ESCORTS · Capital Goods
Escorts Kubota Ltd. reported revenue of ₹3,280 cr for October to December 2025, +11.3% on the year and +17.5% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹11,017 cr, +9.1% on the four before.
Operating profit (EBITDA) was ₹435 cr, a margin of 13.3%, +200 bps on the year and +37 bps on the quarter. It is the widest margin of the last 8 quarters (range 10.1% to 13.3%). Operating costs grew +8.8% against revenue growth of +11.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹358 cr, +11.5% on the year and +12.6% on the quarter, with earnings per share of ₹32.03. Profit before other income, one-offs and tax grew faster, at +36.3%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹2,391 cr, +96.5% on the four before.
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 ₹213.81 over the last four quarters, the stock at ₹2,750.10 trades at 12.9 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 +11.5% on the year; profit before other income, exceptional items and tax +36.3%.
Source: Quarterly statements
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 ₹3,280 cr (+11.3% on the year) and net profit of ₹358 cr (+11.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +36.3% on the year, against +11.5% for reported profit.
None of the 7 checks that could run raised a question.
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