Interim report
Page 1
Escorts Kubota Limited Registered Office - 15/5, Mathura Road, Faridabad-121003, Haryana, India Tel.: +91-129-2250222 | E-mail: corp.secretarial@escortskubota.com| Website: www.escortskubota.com Corporate Identification Number L74899HR1944PLC039088 November 04, 2025 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra East, Mumbai – 400051 BSE – 500495 NSE – ESCORTS Sub: Outcome of Board Meeting pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) Dear Sir/ Ma’am, Pursuant to Regulations 30 and 33 of SEBI Listing Regulations, please note that the Board of Directors of the Company, at its meeting held today i.e. Nove mber 04, 2025 (meeting commenced at 12:00 Noon and concluded at 01:50 P.M.), has inter-alia: 1. Considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2025 The Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2025 alongwith the Limited Review Report as received from the Statutory Auditors, is enclosed herewith as Annexure I. 2. Noted the resignation of Directors and consequent optimisation of Board size from 18 to 16 Directors, in accordance with the terms of Shareholders Agreement dated November 18, 2021 and Articles of Association of the Company While taking note of the resignations tendered by Mr. Manish Sharma, Independent Director and Mr. Dai Watanabe, Non- Executive Nominee Director from their respective positions with effect from August 21, 2025 and October 31, 2025, respectively, the Board Members noted that the Board size had reduced from 18 to 16 Directors. The Board further noted that, as per the terms of the Shareholders Agreement dated November 18, 2021 executed between ‘Kubota Corporation’, ‘the Company’ and ‘specified promoters’ as defined therein, read with the Company’s Articles of Association, the Company had received the consents and waiver letters from Kubota Corporation an d specified Promoters, to continue with the optimised Board size of 16 Directors, until furt her intimation in this regard. Accordingly, the Company will continue with 16 Directors on its Board. Kindly take the same on record. Thanking you, Yours faithfully, for Escorts Kubota Limited Arvind Kumar Company Secretary Encl: As above Escorts Kubota Limited
Page 2
Annexure-I Escorts Kubota Limited Escorts Kubota Limited Statement of Standalone Unaudited Financial Resu lts for the quarter and half year ended September 30, 2025 Standalone results 3 Months ended Precedin g 3 Corresponding 3 For the half year ended Particu lars months ended months ended in the previous year 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 Unaudited Unaudited Unaudited Unaudited Unaudited Income Revenue from operations 2,777.42 2,483.36 2,264.92 5,260.78 4,821 .23 Other income 133.61 155.60 11 5.19 289.21 217.59 Total income 2,911.03 2,638.96 2,380.11 5,549 .99 5,038.82 Expenses Cost of materia ls consumed 1,780.53 1,222.31 1,347.92 3,002.84 2,475.58 Purcha ses of stock-i n-trade 153.45 562.7 1 624. 17 716.16 1,235.36 Changes in inventories of finished goods, work -in-progress (9.14) (68.30) (395.50) (77.44) (325.11) and stock -in-trade Employee benefits expense 201 .87 183.42 186. 14 385.29 359.08 Finance costs 4.23 3.64 9.18 7.87 19.28 Depreciation & amortisation expense 61.48 59.09 60.96 120.57 119.92 Other expenses 287.48 258.23 269.39 545.71 526.65 Total expenses 2,479.90 2,221 .10 2,102.26 4,701.00 4,410.76 Profit before exceptional items and taxes 431.13 417.86 277.85 848 .99 628.06 Exceptiona l items (refer note 2) 75.99 75.99 Profit before tax from continuing operations 431.13 493.85 277.85 924.98 628 .06 Tax expense Current tax 101 .91 89.97 27.56 191 .88 101 .52 Deferred tax 8.04 31.27 (52.37) 39.31 (42.31) Total tax expense 109.95 121 .24 (24.81) 231.19 59.21 Net profit for the period from cont inuing operations 321.18 372.61 302.66 693.79 568.85 Profit befo re tax from discontinued operations 1,203.05 32.15 1,203 .05 82.21 Tax expense of discontin ued ope rations 175.42 8.1 1 175.42 20.85 Net profit for the period from discontinued operations 1,027 .63 24.04 1,027 .63 61 .36 Net profit for the period 321.18 1,400.24 326.70 1,721 .42 630.21 Other comprehensive income/(los s) Item s that will not be recla ssified to profit or loss Sale/ net changes in fair values of equity instruments carried (0.13) 0.14 at fair value through other compre hensive income Re-measurements of defined emp loyee benefit plans (2.07) 1.07 (3.1 1) (1.00) (1.80) Income tax relati ng to items that wi ll not be reclassified to 0.52 (0.27) 0.78 0.25 0.42 prof it or loss Total other comprehensive income/ (loss) (1 .55) 0.80 (2.46) (0.75) (1 .24 ) Total comprehensive incom e 319.63 1,401 .04 324.24 1,720 .67 628.97 Earnings per equity share of " 10 each: Not ann ualised Not annuali sed Not ann ualised Not annua lised Not annua lised For continuing oper ations a) Basic I") 29.19 33.87 27.52 63.07 51.75 b) Dilut ed(") 29.19 33.86 27.49 63.05 51.71 For discontinued oper ations a) Basic(") 93.42 2.19 93.41 5.58 b) Diluted(") 93.39 2.19 93.39 5.58 For continuing and discontinued operation s a) Basic I") 29. 19 127.29 29.71 156.48 57.33 b) Dilut ed (") 29.19 127.25 29.68 156.44 57.29 Paid up equity share capita l, face value of" 10 eac h 11 1.88 111 .88 111 .88 11 1.88 111.88 Other equity " in Crores For the year ended 31 -03-2025 Audited 10,186 .96 458.39 10,645.35 5,252.63 1,778.75 184.86 755,87 27.03 242.6 1 1,037.0 1 9,278 .76 1,366.59 (27.08) 1,339.51 271.02 (41.54) 229.48 1,110.03 188.70 47.81 140.89 1,250.92 0.14 (2.61) 0.82 (1 .65) 1,249 .27 100.96 100.89 12.81 12.81 11 3.77 11 3.70 111 .88 10,268.34
