Escorts Kubota financials and balance sheet

NSE: ESCORTSBSE: 500495Agricultural, Commercial & Construction VehiclesMid Cap

Formerly Escorts

₹2,627.00₹9.90 (0.38%)BSE ₹2,633.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,636.90.

52-week range of traded prices to 23 Oct 2026

₹2,550.10Low, 1 Oct 2026₹3,987.80High, 6 Jan 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹29,390 Cr238th largest listed
P/E: 21.3
P/B: 2.4
Dividend yield: 1.94%
ROE: 12.2%
ROCE: 10.2%
Debt to equity: 0.00
Volume, NSE: 53,33444.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Escorts Kubota annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2025, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue11,540
Materials and goods−8,035
Employee costs−825
Other expenses−1,183
Operating profit1,496
Depreciation−255
Other income+566
One-off items+24
Finance costs−20
Profit before tax1,811
Tax−444
Discontinued businesses+1,028
Net profit2,394

What the company owns

Plant, investments and other assets₹6,173 Cr
Current investments₹6,113 Cr
Inventory₹1,472 Cr
Receivables₹1,203 Cr
Cash and bank₹839 Cr

What pays for it: net worth and liabilities

Net worth₹12,369 Cr
Owed to suppliers₹2,193 Cr
Other liabilities₹1,201 Cr
Borrowings₹36 Cr

Escorts Kubota business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. That year's accounts report a discontinued business, which these segments may include.Escorts Kubota segment results by quarter

Revenue by segment

₹11,661 CrTotal

Agri machinery products₹9,841 Cr84.4% of total
Construction equipments₹1,686 Cr14.5% of total
Revenue from discontinued operations₹134 Cr1.1% of total

Profit by segment

Agri machinery products₹1,227 Cr47.9% of total
Construction equipments₹133 Cr5.2% of total
Profit before tax from discontinued operations₹1,203 Cr46.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Agri machinery products
Revenue, ₹ crore
5,732
5,587
6,397
6,181
8,504
9,841
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,033
860
593
781
901
1,227
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Construction equipments
Revenue, ₹ crore
776
985
1,179
1,710
1,730
1,686
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
28
24
34
159
172
133
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Revenue from discontinued operations
Revenue, ₹ crore
134
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit before tax from discontinued operations
Revenue, ₹ crore
0
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
189
1,203
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	6,987	7,208	8,418	8,841	10,234	11,661
Company revenue, as in its results	7,014	7,238	8,429	8,850	10,244	11,540
Revenue	5,732	5,587	6,397	6,181	8,504	9,841
Revenue growth	–	−2.5%	14.5%	−3.4%	37.6%	15.7%
Profit	1,033	860	593	781	901	1,227
Profit growth	–	−16.8%	−31.0%	31.6%	15.3%	36.2%
Margin	18.0%	15.4%	9.3%	12.6%	10.6%	12.5%
Return on capital	77.5%	41.7%	25.2%	31.4%	34.5%	49.4%
Assets	2,648	3,025	3,644	3,752	4,625	5,121
Liabilities	1,315	964	1,290	1,263	2,015	2,640
Capital employed	1,333	2,061	2,354	2,489	2,610	2,482
Revenue	776	985	1,179	1,710	1,730	1,686
Revenue growth	–	27.0%	19.7%	45.0%	1.2%	−2.6%
Profit	28	24	34	159	172	133
Profit growth	–	−14.2%	43.0%	365.4%	8.3%	−22.7%
Margin	3.6%	2.4%	2.9%	9.3%	9.9%	7.9%
Return on capital	29.7%	17.0%	55.7%	400.4%	85.7%	–
Assets	361	376	353	389	545	453
Liabilities	268	236	292	350	344	455
Capital employed	94	140	61	40	201	−2
Revenue	–	–	–	–	–	134
Profit	–	–	–	–	–	0
Margin	–	–	–	–	–	0.0%
Assets	–	–	–	–	–	0
Liabilities	–	–	–	–	–	0
Capital employed	–	–	–	–	–	0
	–	–	–	–	0	0
Profit	–	–	–	–	189	1,203
Assets	–	–	–	–	0	0
Liabilities	–	–	–	–	0	0
Capital employed	–	–	–	–	0	0
	–	–	–	–	0	–
Profit	–	–	–	–	0	–
Return on capital	–	–	–	–	0.0%	–
Assets	–	–	–	–	551	–
Liabilities	–	–	–	–	0	–
Capital employed	–	–	–	–	551	–
	–	–	–	–	0	–
Profit	–	–	–	–	0	–
Assets	–	–	–	–	0	–
Liabilities	–	–	–	–	264	–
Capital employed	–	–	–	–	−264	–
Revenue	479	636	842	950	–	–
Revenue growth	–	32.8%	32.3%	12.9%	–	–
Profit	77	94	116	179	–	–
Profit growth	–	22.9%	22.8%	54.7%	–	–
Margin	16.0%	14.8%	13.8%	18.9%	–	–
Return on capital	37.4%	33.5%	21.3%	52.3%	–	–
Assets	271	375	623	501	–	–
Liabilities	66	93	79	159	–	–
Capital employed	205	282	544	343	–	–
	–	0	0	0	–	–
Profit	–	0	0	0	–	–
Assets	–	1	0	0	–	–
Liabilities	–	7	5	4	–	–
Capital employed	–	−6	−5	−4	–	–
	0	–	–	–	–	–
Profit	0	–	–	–	–	–
Assets	1	–	–	–	–	–
Liabilities	7	–	–	–	–	–
Capital employed	−6	–	–	–	–	–
Revenue	27	38	20	10	10	13
Profit	0	0	0	0	0	0
Assets	3,597	5,331	5,465	6,624	7,377	10,225
Liabilities	197	211	236	319	111	336

