Escorts Kubota Ltd. reported revenue of ₹3,243 cr for July to September 2026, +16.2% on the year and +1.1% on the quarter. That is faster than this quarter has grown in recent years (+7.2% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹12,699 cr, +18.9% on the four before.
The full Escorts Kubota Q2 FY27 results page carries every quarter on the same rules, the checks that ran and the ones that need the filing read: Escorts Kubota Q2 FY27 results, read forensically.
Escorts Kubota Q2 FY27: the numbers
| Sep '26 | Previous quarter | A year ago | On the year | |
|---|---|---|---|---|
| Revenue | ₹3,243 cr | ₹3,208 cr | ₹2,792 cr | +16.2% |
| EBITDA | ₹288 cr | ₹354 cr | ₹360 cr | −19.9% |
| EBITDA margin | 8.9% | 11.1% | 12.9% | −401 bps |
| Net profit | ₹250 cr | ₹386 cr | ₹318 cr | −21.3% |
| EPS | ₹22.74 | ₹35.08 | ₹28.92 | −21.4% |
Consolidated figures in ₹ crore, as filed with the exchanges.
What the numbers say
Operating profit (EBITDA) was ₹288 cr, a margin of 8.9%, −401 bps on the year and −217 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 8.9% to 13.3%). Operating costs grew +21.5%, faster than revenue at +16.2%, so operating profit grew less than sales.
Net profit was ₹250 cr, −21.3% on the year and −35.2% on the quarter, with earnings per share of ₹22.74. Profit before other income, one-offs and tax fell 26.5%, so 5 points of the headline growth came from outside the core business. 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 ₹1,315 cr, −44.1% on the four before.
Of the 9 companies in Automobiles and components that have reported Q2 FY27 so far, Escorts Kubota Ltd. ranks 8th on revenue growth; the sector median is +33.4%. Its margin moved −401 bps on the year against a sector median of −129 bps.
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.
On earnings per share of ₹118.50 over the last four quarters, the stock at ₹2,750.10 trades at 23.2 times trailing earnings.
Where the profit change came from
Net profit went from ₹318 cr in Sep '25 to ₹250 cr in Sep '26. Taking each line in turn: Business (EBITDA) took away ₹71.7 cr, depreciation took away ₹5.9 cr, finance cost took away ₹0.1 cr, other income took away ₹10.8 cr and tax added ₹20.6 cr.
Segments
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Agri machinery products | ₹2,696 cr | +10.2% | ₹207 cr | −33.3% |
| Construction equipments | ₹536 cr | +58.6% | ₹42.3 cr | +231.3% |
| Unallocated | ₹10.8 cr | +49.2% | −₹83.9 cr | — |
Questions the numbers raise
- Profit with no operating cash behind it. Where did the cash go? Operating cash flow for the first half −₹107 cr against profit of ₹636 cr.
- Operating margin fell sharply on the year. Pricing, input costs, or mix? EBITDA margin 8.9%, −401 bps on the year (−217 bps on the quarter).
Each is a question with its numbers, not a finding of wrongdoing. The results page shows the source for each one.
How it compares with Automobiles and components this season
| Company | Revenue growth | Margin change | Profit growth |
|---|---|---|---|
| Ather Energy Ltd. | +62.9% | +1,554 bps | — |
| Bajaj Auto Ltd. | +59.7% | +151 bps | +59.5% |
| Craftsman Automation Ltd. | +47.1% | −177 bps | +68.1% |
| Force Motors Ltd. | +40.6% | −261 bps | −16.2% |
| Ceat Ltd. | +26.2% | −373 bps | −39.8% |
| JBM Auto Ltd. | +21.1% | +3 bps | +10.9% |
| Hyundai Motor India Ltd. | +18.5% | −437 bps | −23.9% |
| Escorts Kubota Ltd. | +16.2% | −401 bps | −21.3% |
What to watch next
For a company in Automobiles and components, the numbers to watch are volumes, realisation per vehicle and the export share.
The next quarter, Q3 FY27, has to be filed by 14 Feb 2027. The same checks will run on it, and the results page will compare it with this one.
All of Escorts Kubota's quarters, the checks and the profit bridge →
The Escorts Kubota terminal: financials, valuation history and forensic checks →
Frequently asked questions
What were Escorts Kubota Ltd. Q2 FY27 results?
Escorts Kubota Ltd. reported revenue of ₹3,243 cr (+16.2% on the year) and net profit of ₹250 cr (−21.3% on the year) for July to September 2026.
Was Escorts Kubota Ltd. profit growth driven by the core business?
Profit before other income, exceptional items and tax moved −26.5% on the year, against −21.3% for reported profit.
Are there any red flags in Escorts Kubota Ltd. Q2 FY27 results?
2 checks raised a question: Profit with no operating cash behind it. Where did the cash go?
Is this a recommendation?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by published rules. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.
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