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Escorts Kubota Margin Trend — Quarter by Quarter

Escorts Kubota's EBITDA margin moved from 13.0% in Q1 FY26 to 13.0% in Q4 FY26 across 3 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%+96 bps
Q1 FY2613.0%+16 bps

What management said about ebitda margin

G

Q4 FY26 · Capex of ~₹500 crore for greenfield facility in FY27

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

G

Q1 FY26 · Tractor industry growth of mid-to-high single digits for FY26

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.

G

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

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.