Page 3
Escorts Kubota Limited Escorts Kubota Limited Statement of standalone assets and liabilities Particulars ASSETS 1 Non-current assets a) Property, plant and equipment b) Capital work-in-progress c) Right-of-use assets d) Intangible assets e) Intangible assets under development f) Financial assets (i) Investments (ii) Other financial assets g) Income tax assets (net) h) Other non-current assets 2 Current assets a) Inventories b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Other financial assets c) Other current assets 3 Assets held for sale EQUITY AND LIABILITIES 1 Equity a) Equity share capital b) Other equity 2 Non-current liabilities a) Financial liabilities (i) Lease liabiliti es (ii) Other financial liabiliti es b) Provisions c) Deferred tax liabilitie s (net) d) Other non-current liabilities 3 Current liabilities a) Financial liabilities (i) Lease liabilities (ii) Trade payables Total non-current assets Total current assets Total assets Total equity Total non-current liabilities (a) Total outstanding dues of micro enterprises and small enterprises (b) Total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other financial liabilities b) Other current liabilities c) Provisions d) Current tax liabilities (net) Total current liabilities 4 Liabilities held for sale in respect of discontinued operations Total equity and liabilities ~ in Crores Standalone As at As at 30-09-2025 31-03-2025 Unaudited Audited 1,913 .06 1,887 .26 141 .39 123.17 91 .63 91.09 62.95 63.70 29.41 29.33 2,007.81 3,348.56 37.59 217.95 0.28 0.28 252.45 259.69 4,536.57 6,021.03 1,383 .81 1,343 .89 5,070.75 2,292.42 1,613.57 1,379 .82 270 .77 335 .80 1,731 .11 778.21 23.8 0 21.61 418 .78 322.93 10,512.59 6,474.68 17.54 601 .05 15,066.70 13,096.76 111 .88 111 .88 11,79 2.47 10,268 .34 11,904.35 10,380.22 67.44 67.55 38.81 34.65 78.43 76.46 97.02 57.96 11.56 10.63 293.26 247.25 35 .85 35.13 363 .39 95.86 1,596 .59 1,530.41 357 .76 357.19 193 .23 185.18 127 .92 129.87 194.35 28.52 2,869.09 2,362.16 - 107 .13 15,066.70 13,096.76
Page 4
Escorts Kubota Limited Escorts Kubota Limited Unaudited Statement of Standalone Cash Flows Particulars A Cash flows from operating activities Profit before tax from continuing and discontinued operations Adjustments for: Depreciation and amorti sation expense Provisions recognised (net of provisions written back) Finance costs (other than finance and bank charges) Interest incom e Loss/ (gain) on disposal of property, plant and equipment (net) Gain on sale of assets held for sale (including discontinued operat ions) Gain on fair valuation and sale of investments carried at fair value through profit or loss (net) Net unrealised foreign exchange (gain)/loss Operating profit before working capital changes Movement in working capital Inventor ies Trade receivables Other financial assets Other assets Trade payables Other financial liabiliti es Other liabiliti es and provisions Cash generated from operating activities post working capital changes Income tax paid (net) Net cash generated from operating activities (A) B Cash flows from investing activities Purchase of property , plant and equipm ent (including capital advances) Proceeds from sale of property, plant and equipment Purchase of intangible assets Proceeds from sale of assets held for sale (including discontinued operat ions) Investm ent in subsidiary Sale of non - current investments (net) Purchase of current investments (net) Bank deposits (net) Margin/ bank deposits Interest received Net cash (used in)/ generated from investing activities (B) C Cash flows from financing activities Proceeds from shares(ESOPs) issued Repayment of long term borrowings Repayment of short term borrowings (net) Repayment of lease liabiliti es Interest paid Dividend paid Net cash used in financing activities (C) Increase/ (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year* Cash and cash equivalents at the end of the period * 1nclud1ng cash and cash equivalents of 1.26 Crores pertaining to discontinued operations ~ in Crores Forthehattyearended 30-09-2025 30-09-2024 Unaudited Unaudited 2,128.03 710 .27 120.57 125.14 22.34 28.14 6.66 18.50 (177.80) (124.73) 0.58 (1.78) (1,247.95) - (108.91) (88.50) (1 .17) 0.97 742.35 668.01 (66.98) (255.87) (167.86) (1 88.96) (2.77) 7.33 (92.40) (48.93) 300 .07 261 .64 (3.00) (1.37) (6.05) (12.80) 703.36 429 .05 (203 .05) (162.49) 500.31 266.56 (137.95) (105.81) 2.95 5.97 (11.70) (12.00) 1,711.69 - (70.00) (12.00) 635 .77 216.41 (1,808 .72) (19.45) (2.85) 179.45 (718.39) (0.13) 51 .75 83.03 (347 .45) 335.47 3.06 22.58 - (125.56) - (237 .80) (17.53) (14.28) (6.66) (18.50) (198 .02) (195.46) (219.15) (569.02 ) (66.29) 33.01 337.06 233.36 270.77 266.37
