VST TILLERS TRACTORS LTD (NSE: VSTT) Q1 2026 Earnings Call dated Aug. 11, 2025
Corporate Participants:
Unidentified Speaker
Antony Cherukara — Chief Executive Officer
Analysts:
Unidentified Participant
Presentation:
operator
Okay. We’ll go to the main call, sir. Yeah. Yeah. Ladies and gentlemen, Good day And welcome to BST Tillers Tractors Limited 1Q FI 26 post conference call hosted by BNK securities from BSC Tillers Practice Limited Management. We have with us today Mr. VT RA Managing Director. Mr. Anthony Sarkara, Chief Executive Officer. Mr. Nitin Agarwal, Chief Financial officer. At this point all participant line will be in the resonantly mode. And there will be an opportunity for to ask questions after the presentation by the management and opening remarks. Over to you sir.
Antony Cherukara — Chief Executive Officer
Good afternoon everyone. My name is Nitin Agrawal. I welcome you all to the Q call for the Q1 results. This is the safe harbor statement. These are the agenda for the discussion today. We’ll touch base on macroeconomic situation. Key highlights sales volume of the company for the quarter one financial performance and then outlook and some of the product launches. So as you all know, the monsoon season has been good this year. And there’s a rise in the rural consumption which has led to the increase of the farm equipment sales. GDP is expected by as per the RBI growth estimate 6.5% for FY26.
And inflation has been forecasted at 3.1% on the international trade side. Softening of economic growth in Europe and international logistics related challenges continue to pose in the international trade environment. On here are the key highlights for the performance for the quarter. So we have achieved highest ever turnover for the quarter one which is rupees 282 crore. We have also registered highest ever power tiller sales in this quarter which is 92% growth. We have done 11,700 number of tiller sale. There’s a good growth in the power weeder segment as well. Our distribution business has also grown.
The precision component division continues to focus on the external sales. And also during the quarter we have launched Phantom series of tractors in the domestic market which is fuel efficient and high torque models. I’ll talk about the sales volume now. So first for the power tillers in the current quarter we have registered sales of 11,701 tillers which was which has registered a very healthy growth of 92%. Power bidder sale volume is 2349 in the current quarter which is a growth of 63%. Tractor domestic has a single digit growth of 5%. However export market we have sold 312 tractors which is degrowth of around 20% mainly relating to the European economic situations.
This slide is about the financial performance. So the company has registered a growth revenue of 282.5 crore which is 48% strong growth. In terms of operational EBITDA as a percentage we are 13.3% against 7% in the same quarter last year. In terms of revenue rupees crore, operational EBITDA is 37.5 crore against 13.5 crore last year. Operational EBITDA is basically EBITDA excluding other income and the net gain or loss on the fair value changes in the investment. This reflects the true business performance at a PAT level. The are 44.6 crore in the current quarter which was 22.8 crore in the Q1 last year.
This slide talks about the outlook. So considering the July volume we expect Q2 also indication. Q2 also indicate that we’ll Q2 indications are good considering the July 25th sales volume. Overall outlook is positive and operational EBITA is expected to remain in the range of 11 to 13%. We have launched new track new Phantom series factors in the 18.5 horsepower to 29 horsepower series. There’s a news in the media as well. For more detail you can refer to that in case of SFM product during the quarter we have launched Ranger 50 which is India made reader.
We have also launched Ranger 80 which is for front rotary as well as rear rotary. There are two separate Models. Also in case of reaper, there’s a reaper for maize. So these are the four new models under the SFM business which is launched in the current quarter. So with this. Thank you for joining. We’ll open up now for the question and answers.
Questions and Answers:
operator
Yeah. Thank you sir. We’ll now begin the question and answer session. For participants who wish to ask a question. I request you to please raise your hand. Alternatively, participants can also type in their question in the chat box. We will now wait for a moment as the question queue assembles. Yeah, Mr. Arjun Khan, you can unmute and ask your question. Arjun.
Unidentified Speaker
You’Re not able to hear him? J. Yeah, that’s what I am.
operator
Just checking, sir. Okay, I’ll go to the next caller. Probably he may join later. Mr. Kaushik, you can unmute and ask your question.
Unidentified Participant
Hello? Am I audible?
Unidentified Speaker
Yeah, yeah, yeah.
Unidentified Participant
Oh, sorry. This is Arjun sir, not Kaushik.
operator
Yeah, yeah. Okay. Okay. We are not able to hear you earlier. Okay, I can go ahead?
