Leader in power tiller segment, subsidy linked business prevails Power tiller is a farm equipment precursor to tractor used for agricultural activities. Given the higher share of small and marginal farmers domestically (~85%), we were of the opinion that power tiller segment will benefit from government thrust on farm mechanisation and be a preferred choice for domestic farmers given its price of ~| 1.25-1.5 lakh/unit vs. > | 2.5 lakh /unit for tractors. The segment, however, is highly dependent on government subsidies and, hence, has an uncertain outlook. VST is the market leader in...