Page 5
Escorts Kubota Limited Esco rts Kubot a Limited Sel(me nt wi se revenue, result s and cap ital employ ed for th e Quart er and half year end ed Septe mber 30 2025 at in Crore s Standalone 3 Months ended Preceding 3 Correspondin g 3 For the half year ended For the year SL months ended months ended in ended Particul ars No. the previous year 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03 -2025 Unaudited Unaudited Unaudited Unaudit ed Unaudit ed Audited 1 Segment revenue: a) Agri machinery product s 2,432.88 2,181.46 1,884.15 4,6 14.34 4,055.85 8,447.23 b) Construction equipme nts 338. 10 301 .48 379.91 639.58 760.55 1,730.09 c) Unallo cated 6.44 0.42 0.86 6.86 4.83 9.64 Total 2,777 .42 2,483 .36 2,264 .92 5,260.78 4,821 .23 10,186.96 Less: Inter segment revenue Net segment revenue from continuing operations 2,777 .42 2,483.36 2,264.92 5,260 .78 4,821 .23 10,186 .96 Add: Revenue from discont inued ope rations 133.87 211 .24 133.87 455.90 912.79 Total Revenue 2,777.42 2,617.23 2,476.16 5,394 .65 5,277.13 11 ,099.75 2 Segment results: a) Agri mac hin ery products 31 1.96 274.48 172.32 586.44 425.58 903.35 b) Cons tru ct ion equipm ents 12.76 17.47 35.20 30.23 74.35 172.10 Total 324.72 291.95 207.52 616 .67 499.93 1,075 .45 Adjusted for : - Finance costs 4.23 3.64 9.18 7.87 19.28 27.03 - Except ional items (refer note 2) (75.99) (75.99) 27.08 - Other unallocable income(net) (110.64) (129.55) (79.51) (240. 19) (147.41) (318. 17) Profit before tax from continuing operations 431 .13 493. 85 277.85 924.98 628.06 1,339 .51 Profit befo re tax from discontinued operations 1,203.05 32.15 1,203.05 82.2 1 188.70 Total Profit before tax 431 .13 1,696.90 310.00 2,128.03 710.27 1,528.21 3 Seg m ent asse ts a) Agri machinery products 5,265.74 4,724.97 5,43 1.61 5,265.74 5,431.61 4,610.86 b) Construction equipments 411 .39 443.27 504.37 411.39 504.37 545. 18 c) Unallocated 9,389.57 9,560.61 6,340.38 9,389 .57 6,340.38 7,389.87 15,066.70 14,728.85 12,276.36 15,066.7 0 12,276.36 12,545.91 Assets held for sale in respect of disco ntinued operations 406.76 406.76 550.85 Total assets 15,066 .70 14,728.85 12,683.12 15,066 .70 12,683.12 13,096.76 4 Segment liabiliti es a) Agri machin ery products 2,3 19.10 2,098.59 2,101.49 2,319. 10 2,1 01.49 2,002.72 b) Construction equipm ents 344.11 304.96 378. 15 344.11 378. 15 344.29 c) Unallocated 499.14 542. 12 238.62 499.14 238.62 258.09 3,162.35 2,945.67 2,718.2 6 3,162. 35 2,718.26 2,605.10 liabilities held for sale in respec t of disco ntinu ed operat ions 96.06 96.06 111.44 Total liabilities 3,162.35 2,945.67 2,814.32 3,162 .35 2,814.32 2,716 .54 Notes : The above stand alone fin anc ial results for the quarter and half year ended September 30, 2025 were reviewed by th e Audit Committee and approved by the Board of Directors of the Compa ny in the ir respective meeti ngs held on November 4, 2025 and have been reviewed by the Stat utory Auditor s of the Compa ny. 2 Exceptional items a For the qua rter ended June 30, 2025 and half year ended Septembe r 30, 2025 of~ 75.99 crores repre sents gain on sale of certa in land and building to Sona BLW Precisio n Forgings Limited (Sona Com star) pursuant to agreement dated February 10, 2025. The tax imp act relati ng to this sale amou nting to~ 10.87 cro res is includ ed in tax expense from conti nuing ope rations. b For th e year ended March 31, 2025 of ~ 27.08 cro res represents provision for impa irment of investm ents in Farmt rac Tractors Europe SP Z.o.o (a subsidiary co mpany) amou ntin g to ~ 18.68 cro re and in Adi co Escorts Agri Equipm ent Private Limited (a joint venture company) amo unting to~ 8.40 Crores. 3 The Board of the Director s of th e Compa ny on October 23, 2024 had approved the sale/ transfer of its division engaged in the business of manuf actur ing, assemb ly, sales, servicing, researc h and development of railway equipme nt products including parts ther eto ("RED Business") as a going conce rn, on a 'slump sale' basis, as defined und er Section 2(42C) of the Income-tax Act, 1961, for a lum p sum cash consideration of ~ 1,600 Crores without values being assigned to the indi vidua l assets and liabiliti es in such sale/ transfer , to Sona BLW Precision Forgings Limited (Sona Comsta r). The said business was a reportabl e segme nt as "Railway equipm ents" as per the requ ireme nts of Ind AS 108, "Ope rati ng Segments" till Septembe r 30, 2024. Subsequently, the said business had bee n disclosed under discont inued operat ions and previo us periods were also reclass ified in term s of Ind AS 105 "Non -current assets held for sale and discon tinued opera tions" . Durin g the quarter ended June 30, 2025, th e compa ny transferred the RED Business to Sona Comstar upon comp letion of condit ions precede nt as spec ified in the business transfe r agreemen t (BTA).
