ESCORTS · Capital Goods
Escorts Kubota Ltd. reported revenue of ₹2,948 cr for October to December 2024, +8.1% on the year and +29.5% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹332 cr, a margin of 11.3%, −65 bps on the year and +116 bps on the quarter. Over the last 7 quarters the margin has ranged from 10.1% to 14.1%, averaging 11.8%. Operating costs grew +8.9%, faster than revenue at +8.1%, so operating profit grew less than sales.
Net profit was ₹321 cr, +7.4% on the year and −0.9% on the quarter, with earnings per share of ₹28.66. Profit before other income, one-offs and tax grew 3.9%, so 3 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹109.37 over the last four quarters, the stock at ₹2,750.10 trades at 25.1 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.
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,478 cr | ₹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 |
| YoY | — | — | — | +9% | −8% | +8% | +6% | −3% | +23% | +11% | +21% | +28% |
| EBITDA margin | 10.7% | 11.9% | 12.4% | 12.2% | 10.1% | 11.3% | 11.7% | 12.8% | 12.9% | 13.3% | 12.8% | 11.0% |
| Other income, % of PBT | 32% | 33% | 38% | 36% | 47% | 35% | 45% | 83% | 31% | 22% | 29% | 42% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 23% | 22% | 22% | −8% | 22% | 20% | 8% | 26% | 23% | 25% | 22% |
| Net profit | ₹211 cr | ₹299 cr | ₹270 cr | ₹302 cr | ₹324 cr | ₹321 cr | ₹318 cr | ₹1,397 cr | ₹318 cr | ₹358 cr | ₹321 cr | ₹386 cr |
| YoY | — | — | — | +4% | +54% | +7% | +18% | +363% | −2% | +12% | +1% | −72% |
| Core profit YoY | — | — | — | −15% | −19% | +4% | +3% | +5% | +84% | +36% | +39% | +10% |
| EPS | ₹19.05 | ₹27.01 | ₹24.43 | ₹27.30 | ₹28.98 | ₹28.66 | ₹28.46 | ₹124.88 | ₹28.44 | ₹32.03 | ₹28.65 | ₹34.50 |
| Flags | 1 | 1 | 1 | 2 | 3 | ✓ | ✓ | 3 | ✓ | ✓ | ✓ | ✓ |
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 ₹2,948 cr (+8.1% on the year) and net profit of ₹321 cr (+7.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +3.9% on the year, against +7.4% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.