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Escorts Kubota quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 14 May	Mar 2022Filed 16 May	Mar 2023Filed 11 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue from operations	4,220	5,080	6,262	5,810	7,014	7,238	8,429	8,850	10,244	11,540
	3,910	4,527	5,537	5,148	5,888	6,287	7,651	7,683	9,079	10,044
Materials and goods bought	2,831	3,397	4,277	3,841	4,645	4,979	6,123	6,087	7,255	8,035
Employee costs	–	–	485	521	547	542	607	649	774	825
Other expenses	–	–	776	786	696	767	921	947	1,049	1,183
Operating profit before depreciation	310	554	725	662	1,127	951	778	1,167	1,165	1,496
Operating margin	7.3%	10.9%	11.6%	11.4%	16.1%	13.1%	9.2%	13.2%	11.4%	13.0%
Materials, % of revenue	–	–	68.3%	66.1%	66.2%	68.8%	72.6%	68.8%	70.8%	69.6%
Employee costs, % of revenue	–	–	7.7%	9.0%	7.8%	7.5%	7.2%	7.3%	7.6%	7.2%
Other expenses, % of revenue	–	–	12.4%	13.5%	9.9%	10.6%	10.9%	10.7%	10.2%	10.3%
Depreciation and amortisation	63	73	87	107	118	132	150	167	244	255
Operating profit after depreciation	246	480	637	555	1,008	819	627	1,000	922	1,241
Other income	47	65	92	98	160	218	281	399	461	566
Finance costs	32	29	20	17	13	15	13	14	29	20
Profit before one-off items and tax	261	516	710	636	1,156	1,022	895	1,385	1,354	1,787
One-off items	−12	−7	4	−9	0	0	−53	0	−2	24
Profit before tax	249	509	714	626	1,156	1,022	842	1,385	1,352	1,811
	77	162	237	154	283	257	198	352	227	444
Current tax	–	–	–	174	287	243	172	303	271	390
Deferred tax	–	–	–	−21	−4	14	26	49	−44	55
Share of profit of joint ventures and associates	–	–	–	−1	−1	−29	−7	16	−1	–
Profit from discontinued businesses	–	–	–	–	–	–	–	–	141	1,028
	131	347	478	472	872	736	637	1,049	1,265	2,394
Belonging to the company's shareholders	131	347	478	472	871	736	637	1,049	1,265	2,394
Belonging to outside owners of subsidiaries	–	–	–	–	0	−1	0	0	0	0
Other comprehensive income	–	–	–	–	−10	2	2	1	−1	7
Total comprehensive income	–	–	–	–	862	738	639	1,050	1,264	2,401
Net margin	3.1%	6.8%	7.6%	8.1%	12.4%	10.2%	7.6%	11.9%	–	–
Net margin without joint ventures and associates	–	–	–	8.1%	12.4%	10.6%	7.6%	11.7%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the years to Mar 2025 and Mar 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 14 May	Mar 2022Filed 16 May	Mar 2023Filed 11 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	5,025	7,596	8,183	9,172	10,363	12,369
	5,026	7,600	8,187	9,176	10,367	12,373
Share capital	135	132	132	111	112	112
Reserves	4,891	7,468	8,055	9,066	10,255	12,261
Belonging to outside owners of subsidiaries	−1	−4	−4	−4	−4	−4
	2	0	0	4	2	36
Repayable after a year	2	0	0	0	0	0
Repayable within a year	0	0	0	4	2	36
	1,679	1,355	1,716	1,872	2,381	3,096
Trade payables	1,195	894	1,261	1,208	1,640	2,193
Other financial liabilities	152	105	128	289	394	470
Other liabilities	205	237	221	184	186	216
Provisions	102	98	105	115	130	149
Tax owed	25	23	2	73	29	31
	158	156	187	222	248	335
Other financial liabilities	72	68	72	56	102	115
Other liabilities	12	9	8	7	11	12
Provisions	49	42	42	45	77	90
Deferred tax	23	37	65	115	58	118
Liabilities going with businesses held for sale	16	–	–	–	107	–
	6,878	9,108	10,085	11,267	13,098	15,799
Held for sale or for a demerger	49	9	19	18	601	18
	2,244	2,292	5,182	5,378	5,963	5,708
Plant in use, after depreciation	1,655	1,700	1,732	1,736	1,890	1,952
Plant being built	41	56	69	116	123	161
Intangible assets	72	58	79	80	164	194
Intangible assets being developed	23	31	44	35	29	39
Property held to earn rent	70	83	80	55	0	0
Investments	13	1	2,785	2,920	3,273	2,169
Stakes in joint ventures and associates	260	247	187	203	0	0
Loans given	7	0	0	0	2	66
Other financial assets	11	17	8	8	218	760
Deferred tax	0	0	0	1	4	7
Other assets	92	97	197	223	261	361
	4,585	6,807	4,884	5,872	6,534	10,074
Inventories	718	847	1,218	1,218	1,399	1,472
Trade receivables	658	793	1,180	1,173	1,332	1,203
Cash and cash equivalents	106	92	182	210	343	178
Other bank balances	1,216	180	290	969	781	661
Current investments	1,665	4,588	1,795	2,097	2,332	6,113
Loans given	11	0	0	0	1	30
Other financial assets	22	25	19	20	22	32
Other assets	190	283	201	184	325	384
Net debt	−2,985	−4,859	−2,267	−3,272	−3,454	−6,916