Page 6
Net profit for the period frorn discontinued operations , in Crores 3 Month s ended Preced ing 3 Corresponding 3 For the half year ended For th e year month s ended month s ended in ended Particulars the previou s year 30-09-2025 30-06-2025* 30-09-2024 30-09-2025* 30-09-2024 31-03-2025 Total Income 134.03 211 .32 134.03 456.06 913.11 Total expenses 102.94 179.17 102.94 373.85 724.4 1 Profit before tax 31.09 32.15 31.09 82.21 188.70 Tax expense 7.83 8. 11 7.83 20.85 47.81 Profit after tax 23.26 24.04 23.26 61.36 140.89 Profit after tax from sale of RED Business {Refer Note 3b) 1,004.37 1,004.37 Net profit for the period from discontinued operations 1,027.63 24.04 1,027.63 61.36 140.89 * Includes profit from discontinued operations till May 31, 2025. b Profit after tax from sale of RED business , in Crores Particulars 3 months ended 30-06-2025 Adjusted consideration(net of transaction cost) 1,601.69 Less: Net Assets transferred 429.73 Profit before tax 1,171 .96 Tax expe nse 167.59 Profit after tax from sale of RED business 1,004.37 c Change in cash flows arising due to operating, Investing and financing activities '{ in Crores Particular s For the half year ended 30-09-2025 30-09-2024 Net cash flows generated from opera tin g activiti es 59.63 118.52 Net cash flows generated from/ (used in) investin g activiti es 1,597.2 1 (11.95) Net cash flows used in financing act iviti es (0.01) Intr a-compa ny adju stm ents (1,650.34) (105.88) 4 The Board of Directors in th eir respect ive meeting held on May 08, 2025 had recomme nded the fin al dividend of, 18 per equity share( face value of< 10 each) for FY 2024-25. The same has been paid during th e quarter ended Septembe r 30, 2025. 5 Previous period figures have been re-grouped/ reclassified wherever necessa ry, to conform to current period's classification and the impact of such re-grouping/ reclassification are not material to the financial results. Place : Faridabad Date : November 04, 2025 Escorts Kubota Limit ed Registered Office-15/5, Mathura Road, Faridabad- 121003, Hary ana, India Tel.: +91-129-225 0222 I E-mail: co rp.secreta rial@escortskubota.com I Website: www.escortsk ubota.com Corporate Identifi cat ion Number L74899HR1944PLC039088 mt,rl (Chair~ Ad • an aging Director) (DIN: 00043432)
Page 7
Walker Chandiok ~Co LLP Walker Chandiok & Co LLP L 41, Conn aught Circus, Oute r Circle, New Delhi - 110 001 India T +91114 500 2219 F +9111 4278 7071 Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of Escorts Kubota Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Escorts Kubota Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Escorts Kubota Limited ('the Company') for the quarter ended 30 September 2025 and the year to date results for the period 1 April 2025 to 30 September 2025, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants, of India. A review of interim financial information consists of m:iking inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and conseq uently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. Chartered Accountants Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kechi, Kolkata, Mumbai, New Delhi, Neida and Pune Walker Chandiok & Co LLP is registered with Hmited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhl, 110001, India
Page 8
Walker Chandiok &Co LLP Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of Escorts Kubota Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For r Chandiok & Co LLP Ch ter Accountants ai Par er tion No: 001076N/N500013 Membership No. 503498 UDIN: 25503498BMHWEA3506 Place: New Delhi Date: 4 November 2025 Chartered Accounta nts
Page 9
