# Auto - Tractors — company-by-company sector analysis

> Auto - Tractors: Escorts Kubota Ltd owns the largest revenue base; VST Tillers Tractors Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Auto - Tractors has underperformed NIFTY 500 by 12.9% over 52 weeks and 5.8% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Escorts Kubota Ltd leads with revenue of ₹11,540 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Auto - Tractors sector outperforming NIFTY 500?

Auto - Tractors has underperformed NIFTY 500 by 12.9% over 52 weeks and 5.8% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Auto - Tractors company is largest by revenue?

Escorts Kubota Ltd leads with revenue of ₹11,540 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Auto - Tractors company is growing fastest?

VST Tillers Tractors Ltd has the fastest current revenue growth at 24.7%, across 4 of 4 comparable companies.

### Which Auto - Tractors company has the strongest 4-Factor Sector Score?

VST Tillers Tractors Ltd ranks first at 64.9/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto - Tractors company reports the most CAPEX?

Indo Farm Equipment Ltd reports the largest latest CAPEX at ₹7 crore, with 1 of 4 companies comparable.

### Which Auto - Tractors company has the least gross debt?

VST Tillers Tractors Ltd has the lowest comparable gross debt at ₹2 crore. HMT Ltd has the highest at ₹1,029 crore.

### Which Auto - Tractors company has the lowest comparable PEG?

VST Tillers Tractors Ltd has the lowest comparable Guarded PEG at 1.71, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Auto - Tractors comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Auto - Tractors has underperformed NIFTY 500 by 12.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.8%. 1 of 4 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. HMT Ltd is the strongest against the sector itself at +19.2%.

13-week sector return versus NIFTY 500: -5.8%
52-week sector return versus NIFTY 500: -13%
Stocks leading NIFTY: 1/4
Stocks leading sector: 2/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹39.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. VST Tillers Tractors Ltd (VSTTILLERS): 65/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 26.7/35 | Capital efficiency 17.7/25 | Valuation 8.5/20 | Relative strength 12.0/20
   - Exact sum: 26.7 + 17.7 + 8.5 + 12 = 64.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Escorts Kubota Ltd (ESCORTS): 60/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 27.8/35 | Capital efficiency 16.2/25 | Valuation 13.4/20 | Relative strength 3.0/20
   - Exact sum: 27.8 + 16.2 + 13.4 + 3 = 60.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.8% and the one-year return is -14.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. HMT Ltd (HMT): 42/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 11.0/35 | Capital efficiency 3.8/25 | Valuation 10.0/20 | Relative strength 17.4/20
   - Exact sum: 11 + 3.8 + 10 + 17.4 = 42.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Indo Farm Equipment Ltd (INDOFARM): 41/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 14.9/35 | Capital efficiency 13.2/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 14.9 + 13.2 + 10 + 3 = 41.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Escorts Kubota Ltd is the scale leader at ₹11,540 crore, 830.3% ahead of VST Tillers Tractors Ltd. VST Tillers Tractors Ltd's growth is 24.7% from a ₹1,240 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Escorts Kubota Ltd is the scale benchmark; VST Tillers Tractors Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Escorts Kubota Ltd's growth falls below VST Tillers Tractors Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Escorts Kubota Ltd · ₹11,540 crore | 830.3% versus #2 · VST Tillers Tractors Ltd | 6/8 recent comparable periods | 4/4 companies · 61 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Escorts Kubota Ltd (ESCORTS): ₹11.5K Cr
2. VST Tillers Tractors Ltd (VSTTILLERS): ₹1.2K Cr
3. Indo Farm Equipment Ltd (INDOFARM): ₹440 Cr
4. HMT Ltd (HMT): ₹112 Cr

### Revenue growth — fastest growers
1. VST Tillers Tractors Ltd (VSTTILLERS): 25%
2. Indo Farm Equipment Ltd (INDOFARM): 14%
3. Escorts Kubota Ltd (ESCORTS): 13%
4. HMT Ltd (HMT): -26%