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 May	Mar 2022Filed 16 May	Mar 2023Filed 11 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	1,131	32	224	1,032	1,003	1,381
	1,384	287	410	1,266	1,362	1,947
	275	−653	−410	51	−43	374
Receivables	56	−150	−398	−20	−170	192
Inventories	165	−128	−371	0	167	−100
Payables	−35	−246	369	81	76	492
Other working capital	88	−128	−9	−9	−117	−210
Tax paid	−253	−255	−186	−234	−358	−565
Capital spending	116	173	190	176	223	279
Free cash flow	1,016	−141	34	856	780	1,102
	−2,197	−1,857	−62	−928	−194	−1,128
Plant and property sold	7	10	6	16	9	5
Interest received	48	107	12	18	113	141
	1,003	1,810	−71	−77	−702	−420
Borrowings raised	0	0	0	4	0	34
Borrowings repaid	−17	−3	0	0	−365	0
Interest paid	−8	−10	−9	−10	−25	−16
Lease payments	−5	−6	−7	−8	−30	−45
Dividends paid	25	74	76	76	305	396
Shares bought back	0	0	0	0	0	0
Shares issued	1,058	1,902	0	0	0	0
Net change in cash	−63	−15	91	28	107	−167

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Escorts Kubota dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 14 May	Mar 2022Filed 16 May	Mar 2023Filed 11 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Earnings per share	₹15.98	₹41.62	₹55.82	₹55.04	₹92.15	–	₹58.85	₹96.80	₹115.04	₹217.61
Diluted earnings per share	₹15.98	₹41.62	₹55.82	₹55.04	₹91.98	–	₹58.76	₹96.64	₹114.98	₹217.55
Dividend per share	₹1.50	₹2.00	₹2.50	₹2.50	₹7.50	₹7.00	₹7.00	₹18.00	₹28.00	₹51.00
Book value per share	–	–	–	–	₹372.76	₹576.01	₹620.48	₹830.43	₹926.60	₹1,105.90
Dividend payout	14.1%	7.1%	6.4%	6.5%	11.6%	12.5%	14.5%	19.0%	24.8%	23.8%
Shareholder yield	–	–	–	–	−5.9%	−8.2%	0.3%	0.2%	0.8%	1.3%
Market cap at the year end (₹ crore)	6,604	10,028	9,758	8,122	17,364	22,309	24,951	30,689	36,361	30,658

