Fresh Market Exploration to Pave the Way Ahead: Sound State of Affairs - Revenue from operations for VST Tillers Tractors Ltd forFY16 stood at Rs. 6467 Mn marking a growth of 17.2% YoY. With gain in market share by the company for both power tillers and tractors during H1FY17, we expectrevenue from operations to grow at a CAGR of 11.5% for the period FY16 to FY19E. External debt free balance sheet of the company is complemented by healthy profitmargins. EBITDA was recorded at Rs. 1129 Mn for FY16 marking an impressive EBITDA margin of 17.5%.