ESCORTS · Capital Goods
Escorts Kubota Ltd. reported revenue of ₹2,792 cr for July to September 2025, +22.6% on the year and +11.7% on the quarter. Over the last four quarters revenue comes to ₹10,685 cr, +8.1% on the four before.
Operating profit (EBITDA) was ₹360 cr, a margin of 12.9%, +278 bps on the year and +5 bps on the quarter. It is the widest margin of the last 8 quarters (range 10.1% to 12.9%). Operating costs grew +18.8% against revenue growth of +22.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹318 cr, −1.8% on the year and −77.2% on the quarter, with earnings per share of ₹28.92. Profit before other income, one-offs and tax grew faster, at +84.3%; other income, one-offs or tax held the headline back. The tax rate was 26% against an average of 21% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹2,354 cr, +97.0% 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 ₹210.92 over the last four quarters, the stock at ₹2,750.10 trades at 13.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 −1.8% on the year; profit before other income, exceptional items and tax +84.3%.
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Volumes (units) | 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 ₹2,792 cr (+22.6% on the year) and net profit of ₹318 cr (−1.8% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +84.3% on the year, against −1.8% for reported profit.
None of the 7 checks that could run raised a question.
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