Unidentified Participant
Sure. Thank you for taking my question and congratulations on a very good set of numbers. I think just to move on from my earlier ppt, your lad indicated a good quarter for first quarter which we have seen play out for second quarter. Just want to get some further granularity on your guidance. We have said the quarter will be good. Is it possible to quantify some of the metrics what we expect from the second quarter?
Antony Cherukara
Arjun? It is extremely difficult to quantify because we can’t give a number per se. But I would say it is July. Numbers have been good, but the peak season is June and July. But August is also looking good. September should be tapering down as the cropping season changes. But I think overall it should be better. But to get a, you know, exact figure on how much it will be. But it looks very good.
Unidentified Participant
Sure, fair enough, sir. Secondly, just to understand what’s really changing. So you have obviously grown. Well, you talked of expansion in the north. There have been changes we have done in the south. So effectively, if you could just quantify two aspects. One, in terms of geographical expansion for power tillers and secondly in terms of financing. How important is it a role and how do we see it scale up from these levels going forward?
Antony Cherukara
Yeah, like I’ve always said, there is tremendous potential in this segment. The small farm machines, the small and marginal farmer needs mechanization. They can’t afford tractors. It’s always been a question of capital availability for them. Retail finance is growing from 0% retail finance two years back. We are close to 10% retail finance now. I Hope we are able to grow it further. Last year we had done about 6, 7, 8%. Previous year before that was about 3%. This year we should be close to 10%. Plus we have had lot of new age banks coming into financing, power dealers.
We have Chola Mandalam Finance which is into financing. Lot of nationalized banks have started financing. We have Sriram Finance which is financing. We have Bajaj Finser which has come into power to our finance. So you know I think there is a good movement of retail finance that is happening and I think it will only get get better as we go on. I would say in the next two years if we are able to get to about 30 to 40% retail financing that will be great.
Unidentified Participant
Sir, do we provide subvention?
Antony Cherukara
There is some delinquency arrangements with these players. But very happy to say last six to eight months that we have worked with Cholomandalam Bajaj Fin Service just started so I won’t comment on that. But Cholamandalam we have worked about six to eight months and not a single case of delinquency has happened.
Unidentified Participant
Sure, fair enough. That’s good to hear. Sir, on the second bit on the geographical distribution, how are we expanding? Sir?
Antony Cherukara
Yeah, the northern market we have started focusing. We have a project called one VST which I’ve spoken to you before that is progressing very well. We are you know going as per plan and we are getting the expected results from that market. But it’s a very, very large market. Up is a very large market. So these are initial days and I would say in the next two, three years tremendous numbers are going to come out from these markets.
Unidentified Participant
So in the previous call we mentioned 900 units for the northern markets. What would it be for this quarter sir?
Antony Cherukara
Let me check and come back Arjun on that exact numbers on that particular geography. I’ll come back to you.
Unidentified Participant
Sure. Sir. My second question based on the export space, so on tractors we are gaining share in India very well. We’ve actually seen a 5% growth year. Given that breakup. Thank you for that. On the export side there’s obviously pressure what we are seeing. So if you could help us geographically is this largely Europe which has slowed down for us and what is the Europe, Arjun?
Antony Cherukara
Yeah, so it is Europe Arjun and uss. We said we still have time. We have said we will be launching only in 2027 and that too given the tariff. I hope it settles down to a more, more sensible level by that time. I’m sure it will. So these numbers are definitely nothing to do with US this is purely Europe. And I would say more than the economic issue. See the bigger issue that we are dealing with in Europe is the logistics. Because what used to take about 25 to 30 days for inventory to reach Europe, it is getting to 60 to 90 days.
So you know the real issue is rotation of funds for the distributors that we have. So that is the real concern and that is what is affecting our volumes. I would say we are working towards resolving that and we are working towards setting up our first base in Europe towards the end of this year.
Unidentified Participant
Sure, sir, just two follow ups on this then I will get back in the queue. One, won’t the US tariffs be at 25% and not that potential 50 since auto and auto components are in the 25% band. Is that the right understanding?
Antony Cherukara
US trade tariffs at 25% definitely would create margin pressure. Definitely. But definitely that will be a, you know, as a, as a combat tractor geography. I think 25% is also something we can look at the US market and be present in that market. But 50% is definitely a. No, no.
Unidentified Participant
Sure.
Antony Cherukara
Yeah. It is relative. If Korea gets 15% we will be outpriced, isn’t it?
