Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Escorts Kubota Limited

Meeting Details

The 80th AGM was held on Wednesday, July 15, 2026, through Video Conferencing ('VC')/ Other Audio Visual Means ('OAVM') at 12:00 Noon (IST). The meeting commenced at 12:00 Noon (IST) and concluded at 14:18 P.M. (IST). The deemed venue was the Registered Office of the Company at 15/5, Mathura Road, Faridabad, Haryana – 121003.

Attendance

Directors Present:

  • Mr. Akira Kato - Nominee Director and Deputy Managing Director
  • Mr. Bharat Madan - Whole-time Director & Chief Financial Officer
  • Mr. Hardeep Singh - Director
  • Mr. Hitoshi Sasaki - Nominee Director
  • Mr. Satoshi Suzuki - Nominee Director
  • Mr. Nobushige Ichikawa - Nominee Director
  • Mr. Sunil Kant Munjal - Independent Director
  • Ms. Tanya Arvind Dubash - Independent Director
  • Mr. Ravindra Chandra Bhargava - Independent Director
  • Mr. Vimal Bhandari - Independent Director
  • Ms. Reema Nanavaty - Independent Director
  • Dr. Rupinder Singh Sodhi - Independent Director
  • Mr. Kinji Saito - Independent Director
  • Mr. Arvind Kumar - Company Secretary & Compliance Officer

Mr. Nikhil Nanda, Chairman and Managing Director, chaired the meeting. Mr. Harish N. Salve, Independent Director, could not join due to unavoidable circumstances.

Authorized representatives of Statutory Auditors, Secretarial Auditors, Internal Auditors, and Cost Auditors were also present. There were 116 members who attended the AGM.

Proceedings Summary

Mr. Nikhil Nanda welcomed shareholders and introduced Directors, Key Managerial Personnel, and other invitees. He confirmed requisite quorum was present and called the meeting to order.

Mr. Arvind Kumar, Company Secretary & Compliance Officer, briefed about the procedure and statutory requirements pertaining to the AGM.

The Chairman & Managing Director and Deputy Managing Director delivered their speech and presentation about various initiatives, outlook, and performance of the Company during FY25-26.

The AGM Notice and Annual Report were taken as read as they were already circulated to shareholders.

Registered shareholders were provided opportunity to express views and ask queries, which were adequately responded to by the Chairman.

Resolutions Transacted

The following items of business were transacted:

Ordinary Business:

1. To receive, consider and adopt:

a. The audited standalone financial statement for FY26 and reports of Board of Directors and Auditors

b. The audited consolidated financial statement for FY26 and report of Auditors

2. To confirm payment of Special Dividend and declare a Final Dividend on equity shares for FY26

3. To appoint Mr. Nobushige Ichikawa (DIN: 09570234), who retires by rotation as a Director

4. To appoint Mr. Hardeep Singh (DIN: 00088096), who retires by rotation as a Director

Special Business:

5. To ratify the remuneration of Cost Auditors for FY27

6. To approve 'Material Related Party Transaction(s)' proposed to be entered into during FY27 with Kubota Corporation

Voting Process

Members who had not cast their vote through remote e-voting were requested to cast their vote during the meeting through e-voting (Instapoll) facility provided by KFin Technologies Limited. The e-voting facility was kept open for 15 minutes after the conclusion of AGM proceedings.

M/s. Neelam Gupta & Associates, a firm of Company Secretaries in Practice, served as the Scrutinizer for the remote e-voting process and e-voting during the AGM.

Compliance Statement

The AGM was called, convened and conducted in compliance with the Companies Act, 2013, and the Rules and Secretarial Standards made thereunder.

Voting Results Disclosure

Voting Results along with the Scrutinizer's Report would be declared within two working days from the conclusion of AGM and shall be communicated to the Stock Exchanges and simultaneously placed on the website of the Company and website of KFin.

Financial and Operational Highlights from Management Presentation

FY26 Financial Performance:

  • Revenue from continuing operations: ₹11,473 crore (12.6% growth)
  • EBITDA: ₹1,513 crore (28.5% growth)
  • EBITDA margin: 13.2% (163 basis points expansion)
  • PAT from continuing operations: ₹1,381 crore
  • Earnings per share: ₹125.52
  • ROCE: 14.8%
  • ROE: 12.1%
  • Divestment of Railway Equipment Division generated proceeds of ₹1,600 crore and PAT gain of ₹1,028 crore
  • Reported PAT: ₹2,409 crore
  • Free cash generation: ₹1,205 crore
  • Surplus net cash: over ₹9,600 crore
  • CRISIL AA+ With Positive Outlook rating
  • Total dividend recommended: ₹51 per share (including ₹18 special dividend already paid)

Market Context:

  • Indian domestic tractor industry reached historic high of 11.60 lakh units
  • 23.5% YoY demand growth
  • Domestic tractor market share: approximately 10.9%

Strategic Initiatives:

  • New product launches: Farmtrac Promaxx 2.0, Kubota MU4201, Digitrac Series, Shaurya South Special
  • Agri Solutions business expansion including combine harvesters and rice transplanters
  • New 300,000 sq ft dedicated service warehouse
  • Construction Equipment market share: 41.4% in pick-and-carry cranes, 19.5% in mini excavators
  • Export volumes grew 33.8% with 60% through Kubota's global distribution network
  • Engine business expansion into genset market and exports
  • Operationalization of Escorts Kubota Finance Limited (captive finance subsidiary)
  • Phased manufacturing expansion in Uttar Pradesh with ₹2,000 crore committed in first phase
  • Implementation of Kubota Production System across manufacturing facilities
  • Development of AI Roadmap for EKL

ESG Commitments:

  • Carbon neutrality by 2050 with 25% reduction target by 2030
  • Water positive by 2030
  • Triple renewable energy share by 2030
  • Escorts Kubota Advanced Farming Institute (EKAFI) trained over 18,000 farmers