ViTrox Set for Record FY26 as New Models, Tax Incentives Drive Growth

ViTrox Corporation Berhad is gearing up for a stronger FY26, supported by accelerating demand across its Automated Board Inspection (ABI) and Machine Vision System Tray (MVS-T) segments, as well as renewed tax incentives and a better product mix.

The company recorded its highest-ever quarterly revenue of RM228.6 million in 3Q25, up 25% quarter-on-quarter, driven by MVS-T sales of RM79.4 million and robust ABI demand. Shipments of 52 MVS-T units marked a record high, propelled by rising orders from semiconductor back-end customers in Taiwan and China for AI and memory applications.

ViTrox Record FY26

For 4Q25, ViTrox expects another record quarter, with MVS-T deliveries likely reaching the upper end of its 40–60 unit guidance. ABI sales are projected to exceed RM130 million, supported by growing order backlogs from China and Mexico and strong uptake of its next-generation QX1-HR AXI and die sorting machines.

Looking ahead, ViTrox’s growth momentum is set to accelerate in FY26. The renewal of its pioneer status incentive is expected to lower its effective tax rate to single digits by 2H26. Coupled with an anticipated double-digit increase in average selling prices as new models make up about 80% of sales, both revenue and margins are projected to expand.

Analysts have revised ViTrox’s FY25–27 earnings forecast upward by up to 5%, maintaining a BUY rating and a slightly higher target price of RM5.10, valuing the company at 46 times mid-FY26 earnings.

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