Escorts Kubota Q2 FY27 Results: Consolidated Net Profit ₹250 Crore on Total Income of ₹3,367 Crore
- Earnings
- tractors and construction equipment
Reviewed byKeshav SehgalBlacklitt Research
Escorts Kubota (NSE: ESCORTS) reported consolidated total income of ₹3,366.83 crore and net profit of ₹250.22 crore for the quarter ended 30 Sep 2026, it said in a filing on 02 Nov 2026. Standalone total income was ₹3,354.26 crore and standalone net profit ₹255.04 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹3,366.83 crore, up 15.1% YoY and down 1.4% QoQ
- Net profit: ₹250.22 crore, down 21.3% YoY and 35.2% QoQ
- EPS: ₹22.74 basic, against ₹28.92 a year earlier
- Other income: ₹123.42 crore, down 8.1% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹3,354.26 crore, up 15.2% YoY and down 0.9% QoQ
- Net profit: ₹255.04 crore, down 20.6% YoY and 34.2% QoQ
- EPS: ₹23.18 basic, against ₹29.19 a year earlier
- EBITDA: ₹292.4 crore, against ₹363.2 crore a year earlier, per press release
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 3,366.83 | 2,925.81 | +15.1% | 3,415.39 | -1.4% | |
| Revenue from operations | 3,243.41 | 2,791.56 | +16.2% | 3,207.55 | +1.1% |
| Other income | 123.42 | 134.25 | -8.1% | 207.84 | -40.6% |
| 250.22 | 318.11 | -21.3% | 385.93 | -35.2% | |
| Profit before tax | 338.72 | 427.25 | -20.7% | 492.14 | -31.2% |
| Finance costs | 4.66 | 4.56 | +2.2% | 5.19 | -10.2% |
| Depreciation | 68.06 | 62.15 | +9.5% | 64.97 | +4.8% |
| Tax expense | 88.50 | 109.14 | -18.9% | 106.21 | -16.7% |
| Net profit margin | 7.43% | 10.87% | -3.44 pp | 11.30% | -3.87 pp |
| EPS, basic (₹) | 22.74 | 28.92 | -21.4% | 35.08 | -35.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Revenue from operations grew faster than income: up 16.2% YoY, while other income fell 8.1%. Net profit fell 21.3%, more than the 15.1% rise in total income, and more than profit before tax, which fell 20.7%.
Other income of ₹123.42 crore is 36.4% of profit before tax of ₹338.72 crore, and tax of ₹88.50 crore is 26.1% of that profit before tax. Finance costs of ₹4.66 crore are 0.1% of total income.
The company says profitability in the quarter was impacted by elevated commodity costs and changes in product mix. The filing does not quantify how much these reduced profit.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 3,354.26 | 2,911.03 | +15.2% | 3,386.34 | -0.9% | |
| Revenue from operations | 3,231.37 | 2,777.42 | +16.3% | 3,178.90 | +1.7% |
| Other income | 122.89 | 133.61 | -8.0% | 207.44 | -40.8% |
| 255.04 | 321.18 | -20.6% | 387.34 | -34.2% | |
| Profit before tax | 344.03 | 431.13 | -20.2% | 493.82 | -30.3% |
| Finance costs | 3.79 | 4.23 | -10.4% | 4.60 | -17.6% |
| Depreciation | 67.51 | 61.48 | +9.8% | 64.42 | +4.8% |
| Tax expense | 88.99 | 109.95 | -19.1% | 106.48 | -16.4% |
| Net profit margin | 7.60% | 11.03% | -3.43 pp | 11.44% | -3.83 pp |
| EPS, basic (₹) | 23.18 | 29.19 | -20.6% | 35.20 | -34.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone revenue from operations rose 16.3% YoY while other income fell 8.0%. Net profit fell 20.6%, against a 15.2% rise in total income and a 20.2% fall in profit before tax.
Other income of ₹122.89 crore is 35.7% of profit before tax of ₹344.03 crore. Standalone EBITDA was ₹292.4 crore against ₹363.2 crore a year earlier, according to the press release.
The standalone agri machinery EBIT margin was 7.8% against 12.8% in the corresponding quarter; the company says commodity cost inflation and product mix adversely affected margins. Construction equipment volumes rose 53.9% to 1,764 units, and tractor volumes rose 0.4% to 34,017 units.
Consolidated net profit of ₹250.22 crore is ₹4.82 crore lower than standalone net profit of ₹255.04 crore. Consolidated total income of ₹3,366.83 crore is ₹12.57 crore higher than standalone total income of ₹3,354.26 crore.
Net profit fell at a similar pace on both bases. The auditor's review report on the consolidated results notes that interim results of four subsidiaries with total assets of ₹391.99 crore were reviewed by other auditors, and two subsidiaries with total assets of ₹8.12 crore were not reviewed by their auditors.
Inference
The board approved the results on 2 Nov 2026, and the statutory auditor Walker Chandiok & Co LLP issued unmodified review reports on both the standalone and consolidated results.
The board recommended a final dividend of ₹33 per equity share for FY 2025-26, approved at the AGM on 15 Jul 2026 and distributed during the quarter. The total cash payout is not stated.
The company says it expects margins to improve gradually from Q4 and return closer to normal levels in FY28, assuming a stable commodity environment. The filing does not say how much of the margin recovery is expected in each quarter, so the timing is not known.
Filed with BSE on . Reference: Original filing (PDF)
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