VST Till. Tract. Q1 FY27 Results (NSE: VSTTILLERS)
Signal: Steady quarter
The read
The operating trajectory is mixed: revenue grew 11.0% YoY to ₹31,340 lakh, but operating margin contracted 30bps YoY and 133bps QoQ to approximately 12.9%; PAT growth of 9.5% was less operationally clean because the ₹2,615 lakh fair-value gain represented roughly 42% of consolidated PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹313.4 Cr | +11.0% | -4.6% |
| Net profit | ₹48.43 Cr | +9.5% | |
| EPS | ₹55.97 | +9.4% | |
| EBIT margin | 12.9% |
P&L walk
Consolidated revenue rose to ₹31,340 lakh, up 11.0% YoY but down 4.6% QoQ; operating margin declined to 12.9% from 13.2% YoY and 14.2% QoQ, while PAT increased 9.5% YoY primarily with support from a ₹2,615 lakh fair-value gain.
Segments
The company reported a single business segment, so no segment-level momentum or drag was disclosed; the only consolidated adjustment was a ₹30 lakh joint-venture loss.
Key positives
- Revenue increased 11.0% YoY to ₹31,340 lakh despite declining 4.6% QoQ.
- Employee and other operating expenses grew 7.5% YoY versus 11.0% revenue growth, providing some cost absorption.
- PAT increased 9.5% YoY to ₹4,843 lakh and EPS rose 9.4% to ₹55.97, with EPS broadly tracking profit.
Key concerns
- Operating margin declined to approximately 12.9% from 13.2% YoY and 14.2% QoQ, interrupting the recent Q4FY26 margin expansion.
- Gross margin contracted 102bps YoY to 31.4%, while material, stock-purchase and inventory-related costs rose to ₹21,498 lakh from ₹19,087 lakh.
- The ₹2,615 lakh fair-value gain on investments was approximately 42% of consolidated PBT of ₹6,219 lakh, making PAT less representative of recurring operating earnings.
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