V.S.T Tillers Tractors Limited has informed the Exchange about Investor Presentation
VSTL/SE/2025-26
May 29, 2025
The General Manager – Listing, National Stock Exchange of India Ltd. Plot No. C/1, G Block, Bandra – Kurla Complex, Bandra (E), MUMBAI – 400 051
The Manager Listing, BSE Ltd., Floor 25, P.J. Towers, Dalal Street, MUMBAI – 400 001
Dear Sir/Madam,
Sub: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 – Presentation to be made to the Investors. Ref: Our intimation letter dated 22nd May 2025.
In pursuance of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, please find attached, the Investors Presentation and the same will be presented today at B & K Securities 15th Annual Global Conference.
This is for your information and record.
Thank you, Yours truly, for V.S.T. Tillers Tractors Ltd,
Chinmaya Khatua Company Secretary & Compliance Officer M. No. A21759
Encl: a/a
Antony Cherukara CEO
29-May-2025 Mumbai
Disclaime r
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements.
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.
2
01.
02.
03.
04.
05.
06.
07.
Macro Economy Macro Economy -Its impact in FY 25
Key highlights
Sales volume
Financial Performance
FY’26 Outlook
Product pipeline
Key Priority and growth projects
3
Disclaime r
MONSOON
Q1 was impacted by below normal monsoon and above normal monsoon from Q2 onwards led to pick up in agricultural activities
GENERAL ELECTIONS
Government subsidy spending was delayed during the main Kharif season due to the April–May 2024 general elections
INTERNATIONAL TRADE
Softening of economic growth in Europe, continued tension in the middle east, logistic challenges, continue to pose challenge in the International trade
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.
4
Power Weeder
Highest ever sales- 63% YoY growth
06
01
Tractor -Power Series
Sales jumped by ~180 %
Power Reaper
YoY Sales growth by 22%
05
AT AN INFLECTION POINT
02
International Business
Expanded into new geographies: Cyprus, Czech Republic, Russia, Angola, Turkey, and Mali.
Precision Component Division
External business increased by 71%
5
04
03
Distribution
New Distributor Appointments up by 56%
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48
5
Product
Q4 FY 25
Q4 FY24
% Growth
FY25
FY24
% Growth
VST ZETOR TRACTOR
(In Nos)
Power Tiller
Power Reaper
Power Weeder
13,278
11,566
14.80%
37,297
36,480
2.24%
157
115
36.52%
2,403
1,964
22.35%
2,318
1,385
67.36%
7,458
4,567
63.30%
Tractors Domestic
1,030
960
7.29%
3,876
3,708
4.53%
Tractors Export
260
525
-50.48%
1,411
1,680
-16.01%
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6
10%
301.43
Revenue
VST ZETOR TRACTOR 332 UNITS
273.44
Opr EBITDA
13.39%
14.57%
( Rs Cr )
40.37
39.83
7458 UNITS
1%
CY
PY
CY
PY
3%
994.55
968.05
11.17%
12.83%
2403
111.09
124.19
-12%
CY
PY
SPEED
CY
PY
Note: Operational EBIDTA is EBITDA excluding other income and net gain/(loss) on fair value changes on investments
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.
7
5%
( Rs Cr )
• *PAT for the quarter is excluding the
impact of the fair value change on
investment Loss of Rs 3.85 Cr in Q4
CY
PY
FY’25, compared to Gain of Rs 7.65 Cr in
Q4 FY’24
75
-7%
CY
PY
• Similarly , *PAT for full year is excluding
the impact of the fair value change on
investment Gain is Rs 24.69 Cr Vs Rs
46.41 Cr for FY’ 24.
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.
8
Key Results • Revenue • Operational EBIDTA & PAT • Net Working Capital • Cash Generation from Operations
CAGR of 11% from FY20 , Need to Accelerate…
43%
FY21
764 Cr
10%
FY22
854 Cr
18%
FY23
1006 Cr
-3.8%
FY24
968 Cr
2.7%
FY25
994 Cr
(Rs Cr)
Rs Cr
High Inflation
1031
1028
1033
Covid
888
809
810
659
704
658
Total Revenue
Opr. Revenue
563
552
647
678
764
615
567
544
764
854
1006
968
994
FY 2014-15
FY 2015-16
FY 2016-17
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2023-24
FY 2024-25
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.