Escorts Kubota Limited Escorts Kubota Limited Statem ent of co nsolid ated unaudited fin anc ial results for the quarter and half year ended Sept ember 30 2025 3 months end ed Preceding 3 Particulars month s ended 30-09-2025 30-06-2025 Unaudited Unaudited Incom e Revenue from operations 2,791.56 2,500.05 Other income 134.25 156.11 Total income 2,925.8 1 2,656 .16 Expenses Cost of material s consumed 1,790.08 1,232.69 Purcha ses of stock- in-trade 153.45 562.71 Changes in inventories of finished goods, work-in -progre ss and stock-in-trade (9.78) (67.24) Employee benefits expense 207.57 188.07 Finance costs 4.56 3.99 Depreciat ion and amortisation expense 62.15 59.58 Other expenses 290.53 262.42 Tot al expenses 2,498 .56 2,242.22 Profit from co ntinuin g operations befo re share of net lo ss of investment 427 .25 413.94 acco unt ed for using the eq uity met hod and taxes Share of loss of investme nts acco unt ed for using equity method Profit befo re exce ption al it ems and taxes 427.25 413.94 Exceptional items (refer note 2) 75.99 Profit before t ax from continuing operations 427.25 489.93 Tax expense Current tax 101.93 89.97 Deferred tax 7.21 30.49 Tota l tax expe nse 109 .14 120.46 Net profit for the period from co ntinuin g operations 318.11 369.47 Profit before tax from disconti nued operations 1,203.05 Tax expense of discontinued operations 175.42 Net profit from discontinued operations after tax 1,027 .63 Net profit for the period 318.11 1,397.10 Oth er comprehensive inco me/( loss} Items that will not be reclassified to profit or loss Sale/ net changes in fair values of equity instruments carried at fair value through other comprehensive income Re-measurement s of defined employee benefit plans (2.07) 1.07 Income tax relating to items that will not be reclassified to profit or loss 0.52 (0.27) Items that will be reclassified to profit or lo ss Exchange differences on translation of foreign operations 0.09 0.32 Income tax relating to items that will be reclassified to profit or loss Total other comprehensive inco me/ (lo ss} (1 .46 ) 1.12 Tota l comprehensive income 316.65 1,39 8.22 Profit attribut able to : a) Owners of the parent 318.16 1,397.11 b) Non -controlling interests (0.05) (0.01) Oth er compr ehe nsive incom e/(lo ss) att ributab le to: a) Owners of the parent (1.46) 1.12 b) Non-controlling interests Total compre hensive inco me attribut able to: a) Owners of the parent 316.70 1,398.23 b) Non-contro llin g interests (0.05) (0.01) Earnings per equity share of :f 10 eac h : Not annualised Not annua lised For continuing operations a) Basic(') 28.92 33.59 b) Diluted(') 28.91 33.57 For discontinued operations a) Basic ('I 93.42 b) Diluted(') 93.39 For continuing and discontinued operations a) Basic(~) 28.92 127.01 b) Diluted( ' ) 28.91 126.96 Paid up equity share capital, face value of"' 10 each 111.88 111 .88 Other equity , in Cror es Con solidat ed results Corr espondin g 3 For the half year end ed For the year months ende d in ended th e previous year 30-09-2024 30-09-2025 30-09-2024 31-03-2025 Unaudited Unaudit ed Unaudit ed Audited 2,277.25 5,291.6 1 4,850.98 10,243 .88 116.01 290.36 218.97 461.31 2,393 .26 5,581.97 5,069.95 10,705 .19 1,355.12 3,022.77 2,493.06 5,287.85 624.17 716.16 1,235.36 1,778.76 (394.47) (77.02) (321.87) 188.53 190.23 395.64 367.10 774.45 9.79 8.55 20.49 29.17 61.07 121.73 120.15 243.65 272.27 552.95 532.29 1,048.99 2,118.18 4,740.78 4,446.58 9,351.40 275.08 841.19 623.37 1,353.79 (0.11) (0.38) (1 .11) 274.97 841 .19 622 .99 1,352.68 75.99 (1.67) 274.97 917.18 622.99 1,351.01 27.58 191 .90 101.54 271.06 (52.79) 37.70 (43.09) (44.11) (25.21) 229.6 0 58.45 226.95 300.18 687.58 564.54 1,124 .06 32.15 1,203.05 82.21 188.70 8.11 175.42 20.85 47.81 24. 04 1,027.63 61.36 140.89 324.22 1,715.21 625.90 1,264.95 (0.13) 0.14 0.14 (3.12) (1 .00) (1.83) (2.63) 0.78 0.25 0.43 0.82 0.41 0.41 0.34 0.32 (2.06) (0.34 ) (0.92) (1.35) 322 .16 1,714 .87 624.98 1,263.60 324.23 1,715.27 625.88 1,264.94 (0.01) (0.06) 0.02 0.01 (2.06) (0.34) (0.92) (1.35) 322.17 1,714.93 624.96 1,263.59 (0.01) (0.06) 0.02 0.01 Not annualised Not annua lised Not annua lised 27.29 62.5 1 51.36 102.23 27.27 62.49 51.31 102.17 2.19 93.4 1 5.58 12.81 2.19 93.39 5.58 12.81 29.48 155.92 56.94 115.04 29.46 155.88 56.89 114.98 111.88 111 .88 111 .88 111.88 10,254.92
Page 10
