractors │ │ Capacity (JV) │ │ Evolution & GTC│
│ • 5,000 Retail │ │ • FENTM Series │ │ • VST Zetor │ │ • ₹100 Cr GTC │
│ Counters │ • Stage-V EU Range │ Platform │ • EV Tillers │
│ • North/West Foot│ • Hydrostatic Trans│ • 40-50 HP Focus │ • EV Weeders │
└──────────────────┘ └──────────────────┘ └────────────────┘ └────────────────┘
- Evolve Power Tillers into Small Farm Machines (SFM): Expanding the power tiller line into an integrated small-farm equipment business. The plan includes growing the rural retail network from 1,000 to 5,000 counters to secure sub-district (taluka) coverage and evaluating assembly plants in northern and western India[cite: 1].
- Expand Leadership in Compact Tractors: Introducing new compact tractor platforms over the next four years for India, Europe, and the United States[cite: 1]. The pipeline includes three shared platforms across eight base models and sixteen variants, offering both mechanical and hydrostatic transmissions[cite: 1].
- Maximize Higher-Horsepower Capacity Utilization: Ramping up assembly capacity for 40 HP to 50 HP tractors through the VST Zetor joint venture, expanding dealership networks across northern agricultural belts[cite: 1].
- Grow Precision Implements & Non-Captive PCD Sales: Using the Mysuru plant’s AS9100D aerospace certification to win non-captive precision machining business across railway, defense, aerospace, and electric vehicle supply chains[cite: 1].
- Build an Integrated Rural Distribution Network: Creating an omnichannel distribution platform connecting 165 distributors, 8,545 retailers, and digital ordering portals for parts, lubricants, irrigation pumps, and Japanese rotary blades[cite: 1].
- Technology Evolution and Clean Agri-Mobility: Developing alternative fuel powerplants, electric power tillers, and electric weeders through the SOEL initiative, backed by the Hosur Global Technology Centre[cite: 1]. Prototype trials are scheduled for March 2027[cite: 1].
- Long-Term Revenue Vision: Working toward the corporate vision target of ₹3,000 crores in annual operational turnover[cite: 1] (Management target).
Key Strengths
- Dominant Market Share in Power Tillers: Backed by more than 50 years of engineering experience and a base of over 500,000 manufactured tillers, VST commands dominant domestic market share in walking farm machinery[cite: 1].
- Broad Agricultural Portfolio (2 HP to 50 HP): Offering diversified machinery that supports farming needs across wet paddy puddling, sugarcane inter-culture, dryland plowing, and fruit orchards[cite: 1].
- Zero-Debt Balance Sheet and High Liquidity: Operating with zero bank debt and a current ratio of 5.63, VST funds its capital expenditure and research outlays entirely through internal cash flows[cite: 1].
- Extensive Rural Distribution Architecture: Reaching farming communities across India via 1,429 dealership networks, 8,545 retail counters, 165 specialized parts distributors, and 23 regional sales offices[cite: 1].
- Established Global Export Footprint: Distributing compact tractors and machinery to over 40 countries across Europe, Asia, Africa, and Latin America under the VST FIELDTRAC brand[cite: 1].
- AS9100D Aerospace-Certified Precision Engineering: Operating specialized machining centers capable of producing complex crankshafts, engine heads, and transmission components for external global industries[cite: 1].
- Integrated Theory of Constraints (TOC) Operations: Using TOC methodologies across supply chain networks to balance assembly lines with component vendors, driving higher inventory turnover[cite: 1].
- In-House Research and Prototyping Pipeline: Constructing a ₹100 crore Global Technology Centre to design stage-compliant diesel powerplants, battery systems, and electric powertrains in-house[cite: 1].
Key Challenges and Risks
V.S.T. Tillers Tractors Limited operates in an agricultural engineering sector exposed to seasonal weather, commodity price cycles, and changing regulatory standards[cite: 1]. The table below outlines the principal risks, their potential impacts, and company mitigation measures.
| Operational Risk Category | Disclosed Business Impact | Strategic Mitigation Measures Implemented |
| Farmers’ Purchasing Power Risk | Small and marginal farmers often lack upfront investment capital and depend on seasonal harvests, which can delay machinery purchases[cite: 1]. | Partners with commercial banks and NBFCs to offer flexible EMI financing and supports government capital subsidy programs[cite: 1]. |
| Monsoon Dependence & Climate Volatility | Rainfall variations, uneven monsoons, and droughts directly affect farm cash flows and machinery demand across regional crop belts[cite: 1]. | Diversifies product applications across non-paddy crops, expands export sales, and grows the aftermarket distribution business[cite: 1]. |
| Product Relevance & Regional Fit | Varying regional soil profiles, terrains, and crop rows require customized machinery configurations[cite: 1]. | Gathers direct farmer feedback through field clinics and collaborates with agricultural universities such as TNAU and KAU[cite: 1]. |
| Competitive Pricing Pressure | Competition from domestic tractor manufacturers and overseas suppliers can pressure unit prices and gross margins[cite: 1]. | Emphasizes cost-effective product development, expands product features, and maintains lean manufacturing lines[cite: 1]. |
| Supply Chain & Raw Material Volatility | Disruptions in raw materials, shipping logistics, or rising steel prices can raise production costs and delay deliveries[cite: 1]. | Uses alternate domestic suppliers, applies Zero-Based Costing (ZBC), and runs TOC supply chain scheduling[cite: 1]. |
| Regulatory & Emission Transitions | Moving to TREM-V emissions standards in India and Stage-V in Europe requires engine redesigns and raises development costs[cite: 1]. | Engineers in-house TREM-V certified diesel engines and develops electric farm equipment via the SOEL platform[cite: 1]. |
| Geopolitical & Global Export Risks | Macroeconomic slowdowns, currency swings, and import tariffs can impact export shipments to Europe and the Americas[cite: 1]. | Backs export transactions with Letters of Credit (LC), expands across new regions, and is setting up a European logistics base[cite: 1]. |
| Information Security & IT Disruption | Operational reliance on ERP, DMS 2.0, and digital warehouses raises exposure to system disruptions and cyber risks[cite: 1]. | Deploys multi-layer cybersecurity systems, conducts regular penetration testing, and runs hybrid on-premise and cloud networks[cite: 1]. |
Source: V.S.T. Tillers Tractors Limited 58th Annual Report 2025-26[cite: 1].
Conclusion and Strategic Outlook
During FY 2025-26, V.S.T. Tillers Tractors Limited achieved record financial results, delivering peak revenues of ₹1,240.36 crores and selling more than 50,300 power tillers, alongside an improved 13.38% operating EBITDA margin[cite: 1]. By maintaining a debt-free balance sheet, strong liquidity, and steady operational cash flows, the company has built a stable foundation to support its long-term corporate growth strategy[cite: 1].
The business is successfully broadening its base from its historic power tiller product line into an integrated small-farm machinery and compact tractor manufacturer[cite: 1]. Through investments in the Hosur Global Technology Centre, the SOEL electric mobility platform, and the VST Zetor joint venture, VST continues to prepare for industry emission changes and technology shifts[cite: 1]. Supported by its 1,429-dealer domestic network and a presence across 40 export markets, the company is well positioned to capture growing demand for small-farm mechanisation in India and globally[cite: 1].
Official Site: https://www.vsttractors.com/
