VST Tillers Tractors Ltd.    
12 Aug 2020
1548.50
-2.10%
ICICI Securities Limited
Farm sentiments are bullish with VST seeing healthy demand for its product profile. Key highlights from the call include: (i) VST expects tractor sales volume to grow ~10-15% in FY21E with power tiller sales volume growth guidance at 15-20% in FY21E; (ii) Noticeably, more and more farmers are buying power tiller on cash basis (~58-59% in July 2020) and not withholding purchase for want of state subsidies, a big positive surprise; (iii) VST is in final stages of negotiation for tie-ups in the contract manufacturing space for power tillers given the import restrictions (lower price points;...
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VST Tillers Tractors.. has an average target of 1890.00 from 2 brokers.
VST Tillers Tractors Ltd.    
11 Aug 2020
1548.50
-2.10%
BOB Capital Markets Ltd.
We believe VST Tillers Tractors (VSTT) is poised for strong growth given its market leadership in power tillers (~50% market share), ready capacity, focused growth in tractors and debt-free status.
VST Tillers Tractors Ltd. is trading above it's 200 day SMA of 1283.8
VST Tillers Tractors Ltd.    
25 Jun 2020
1548.50
-2.10%
ICICI Securities Limited
The EBITDA margin profile has been muted in the recent past amid material costs pressures and high provisioning for bad debts. The EBITDA margin profile has deteriorated quite significantly from being steady 15%+ till FY18 to 3.2% in FY20. With management guidance of worst behind them they foresee regaining the margin glory. Conservatively, we bake in 10% EBITDA margins for FY21E and 12% for FY22E. VST is also developing innovative solutions in the higher hp tractor segment and is hopeful of tasting success...
VST Tillers Tractors Ltd. is trading above it's 200 day SMA of 1283.8
VST Tillers Tractors Ltd.    
31 Mar 2020
1548.50
-2.10%
ICICI Securities Limited
The VST Tillers & Tractors stock witnessed a sharp re-rating tracking the weak P&L; performance and consequent deterioration of return ratios in the recent past. Return ratios for VST have corrected from consistent 20%+ RoCE levels seen till FY18 to 11.5% in FY19. With limited margin improvement guidance, we foresee return ratios remaining below 10%, which is below our comfortable range. VST is a net cash positive company (cash & investments on books at ~ | 150 crore) but its incremental spend on new product development catering to the >15 hp crowded tractor space...
VST Tillers Tractors.. has an average target of 1890.00 from 2 brokers.
VST Tillers Tractors Ltd.    
26 Sep 2019
1548.50
-2.10%
Chola Wealth Direct
Background: Founded in 1967 the VST tillers & tractors is a key player in the domestic farm equipment industry. The company is engaged in the manufacture and sale of power tillers, tractors, rice transplanters, power reapers and auto components. In addition to domestic markets the company also exports its products to Africa, Russia, and Myanmar and component parts to UK & Europe. Promoted by VST Motors as a joint venture with Mitsubishi Heavy Industries Ltd, Japan, the company is largest manufacturer of Power Tillers in India with ~45% market share. The company operates through a network of ~250 dealers and 300 vendors all over India, who are associated with the company for decades. The manufacturing facilities...
VST Tillers Tractors Ltd. has gained 72.67% in the last 6 Months
VST Tillers Tractors Ltd.    
19 Jun 2019
1548.50
-2.10%
ICICI Securities Limited
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...
VST Tillers Tractors.. has an average target of 1890.00 from 2 brokers.
VST Tillers Tractors Ltd.    
07 Mar 2019
1548.50
-2.10%
ICICI Securities Limited
VST Tillers & Tractors (VST) continued to report dismal numbers amid a fall in sales volume and muted EBITDA margin trajectory Power tiller volume in Q3FY19 was at 4,507 units, down 35.6% YoY while tractor volume was at 2,063 units, down 2.3% YoY Net sales in Q3FY19 came in at | 146.0 crore, down 11.9% YoY EBITDA for the quarter was at | 13.4 crore with consequent operating margins at 9.2%. Margins came in lower tracking higher other expenses amid controlled raw material & employee costs...
VST Tillers Tractors.. has an average target of 1890.00 from 2 brokers.
VST Tillers Tractors Ltd.    
15 Nov 2018
1548.50
-2.10%
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research VST Tillers & Tractors (VST) reported a dismal Q2FY19 performance. Topline de-growth of 20% YoY was following the de-growth in sales volume. The real dampener was, however, EBITDA margin that came in muted at 1.9% vs. the usual run rate of 13-15% Power tiller volume in Q2FY19 was at 5,396 units, down 24.2% YoY while tractor volume was at 2,087 units, down 18.3% YoY Net sales in Q2FY19 came in at | 144.6 crore, down 20.2% YoY...
VST Tillers Tractors Ltd. is trading below it's 30 day SMA of 1677.6
VST Tillers Tractors Ltd.    
13 Nov 2018
1548.50
-2.10%
Nirmal Bang Institutional
VST Tillers and Tractors (VST) reported a weak performance for 2QFY19, with PAT coming in at 41% below our estimate. Net sales at Rs1.4bn were 4% below our estimate, while margins at 1.9% were significantly below our estimate of 12.2%. Absolute EBITDA at Rs28mn fell 85% YoY because of lower margins. Lower margins were because of multiple one-time costs in 2QFY19 which were included in other expenses. One-time costs include CSR, repairs, higher freight costs, higher power and fuel costs and also higher new product launch expenses. Also, in 2QFY19 the company made a provision of Rs35mn for an incidence of fraud done by its employees, of which Rs3.7mn has been...
VST Tillers Tractors.. has an average target of 1890.00 from 2 brokers.
VST Tillers Tractors Ltd.    
12 Sep 2018
1548.50
-2.10%
Nirmal Bang Institutional
VST Tillers & Tractors' (VST) monthly sales in recent months have been below expectations, with the overall volume falling 17% YoY. Tiller volume at 9,611 units declined 14% YoY on YTD basis and tractor volume at 3,213 units slipped 26% YoY. Lower volume in recent months can be attributed to the delay in subsidy release in states like Andhra Pradesh, Karnataka and Maharashtra. Tiller volume managed to report YoY growth in the past two months, while tractor volume continues to register a double-digit decline. With the onset of the festive season, we expect VST's tractor volume to improve in the coming months. Subsidy has been released in Andhra...
VST Tillers Tractors Ltd. has gained 72.67% in the last 6 Months