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Escorts Kubota Margin Trend — Quarter by Quarter

Escorts Kubota's EBITDA margin moved from 12.0% in Q1 FY25 to 13.0% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2613.0%+103 bps
Q3 FY2613.3%+920 bps
Q2 FY2612.9%+279 bps
Q1 FY2613.0%+16 bps
Q4 FY2512.0%—
Q3 FY2511.0%—
Q2 FY2510.0%—
Q1 FY2512.0%+22 bps

What management said about ebitda margin

G

Q2 FY26 · CE business margin recovery to high single-digit in H2

Construction equipment margins are expected to recover to high single-digit levels in the second half of FY26, driven by volume improvement and input cost softening.

G

Q1 FY26 · EBITDA margin guidance of ~12.5% for full year

Management maintained full-year EBITDA margin guidance of around 12.5% for the overall business, despite near-term metal cost headwinds.

G

Q3 FY25 · Gradual margin improvement in Agri Machinery

Margins expected to improve marginally in FY26 through cost initiatives, but no major jump without volume leverage.

G

Q2 FY25 · EBITDA margin dilution of ~1.5% for FY25 from merger

Full-year EBITDA margin dilution from merged entities is expected to be around 1.5%, improving from Q2's higher dilution.

G

Q1 FY25 · EBITDA margin to remain in 13-14% range

CFO indicated margins should sustain within current range, with potential improvement from operating leverage in H2.

G

Q1 FY25 · Railway business to continue double-digit growth

New product introductions for Vande Bharat coaches expected to drive growth, with margins in ±200 bps range.