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Rising metal prices may pressure margins from Q2
View Risks →Escorts Kubota Limited — Q1 FY26
Escorts Kubota reported a steady Q1 FY26 with consolidated revenue from continuing operations at ₹2,500.1 crore and EBITDA margin of 12.9%, up 16 bps YoY.
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Escorts Kubota reported a steady Q1 FY26 with consolidated revenue from continuing operations at ₹2,500.1 crore and EBITDA margin of 12.9%, up 16 bps YoY. PAT from continuing operations stood at ₹369.5 crore, boosted by an exceptional gain of ₹76 crore from land sale. The agri machinery segment saw EBITDA margin expansion of 92 bps to 12.6%, aided by softer material costs, while construction equipment margins fell sharply to 5.8% due to inventory clearance of old emission-norm products. Tractor domestic volumes dipped marginally to 28,848 units, but exports surged 80.3% to 1,733 units, driven by Kubota network orders. Management maintained FY26 tractor industry growth guidance of mid-to-high single digits, with new product launches (Promax, Kubota MU series, wetland series) expected to support market share recovery from Q4. Key risks include rising metal prices pressuring margins from Q2 and continued regional mix headwinds in tractor sales.
एस्कॉर्ट्स कुबोटा ने वित्त वर्ष 2026 की पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल आय ₹2,500.1 करोड़ रही। कमाई पर खर्च का अनुपात (EBITDA मार्जिन) 12.9% था, जो पिछले साल से थोड़ा बेहतर है। कंपनी का शुद्ध लाभ ₹369.5 करोड़ रहा, जिसमें जमीन बेचने से ₹76 करोड़ का एकमुश्त फायदा शामिल है। कृषि मशीनरी सेगमेंट का मुनाफा बढ़ा, क्योंकि कच्चे माल की लागत कम हुई। लेकिन निर्माण उपकरणों का मुनाफा गिर गया, क्योंकि पुराने उत्पादों का स्टॉक साफ किया गया। ट्रैक्टर की घरेलू बिक्री थोड़ी कम हुई, लेकिन निर्यात में 80% से अधिक का उछाल आया। कंपनी को उम्मीद है कि नए उत्पादों से बाजार में हिस्सेदारी बढ़ेगी। मुख्य जोखिम धातुओं की बढ़ती कीमतें और क्षेत्रीय बिक्री में बदलाव हैं।
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Tractor domestic volume
28,848
-2.2% YoY
Domestic tractor sales declined slightly due to adverse regional mix, with north/central growing only 0.5% vs rest of India at 19.3%.
Tractor export volume
1,733
+80.3% YoY
Exports surged on low base, with 52% routed through Kubota network; management expects 25-30% growth for full year.
Construction equipment market share (crane)
41%
+150bps YoY
Crane segment outperformed industry despite overall CE industry volume down ~14%, gaining market share.
Mini excavator market share
19%
+600bps YoY
Mini excavator gained strong traction, with market share increasing over 600 bps year-on-year to 19%.
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Guidance and risk preview
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 hig...
Management noted that metal prices have started hardening, which will negatively impact tractor margins from Q2 onwards, though the impact is expec...
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