India · Delayed Price · Currency is INR Escorts Kubota Earnings Call Transcripts
Fiscal Year 2026
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Q4 and FY26 saw record revenue, profit, and margins, with strong tractor and export growth. FY27 outlook is flattish due to high base and weather risks, but new products and channel initiatives are expected to drive market share gains.
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Q3 FY26 saw record EBITDA and net profit, with strong tractor and export growth, improved margins, and a special dividend post-divestment. Construction equipment showed sequential recovery, and robust industry outlook is supported by favorable policies and capex, though FY27 growth may moderate.
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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 stable margins. CapEx and liquidity remain robust, with new plant and product launches planned. Construction equipment demand to recover in H2 FY26.
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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 post-merger, with net profit boosted by a one-time tax gain. Agri-machinery and construction equipment segments showed resilience, while exports and margins are expected to improve with localization and new product launches. Cash reserves remain strong, supporting future growth and capex.
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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.