Buy Escorts Kubota; target of Rs 2330: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Escorts Kubota

The company is a prominent tractor maker domestically (10.3% FY22 market share). It also serves domestic construction equipment, railways space. FY22 sales mix – tractors 77%, construction equipment 14%, railways 9% • Past five year CAGR: 24.1%, 35.6% in EBITDA, PAT; cash positive b/s.

Outlook

We retain BUY rating amid wider opportunity at play with Kubota coming on board as co-promoter and keenly await the medium term growth plan. Revising our estimates, we now value Escorts Kubota Ltd at SOTP-based TP of Rs 2,330 (25x P/E on core FY24E EPS; earlier TP: Rs 2,390).

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Escorts Kubota - 07-11-2022 - icici