Escorts Kubota Ltd — Q2FY27 earnings call summary

Filed 06 November 2026 · Official transcript

Commodity inflation rose to 8-9% in H1, price hikes of 3.5% taken; further 3-3.5% hike effective Nov; margin pressure to continue in Q3, recovery expected from Q4
Construction equipment margin sustained by price hikes and volume growth; industry growth expected 15-16% in H2 FY27
Export volumes down 14-15% H1 FY27; recovery expected next fiscal; order book stable for 6 months
Capex FY27 ~INR350 Cr; greenfield project underway with total ~INR2,000 Cr over 3-4 years
Q2 FY27 standalone revenue INR3,231.4 Cr +16.3% y-y; EBITDA INR292.4 Cr, margin 9.0% vs 13.1% y-y
Industry outlook: FY27 tractor industry expected marginal degrowth due to high base, El Niño, subsidy cuts; regional weakness in West and South; North/East stable
Domestic tractor industry Q2 volumes declined ~3% y-y; Escorts Kubota volumes marginally up, market share +48 bps
4WD tractor segment growing fast; Escorts Kubota's 4WD volumes tripled in last 6-7 months with new product launches