External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>Domestic Tractor Business: Q1FY26 domestic tractor industry volumes grew 9.2% YoY to 2.86 Lc units, led by a 19.3% rise in the south and west; EKL’s stronghold markets in the north and central grew a modest 0.5%.</li><li>EKL’s domestic tractor volumes declined 1.9% YoY to 28,848 units, impacted by geographic mismatch and inventory normalisation.</li><li>Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Domestic Tractor Business: Q1FY26 domestic tractor industry volumes grew 9.2% YoY to 2.86 Lc units, led by a 19.3% rise in the south and west; EKL’s stronghold markets in the north and central grew a modest 0.5%.EKL’s domestic tractor volumes declined 1.9% YoY to 28,848 units, impacted by geographic mismatch and inventory normalisation.Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
 Domestic Tractor Volume Underperformance: <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a>'s domestic tractor volume growth lagged the industry in Q4 FY25, impacted by an adverse geographical mix &amp; increased competitive intensity.</li>
<li>
 Construction Equipment Faces Near-Term Pressure:The CE segment saw a 12.2% YoY volume decline, impacted by weak demand and cost inflation from BS-V emission norms; management expects recovery in H2 FY26.</li>
<li>
 Valuation Remains Elevated: Despite a stable operating profile and long-term growth potential, the stock trades at a forward P/E of ~30x, limiting near-term upside amid execution and demand uncertainties.</li>
</ul>



 Domestic Tractor Volume Underperformance: Escorts Kubota Limited (ESCORTS IN)'s domestic tractor volume growth lagged the industry in Q4 FY25, impacted by an adverse geographical mix &amp; increased competitive intensity.

 Construction Equipment Faces Near-Term Pressure:The CE segment saw a 12.2% YoY volume decline, impacted by weak demand and cost inflation from BS-V emission norms; management expects recovery in H2 FY26.

 Valuation Remains Elevated: Despite a stable operating profile and long-term growth potential, the stock trades at a forward P/E of ~30x, limiting near-term upside amid execution and demand uncertainties.


Escorts Kubota: Constrained by Rich Valuation

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.</li>
<li>Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.</li>
<li>Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.</li>
</ul>


In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.
Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.
Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.


India Rural Incomes | The Tide Has Yet to Turn

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Escorts (EKL) logged a strong Q3 with 8.5% growth in revenue from continued operations and 110bps QoQ EBITDA margin expansion to 11.4%.</li><li>EKL has guided to robust domestic tractor industry outlook for 4Q (~15% YoY growth).</li><li>This, coupled with management guidance on corrective actions for channel inventory/dealer receivables being largely over, with several new product initiatives (Pro Maxx Series tractors under the FarmTrac brand) and scale-up in the captive financing arm, would drive market-share improvement in FY26 (particularly from H2).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Escorts (EKL) logged a strong Q3 with 8.5% growth in revenue from continued operations and 110bps QoQ EBITDA margin expansion to 11.4%.EKL has guided to robust domestic tractor industry outlook for 4Q (~15% YoY growth).This, coupled with management guidance on corrective actions for channel inventory/dealer receivables being largely over, with several new product initiatives (Pro Maxx Series tractors under the FarmTrac brand) and scale-up in the captive financing arm, would drive market-share improvement in FY26 (particularly from H2).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Escorts - Guides for Market Share Gains in FY26

Thematic (Sector/Industry)

<ul><li>Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto Monthly Sales Volume - November 2025

India

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS IN)

Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped

Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.

Axis Direct

Escorts Kubota: Constrained by Rich Valuation

Escorts Kubota Limited's domestic tractor volume growth lags industry in Q4 FY25; Construction Equipment segment faces pressure due to regulatory...

Sreemant Dudhoria,CFA

India Rural Incomes | The Tide Has Yet to Turn

Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Pranav Bhavsar

Auto Monthly Sales Volume - November 2025

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped

Market share declined to ~8.7% (vs ~9.4% YoY); management attributes this to an industry swing and expects partial normalisation from Q3FY26.

Axis Direct

Escorts Kubota: Constrained by Rich Valuation

​Escorts Kubota Limited's domestic tractor volume growth lags industry in Q4 FY25; Construction Equipment segment faces pressure due to regulatory...

Sreemant Dudhoria,CFA

India Rural Incomes | The Tide Has Yet to Turn

​Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Pranav Bhavsar

Escorts - Guides for Market Share Gains in FY26

Escorts (EKL) logged a strong Q3 with 8.5% growth in revenue from continued operations and 110bps QoQ EBITDA margin expansion to 11.4%.

Emkay

Auto Monthly Sales Volume - November 2025

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero...

Axis Direct

Escorts Kubota Limited's domestic tractor volume growth lags industry in Q4 FY25; Construction Equipment segment faces pressure due to regulatory...

Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...