Escorts Kubota Ltd Q4FY26 Standalone Results

• Revenue for the quarter grew by 21% YOY to Rs2951cr and for full year grew by 13% YoY to Rs.11472cr. This strong topline growth was driven by best ever volumes for tractors and construction equipment sold by the company which grew 21% YoY and 31.8% YoY respectively.
• EBITDA grew 32%YoY to Rs386cr for Q4FY26 and grew 28%YoY to Rs 1513cr for the full year FY26. This strong operational performance helped margins grow by 103bps YoY to 13.1% and 162bps YoY to 13.2% for Q4 and FY26 respectively.
• PAT for the company improved 30% YoY to Rs325cr for the quarter while it grew 24% QoQ to Rs1381cr for FY26. PAT margins improved by 69bps YoY to 11% for the quarter and 114% to 12% for FY26
• Our View: While tractor industry grew to new highs, Escorts could not keep up with the pace of industry growth despite record high dispatches. With a high single digit growth guidance for FY27 volumes on a high base of FY26, Escorts with its strong operational efficiency, could play catch up or even excel industry growth.