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VSTL/SE/2026-27 August 19, 2026 The General Manager – Listing, The Manager Listing, National Stock Exchange of India Ltd. BSE Ltd. Plot No. C/1, G Block, Floor 25, P.J. Towers, Bandra – Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Dear Sir/Madam, Sub: Disclosure of Transcript of the Investor’s Con-call under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015. In pursuance of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, please find attached herewith, the Transcript of the Investors /Analysts Con-call held on August 13, 2026. We request you to take this on record. Thank you, Yours truly, for V.S.T. Tillers Tractors Ltd, Chinmaya Khatua Company Secretary & Compliance Officer M. No. A21759 Encl: a/a “VST Tillers Tractors Limited 1Q FY26/27 Post Results Conference Call” August 13, 2026 MANAGEMENT: MR. V.T. RAVINDRA – MANAGING DIRECTOR – VST TILLERS TRACTORS LIMITED MR. ANTONY CHERUKARA – CHIEF EXECUTIVE OFFICER – VST TILLERS TRACTORS LIMITED MR. NITIN AGRAWAL – CHIEF FINANCIAL OFFICER – VST TILLERS TRACTORS LIMITED MODERATOR: MR. ANNAMALAI JAYARAJ -- B&K SECURITIES Page 1 of 11 VST Tillers Tractors Limited August 13, 2026 Annamalai Jayaraj: Welcome to VST Tillers Tractors Ltd 1Q FY '26-'27 Post Results Conference Call hosted by 360 One Capital Market Research. From V.S.T. Tillers Tractors Limited management, we have with us today Mr. V.T. Ravindra, Managing Director; Mr. Antony Cherukara, Chief Executive officer and Mr. Nitin Agrawal, Chief Financial Officer. At this point, all participant line will be in the listen only mode and there will be an opportunity to ask questions after the management presentation and opening remarks. Over to you sir. Nitin Agrawal: Yes. Good afternoon, everyone. I welcome you to the Q1 analyst call. This is the agenda item which we'll discuss today. I'll give you a brief overview of the macroeconomic situation, our sales volume for the quarter and then briefly I'll touch upon the financial performance. After this, we will open up for the question and answers. So on a macroeconomic situation, as you all know, there's an uneven monsoon. The outlook has been below normal monsoon by the IMD and also the rainfall distribution continues to be uneven. We also have commodity cost inflation-related trends for all steel, forging, casting, aluminum, copper. Natural rubber also -- prices of natural rubber also remain elevated and volatile. Due to the geopolitical and supply chain-related disruption, crude and freight costs remain high. So on this backdrop, I will first touch upon the volumes for the key products. So I'm happy to mention that during the quarter, the power tiller business has grown to roughly 18% of growth in terms of volume. Also, our domestic tractor business has grown by 4.5%. However, in case of tractor export, in the current quarter, we have sold 275 tractors. Power weeder has recorded an impressive growth of 56%. Reaper is a seasonal product, and in the coming Q2, the volumes will pick up when the harvesting season comes. Now I go to the overview of the financial performance. So the revenue for the current quarter is INR313.4 crores over INR282.4 crores for the same quarter last year, which is 11% growth. Operational EBITDA where we exclude the other income and fair value gain from the EBITDA is standing at 12.85%. In terms of rupees crores, it is INR40.3 crores. Last year same period, it was 13.3%. So there is a drop of around 45 basis points. This is largely due to the raw material cost due to the inflationary trend that has been largely the reason for impact. Our PAT for the quarter is INR48.7 crores, which was INR44.6 crores in the same period last year. Yes. So with this remark, I open the floor for question and answers. Annamalai Jayaraj: A question to assemble, sir. I will ask, what is the broad outlook as of now for FY '27, sir? How do you see that? Antony Cherukara: Yes. Good afternoon, everyone. Before I go to the broader outlook of FY '27, let me share a view on what has transpired so far and how we look at H1. The monsoon so far has been normal in the sense that the sowing is almost the same as the last year, except oil seeds and that too in some areas. So the outlook is good. But the next 15 to 20 days is going to be critical because the standing crops have to survive. And I believe that will decide the production from the kharif crop. And it will also decide the water table levels that will be required or the moisture content that will be Page 2 of 11 VST Tillers Tractors Limited August 13, 2026 required for the rabi crop. So next 20 days for survival of crops and balance of the monsoon for the water table for the rabi crop is going to be critical. So as of now, the outlook till September looks positive. Now an outlook for the balance H2 will be based on what I just said that the monsoon should play out the way it has done so far. So giving an FY '27 outlook, I think it's a little too early. I would say, I will be able to comment on that in another month's time. I think that will be more accurate, because right now, it will be pure speculation. Annamalai Jayaraj: Okay, sir. But on the tractors, we have, I mean, launched the products with Zetor tie-ups, but still we are not able to see some big traction. So can you just update what is happening on the tractor sector for us, sir? Antony Cherukara: Yes. On the tractor front, we have launched the new variant. The production ramp-up is happening. And in Q1, we have not been able to fully supply to the demand that was there. So the numbers look small. So that, I would say, would have been better if the production would have been ramped up. So Q2, you will find that growing again and Q3, Q4, substantial volume increase we are expecting. However, this is a long journey and the 40 to 50 HP segment is a crowded market. It's a very competitive scenario. But we are in for the long haul. We are planning many more variants in this segment to be launched in the next 12 to 18 months. So we are very positive on growing this segment in the higher horsepower tractor space. Annamalai Jayaraj: Okay. In the meantime, Mr. Shreyansh, you can unmute and ask your question. Shreyansh: Sir, a couple of questions. So one was on the tractors. So I did notice that there's like a launch of the Phantom series also along with Zetor. So the tractor industry has been growing. Like if we see results for our competitors, they've been growing quite well, but we are not even able to keep up with the market. I understand that the growth also comes from the higher horsepower, which we're not very present in. But at this point, I would believe that we also have the numbers for July, which have also been quite flat. So just trying to get some sense on what the competition is. And even Escorts Kubota is launching a tractor in the Kubota brand now. So how do you see that shaping up? And what's our strategy to increase our sales there? Antony Cherukara: Yes. So our strategy has been consistent in terms of increasing coverage, going to the northern markets, increasing the network there, launching of products. In the next 3 years, we are talking about launching more than 30 variants of tractors, various products that we will be launching in the next 3 years. Like I said, this is going to be a long haul. We will grow every year consistently. And I have in last call also, in the last quarter I have said upwards of 15,000 numbers we will aim to reach, close to 20,000 numbers we will aim to reach in FY '30. And I'm pretty sure that we will do that. Page 3 of 11 VST Tillers Tractors Limited August 13, 2026 And with all the launches, will all the product launches that we are doing now, for example, the FENTM Series, currently we launched only in 1 state which is in Gujarat last quarter. Now we are launching in Maha [Showing first 8,000 characters — download PDF for full document]