Unidentified Participant
Sure, sure. Yeah. And the second bit in terms of our export piece. So we also were looking at the Monarch bit given that now tariffs have potentially increased just for the Arjun Monarch.
Antony Cherukara
Is at a standstill at this point in time.
Unidentified Participant
Perfect.
Antony Cherukara
Considering that.
Unidentified Participant
So no revenues would have been booked in the first quarter, sir.
Antony Cherukara
No, not. No revenue at all.
Unidentified Participant
Perfect. I’ll come back in the queue. Thank you very much.
operator
Yeah, yeah. Anybody wants to ask a question please raise your hand next to Mr. Nishar. You can unmute and ask your question.
Unidentified Participant
Hello.
operator
Yeah, I could hear you.
Unidentified Participant
Yeah. So you had a vision for around 3000 crore in one or two years. Can you comment on that as to where does it, where does that thing stand?
Antony Cherukara
Yeah, we will definitely chase down that vision. Like I have said before we are delayed but definitely we will be chasing it down. We are looking towards 20, 29, 2030 to achieve it.
Unidentified Participant
2930 financial year.
Antony Cherukara
Yeah. Okay.
Unidentified Participant
And you think the roadmap is pretty clear to achieve this delayed timeline we.
Antony Cherukara
Have reworked the plans. We have done all the plan is and revised plans. We are confident about executing it. But we are living in uncertain times. That is the reality of where we are today. I hope the entry plans of the US that we have goes through and yeah, so there will be certain uncertainties which we cannot completely count out. But I can definitely tell you we are working towards that.
Unidentified Participant
And how’s the progress on Zetor?
Antony Cherukara
Zetor? The first year of seeding is completed. This is the year that we will scale up and it is going as per plan.
Unidentified Participant
So any. What’s the feedback from the market, from the distributors, etc.
Antony Cherukara
Yeah, we had some issues from the market. We had to redraw the plans, we had to do some improvement on the product. That work is completed now. And so that anyway, that was the intent of the seeding as well. So that is done. Now this will be the year of ramp up.
Unidentified Participant
And you expect good numbers this year, this financial year from Z1.
Antony Cherukara
Yeah, it good means relative to our earlier numbers. Definitely. Yes. But related to the industry will still be very small. Okay.
Unidentified Participant
And any comments on the land monetization.
Antony Cherukara
At this point? There is no decision taken. Okay.
Unidentified Participant
Okay, thank you.
operator
Yeah. Next. Mr. Shan. Sir, you can unmute and ask your question.
Unidentified Participant
Hi, good afternoon, sir. Hello.
Antony Cherukara
Good. Good afternoon.
Unidentified Participant
Yeah, yeah, hi.
Unidentified Participant
So I had a couple of questions. So if you could elaborate a little bit more on the new launch of the Phantom series that you have in terms of differentiation with the Classic series in performance and price point and how do you see like the market size? Is there going to be like any cannibalization there or you know, it’s operating in a different segment as such?
Antony Cherukara
Yeah, I’ll talk about it. Phantom series gives in performance max. You know, that is the tagline, performance max. Now what does that mean? What that means is the torque is maximum. The compactness is maximum. In fact, the whole length of the tractor has been further reduced. The fuel efficiency is maximum. So it is a much, much more productive tool than what we have had earlier. That is the need of the farmers. That has been completely understood, especially from the vineyard belt, the sugarcane belt. So it is a perfect product for these particular applications. And the whole focus has been to increase the performance for these particular applications in these markets, which again are the largest market for combat tractors.
Unidentified Participant
Got it, Got it. So is this now like.
Antony Cherukara
Hello. Yes, I’m listening. Please carry on.
Unidentified Participant
So is this basically like, you know, the only product you know that’s there in the market? Like, you know, are we like the first movers for this specifications or are there products available?
Antony Cherukara
Specification wise, probably we could be rated as the, you know, the best in, in the segment today. But are there other combat tractors? Definitely there are other combat tractors. All the players have come back tractors. VST were the pioneers in combat tractors. Lot of competition came in. Now we have again changed the game. I would say with, with technology Defining product, I think. And this is not the end there will be in the next 24 months we will be launching more than 20 the market. So the combat game is our forte and we want to play that globally.
And I, like I’ve said, this is the segment we are vying for global leadership. And hence it is not only about the Indian market, it’s also about addressing needs in Europe. It’s also about addressing needs of the newer markets that we want to enter.
