Escorts Kubota Management Guidance Tracker

12 forward-looking guidance items tracked across 3 quarters.

Growth

Q1 FY26Tractor industry growth of mid-to-high single digits for FY26Tracked

Management reiterated guidance of mid-to-high single digit growth for the tractor industry in FY26, with H2 growth likely to be marginal due to high base.

Q1 FY26Export volume growth of 25-30% in FY26Active

Management expects export tractor volumes to grow 25-30% in FY26, with monthly run-rate stabilizing at 500-600 units.

Q3 FY26FY26 domestic tractor industry to reach ~11.5 lakh unitsTracked

Management expects the domestic tractor industry to hit a new peak of around 11.5 lakh units in FY26, supported by healthy reservoir levels, robust crop yields, and favorable policies.

Q3 FY26Export growth to remain double-digitActive

Management expects export momentum to continue with double-digit growth, though at a slower pace than the current 63% YoY, driven by existing facilities.

Q4 FY26Tractor industry flattish in FY27Active

Management expects domestic tractor industry to be flat to ±2-3% in FY27, with H1 growth and H2 degrowth due to high base and potential El Niño impact.

Q4 FY26Component exports to reach ₹500-1,000 crore by FY30Tracked

Kubota global sourcing from India expected to scale up, targeting ₹500-1,000 crore of component exports by FY30.

Margins

Q1 FY26EBITDA margin guidance of ~12.5% for FY26Tracked

Management guided EBITDA margin for the tractor business to remain around 12.5% for the full year, with Q2 facing headwinds from hardening metal prices.

Capex

Q1 FY26Capex of ₹350-400 crore for FY26 (organic)Tracked

Organic capex for FY26 is guided at ₹350-400 crore, excluding land acquisition for the greenfield UP plant.

Q3 FY26Greenfield plant first commercial production by 2029-30Tracked

The new greenfield facility in UP is expected to start commercial production around 2029-30, with land acquisition to be completed this fiscal.

Q4 FY26Capex of ~₹500 crore for greenfield facility in FY27Tracked

Phase 1 investment of over ₹2,000 crore planned over 7-10 years; FY27 capex includes land and development costs of ~₹500 crore.

Expansion

Q3 FY26New product launches over next 6-8 monthsActive

The company plans to launch new models and upgrades across all brands in the next 6-8 months, with full market impact expected by end of FY27.

Q4 FY26Additional ₹500 crore investment in captive NBFCTracked

Board approved total capital of ₹700 crore for NBFC; ₹200 crore already invested, balance ₹500 crore to be deployed over next 12-15 months.