### 20-quarter Revenue history
- ESCORTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.0K Cr
- VSTTILLERS: Jun 2021 ₹194 Cr | Sep 2021 ₹233 Cr | Dec 2021 ₹208 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹236 Cr | Sep 2022 ₹234 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹323 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹273 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹283 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹301 Cr | Jun 2025 ₹282 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹328 Cr
- HMT: Jun 2021 ₹11 Cr | Sep 2021 ₹52 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹21 Cr | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹75 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹134 Cr

### 20-quarter Revenue growth history
- ESCORTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 3.9% | Jun 2024 9.3% | Sep 2024 -8.1% | Dec 2024 8.1% | Mar 2025 6.3% | Jun 2025 -2.9% | Sep 2025 23% | Dec 2025 11% | Mar 2026 21%
- VSTTILLERS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 0.4% | Dec 2022 2.9% | Mar 2023 48% | Jun 2023 4.3% | Sep 2023 19% | Dec 2023 -21% | Mar 2024 -15% | Jun 2024 -23% | Sep 2024 1.8% | Dec 2024 29% | Mar 2025 10% | Jun 2025 48% | Sep 2025 11% | Dec 2025 43% | Mar 2026 9.0%
- HMT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 -3.5% | Jun 2022 191% | Sep 2022 -93% | Dec 2022 23% | Mar 2023 32% | Jun 2023 44% | Sep 2023 900% | Dec 2023 -16% | Mar 2024 -55% | Jun 2024 -30% | Sep 2024 17% | Dec 2024 -9.4% | Mar 2025 -18% | Jun 2025 -22% | Sep 2025 -38% | Dec 2025 -28% | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 28% | Sep 2025 21% | Dec 2025 10% | Mar 2026 3.1%

## Operating Economics & Margin Trend

What the numbers say: VST Tillers Tractors Ltd leads opm at 14.2%; Escorts Kubota Ltd leads margin change at +1 percentage points.

Investor read: VST Tillers Tractors Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: VST Tillers Tractors Ltd · 14.2% | 2.2% versus #2 · Indo Farm Equipment Ltd | 4/8 recent comparable periods | 4/4 companies · 67 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. VST Tillers Tractors Ltd (VSTTILLERS): 14%
2. Indo Farm Equipment Ltd (INDOFARM): 14%
3. Escorts Kubota Ltd (ESCORTS): 13%
4. HMT Ltd (HMT): -111%

### Margin change — fastest expanders
1. Escorts Kubota Ltd (ESCORTS): +1.0 pp
2. VST Tillers Tractors Ltd (VSTTILLERS): +1.0 pp
3. Indo Farm Equipment Ltd (INDOFARM): −0.3 pp
4. HMT Ltd (HMT): −54.0 pp

### 20-quarter OPM history
- ESCORTS: Jun 2021 14% | Sep 2021 13% | Dec 2021 14% | Mar 2022 13% | Jun 2022 9.7% | Sep 2022 7.7% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 14% | Sep 2023 11% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 10% | Dec 2024 11% | Mar 2025 12% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 13%
- VSTTILLERS: Jun 2021 13% | Sep 2021 16% | Dec 2021 15% | Mar 2022 14% | Jun 2022 7.2% | Sep 2022 14% | Dec 2022 11% | Mar 2023 17% | Jun 2023 13% | Sep 2023 15% | Dec 2023 5.6% | Mar 2024 14% | Jun 2024 6.8% | Sep 2024 13% | Dec 2024 8.8% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14%
- HMT: Jun 2021 -253% | Sep 2021 -31% | Dec 2021 -29% | Mar 2022 -58% | Jun 2022 -73% | Sep 2022 -104% | Dec 2022 -44% | Mar 2023 -27% | Jun 2023 -47% | Sep 2023 -56% | Dec 2023 -71% | Mar 2024 -93% | Jun 2024 -67% | Sep 2024 -55% | Dec 2024 -57% | Mar 2025 -162% | Jun 2025 -86% | Sep 2025 -145% | Dec 2025 -111% | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16% | Sep 2024 15% | Dec 2024 15% | Mar 2025 14% | Jun 2025 14% | Sep 2025 12% | Dec 2025 13% | Mar 2026 14%

