Escorts Kubota Limited submitted its earnings presentation for the quarter and half year ended September 30, 2026 to the stock exchanges. The document contains unaudited financial results (standalone and consolidated) along with operational performance metrics.

Q2 FY27 Standalone Performance

  • Revenue from Operations: ₹3,231.4 Crore, up 16.3% YoY (Q2FY26: ₹2,777.4 Cr) and up 1.7% QoQ (Q1FY27: ₹3,178.9 Cr)
  • Material Cost: 73.0% of revenue, increased by 369 basis points YoY
  • Manpower Cost: 7.1% of revenue, decreased by 15 basis points YoY
  • EBITDA: ₹292.4 Crore, down 19.5% YoY (Q2FY26: ₹363.2 Cr) and down 17.7% QoQ (Q1FY27: ₹355.4 Cr)
  • EBITDA Margin: 9.0%, declined by 403 basis points YoY and 213 basis points QoQ
  • Other Income: ₹122.9 Crore, down 8.0% YoY and down 40.8% QoQ
  • PBT: ₹344.0 Crore, down 20.2% YoY and down 30.3% QoQ
  • PAT: ₹255.0 Crore, down 20.6% YoY and down 34.2% QoQ
  • EPS: ₹23.18, down 20.6% YoY and down 34.1% QoQ

H1 FY27 Standalone Performance

  • Revenue from Operations: ₹6,410.3 Crore, up 21.9% YoY (H1FY26: ₹5,260.8 Cr)
  • Material Cost: 72.9% of revenue, increased by 368 basis points YoY
  • Manpower Cost: 6.8% of revenue, decreased by 57 basis points YoY
  • EBITDA: ₹647.8 Crore, down 5.9% YoY (H1FY26: ₹688.2 Cr)
  • EBITDA Margin: 10.1%, declined by 298 basis points YoY
  • Other Income: ₹330.3 Crore, up 14.2% YoY
  • PBT Excluding Exceptional Items: ₹837.9 Crore, down 1.3% YoY
  • PAT Excluding Exceptional Items: ₹642.4 Crore, up 2.2% YoY
  • PAT (Reported): ₹642.4 Crore, down 7.4% YoY (H1FY26: ₹693.8 Cr)
  • EPS: ₹58.38, down 7.4% YoY

The document notes that H1FY26 included the divestment of the RED business and an exceptional gain of ₹65.10 Crore on sale of certain land and building, making direct comparisons difficult.

Volume Performance Q2 FY27 YoY

  • Domestic Tractor Volume: +0.9% (Industry: -3.1%)
  • Export Tractor Volume: -10.3% (Industry: +15.9%)
  • Total Tractor Volume: +0.4% (Industry: -1.4%)
  • PNC Volume: +53.0% (Industry: +35.2%)
  • BHL Volume: +62.2% (Industry: +12.0%)
  • Mini Excavator: +59.4% (Industry: +53.8%)
  • Compactor Volume: +11.1% (Industry: +39.1%)
  • Served Construction Equipment Volume: +53.9% (Industry: +19.7%)

Segment Performance

Agri Machinery Products (Q2FY27):

  • Revenue: ₹2,690.1 Crore, up 10.6% YoY, down 2.8% QoQ
  • EBIT Margin: 7.8%, declined by 505 basis points YoY and 298 basis points QoQ
  • Capacity Utilization: ~95% for tractors
  • ROCE (Annualized): 31.0%
  • Less than 40 HP : Greater than 40 HP Tractor Sales Ratio: 31:69 (YoY: 33:67, QoQ: 32:68)
  • Non-Tractor : Tractor Revenue Ratio: 22:78 (YoY: 17:83, QoQ: 19:81)
  • Export through Kubota channel: ~50% of total export volume

Construction Equipment (Q2FY27):

  • Revenue: ₹536.2 Crore, up 58.6% YoY, up 27.8% QoQ
  • EBIT Margin: 7.9%, improved by 411 basis points YoY and 250 basis points QoQ
  • Capacity Utilization: ~62% (varies across product category)
  • Market Share: PNC 43.6%, Mini Excavator 19.2%, Compactor 0.6%, BHL 0.6%

Shareholding Pattern (September 2026)

  • Promoters: 68.04% (unchanged from previous quarters)
  • Institutions: 17.08% (Domestic: 10.00%, Foreign: 7.08%)
  • Public: 13.24%
  • Non-Promoter Non-Public: 1.64%

Consolidated Performance Q2 FY27

  • Revenue from Operations: ₹3,243.4 Crore, up 16.2% YoY, up 1.1% QoQ
  • EBITDA: ₹288.0 Crore, down 19.9% YoY, down 18.7% QoQ
  • EBITDA Margin: 8.9%, declined by 401 basis points YoY and 217 basis points QoQ
  • PAT: ₹250.2 Crore, down 21.3% YoY, down 35.2% QoQ
  • EPS: ₹22.7, down 21.4% YoY, down 35.2% QoQ

Disclaimer

The presentation includes forward-looking statements subject to risks and uncertainties. Financials are prepared as per IndAS standards, with numbers rounded off to nearest decimal.