$MTL Millat Tractors Limited (MTL): Earnings lower than expectation – By Topline Research

Topline Securities 27 Oct, 2025

Millat Tractors Limited (MTL) announced its 1QFY26 result today, wherein the company recorded unconsolidated profit of Rs514mn (EPS of Rs2.57), down 17% YoY and 61% QoQ.

Net sales of the company decreased by 6% YoY and 38% QoQ in 1QFY26, due to lower tractor sales. Millat’s tractor sales dropped by 15% YoY and 46% QoQ to 2,177 units in 1QFY26, compared to 2,556 units in 1QFY25 and 4,062 units in 4QFY25.

We maintain a SELL call on MTL which is currently trading at a FY26E/27F PE of 17.7/11.9x.

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