### 20-quarter Margin change history
- ESCORTS: Jun 2021 +2.5 pp | Sep 2021 −4.8 pp | Dec 2021 −4.2 pp | Mar 2022 −2.5 pp | Jun 2022 −3.9 pp | Sep 2022 −5.5 pp | Dec 2022 −5.6 pp | Mar 2023 −1.7 pp | Jun 2023 +4.4 pp | Sep 2023 +3.4 pp | Dec 2023 +4.0 pp | Mar 2024 +1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp
- VSTTILLERS: Jun 2021 +1.9 pp | Sep 2021 −0.7 pp | Dec 2021 −0.2 pp | Mar 2022 +9.8 pp | Jun 2022 −5.9 pp | Sep 2022 −2.6 pp | Dec 2022 −3.5 pp | Mar 2023 +3.1 pp | Jun 2023 +5.7 pp | Sep 2023 +1.7 pp | Dec 2023 −5.4 pp | Mar 2024 −2.5 pp | Jun 2024 −6.1 pp | Sep 2024 −2.3 pp | Dec 2024 +3.2 pp | Mar 2025 −1.2 pp | Jun 2025 +6.3 pp | Sep 2025 −0.4 pp | Dec 2025 +4.1 pp | Mar 2026 +1.0 pp
- HMT: Jun 2021 −119.5 pp | Sep 2021 +29.4 pp | Dec 2021 0.0 pp | Mar 2022 −58.8 pp | Jun 2022 +179.9 pp | Sep 2022 −72.4 pp | Dec 2022 −15.2 pp | Mar 2023 +31.1 pp | Jun 2023 +26.4 pp | Sep 2023 +47.6 pp | Dec 2023 −27.0 pp | Mar 2024 −66.0 pp | Jun 2024 −20.0 pp | Sep 2024 +1.0 pp | Dec 2024 +14.0 pp | Mar 2025 −69.0 pp | Jun 2025 −19.0 pp | Sep 2025 −90.0 pp | Dec 2025 −54.0 pp | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −2.4 pp | Sep 2025 −2.8 pp | Dec 2025 −2.7 pp | Mar 2026 −0.3 pp

## Profit Scale & Acceleration

What the numbers say: Escorts Kubota Ltd leads with ₹2,394 crore of TTM profit, 22.9× the profit of VST Tillers Tractors Ltd. Escorts Kubota Ltd shows 89.3% growth from a ₹2,394 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Escorts Kubota Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Escorts Kubota Ltd · ₹2,394 crore | 22.9× versus #2 · VST Tillers Tractors Ltd | 7/8 recent comparable periods | 4/4 companies · 61 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Escorts Kubota Ltd (ESCORTS): ₹2.4K Cr
2. VST Tillers Tractors Ltd (VSTTILLERS): ₹105 Cr
3. Indo Farm Equipment Ltd (INDOFARM): ₹25 Cr
4. HMT Ltd (HMT): ₹-130 Cr

### Profit growth — fastest growers
1. Escorts Kubota Ltd (ESCORTS): 89%
2. VST Tillers Tractors Ltd (VSTTILLERS): 13%
3. Indo Farm Equipment Ltd (INDOFARM): 4.9%

### 20-quarter Net profit history
- ESCORTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹181 Cr | Mar 2023 ₹216 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹299 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹324 Cr | Dec 2024 ₹321 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹358 Cr | Mar 2026 ₹321 Cr
- VSTTILLERS: Jun 2021 ₹24 Cr | Sep 2021 ₹32 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹5 Cr
- HMT: Jun 2021 ₹-43 Cr | Sep 2021 ₹-33 Cr | Dec 2021 ₹-27 Cr | Mar 2022 ₹636 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-30 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹-29 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-27 Cr | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹9 Cr