Escorts Kubota Limited Escorts Kubota Limited Statement of consolidated assets and liabilities ~ in Crores Particulars Conso lidated As at 30-09-2025 As at 31-03-2025 Unaudited Audited ASSETS 1 Non-c urrent assets a) Property, plant and equipm ent 1,915 .44 1,889.52 b) Capital work-in-progress 141.40 123. 17 c) Right-of-use assets 91.84 91.33 d) I nta ngi ble assets 71.8 1 72 .33 e) Intangible assets und er development 29.41 29 .37 f) Financial assets (i) Investme nts 1,862 .19 3,272 .95 (ii) Loans 19.43 1.79 (iii) Oth er financial assets 40 .3 1 218 .10 g) Deferred tax assets (net) 5.37 3.80 h) Income tax assets (n et) 1.08 1.07 i) Other non-current assets 252.45 259 .69 Total non-current assets 4,430.73 5,963.12 2 Current assets a) Inventories 1,448.67 1,398 .99 b) Financial assets (i) Investme nts 5,146.41 2,332 .26 (ii) Trade rece ivables 1,553 .85 1,33 1.84 (iii) Cash and cash equivalents 280.94 342.67 (iv) Bank balanc es other than (iii) above 1,73 1.65 781 .46 (v) Loans 8.74 0. 55 (vi) Oth er fin ancial asset s 23.95 21.71 c) Other current assets 421.55 324 .84 Total current assets 10,615.76 6,534.32 3 Assets held for sale 17 .54 601 .05 Total assets 15,064.03 13,098.49 EQUITY AND LIABILITIES 1 Equity a) Equity share cap ital 111.88 111 .88 b) Other equity 11 ,773 .37 10,254 .92 Equity attributable to equity holders of the parent 11,885.25 10,366.80 Non-co ntrollin g interest (3.96) (3.90) Total equity 11,88 1.29 10,362.90 2 Non-current liabilities a) Financia l liabiliti es (i) Lease liabilitie s 67 .60 67.74 (ii) Other financ ial liabiliti es 38 .81 34 .65 b) Provisions 79 .55 77. 17 c) Deferred tax liabiliti es (net) 96.5 1 57.59 d) Other non-current liabiliti es 11 .57 10 .63 Total non-current liabilities 294.04 247.78 3 Current liabilities a) Financial liabiliti es (i) Borrowi ngs - 2.25 (ii) Lease liabilities 35.9 1 35.19 (iii) Trade payabl es (a) Total outsta ndin g dues of micro enterprises and small enterprises 363 .39 95.86 (b) Total outstanding dues of cred itors other than micro enterprises and 1,629 .05 1,544 .03 small enterprises (iv) Other financial liabiliti es 343.79 358 .81 b) Oth er current liabiliti es 194.08 185 .71 C) Provisions 128.0 3 130.22 d) Current tax liabilitie s (net) 194 .45 28.6 1 Total current liabilities 2,888.70 2,380.68 4 Liabilities held for sale in respect of discontinued operations - 107 .13 Tota l equity and liabilities 15,064.03 13,098 .49
Page 11
C 1<•J">'>t':l Escorts Kubota Umited Escorts Kubota Limited Unaudited Statement of Consolidated Cash Flows 1" in Crores For the half year ended Particulars 30-09-2025 30-09-2024 Unaudited Unaudited A Cash flows from operating activities Profit before tax from continuing and discontinued operations 2,120.23 705.20 Adjustments for: Depreci ation and amortisat ion expense 121 .73 125.37 Provisions recognised (net of provisions written back) 22.58 28.16 Finance costs (other than finance and bank charges) 7.31 19.66 Interest income (177.90) (125.20) Loss/ (gain) on disposal of property, plant and equipment (net) 0.58 (1.78) Gain on sale of assets held for sale (including discontinued operat ions) (1,247.95) - Gain on fair valuation and sale of investm ents carried at fair value through profit or loss (net) (110.20) (88.97) Net unreali sed foreign exchange (gain)/loss (1.17) 3. 17 Share of loss of equity accounted investments - 0.38 Operating profit before working capital changes 735.21 665.99 Movement in working capital Inventories (76.72) (251.45) Trade receivables (155.86) (186.77) Other financia l assets (29.67) 7.31 Other assets (98.27) (49.03) Trade payabl es 318.68 254.59 Other financial liabilitie s (19.68) (1.38) Other liabiliti es and provis ions 6.70 (12.57) Cash generated from operating activities post working capital changes 680.39 426.69 Income tax paid (net) (203.06) (162.60) Net cash generated from operating activities (A) 477.33 264.09 B Cash flows from investing activities Purchase of property, plant and equipm ent (including capital advances) (136.77) (105.82) Proceeds from sale of property, plant and equipm ent 2.94 5.97 Purchase of int angible assets (18.33) (12.36) Proceeds from sale of assets held for sale (includin g discontinued operations) 1,711.69 - Sale/ (Purchase) of non current investments (net) 635.77 216.41 Purchase of current investment (net) (1,843.26) (28.23) Bank deposits (net) (2.66) 177.35 Margin/bank deposits (720.05) (0.14) Interest received 51.95 83.15 Net cash (used in)/ generated from investing activities (B) (318.72) 336.33 C Cash flows from financing activities Proceeds from shares (ESOPs) issued 3.06 22.58 