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ICICI Direct Report
VST Tillers Tractors Ltd. is the leading farm mechanisation player domestically with a dominant market share in the power tiller segment (~54% as of FY21) and prominent market share in the compact tractor space (~10%).
Import restriction led volume growth in the power tiller segment with VST Tillers already on-boarding couple of domestic players for which the company intends to do contract manufacturing.
We expect power tiller sales volume to grow at a compound annual growth rate of 19.6% in FY21-23E to 39,051 units in FY23E.
With introduction of high HP tractors, sales volume in tractor segment is expected to grow 12.6% CAGR over FY21-23E to 11,195 units in FY23E.
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