Earnings per share is left blank for the year to Mar 2022: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Escorts Kubota PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021Filed 14 May	Mar 2022Filed 16 May	Mar 2023Filed 11 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue growth	19.3%	–	–	−7.2%	20.7%	3.2%	16.4%	5.0%	–	12.7%
Operating profit growth	111.4%	78.8%	30.9%	−8.6%	70.1%	−15.6%	−18.3%	50.1%	–	28.4%
Net profit growth	69.7%	165.1%	37.9%	−1.3%	84.8%	−15.6%	−13.5%	64.8%	–	89.3%
Earnings per share growth	–	160.5%	34.1%	−1.4%	67.4%	–	–	64.5%	–	89.2%
	–	–	–	–	17.3%	11.7%	8.1%	12.1%	12.9%	21.1%
	–	–	–	–	–	−5.7 pts	−3.6 pts	4.0 pts	0.9 pts	8.1 pts
From the net margin	–	–	–	–	–	−3.1 pts	−3.0 pts	4.6 pts	–	–
From asset turnover	–	–	–	–	–	−1.6 pts	−0.3 pts	−0.7 pts	–	–
From borrowing	–	–	–	–	–	−0.9 pts	−0.3 pts	0.1 pts	–	–
Return on capital employed	–	–	–	–	20.1%	10.8%	7.7%	10.9%	8.9%	10.0%
Cash conversion	–	–	–	–	129.8%	4.4%	35.2%	98.4%	79.3%	57.7%
Interest cover	7.6	16.3	32.6	32.2	75.6	54.7	47.3	72.9	31.6	60.8
Debt to equity	–	–	–	–	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	–	–	34	40	51	48	47	38
Inventory days	–	–	–	–	56	62	73	73	70	67
Payable days	–	–	–	–	94	66	75	72	83	100
Cash conversion cycle, days	–	–	–	–	−3	37	49	49	35	5
Working capital days	–	–	–	–	−4	30	39	30	25	2
Asset turnover	–	–	–	–	1.02	0.91	0.88	0.83	0.84	0.80
Assets per rupee of net worth	–	–	–	–	1.37	1.27	1.22	1.23	1.25	1.27
Sales per rupee of plant	–	–	–	–	4.24	4.26	4.87	5.10	5.42	5.91
Capital spending to depreciation	–	–	–	–	0.98	1.31	1.27	1.06	0.92	1.09
Plant being built, % of plant in use	–	–	–	–	2.5%	3.3%	4.0%	6.7%	6.5%	8.2%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 16.6%
Cash from operations against operating profit: 92.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.6%	10.5%	11.0%
Profit growth, yearly rate	41.0%	22.4%	55.5%
Return on equity, average	–	13.2%	15.4%
Return on capital employed, average	–	9.6%	9.9%
Operating margin, average	11.7%	12.0%	12.5%
Asset turnover, average	–	0.85	0.82
Cash conversion cycle, days, average	–	35	30
Interest cover, average	43.2	53.4	55.1
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,673	3,417	1,381
Cash from investing	−4,168	−2,250	−1,128
Cash from financing	540	−1,198	−420
Capital spending	1,042	678	279
Dividends paid	927	777	396
Shares bought back	0	0	0
Shares issued for cash	1,902	0	0
Borrowings raised	38	38	34
Borrowings repaid	368	365	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	3	6	4	6
Altman Z-scorePublished threshold 1.81	–	–	–	–	8.71	11.89	10.48	11.54	10.58	8.09
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−1.87	−1.85	−2.56	−2.08	−2.62
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	32.03	4.94	8.85	3.74	14.82
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.62	0.53	0.77	0.73
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	17.34	32.39	−5.54	−2.23	−22.36
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	10.69	20.85	0.62	−4.34	−5.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	1.33	−1.05	−0.18	1.39	0.61
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.32	0.38	0.68	0.31	0.51
Effective tax ratePublished threshold 17.16 per cent	31.06	31.92	33.22	24.51	24.50	25.16	23.51	25.42	16.78	24.54
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.25	1.37	8.52	−9.73	−6.68

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
11 Feb 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		128
11 Feb 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Positive	122

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.