VST Tillers net profit falls 53.27% QoQ as other income reverses
Revenue rose 2.63% QoQ, but the loss of other income and faster cost growth pulled pre-tax profit down 53.59%.
Filed 05 Nov 2026, 14:57 IST · VST Tillers Tractors Ltd (VSTTILLERS)
Key takeaways
- Standalone net profit fell 53.27% QoQ to Rs 22.77 cr after other income swung from Rs 28.07 cr to negative Rs 0.06 cr.
- Operating margin narrowed 1.94 percentage points to 10.92% as expenses grew 4.91% against 2.63% revenue growth.
- The company's 10.92% margin was 1.24 percentage points below the 12.16% median for 152 Industrials peers reporting the quarter.
Price around the results
Revenue grew, but costs outpaced sales
In standalone Q2FY27, revenue increased 2.63% QoQ while expenses rose 4.91%, reducing operating profit by 12.78%. Operating margin fell 1.94 percentage points to 10.92%, marking a weaker second quarter than Q1FY27. The company's investor presentation reports 7,458 units for Q2.
Other income drove the sharp profit decline
Profit before tax fell 53.59% QoQ as other income dropped from Rs 28.07 cr to negative Rs 0.06 cr; it represented negative 0.21% of current-quarter PBT. The 0.54 percentage-point decline in the tax rate offered limited support, while interest expense increased 9.09%. Net profit consequently fell 53.27%.
Margin trails the Industrials peer median
VST Tillers' 10.92% operating margin was 1.24 percentage points below the 12.16% median among 152 Industrials peers that had reported the quarter. The available quarter trend shows margin declining from 12.86% in Q1FY27 to 10.92% in Q2FY27.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹322 cr | ₹313 cr | +2.63% |
| Other income | ₹-0 cr | ₹28 cr | — |
| Expenses | ₹287 cr | ₹273 cr | +4.91% |
| Operating profit | ₹35 cr | ₹40 cr | -12.78% |
| Operating margin (%) | 10.92% | 12.86% | — |
| Interest | ₹0 cr | ₹0 cr | +9.09% |
| Depreciation | ₹6 cr | ₹5 cr | +3.13% |
| Profit before tax | ₹29 cr | ₹62 cr | -53.59% |
| Tax | ₹6 cr | ₹14 cr | -54.72% |
| Net profit | ₹23 cr | ₹49 cr | -53.27% |
| EPS (₹) | ₹26.31 | ₹56.32 | -53.28% |
Operating margin of 10.92% compares with a Industrials sector median of 12.16% across 152 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The Q2 slide reports 7,458 units.
What to watch
- Whether operating margin recovers from 10.92%.
- Whether expenses grow slower than revenue after rising 4.91% versus 2.63%.
- Whether other income remains near negative Rs 0.06 cr rather than the Rs 28.07 cr reported in Q1FY27.