Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep
Source: Bse
Escorts Kubota Limited (ESCORTS)
Large CapIndustrials stocks · Large cap · NSE
Escorts Kubota Limited is an Indian manufacturer of agricultural machinery (tractors, agri solutions) and construction equipment (PNC cranes, backhoe loaders, mini excavators, compactors). The company's financials are reported as per IndAS, with operations spanning domestic and export markets.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result03 Aug, 07:47 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
36Bearishfull bear SMA stack · SMA20 -7.3% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ESCORTSD candles · FIT view-16.2%Latest close ₹2706.80 on 2026-10-19
Bar
-1.1%
RSI
41
MACD hist
5.32
52W pos
11%
2026-10-19O ₹2737.50H ₹2740.00L ₹2689.00C ₹2706.80Vol 44,680 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ESCORTSNifty India ManufacturingNifty 500
- ESCORTS
- -9.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -32.1%
- 52W range position
- 11%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹24 Cr
- 20D price channel
- ₹2,550.1 - ₹2,888.4
₹3,987.8
₹2,550.1 - ₹3,987.8
₹73.4
Latest completed session
20-session average
30.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED65
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +28.3% · PAT -72.4% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model+44.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -72% YoY · margin compression · Rev +28% YoY · +8% QoQ
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,208 Cr | +28.3% | +8.1% |
| EBITDA | ₹354 Cr | +10.3% | -7.1% |
| Operating margin | 11.0% | -200 bps | -200 bps |
| PAT | ₹386 Cr | -72.4% | +20.3% |
| PAT margin | 12.0% | -4385 bps | +121 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.60
- P/B
- 2.49
- EV/EBITDA
- 17.29
- Market Cap
- 30778.00Cr
Profitability
- ROE
- 18.70%
- ROCE
- 13.90%
- ROA
- 8.76%
- Dividend Y
- 1.20%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 69.50×
- Altman Z
- 7.87
- Book Value
- 1106.00
Cash Flow
- FCF Yield
- 0.83%
- FCF Positive Y
- 9/5
- OCF
- 1381.00 Cr
- EPS TTM
- 123.62
Shareholding
- Promoter Hold
- 68.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 11.5k+12.7% vs prev
Net Profit
₹ CrLatest: 2,394+89.2% vs prev
Return on Equity
%Latest: 2,138+20814.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 41. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 32% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
19
RS percentile
Stage 4 Downtrend
1M return
-3.3%
3M return
-9.2%
6M return
-18.9%
1Y return
-27.3%
RS 1D
-1
RS 20D
-1
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 8.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 78.71-0.59%
RS vs Nifty 50079
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation11/30
Growth20/25
Quality12/20
Balance Sheet12/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
65
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
65/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 44.3%.
- Growth contributes 20/25 to the score.
Main drags
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
21.6
PB
2.5
EV/EBITDA
17.3
ROE
18.7%
ROCE
13.9%
FCF Yield
0.8%
Debt/Equity
0.0
MoS
+44.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
65
Previous: 65
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+44.3%
Previous: +44.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
64
64
64
64
65
65
65
65
65
65
65
65
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,753.93
-54.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹4,858.27
+44.3% MoS
PEG
0.70
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SMLMAH
Micro
SML Mahindra Limited
Agricultural Machinery
match 52
55
60.2
35.4%
-53%
FAIR VALUE
HONAUT
Large
Honeywell Automation India Limited
Industrial Automation
match 20
31
50.7
12.6%
-419%
OVERVALUED
ELECON
Large
Elecon Engineering Company Limited
Industrial Machinery
match 16
47
34.7
16.4%
-7%
FAIR VALUE
JYOTICNC
Small
Jyoti CNC Automation Limited
Industrial Machinery
match 14
54
70.1
18.2%
-76%
FAIR VALUE
APOLLOTYRE
Large
Apollo Tyres Limited
Auto Components
match 8
67
12.4
13.1%
+60%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T17:31:49.325Z
Management commentary snapshot
EKL reported Q4 FY26 Standalone Revenue from Operations up 21.4% YoY to INR 2,950.7 Cr, but down 9.5% QoQ. PAT from continuing operations rose 29.6% YoY to INR 324.8 Cr. FY26 Revenue increased 12.6% YoY to INR 11,472.8 Cr, with PAT up 24.4% YoY to INR 1,380.9 Cr.
