Guidance ledger · Q4 FY26

Escorts Kubota Ltd ESCORTS

3 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 tractor industry growth forecast Q4 FY25 → Q4 FY26

~~Mid-single digit to modest growth expected from Q4FY25~~ → 23.4% actual full-year growth; all-time high 11.6 lakh units

“In FY26, the domestic tractor industry grew by 23.4% year-on-year, reaching an all-time high of 11.6 lakh units compared to 9.4 lakh units in FY25.”

↑ raised Construction equipment EBIT margin trajectory Q1 FY26 → Q4 FY26

~~5.8% in Q1FY26 - lowest in the cycle; further pressure expected from emission-norm transition~~ → 12.7% in Q4FY26 - multi-year high; 386 bps YoY expansion

“EBITDA margin came at 12.7%, up by 386 basis points Y -o-Y, led by leveraging -- operating leverage, improved cost discipline and more favorable product mix.”

↓ lowered Full-year EBITDA margin guidance Q3 FY26 → Q4 FY26

~~Improving trajectory cited through Q3FY26 - margins expanded 163 bps for FY26~~ → Effort to maintain flat for FY27 with commodity and labour cost headwinds; no upward bias

“our effort will be to maintain the margin on a full year basis. But obviously, it's too early to talk about that unless we know how the geopolitical situation really emerges.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.