Earning Presentation
ESCORTS · price
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Escorts Kubota reported strong Q4 FY26 standalone revenue of ₹2,950.7 crore (up 21.4% YoY) with EBITDA margin expanding to 13.1% (up 103 bps). PAT from continuing operations grew 29.6% to ₹324.8 crore. For full year FY26, revenue rose 12.6% to ₹11,472.8 crore while EBITDA margin improved significantly by 163 bps to 13.2%, indicating margin improvement through lower material costs and operating leverage. Tractor volumes grew 15.7% YoY to 1,33,670 units but lagged industry growth of 23.5% in domestic market. Export volumes surged 33.8% YoY. Construction equipment volumes declined 10.6% YoY. Total FY26 PAT including discontinued operations (Railway Business sale) was ₹2,408.6 crore, up 92.5%, boosted by ₹1,004.4 crore profit from the sale. Board recommended total dividend of ₹51 per share including special dividend.
Strong margin expansion and profitability growth are positives, but tractor segment underperforming industry growth may raise concerns. The one-time gain from Railway Business sale inflates FY26 profits; investors should focus on continuing operations performance which showed solid 24.4% PAT growth with improved margins.