### 20-quarter Profit growth history
- ESCORTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 65% | Mar 2024 25% | Jun 2024 4.1% | Sep 2024 54% | Dec 2024 7.4% | Mar 2025 18% | Jun 2025 363% | Sep 2025 -1.9% | Dec 2025 12% | Mar 2026 0.9%
- VSTTILLERS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -58% | Sep 2022 -28% | Dec 2022 -9.5% | Mar 2023 83% | Jun 2023 230% | Sep 2023 58% | Dec 2023 -11% | Mar 2024 -13% | Jun 2024 -32% | Sep 2024 23% | Dec 2024 -92% | Mar 2025 -30% | Jun 2025 97% | Sep 2025 -44% | Dec 2025 2,277% | Mar 2026 -79%
- HMT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -105% | Jun 2023 — | Sep 2023 -773% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -101% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 122% | Sep 2025 38% | Dec 2025 40% | Mar 2026 -35%

## Capacity Spending & Returns On It

What the numbers say: Indo Farm Equipment Ltd reports ₹7 crore of CAPEX; Indo Farm Equipment Ltd has the highest covered intensity at 8.1%. Coverage is only 1 of 4 companies and 2 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Indo Farm Equipment Ltd · ₹7 crore | Not enough peers | 2/2 recent comparable periods | 1/4 companies · 2 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Indo Farm Equipment Ltd (INDOFARM): ₹7 Cr

### CAPEX intensity — highest reinvestment intensity
1. Indo Farm Equipment Ltd (INDOFARM): 8.1%

### 20-quarter CAPEX history
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.7% | Sep 2024 8.1% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: VST Tillers Tractors Ltd has the clearest covered balance-sheet capacity with ₹662 crore net cash and gross debt of ₹2 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: VST Tillers Tractors Ltd · ₹2 crore | 98.7% versus #2 · Indo Farm Equipment Ltd | 8/8 recent comparable periods | 4/4 companies · 54 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. VST Tillers Tractors Ltd (VSTTILLERS): ₹2 Cr
2. Indo Farm Equipment Ltd (INDOFARM): ₹150 Cr
3. Escorts Kubota Ltd (ESCORTS): ₹162 Cr
4. HMT Ltd (HMT): ₹1.0K Cr

### Net debt — lowest net debt
1. VST Tillers Tractors Ltd (VSTTILLERS): ₹-662 Cr
2. Indo Farm Equipment Ltd (INDOFARM): ₹74 Cr
3. HMT Ltd (HMT): ₹817 Cr

### 20-quarter Gross debt history
- ESCORTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹52 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹57 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹448 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹105 Cr | Jun 2025 — | Sep 2025 ₹104 Cr | Dec 2025 — | Mar 2026 ₹162 Cr
- VSTTILLERS: Jun 2021 ₹0 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr
- HMT: Jun 2021 ₹54 Cr | Sep 2021 ₹46 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹275 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹281 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹272 Cr | Jun 2024 ₹247 Cr | Sep 2024 ₹249 Cr | Dec 2024 ₹249 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹150 Cr

### 20-quarter Net debt history
- VSTTILLERS: Jun 2021 ₹-286 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹-354 Cr | Jun 2022 ₹-354 Cr | Sep 2022 ₹-279 Cr | Dec 2022 ₹-279 Cr | Mar 2023 ₹-409 Cr | Jun 2023 ₹-369 Cr | Sep 2023 ₹-336 Cr | Dec 2023 ₹-336 Cr | Mar 2024 ₹-481 Cr | Jun 2024 ₹-484 Cr | Sep 2024 ₹-449 Cr | Dec 2024 ₹-449 Cr | Mar 2025 ₹-553 Cr | Jun 2025 ₹-556 Cr | Sep 2025 ₹-613 Cr | Dec 2025 ₹-613 Cr | Mar 2026 ₹-662 Cr
- HMT: Jun 2021 ₹-137 Cr | Sep 2021 ₹-139 Cr | Dec 2021 ₹-139 Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹817 Cr | Jun 2024 ₹782 Cr | Sep 2024 ₹827 Cr | Dec 2024 ₹827 Cr | Mar 2025 ₹858 Cr | Jun 2025 ₹823 Cr | Sep 2025 ₹817 Cr | Dec 2025 ₹817 Cr | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹238 Cr | Sep 2024 ₹243 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹74 Cr

