India · Delayed Price · Currency is INR Escorts Kubota Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw double-digit revenue and profit growth, record EBITDA, and strong tractor and export volumes. Construction equipment showed sequential recovery, while new product launches and CapEx plans support future growth. Management remains optimistic but cautious for FY27 amid high base and external risks.
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Q2FY2026 saw 22.6% year-on-year revenue growth, margin expansion, and strong tractor volumes, with market share gains and robust export momentum. Construction equipment faced short-term headwinds but is expected to recover as new projects mobilize.
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Q1 FY26 saw strong profit growth, margin expansion, and a major gain from the railway business divestment. Tractor exports surged, new product launches are expected to boost market share, and export revenue is targeted to reach 15% mid-term. Rising input costs and regional disparities remain key risks.
Fiscal Year 2025
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Record FY25 results with highest revenue and profit, strong tractor and export growth, and robust liquidity. Margins stable, with new product launches and greenfield expansion planned. Construction equipment to recover in H2 FY26 as emission norm transition stabilizes.
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Q3 FY25 saw 8.5% revenue growth and 7.7% net profit rise from continuing operations, with margin pressure in Agri Machinery due to product mix. Export growth is expected to accelerate in FY26, while Construction Equipment faces a flattish outlook amid new emission norms.
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Q2 FY25 saw stable revenues and margins, with net profit boosted by one-time tax gains. The merger expanded non-tractor agri-machinery revenue and led to short-term margin dilution, but localization and synergy efforts are expected to restore margins. Strong festival sales and positive rural trends support an optimistic H2 outlook.
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Q1 FY25 saw flat revenues but record net profit, with margins improving due to better mix and cost control. Domestic tractor growth is expected at 5-6% for FY25, while exports face headwinds but may recover by year-end. Integration with Kubota and new product launches are set to drive future growth.