Unidentified Participant
Got it, Got it. That’s very helpful. My second question is on the Reapers and the Weeders. We’ve grown really well in the last few months that we’ve last few years that we’ve introduced the product. But if you could give a market size and what our share is and what kind of competition is there from China or other competitors as such.
Antony Cherukara
Yeah, so we started the veader business two years back and we are growing rapidly. The industry size is still about, I would say last year we had estimated a size of about 250,000. It could be anywhere between 250 to 300,000. Because this is not an organized segment, we have to take figures from the imports and then we kind of aggregate it and see where it is. But it’s a very healthy growth and the large industry it is emerging to be and we want to be a major player. We started only two years back and we will continue with this exponential growth and create leadership in this segment as well.
Unidentified Participant
Got it. That’s very helpful. The last question on the Zetor again, have we launched the revamped product and what kind of sales do you expect for this year overall on the tractor side, if you don’t want to comment on Zetor specifically, but just wanted to get a sense on that.
Antony Cherukara
No, we have not launched the revamp product yet. That will happen in Diwali. So we want to launch the revamp product during Diwali and I’m not giving specific numbers for Sitor. Like I said to the previous speaker, for us it will be a large volume in the high HP segment, but industry wise it is very small. But we intend to grow it in the years to come.
Unidentified Participant
Okay. So we should see some growth over like, you know, the 4, 500 number sales that we are seeing for overall tractors for like, you know, which has been stagnant for a while now.
Antony Cherukara
It will grow.
Unidentified Participant
Okay, thank you. That’s all from my end.
operator
Thanks. A reminder to participants, anybody has a question, please raise your hand or type your to question. The chat box. Next in the queue will be Mr. Nihar Shah, please unmute and ask your question.
Unidentified Participant
Hi sir. Thanks for the opportunity and congrats on a good set of numbers. So I just wanted to touch on the tiller segment. You know, after a long time we’ve seen 6,000 monthly numbers come across. If you can just touch upon, you know, in the performance that you show in June and July, is it a function of, you know, financing, being more available? Is it a function of distribution, getting to wider areas, product acceptance? If you can just help us understand, you know, what has led to this performance in the last couple of months.
Antony Cherukara
Yeah, definitely. See the potential has always been there in the segment. And let me also add one more point. The team has done, the small farm machine team has done, you know, out of the last five months, three months, we have crossed the number 6,000. So that shows there is continuous demand in this segment. But however, having said that, the numbers that you see right now has definitely a seasonality effect because of the monsoon and because of the cropping season. There is definitely a seasonality effect. But I would say the potential for this segment is huge and the growth will continue.
But of course that seasonal variances will always be there. Sure.
Unidentified Participant
So, but anything specifically that, you know, led to the performance for the last couple of months that you would like?
Antony Cherukara
No, I, I like I said the demand is there, the retail finance is there. The one of the other things I had said in the earlier calls is the government also has, you know, kind of worked on the utilization mechanism of subsidies. That flow is now happening on time. So there are several factors that has helped. It is not just one, but inherently what I want to convey is, you know, this segment has huge demand. Small and marginal farmers constitute 80, 90% and they need the machine because labor is expensive. And you know, once the capital accrual happens, once the retail penetration of finance goes deeper, I would say the demand will only continue to grow.
Unidentified Participant
Got it, got it. And the second question you mentioned that you were looking at about 20 new product launches across the next couple of years. If you can just throw some light on the segments, how these launches are going to be shaped across in readers.
Antony Cherukara
Tillers, I’ll give you a complete. We have already announced our launch of range of power readers. So there are some more products coming in the power weeder segment. There is also an electric platform that we have already announced that we will be launching that will happen in the next few months. So there will be an electric tiller, electric weeder coming from the segment. And the good news is that we are able to give at least a five hour run ability on our power readers and power tillers. And with fast charging they will be able to use it for at least seven hours a day.
That is our expectation. And that is the second thing major thing. Third, I have also said that we are looking at a product between power tillers and tractors which will also be launched this year. And that will come in both the IC engine as well as the electric platform. So this creates a range of products that is being launched in the small farm mechanization segment in this year itself. Then there is the tractor series wherein we have already launched the Phantom series which is starting from 18 horsepower going all the way up to 29 horsepower.
We are also working on a Phantom plus series which will come out with better ergonomics and better, you know, more improved transmission. We are also looking at hydrostatic transmission that will happen in the next year. And there is also three other platforms that is working on which is meant for a global launch which will again be launched between this year and the next year. So it encompasses a range of products in the small farm machines and the compact tractor segment. There is also a new 3 models that will be launched from the VST ZTOR range as well.