10
Profit margins maintained despite Covid, Supply chain Disruptions , Runaway inflation through focus on ZBC and others 16.5
% Opr EBITDA
12.3
% PAT
15.5
11.3
14.2 13.8
13.7
11.8
14.5
11.2
12.0 11.2
12.8 11.8
12.6
9.0
11.2
9.2
7.5 7.0
3.23.2
B’lore Union Settlement Growth div project TQM – Kaizen Hansei E procure – Consus Global Agri Technica – Thailand TV Advertising – Tractor &SFM PKL Sponsor Oct 22
FY 2014-15
FY 2015-16
FY 2016-17
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2023-24
FY 2024-25
Project Rock; SAP, Hannover 19 CII Quality Audit, VMV L’oreate, IRIM TOC - Dec 20, Brand Architecture
Project Yodha PKL Sponsorship Project Eagle Project Chhatrapathi Hannover 2024
Employee Cost- - Senior Hiring @R&D/SCM - ESOPs - Eagle
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11
Process & Systems implemented to guide company through disruptions, build transparency & continuously improve
(No. of days)
Inventory Receivables
Payables Net Working capital
91
66 62
11
78
45
18
72 71
38
20
89
37
94
73
57
20
96
69 65
39
140
120
100
80
60
40
20
0
53 51
43
54
66 59 44 37
75
76
37
36
FY 2014-15
FY 2015-16
FY 2016-17
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2023-24
FY 2024-25
– Average Net working capital reduced
– Sustained through TOC , SRM and Profitable dealership approach through inventory turns
– Receivables increased last 2 years , already on reduction drive Q4 FY25 onward
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12
Cash is king, even before COVID hit we had worked on it
(Rs Crs)
86
87
Cash Generated from operations
26
155
124
72
75
33
43
36
48
FY 2014-15
FY 2015-16
FY 2016-17
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2023-24
FY 2024-25
Rs 275 Crore
Rs 510 Crore Adding back Union Settlement, non growth Projects & long-term projects & Pro Kabaddi League etc. It would be over Rs 535 Cr.
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.
13
FY’26 Outlook
Disclaime r
India Meteorological Department (IMD) predicts an above- normal monsoon
The company expects healthy demand during the Kharif season
We foresee increased growth for Small Farm Machines in key states
Global geopolitical challenges continue
Overall outlook is positive
Company expects 20-30% growth in Q1
The Operational EBITDA is expected to remain in the range of 11-13%
Continued thrust on geographical and product expansion
Note: Operational EBIDTA is EBITDA excluding other income and net gain/(loss) on fair value changes on investments
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15
Product pipeline • FY25 update • Upcoming
Classic Refresh – Narrow Track
Power Series with LT
EU Stage V
EGT Range Narrow Track
VST Zetor with RPTO
Cabin tractor
NT: Narrow track| RPTO: Reverse Power Take-off| LT: Large Tyre
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17
Power Weeder
Power Weeder
Power Reaper
Rear rotary
Front rotary
Maize special
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18
TRACTORS
SMALL FARM MACHINES
• Domestic:
In FY’26
• Classic and Series 9 upgrade FY’26
• Power Weeder- New variants
• Exports:
• Global platform FY’27 : 3 platforms with 8 Models with 16 variants (Gear & HST)
• SCORE product
• Electric Power Tiller
• Electric Power Weeder
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19
Strategic directions • Key priorities • Growth Projects
Evolve Power Tillers To Small Farm Machines and going Global.
Leadership Leadership in Compact Tractor Segment
HHP Tractor Maximize capacity Utilization.
Implements Promote Precision Implements (PCD)
Technology Evolutions Participate in technology evolutions
Rural Distribution Exploring Opportunities
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48
21
Financials
Expanding business: Evolve PT to SFM
Expanding business: Rural distribution
1. Revenue growth
1. Tiller business to grow by 15-20%
1. Electric pump business scale-up
2. Operational EBITDA guidance @ 11% to 13% despite investments for growth
2. Expansion of Power Weeder
2. Explore other opportunities
manufacturing
3. Category creation- SCORE
4. International entry with SFM range
of products
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22
Leadership in Compact segment
Maximize capacity utilization
Business development
Technology evolution
a) Core business, tractor to grow by
a) VST Zetor, Volume scaleup of
a) Aggregate business
10% to 15%
HHP tractors
b) US Entry (Product launch in FY
b) One VST for northern markets
2027)
c) Continue Global Expansion –
Europe (Nordic), South America
b) Precision Component Division (PCD) to explore China +1 opportunity
Products are at different stage of development in both ICE and Electric for Domestic and International market: – Tractor range- Compact and HHP – SFM range- Power Tiller, Weeder
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23
Disclaime r
VST TILLERS TRACTORS LTD. CIN- L34101KA1967PLC001706 Plot No- 1, Dyavasandra Indl. Layout, Whitefield Road, Mahadevapura Post, Bengaluru-560048, Karnataka Phone: +91 - 80 - 67141111 Toll Free No: 18004190136 Website : www.vsttractors.com
For queries please contact:
Mr. Chinmaya Khatua Company Secretary chinmaya@vsttractors.com
Confidential & Proprietary information of VST Tillers Tractors Ltd. Reproducing & circulating is strictly prohibited.