## Return On Capital Employed

What the numbers say: Escorts Kubota Ltd leads ROCE at 13.9%, 0.2 percentage points above VST Tillers Tractors Ltd. VST Tillers Tractors Ltd has the strongest latest improvement at +3.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Escorts Kubota Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Escorts Kubota Ltd · 13.9% | 1.5% versus #2 · VST Tillers Tractors Ltd | Not enough history | 4/4 companies · 31 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Escorts Kubota Ltd (ESCORTS): 14%
2. VST Tillers Tractors Ltd (VSTTILLERS): 14%
3. Indo Farm Equipment Ltd (INDOFARM): 7.4%
4. HMT Ltd (HMT): 5.9%

### ROCE change — fastest improvers
1. VST Tillers Tractors Ltd (VSTTILLERS): +3.8 pp
2. Escorts Kubota Ltd (ESCORTS): +3.0 pp
3. HMT Ltd (HMT): +1.3 pp
4. Indo Farm Equipment Ltd (INDOFARM): −0.6 pp

### 20-quarter ROCE history
- VSTTILLERS: Jun 2021 — | Sep 2021 11% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 14% | Dec 2023 19% | Mar 2024 10% | Jun 2024 15% | Sep 2024 7.4% | Dec 2024 14% | Mar 2025 8.4% | Jun 2025 15% | Sep 2025 10% | Dec 2025 15% | Mar 2026 12%
- HMT: Jun 2021 — | Sep 2021 0.7% | Dec 2021 — | Mar 2022 1.5% | Jun 2022 — | Sep 2022 1.6% | Dec 2022 — | Mar 2023 1.6% | Jun 2023 — | Sep 2023 1.3% | Dec 2023 — | Mar 2024 5.3% | Jun 2024 — | Sep 2024 4.6% | Dec 2024 — | Mar 2025 5.5% | Jun 2025 — | Sep 2025 5.9% | Dec 2025 — | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.3% | Sep 2024 4.8% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 10% | Sep 2025 7.9% | Dec 2025 10% | Mar 2026 7.4%

### 20-quarter ROCE change history
- VSTTILLERS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 −2.4 pp | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 −5.7 pp | Mar 2025 −1.8 pp | Jun 2025 −0.5 pp | Sep 2025 +3.0 pp | Dec 2025 +1.8 pp | Mar 2026 +3.8 pp
- HMT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 — | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 +3.7 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 +1.3 pp | Dec 2025 — | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +7.9 pp | Sep 2025 +3.1 pp | Dec 2025 — | Mar 2026 −0.6 pp

## Valuation Against Growth & Quality

What the numbers say: VST Tillers Tractors Ltd has the lowest comparable Guarded PEG at 1.71×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: VST Tillers Tractors Ltd · 1.71× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. VST Tillers Tractors Ltd (VSTTILLERS): 1.7

### P/E — lowest P/E
1. Escorts Kubota Ltd (ESCORTS): 15.3
2. Indo Farm Equipment Ltd (INDOFARM): 29.6
3. VST Tillers Tractors Ltd (VSTTILLERS): 36.5

### 20-quarter Guarded PEG history
- VSTTILLERS: Jun 2021 0.4 | Sep 2021 3.2 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 1.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.7

### 20-quarter P/E history
- ESCORTS: Jun 2021 18.1 | Sep 2021 20.6 | Dec 2021 28.5 | Mar 2022 29.2 | Jun 2022 27.6 | Sep 2022 39.5 | Dec 2022 41.8 | Mar 2023 38.6 | Jun 2023 43.9 | Sep 2023 47.9 | Dec 2023 39.6 | Mar 2024 32.2 | Jun 2024 42.8 | Sep 2024 48.4 | Dec 2024 33.5 | Mar 2025 33.0 | Jun 2025 38.2 | Sep 2025 33.8 | Dec 2025 34.7 | Mar 2026 24.4
- VSTTILLERS: Jun 2021 17.8 | Sep 2021 23.3 | Dec 2021 26.5 | Mar 2022 20.9 | Jun 2022 25.6 | Sep 2022 25.6 | Dec 2022 25.6 | Mar 2023 21.3 | Jun 2023 26.6 | Sep 2023 34.2 | Dec 2023 35.3 | Mar 2024 22.1 | Jun 2024 29.8 | Sep 2024 36.0 | Dec 2024 36.8 | Mar 2025 32.5 | Jun 2025 34.2 | Sep 2025 38.3 | Dec 2025 53.8 | Mar 2026 34.2
- HMT: Jun 2021 10.0 | Sep 2021 11.8 | Dec 2021 — | Mar 2022 1.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 37.8 | Jun 2025 31.5 | Sep 2025 38.5 | Dec 2025 34.7 | Mar 2026 18.9