Repayment of long term borrowing s - (125.56) Repayment of short term borrowings (net) (2.25) (235.89) Repayment of lease liabilitie s (17.56) (14.29) Interest paid (7.31) (18.64) Dividend paid (198.02) (195.46) Net cash used in financing activities (C) (222.08 ) (567.26) Increase/ (Decrease) in cash and cash equivalents (A+B+C) (63.47) 33.16 Cash and cash equivalent s at the beginning of the year* 343.93 236.45 Exchange difference on translation of foreign currency cash and cash equivalents 0.48 0.07 Cash and cash equivalents at the end of the period 280.94 269.68 * includin g cash and cash equivalents of 1.26 Crores pertaining to discontinued operations
Page 12
Escorts Kubota Limited Escorts Kubota Limited Segment wis e revenue, results and capital employ ed for th e quarter and half year ended September 30, 2025 "' in Crore s Consolidated 3 month s ended Preceding3 Correspond ing 3 For th e half year ended For the year SI. Particulars months ended months ended in ended No. the previous year 30-09-2025 30-06 -2025 30-09 -2024 30-09-2025 30-09-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Segment revenue: a) Agri machinery products 2,446 .22 2,197.89 1,896.52 4,644.1 1 4,085 .63 8,504 .1 3 b) Construct ion equipm ents 338. 10 301.48 379.91 639.58 760.55 1,730.09 c) Unalloca ted 7.24 0.68 0.82 7.92 4.80 9.66 Tota l 2,791 .56 2,500.05 2,277.25 5,291.61 4,850 .98 10,243.88 Less: Inter segment revenue Net segment revenue from continuing operation s 2,791.56 2,500 .05 2,277.25 5,291 .61 4,850.98 10,243.88 Add: Revenue from discontinued operations 133.87 211 .24 133.87 455.90 912.79 Total Revenue 2,791 .56 2,633.92 2,488 .49 5,425.48 5,306 .88 11 ,156.67 2 Segment results: a) Agri machin ery products 310.88 274.3 1 171.53 585. 19 424.67 900.60 b) Const ruct ion equipments 12.76 17.47 35.20 30.23 74.35 172.10 Total 323.64 291.78 206.73 615.42 499.02 1,072.70 Adjusted for: - Finance costs 4.56 3.99 9.79 8.55 20.49 29.1 7 - Exceptional items (refer not e 2) (75.99) (75.99) 1.67 - Other unallocable income(net) (108. 17) (126.15) (78.03) (234.32) (144.46) (309. 15) Profit before tax from cont inuing operat ions 427.25 489.93 274.97 917.18 622.99 1,351 .01 Profit before tax from discontinu ed operations 1,203.05 32.15 1,203 .05 82.2 1 188.70 Total Profit before tax 427.25 1,692 .98 307 .12 2,120.23 705 .20 1,539 .71 3 Segment asse ts a) Agri mach inery products 5,280.54 4,75 1.70 5,452.67 5,280.54 5,452 .67 4,625.34 b) Constru ctio n equipm ents 411 .39 443.27 504.37 411.39 504.37 545. 18 c) Unallocated 9,372.10 9,542 .96 6,301.73 9,372. 10 6,30 1.73 7,377. 12 15,064 .03 14,737.93 12,258.77 15,064 .03 12,258.77 12,547.64 Assets held for sale in respect of discont inued operat ions 406.76 406.76 550.85 Total asse ts 15,064.03 14,737.93 12,665.53 15,064.03 12,665 .53 13,098 .49 4 Segment liabiliti es a) Agri mach inery products 2,333.62 2, 123.73 2,11 8.67 2,333.62 2,11 8.67 2,015.41 b) Const ruct ion equipments 344.1 1 304 .96 378. 15 344. 11 378.15 344.29 c) Unallo cated 505.0 1 546.14 239.67 505.0 1 239.67 264.45 3,182.74 2,974.83 2,736.49 3,182 .74 2,736.49 2,624.15 Liabiliti es held for sale in respect of discont inued operations 96.06 96.06 111.44 Total liabilitie s 3,182.74 2,974.83 2,832 .55 3,182.74 2,832.55 2,735.59 Not es: The above consol idated financ ial results for the qu arter and half year ended September 30, 2025 were reviewed by the Audit Committ ee and approved by the Board of Director s of the Company (or "Hold ing Company") in t11eir respect ive meetings held on November 04, 2025 and have been reviewed by the Statutory Auditors of the Company. 2 Exceptional items a For the quar ter ended June 30, 2025 and half year ended September 30, 2025 of~ 75.99 crores represents gain on sale of certa in land and building to Sona BLW Precision Forgings Limit ed (Sona Comsta r) pur suant to agreement dated February 10, 2025. The tax imp act relat ing to this sale amounting to ~ 10.87 crores is included in tax expense from continuin g operat ions. b For the year ended March 31, 2025 of~ 1.67 Crores represents provis ion for impai rment of investm ents in Adico Escorts Agri Equipment Private Limited (a joint ventur e company).