So this all comprises more than 20 products in the next 24 months. Got it.
Unidentified Participant
Got it. That’s very detailed, sir. And lastly, you know you had earlier spoken about. You know considering an inorganic opportunity. Just wondering if there’s been any development on that front.
Antony Cherukara
Right now there is no potential or a strong prospect on our hands. But I can tell you this that the company has formed team for this particular work. And chief growth officer has been appointed which will look into this particular area of inorganic growth.
Unidentified Participant
Got it, sir.
Antony Cherukara
Got it. That’s it.
Unidentified Participant
From my side. And all the best.
operator
Thank you. Thank you. I will go through some questions on the chat box. Some two, three are there. One is somebody has said that they have missed the 3,000 crore guidance timeline. Can we please reshare?
Antony Cherukara
That is 2029, 30. 29. 2029 30. That is four years from now. Yeah.
operator
Okay. And then there is a question on Zeta. Then you will touched upon it. And then there is a question on any thought given to Bangalore land.
Antony Cherukara
Definitely thoughts are there. But nothing conclusive at this point.
operator
Okay, sir. Arjun, you can unmute and ask your question.
Unidentified Participant
Thank you for the follow up. Sir, could you give the breakup of our revenues because you talked about distribution doing better. So if you could give us the breakup for this quarter.
Antony Cherukara
Yeah. Hi Arjun, Nithyan Agrawal here. So breakup of Revenue is for SFM business. It is 186 crore. Tractors is 55 crore. Distribution business 34 crore. And balance is others.
Unidentified Participant
Sure. Very helpful, sir. So just to understand this distribution piece because earlier we were 1015 crores, we have scaled up this quarter. What has led to this growth? Is it just the solar pumps we were looking at or are there some other products here? And two, if you could talk about the margin. Since it’s a trading business, it will have higher rows but lower margin profile. So obviously the company level margins would get impacted. So if you could throw some color on this, sir.
Antony Cherukara
Yeah. See, there is no solar pumps, Arjun. We are working on electric pumps. But definitely that is a huge opportunity in itself. But of course future it could be solar as well. I mean I am not counting that out. But then right now we are not into solar pumps.
Unidentified Participant
Sure.
Antony Cherukara
The margins are good. I would say it has got decent margins. And considering that we are using TOC methodology of supply chains to handle the whole business, the working capital is also minimal. And I would say it is getting us very good returns. Above average, I would say compared to.
Unidentified Participant
Company level EBITDA margins, would it be.
Antony Cherukara
A higher margin Considering company level as the average? It is above average.
Unidentified Participant
Okay. Sure. Sure. Sir, the second question is in terms of the tam, so the Phantom range essentially does it increase our total addressable market in the compact space or it is just another product adding to the suite of products like VST Shakti, etc. That we already have?
Antony Cherukara
Addressable product doesn’t change. Sorry. Addressable market doesn’t change. But what I would say is the relevance increases because the more you make it suitable for the farmer and you know, kind of create benchmark product, you will become the benchmark than you following some other benchmark.
Unidentified Participant
Sure. And in terms of pricing, given that we are launching more features, do we see the price per tractor being higher in this range versus existing range?
Antony Cherukara
Slightly higher. But we will remain competitive.
Unidentified Participant
Sure. Thanks a lot and wishing you again all the best, sir.
Antony Cherukara
Thank you.
operator
Next in the line will be Jyoti Singh. You can unmute and ask your question. Jyoti Singh, you can unmute and ask your question.
Unidentified Participant
Yeah, I’m audible now.
operator
Yeah, yeah. Now audible. Yeah.
Unidentified Participant
Yeah. Thank you so much, sir. So sorry if I’m repeating anything because I joined little bit later. Like overall we are doing very well. So how are global geopolitical and logistic challenges impacting your export supply chain and pricing strategy? If you can comment on that. And then another on the tractor export. That has declined 20% year on year. So what were the main challenges and what’s your strategy to revive export growth in the coming quarter? And also last on the EBITDA guidance side, like 11 to 13%. What are the key levers you are focusing on to maintain margin amid the issue of the input cost and currency volatility?