## Enterprise Value & Book Value

What the numbers say: Indo Farm Equipment Ltd leads both ev/ebitda at 9.8× and p/bv at 1.31×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Indo Farm Equipment Ltd · 9.8× | 35.1% versus #2 · Escorts Kubota Ltd | 0/5 recent comparable periods | 3/4 companies · 46 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Indo Farm Equipment Ltd (INDOFARM): 9.8
2. Escorts Kubota Ltd (ESCORTS): 15.1
3. VST Tillers Tractors Ltd (VSTTILLERS): 21.8

### P/BV — lowest P/BV
1. Indo Farm Equipment Ltd (INDOFARM): 1.3
2. Escorts Kubota Ltd (ESCORTS): 2.6
3. VST Tillers Tractors Ltd (VSTTILLERS): 3.5

### 20-quarter EV/EBITDA history
- ESCORTS: Jun 2021 12.2 | Sep 2021 13.1 | Dec 2021 17.2 | Mar 2022 19.1 | Jun 2022 17.6 | Sep 2022 25.4 | Dec 2022 26.7 | Mar 2023 24.1 | Jun 2023 23.3 | Sep 2023 27.8 | Dec 2023 23.4 | Mar 2024 19.6 | Jun 2024 29.8 | Sep 2024 29.9 | Dec 2024 22.4 | Mar 2025 22.1 | Jun 2025 26.3 | Sep 2025 22.9 | Dec 2025 21.5 | Mar 2026 15.1
- VSTTILLERS: Jun 2021 14.0 | Sep 2021 19.7 | Dec 2021 20.6 | Mar 2022 14.9 | Jun 2022 15.1 | Sep 2022 13.9 | Dec 2022 15.0 | Mar 2023 12.5 | Jun 2023 15.9 | Sep 2023 20.5 | Dec 2023 21.2 | Mar 2024 14.2 | Jun 2024 19.2 | Sep 2024 23.2 | Dec 2024 24.7 | Mar 2025 21.0 | Jun 2025 21.1 | Sep 2025 24.4 | Dec 2025 32.5 | Mar 2026 21.8
- HMT: Jun 2021 25.9 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 15.8 | Jun 2025 17.5 | Sep 2025 18.2 | Dec 2025 16.7 | Mar 2026 9.8

### 20-quarter P/BV history
- ESCORTS: Jun 2021 4.6 | Sep 2021 3.9 | Dec 2021 4.8 | Mar 2022 4.2 | Jun 2022 2.6 | Sep 2022 3.6 | Dec 2022 3.6 | Mar 2023 3.3 | Jun 2023 3.6 | Sep 2023 5.1 | Dec 2023 3.8 | Mar 2024 3.6 | Jun 2024 4.9 | Sep 2024 5.1 | Dec 2024 3.7 | Mar 2025 3.7 | Jun 2025 3.6 | Sep 2025 3.8 | Dec 2025 3.5 | Mar 2026 2.7
- VSTTILLERS: Jun 2021 2.6 | Sep 2021 3.3 | Dec 2021 3.4 | Mar 2022 2.8 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 2.4 | Jun 2023 3.0 | Sep 2023 3.8 | Dec 2023 4.0 | Mar 2024 3.4 | Jun 2024 3.9 | Sep 2024 4.3 | Dec 2024 4.5 | Mar 2025 3.4 | Jun 2025 3.4 | Sep 2025 4.4 | Dec 2025 4.8 | Mar 2026 4.0
- HMT: Jun 2021 -0.2 | Sep 2021 -0.2 | Dec 2021 -0.2 | Mar 2022 -0.2 | Jun 2022 -0.2 | Sep 2022 -0.2 | Dec 2022 -0.3 | Mar 2023 -0.2 | Jun 2023 -0.2 | Sep 2023 -0.4 | Dec 2023 -0.4 | Mar 2024 -0.3 | Jun 2024 -0.6 | Sep 2024 -0.7 | Dec 2024 -1.2 | Mar 2025 -0.9 | Jun 2025 -1.4 | Sep 2025 -1.2 | Dec 2025 -0.9 | Mar 2026 —
- INDOFARM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.4 | Jun 2025 1.5 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.0

