# 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 2026-08-05. Not investment advice.

## Bottom line

Auto - Tractors has underperformed NIFTY 500 by 11.5% over 52 weeks and 1.8% 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.

## Sector relative strength

Auto - Tractors has underperformed NIFTY 500 by 11.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.8%. 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 +14.9%.

13-week sector return versus NIFTY 500: -1.8%
52-week sector return versus NIFTY 500: -12%
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: ₹41.3K 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): 63/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 26.7/35 | Capital efficiency 15.3/25 | Valuation 8.5/20 | Relative strength 12.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 26.7 + 15.3 + 8.5 + 12 = 62.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Escorts Kubota Ltd (ESCORTS): 58/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 27.8/35 | Capital efficiency 13.7/25 | Valuation 13.4/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 27.8 + 13.7 + 13.4 + 3 = 57.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.8% and the one-year return is -9.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. HMT Ltd (HMT): 43/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 17.0/35 | Capital efficiency 0.0/25 | Valuation 10.0/20 | Relative strength 15.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 17 + 0 + 10 + 15.9 = 42.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 4.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Indo Farm Equipment Ltd (INDOFARM): 38/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 14.9/35 | Capital efficiency 10.5/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 14.9 + 10.5 + 10 + 3 = 38.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

HMT Ltd has the strongest one-year price move in Auto - Tractors at +0.1%. It also leads on Mansfield relative strength against NIFTY at +4.9%. 1 of 4 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. HMT Ltd (HMT): 0.1%
2. VST Tillers Tractors Ltd (VSTTILLERS): -3.1%
3. Escorts Kubota Ltd (ESCORTS): -9.5%
4. Indo Farm Equipment Ltd (INDOFARM): -21%

### Strongest relative strength versus NIFTY 500
1. HMT Ltd (HMT): 4.9%
2. Escorts Kubota Ltd (ESCORTS): -9.6%
3. Indo Farm Equipment Ltd (INDOFARM): -10%
4. VST Tillers Tractors Ltd (VSTTILLERS): -16%

## 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 · 62 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): ₹143 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): 0.0%

### 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 ₹71 Cr
- 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 78%
- 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%; HMT Ltd leads margin change at +113 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 · 68 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): -42%

### Margin change — fastest expanders
1. HMT Ltd (HMT): +113.0 pp
2. Escorts Kubota Ltd (ESCORTS): +1.0 pp
3. VST Tillers Tractors Ltd (VSTTILLERS): +1.0 pp
4. Indo Farm Equipment Ltd (INDOFARM): −0.3 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 -155% | Jun 2025 -86% | Sep 2025 -145% | Dec 2025 -111% | Mar 2026 -42%
- 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 −62.0 pp | Jun 2025 −19.0 pp | Sep 2025 −90.0 pp | Dec 2025 −54.0 pp | Mar 2026 +113.0 pp
- 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 · 62 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): ₹-131 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 ₹-37 Cr
- 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%

## 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 PEG at 1.71×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

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

### P/E — lowest P/E
1. Escorts Kubota Ltd (ESCORTS): 16.2
2. Indo Farm Equipment Ltd (INDOFARM): 31.4
3. VST Tillers Tractors Ltd (VSTTILLERS): 36.8

### 20-quarter 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


## 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: Valuation have fewer than three usable current readings.

## Every company
- Escorts Kubota Ltd (ESCORTS) — market value ₹34.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- VST Tillers Tractors Ltd (VSTTILLERS) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- HMT Ltd (HMT) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Indo Farm Equipment Ltd (INDOFARM) — market value ₹775 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 2026-07-31.
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

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

Auto - Tractors has underperformed NIFTY 500 by 11.5% over 52 weeks and 1.8% 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 62.5/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

VST Tillers Tractors Ltd has the lowest comparable PEG at 1.71, among 1 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 has the best profit margins?

VST Tillers Tractors Ltd has the highest operating margin at 14.2%, from 4 of 4 comparable companies. HMT Ltd shows the biggest recent improvement, at +113 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 PEG — where a LOWER number is cheaper — VST Tillers Tractors Ltd screens cheapest at 1.71×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Auto - Tractors has underperformed NIFTY 500 by 11.5% over the last 52 weeks and 1.8% 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 62.5 out of 100 with 91% evidence confidence, from 26.7 points on growth and earnings, 15.3 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, 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 ₹41,340 crore of combined market value. Escorts Kubota Ltd is the largest at ₹34,525 crore, about 84% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 11.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.