ESCORTS · Capital Goods
Escorts Kubota Ltd. reported revenue of ₹3,208 cr for April to June 2026, +28.3% on the year and +8.1% on the quarter. That is faster than this quarter has grown in recent years (+3.2% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹12,247 cr, +20.4% on the four before.
Operating profit (EBITDA) was ₹354 cr, a margin of 11.1%, −179 bps on the year and −179 bps on the quarter. Over the last 8 quarters the margin has ranged from 10.1% to 13.3%, averaging 12.0%. Operating costs grew +30.9%, faster than revenue at +28.3%, so operating profit grew less than sales.
Net profit was ₹386 cr, −72.4% on the year and +20.2% on the quarter, with earnings per share of ₹35.08. Profit before other income, one-offs and tax grew faster, at +10.2%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹1,383 cr, −41.4% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹124.68 over the last four quarters, the stock at ₹2,750.10 trades at 22.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −72.4% on the year; profit before other income, exceptional items and tax +10.2%.
Source: Results filing
Operating margin slipped on the year.
EBITDA margin 11.1%, −179 bps on the year (−179 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Volumes (units) | 38,206 | 35,023 |
| Market share | — | 11.8% |
| Export share | — | 4.57% |
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,728 cr | ₹2,301 cr | ₹2,574 cr | ₹2,277 cr | ₹2,948 cr | ₹2,445 cr | ₹2,500 cr | ₹2,792 cr | ₹3,280 cr | ₹2,968 cr | ₹3,208 cr | ₹3,243 cr |
| YoY | — | — | +9% | −8% | +8% | +6% | −3% | +23% | +11% | +21% | +28% | +16% |
| EBITDA margin | 11.9% | 12.4% | 12.2% | 10.1% | 11.3% | 11.7% | 12.8% | 12.9% | 13.3% | 12.8% | 11.1% | 8.9% |
| Other income, % of PBT | 33% | 38% | 36% | 47% | 35% | 45% | 83% | 31% | 22% | 29% | 42% | 36% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 22% | 22% | −8% | 22% | 20% | 8% | 26% | 23% | 25% | 22% | 26% |
| Net profit | ₹299 cr | ₹270 cr | ₹302 cr | ₹324 cr | ₹321 cr | ₹318 cr | ₹1,397 cr | ₹318 cr | ₹358 cr | ₹321 cr | ₹386 cr | ₹250 cr |
| YoY | — | — | +4% | +54% | +7% | +18% | +363% | −2% | +12% | +1% | −72% | −21% |
| Core profit YoY | — | — | −15% | −19% | +4% | +3% | +5% | +84% | +36% | +39% | +10% | −27% |
| EPS | ₹27.01 | ₹24.43 | ₹27.30 | ₹28.98 | ₹28.66 | ₹28.46 | ₹124.88 | ₹28.92 | ₹32.03 | ₹28.65 | ₹35.08 | ₹22.74 |
| Flags | 1 | 1 | 2 | 3 | ✓ | ✓ | 3 | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Escorts Kubota Ltd. reported revenue of ₹3,208 cr (+28.3% on the year) and net profit of ₹386 cr (−72.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +10.2% on the year, against −72.4% for reported profit.
None of the 7 checks that could run raised a question.
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