Page 13
3 The Board of the Directo rs of the Holdin g Company on October 23, 2024 had approved the sale/ transfer of its division engaged in the business of manuf acturin g, asse mbly , sales, servicing, research and develop ment of railway equipment products includin g parts thereto ("RED Business") as a going concern, on a 'sl ump sale' basi s, as defined under Section 2(42C) of the Income-tax Act, 1961, for a lump sum cash consideration oft 1,600 Crores without values being assigned to the individual assets and liabiliti es in such sale/ transfer, to Sona BLW Precision Forgings Limited (Sona Comstar). The said business was a report able segment as "'Railway equipments " as per the requirements of Ind AS 108, "Operatin g Segments" till September 30, 2024. Subsequ ently , the said business had been disclosed under discontinued operations and previous periods were also reclassified in terms of Ind AS 105 "Non-current assets held for sale and discontinued operations". During the quarte r ended June 30, 2025, the l1olding company trans ferred the RED Business to Sona Comstar upo n complet ion of cond itions precedent as spec ified in the business transfer agreement (BTA). a Net profit for the period from discontinued operations 'f in Crores 3 month s ended Prece ding 3 Correspondin g 3 For the half year ended Forth e year Particul ars month s ended mon t hs ended in ended the previous year 30-09-2025 30-06-2025* 30-09-2024 30-09-2025* 30-09-2024 31 -03-2025 Total Incom e 134.03 21 1.32 134.03 456.06 913.11 Total expenses 102.94 179.17 102.94 373.85 724.41 Profit before tax - 31 .09 32.15 31 .09 82.21 188.70 Tax expense 7.83 8.11 7.83 20.85 47.81 Profit aft er tax - 23.26 24.04 23.26 61 .36 140.89 Profit after tax fro m sale of RED Business (Refer Note 3b) 1,004.37 1,004.37 Net prof it for the period from discontinu ed operation s - 1,027.63 24.04 1,027 .63 61 .36 140.89 * Includes profit from discont inued operations till May 31, 2025. b Profit after tax from sale of RED bus iness , in Crores Particulars 3 mon ths ended 30-06-2025 Adjusted consideration(net of transaction cost) 1,601.69 Less: Net Assets trans ferred 429.73 Profit before tax 1,171.96 Tax expe nse 167.59 Profit after tax from sale of RED business 1,004.37 c Change in cash flows arising due to operating, investing and financing act ivities af in Crores Particul ars For the half year ended 30-09-2025 30-09-2024 Net cash flow s generated from operating activiti es 59.63 118.52 Net cash flow s generated from/ (used in) investing activities 1,597.21 (11.95) Net cash flow s used in financing activit ies (0.01) Intra-co mpany adjustm ents 11,650.34) 1105.88) 4 Tl1e Board of Directors in the ir respective meeting held on May 08, 2025 had recommended tl1e final divid end oft 18 per equity share(face value oft 1 O each) for FY 2024-25.The same has been paid during the quarter ended Septemb er 30, 2025. 5 Previous period figures have been re-grouped/ reclassified wherever necessa ry, to conform to current period's classificat ion and the imp act of such re-grouping/ reclassification are not mat erial to the finan cial result s. e,r\P..M '<.,~ -~ ;;;' Place: Faridabad Date : November 04, 2025 ' (") - Escorts Kubot a Limit ed Registered Office - 15/5, Mathura Road, Faridabad - 121003, Haryana, India Tel.: +91 -129-22502221 E-mail: corp.secretar ial@escortskubota.comIWebsit e:www.esco rtskubota.co m Corporate Ident ificat ion Number L74899HR1944PLC039088 ' <'i),-. •r:f) ,"' For Es rts Kubota Limi ed Ni~ (Ch a i rm ~ d-Martag[iig Di rec tor) (DIN: 00043432)
Page 14
Walker Chandiok &Co LLP Walker Chandiok & Co LLP L 41, Connaught Circus, Outer Circle, New Delhi - 110 001 India T +91 114500 2219 F +91 11 4278 7071 Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Escorts Kubota Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Escorts Kubota Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Escorts Kubota Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), its associate and joint venture (refer Annexure 1 for the list of subsidiaries, associate and joint venture included in the Statement) for the quarter ended 30 September 2025 and the consolidated year to date results for the period 1 April 2025 to 30 September 2025, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and conseque11tl~•·, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 4. Based on our review conducted and procedures pEirformed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Chartered Accountants Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkala, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered with limited liability with [dent!ficatfon num ber AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
Page 15
Walker Chandiok &..Co LLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Escorts Kubota Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) 5. We did not review the interim financial results of four subsidiaries included in the Statement, whose financial information reflects total assets of~ 218.48 crores as at 30 September 2025, and total revenues of~ 24.50 crores and ~ 53. 75 crores, total net loss after tax of~ 3.20 crores and ~ 5.84 crores, total comprehensive loss of~ 3.11 crores and ~ 5.43 crores, for the quarter and six-month period ended on 30 September 2025, respectively, and cash flows (net) of< 4.93 crores for the period ended 30 September 2025, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of< Nil and< Nil and total comprehensive income of< Nil and z Nil, for the quarter and six-month period ended on 30 September 2025, respectively, as considered in the Statement, in respect of one associate and one joint venture, whose interim financial results have not been reviewed by us. These interim financial results have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associate and joint venture is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors. 6. The Statement includes the interim financial information of three subsidiaries, which have not been reviewed by their auditors, and whose interim financial information reflects total assets of z 2.37 crores as at 30 September 2025, and total revenues of z Nil and z Nil, net profiU(loss) after tax of z 0.53 crores and z (0.02) crores, total comprehensive income/(loss) of< 0.53 crores and < (0.02) crores for the quarter and six-month period ended 30 September 2025 respectively, cash flow (net) of < (1.63) crores for the period ended 30 September 2025 as considered in the Statement. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, are based solely on such unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors. For =Chandiok & Co LLP Ch ered ccountants rm Re is ration No: 001076N/N500013 J Partner Membership No. 503498 UDIN: 25503498BMHWEB2446 Place: New Delhi Date: 4 November 2025 Chartered Acco unta nts
Page 16
Walker Chandiok &_Co LLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Escorts Kubota Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) Annexure 1 List of entities included in the Statement Subsidiaries: 1. Farmtrac Tractors Europe Sp. Z.o.o 2. Escorts Crop Solutions Limited 3. Invigorated Business Consulting Limited (formerly Escorts Finance Limited) 4. Escorts Kubota Finance Limited 5. Escorts Benefit and Welfare Trust 6. Escorts Benefit Trust 7. EKL CSR Foundation (formerly Escorts Skill Development) Associate: 1. Escorts Consumer Credit Limited Joint Venture: 1. Adico Escorts Agri Equipment Private Limited Chartered Accountants