Antony Cherukara
Okay, so on exports I had already explained. I think you might have missed that conversation. However, like I said, the challenge is more in logistics wherein the freight takes more time to reach the distributors and hence we need. Hence the rotation of capital becomes a problem for the distributors is affecting our business. I think the demand for our products in all the western European markets kind of remain stable. So I don’t see a issue in demand at this point in time. But the issue really is logistics. And as I said earlier, we will be putting up a operations base in a suitable location in Europe very soon.
And that should be, that should enable our distributors to rotate their funds faster and hence kind of, you know, regain on the volume that they are finding it difficult to do at this point in time. The supply chain is largely India for us and hence it really doesn’t. The global conflicts or the issues have not really affected us. And in the tractor segment there is hardly any chip that goes in except for the stage five tractors which is minimal in volume. Now because we export only a certain amount of Stage 5 tractors to Europe at this point.
So it really doesn’t affect us either. And the third question you asked is on the margins. The margins also since we are not in the US market today, it has not hit us in terms of tariffs. So we are totally unaffected. But we definitely have plans to enter the US market. So we are keeping fingers crossed that the tariff is settled and at a more sensible level.
Unidentified Participant
Okay.
Antony Cherukara
Great. Great.
Unidentified Participant
Thank you so much.
operator
Yeah. Arjun, you have any more questions? I’m not sure you have raised your hand. Do you have any more questions or if you have.
Unidentified Participant
No, I’m good. Thank you.
operator
Okay. Okay. Because it was there.
Antony Cherukara
Yeah.
operator
Mr. Romil, Jane, you can unmute and ask your question. Mr. Romil Jain, you can unmute and ask your question. I’m not sure. Yeah, there are. There are. Anybody wants to can raise your hand please for everybody.
Antony Cherukara
The presentation is also uploaded at our website. So anybody who has missed the numbers or you don’t, you just need to access our website which is vsttractors.com www.vsttractors.com.
operator
Okay. I think the questions are all over. I think that nobody is there. Do you want to make any closing comments, sir.
Antony Cherukara
Thank you and look forward to meeting you again in the next quarter.
operator
Sorry sir, one more question. Is there Mr. Shrians, you can unmute and ask your question?
Unidentified Participant
Yeah, thanks for the follow up. So just wanted to get some.
Antony Cherukara
You.
Unidentified Participant
Know, you know, flavor on how, how do we see the Reapers and the weeders growing, you know, this year and the next year? As you mentioned that it’s a 250,000 unit market and we, the market share for us would be quite small. So do we see us penetrating more and more?
Antony Cherukara
Definitely. So like quarter one, we have grown at 60, 70%. So I think that growth will continue for some time and I don’t see that slowing down in the next few quarters. So that will continue. And I think like I said before, the market is large, the potential is large and our network is also large and we intend to capture that market. Easier said than done because it’s a totally unorganized segment at this point in time and we would also look at opportunities of consolidation as we move forward.
Unidentified Participant
Got it. So just trying to understand what is helping us, you know, penetrate, you know, get higher market share. Is it like price point or you know, what’s helping us to grow this quickly?
Antony Cherukara
So in this segment there are five aspects which we are working on. One is awareness. Second is the availability. Third is accessibility and the fourth is affordability. And the fifth one is making the customers confident in using it. We call it ability. So all the 5A’s we are working on continuously and that is enabling the growth.
Unidentified Participant
Okay, okay. So like just trying to understand like in terms of price point and you know, specifications, does a product stand out in any way or we are, the.
Antony Cherukara
Product is much better than the Chinese. We offer warranty on them, service on them, unlike you know, the imports from China which is traded and many of the traders once the container is empty, is gone. So that doesn’t happen in our case. So the two years warranty, all that we provide, definitely we are not as cheap as the Chinese, but the product is extremely good.
Unidentified Participant
Got it. Okay, that’s very helpful, thank you.
operator
Sir, there is a question in the chat box. Can you help us with the Stiller industry expectation for the next two, three years?
Antony Cherukara
Yeah, it is, it is a rough guess I can say because what I believe is in the next two years, three, maybe three years, two to three years, let’s say we will hit 100k this year. Let us say it should be anywhere between 60 to 70.
operator
Okay, okay, okay. I think that’s all on the question, sir. If you want to make any closing comments, you can do.
Antony Cherukara
Yeah. Thank you. Like, you know, thank you so much for turning up for this call and look forward to meeting you in the next quarter. Thank you once again.
operator
Okay, sir. On behalf of BNK Security, we thank all the participants for joining the call. And special thanks to VST Management for taking time out of the follow. Thank. Have a good day.
Antony Cherukara
Thank you. Thank you. Thank you.