## Market action

VST Tillers Tractors Ltd has the strongest one-year price move in Auto - Tractors at +4.6%. HMT Ltd leads on Mansfield relative strength against NIFTY at +7.8%. 1 of 4 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. VST Tillers Tractors Ltd (VSTTILLERS): 4.6%
2. HMT Ltd (HMT): -4.5%
3. Escorts Kubota Ltd (ESCORTS): -15%
4. Indo Farm Equipment Ltd (INDOFARM): -28%

### Strongest relative strength versus NIFTY 500
1. HMT Ltd (HMT): 7.8%
2. Escorts Kubota Ltd (ESCORTS): -13%
3. Indo Farm Equipment Ltd (INDOFARM): -14%
4. VST Tillers Tractors Ltd (VSTTILLERS): -15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Escorts Kubota Ltd (ESCORTS) — market value ₹32.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- VST Tillers Tractors Ltd (VSTTILLERS) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- HMT Ltd (HMT) — market value ₹2.2K Cr; latest fundamentals Dec 2025
- Indo Farm Equipment Ltd (INDOFARM) — market value ₹732 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 1. Graded companies: 4.

1 of 4 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Escorts Kubota Ltd (ESCORTS) — its two data sources disagree by up to 13% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | ESCORTS | Escorts Kubota Ltd | diff_gt_2pct | disagreement up to 13.04% over 13 comparable periods

- UNVERIFIED | INDOFARM | Indo Farm Equipment Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Auto - Tractors index?

The Nifty Auto - Tractors index tracks India's listed Auto - Tractors companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Auto - Tractors sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Auto - Tractors stocks in India?

Ranked by this page's four-factor score, VST Tillers Tractors Ltd places first among 4 listed Auto - Tractors companies, followed by Escorts Kubota Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Auto - Tractors stocks are listed in India?

This comparison covers 4 listed Auto - Tractors companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Auto - Tractors company is the biggest?

Escorts Kubota Ltd is the largest, with trailing-twelve-month revenue of ₹11,540 crore, ahead of VST Tillers Tractors Ltd at ₹1,240 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Auto - Tractors company is growing fastest?

VST Tillers Tractors Ltd has the fastest revenue growth at 24.7% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Auto - Tractors company has the best profit margins?

VST Tillers Tractors Ltd has the highest operating margin at 14.2%, from 4 of 4 comparable companies. Escorts Kubota Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto - Tractors company makes the most profit?

Escorts Kubota Ltd earns the most, at ₹2,394 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Escorts Kubota Ltd has the fastest profit growth at 89.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto - Tractors company earns the highest return on capital?

Escorts Kubota Ltd leads on return on capital employed at 13.9%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Auto - Tractors stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — VST Tillers Tractors Ltd screens cheapest at 1.71×. Only 1 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Auto - Tractors company has the strongest balance sheet?

VST Tillers Tractors Ltd carries the lowest comparable gross debt at ₹2 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Auto - Tractors sector beating the market?

Auto - Tractors has underperformed NIFTY 500 by 12.9% over the last 52 weeks and 5.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto - Tractors stock has the strongest price momentum?

HMT Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Auto - Tractors company scores highest for research priority?

VST Tillers Tractors Ltd scores 64.9 out of 100 with 91% evidence confidence, from 26.7 points on growth and earnings, 17.7 on capital efficiency, 8.5 on valuation and 12 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Auto - Tractors companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Auto - Tractors sector?

The 4 Auto - Tractors companies on this page carry ₹39,239 crore of combined market value. Escorts Kubota Ltd is the largest at ₹32,502 crore, about 83% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Auto - Tractors sector performing?

1 of the 4 covered Auto - Tractors companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 12.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/auto-tractors