EKL's Q4 FY26 and FY26 results show overall revenue growth and margin expansion, supported by export tractor volumes and certain CE segments. However, domestic tractor volumes lagged industry growth, and specific CE segments (BHL, Compactor) experienced severe declines. Adverse product mix in Agri machinery also pressured EBIT. This mixed performance, with underperformance in core domestic segments, indicates stress on the growth thesis.
Current business mix
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Agri Machinery Products81.0%
Construction Equipments19.0%
Growth engines
Export Tractor Volume Growth
EKL Export Tractor Volume grew 33.8% YoY in FY26, significantly outperforming the industry's 6.9% YoY growth.
PNC Volume Growth
PNC Volume grew 21.6% YoY in Q4 FY26, while the industry saw a decline of 0.1%.
Overall Served Construction Equipment Volume Growth
Served Construction Equipment Volume grew 9.2% YoY in Q4 FY26, outpacing the industry's 3.9% YoY growth.
Tailwinds
Softening Commodity Prices
Softening in commodity prices contributed to EBIT improvement in FY26.
Operating Leverage
Operating leverage in the Agri Machinery segment contributed to EBIT growth in FY26.
Headwinds
Domestic Tractor Underperformance
EKL's Domestic Tractor Volume growth of 22.8% YoY in Q4 FY26 lagged the industry growth of 34.9% YoY.
Adverse Product Mix in Agri Machinery
Adverse product mix in the Agri machinery segment negatively impacted EBIT in Q4 FY26 (YoY and QoQ).
Significant Decline in Specific CE Segments
BHL Volume declined 54.6% YoY and Compactor Volume declined 92.4% YoY in Q4 FY26, significantly underperforming the industry.
Lower Non-Operating Income
Lower non-operating income impacted EBIT in Q4 FY26 (YoY and QoQ).
Risk radar
Market Share Erosion in Domestic Tractors
EKL's domestic tractor volume growth lagging the industry indicates potential market share erosion in a key segment.
Volatility in Construction Equipment Sub-segments
Severe declines in BHL and Compactor volumes highlight high volatility and competitive pressures in specific CE product categories.
Product Mix Impact on Margins
Adverse product mix in Agri machinery negatively impacted EBIT, suggesting margin sensitivity to changes in product portfolio.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for understanding annual growth and seasonal trends in Agri Machinery. QoQ is important for assessing sequential momentum, especially in Construction Equipment and overall operational efficiency.
Sector KPIs management disclosed
Domestic Tractor Volume (Q4 FY26)
EKL Domestic Tractor Volume grew 22.8% YoY, but the industry grew 34.9% YoY, indicating EKL underperformance.
Export Tractor Volume (Q4 FY26)
EKL Export Tractor Volume declined 1.0% YoY, while the industry grew 2.1% YoY.
Total Tractor Volume (Q4 FY26)
Total Tractor Volume was 32,257 units, up 21.1% YoY but down 12.7% QoQ.
Served Construction Equipment Volume (Q4 FY26)
Served Construction Equipment Volume was 1,877 units, up 9.2% YoY and 9.4% QoQ, outpacing industry growth of 3.9% YoY.
Management forward view
Final Dividend Recommendation
The Board recommended a Final Dividend of INR 33.0 per share, bringing the total FY26 dividend to INR 51.0 per share (including a special dividend already paid).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Tractor Volume Growth vs. Industry | EKL 22.8% YoY (Q4 FY26) vs. Industry 34.9% YoY | Monitor EKL's domestic tractor volume growth relative to the industry to assess market share trends and competitive positioning. |
| Construction Equipment Volume Growth (BHL, Compactor) | BHL -54.6% YoY, Compactor -92.4% YoY (Q4 FY26) | Track recovery and competitive positioning in the underperforming Backhoe Loader and Compactor segments. |
| Agri Machinery Product Mix | Less than 40 HP:Greater than 40 HP Tractor Sales Ratio in Q4 FY26 at 32:68 | Observe changes in the Agri Machinery product mix and its impact on EBIT margins, given past adverse effects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
136 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
136 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
68
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 68%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Escorts Kubota Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Aug - Escorts Kubota broke ground on a 154-acre Uttar Pradesh plant with over ₹2,000 crore investment and phase-1 capacity.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Aug - Escorts Kubota launched MU4502 and MU5002 tractors with industry-first 8-year transferable warranty.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.