NSE: ESCORTS · BSE: 500495
ESCORTS KUBOTA LIMITED
Makes and sells tractors and construction equipment in India. The agri machinery segment sold 1,33,670 tractors in FY26 across three brands, generating ₹9,841.19 cr of revenue (84.3% of segment revenue) and ₹1,226.94 cr of EBIT; the segment also serves farm mechanisation customers, a line that grew at over 35% CAGR in the past three years. The construction equipment segment sold 5,794 machines in FY26, contributing ₹1,685.92 cr of revenue (14.4%) and ₹133.06 cr of EBIT; in Q4 FY26 it gained 2.7% market share in cranes and held the #1 position in mini excavators in India. Monthly volumes in early FY27 (June: 13,695 tractors, +19.1% YoY; July: 8,731 tractors, +22% YoY; CE 534 units in July, +49.2%) indicate continued momentum. A discontinued railway equipment operation contributed a one-time profit of ₹1,203.05 cr before tax. The biggest cost line is materials at 56.5% of revenue, with steel (+7-8%), base metals (double-digit) and tyres (+15-20% asking) flagged as inflation pressure by management; April 2026 saw a 1.5% price hike across brands. Growth investments include a ₹2,000+ cr greenfield plant (Phase 1) and ₹700 cr committed to a captive NBFC for dealer/farmer finance. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agri machinery products (84%), Construction equipments (14%), Revenue from discontinued operations (1%), Unallocated (0%). Cyclical, capital-goods OEM exposed to rural demand, government infrastructure spend and commodity prices.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,238 | 8,429 | 8,850 | 10,244 | 11,540 |
| EBITDA (ex other income) | 951 | 724 | 1,167 | 1,164 | 1,520 |
| margin % | 13.1 | 8.6 | 13.2 | 11.4 | 13.2 |
| Owners' profit | 736 | 637 | 1,049 | 1,265 | 2,394 |
| EPS, as reported (₹) | 74.06 | 58.85 | 96.80 | 115.04 | 217.61 |
| ROE % · ROCE % | 9.7 · 13.4 | 7.8 · 10.2 | 11.4 · 14.9 | 12.2 · 12.9 | 19.4 · 14.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 32 | 224 | 1,032 | 1,003 | 1,381 |
| Capex | (173) | (190) | (176) | (223) | (279) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,488 | 2,948 | 2,445 | 2,500 | 2,792 | 3,280 | 2,968 | 3,208 |
| Profit before tax | 307 | 378 | 351 | 490 | 427 | 466 | 428 | 492 |
| Net profit | 324 | 321 | 318 | 1,397 | 318 | 358 | 321 | 386 |
| EPS (₹) | 29.48 | 29.16 | 28.96 | 127.01 | 28.92 | 32.57 | 29.13 | 35.08 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Agri machinery products | 9,841 | 84.3 |
| Construction equipments | 1,686 | 14.4 |
| Unallocated | 13 | 0.1 |
| Revenue from discontinued operations | 134 | 1.1 |
| Total, before eliminations | 11,674 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ESCORTS KUBOTA LIMITED ◆ | 30,275 | 21.5 | 2.45 | 14.4 | 19.4 | 14.3 | 10.5 | 17.5 |
| VST TILLERS TRACTORS LTD | 3,359 | 30.8 | 3.07 | 19.6 | 9.6 | 12.3 | — | 21.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 27.8 | 2 of 11 | 90% |
| P/B | 2.5 | 4.6 | 3 of 11 | 80% |
| ROCE | 14.3 | 12.3 | 5 of 11 | 60% |
| ROE | 19.4 | 16.2 | 5 of 11 | 60% |
| Debt / Equity | 0.0 | 0.3 | 4 of 11 | 70% |
| EBITDA margin | 17.5 | 15.2 | 4 of 12 | 73% |
| Revenue growth | 28.3 | 20.1 | 4 of 11 | 70% |
| Profit growth | (72.4) | 7.3 | 10 of 10 | 0% |
| Market cap | 30275 | 6625 | 3 of 12 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Escorts Kubota to interact with media on November 2 and 3, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Escorts Kubota schedules quarter and half-year results call for September 30, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Physical share transfer and electronic conversion window opened | compliance | minimal | — | — |
| 15 Oct 2026 · Board Meeting on Nov 2, 2026 to consider Q2/H1 FY27 unaudited results | results | low | — | — |
| 7 Oct 2026 · Escorts Kubota files Q2 FY27 dematerialization compliance certificate | compliance | minimal | — | — |
| 1 Oct 2026 · Escorts KUBOTA tractor sales fall 16.7% in Sept 2026, CE up 92.5% | business updates | medium | — | — |
| 25 Sept 2026 · Escorts Kubota to hold investor meeting with Systematix on Oct 1 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Escorts Kubota to meet Eastspring Investments on Sept 28 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Manish Sharma appointed as President of Agri Business | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.