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Swing Capital

Escorts Kubota Ltd

NSE: ESCORTS BSE: 500495Infra

Escorts Ltd. is one of India’s leading engineering conglomerates engaged in the manufacturing of Agri-machinery, Construction & Material Handling Equipment and Railway Equipment. [1]

₹2,947
52W: ₹2710 — ₹4180
PE 24.2 · Book ₹1108 · +166% vs book
Market Cap₹32,970 Cr
Stock P/E24.2Price to Earnings
ROCE15.9%Return on Capital
ROE12%Return on Equity
Div. Yield0.94%Face Value ₹10

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 2.62 times its book value
  • −The company has delivered a poor sales growth of 10.6% over past five years.
  • −Company has a low return on equity of 12.3% over last 3 years.
  • −Earnings include an other income of Rs.1,615 Cr.
  • −Promoter holding has decreased over last 3 years: -4.86%
  • −Working capital days have increased from 83.8 days to 195 days

Shareholding Pattern

Promoters68.04%
FIIs5.71%
DIIs11.66%
Public12.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.65%68.04%▲0.468.04%68.04%68.04%68.04%68.04%68.04%
FIIs6.44%6.32%▼0.15.89%▼0.45.21%▼0.75.22%▲0.05.27%▲0.05.25%▼0.05.71%▲0.5
DIIs10.37%10.21%▼0.210.2%▼0.011.34%▲1.111.43%▲0.111.8%▲0.412.2%▲0.411.66%▼0.5
Public13.82%13.73%▼0.114.17%▲0.413.72%▼0.413.64%▼0.113.22%▼0.412.86%▼0.412.93%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,7062,2902,5562,2652,9352,4302,4832,7773,2612,951
Expenses2,3831,9992,2392,0322,6002,1372,1582,4142,8232,565
Operating Profit324291317233335293325363439386
OPM %12%13%12%10%11%12%13%13%13%13%
Net Profit2982753043273232981,400321362325
EPS ₹26.9624.8927.4729.228.8926.59125.1628.7132.3929.03

AI Insights

Revenue Trend

Mar 2026 revenue at ₹11,473Cr, up 12.6% YoY. OPM at 13%.

Debt Position

Borrowings at ₹125Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹161Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 11.66% (+1.80pp change). FIIs: 5.71% (+0.10pp change). Promoters hold 68.04%.

Margin & Efficiency

ROCE improving from 7% (Mar 2015) to 16% (Mar 2026). Working capital days: 195.

Valuation

PE 24.2x with 15.9% ROCE. Price is 166% above book value of ₹1,108. Dividend yield: 0.94%.

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