Neutral Escorts Kubota; target of Rs 1900: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Escorts Kubota

3QFY23 performance was severely affected by lower production (due to high inventory at 2Q end) and unabsorbed cost inflation of 1-1.5%, resulting in lower margin at 8.4% (est 10.5%). While the near-term demand outlook is positive, a limited correction in RM costs should delay recovery in overall EBITDA margin.

Outlook

We reduce our FY23/FY24 estimates by 6%/10% to factor in higher RM cost pressure. Maintain Neutral with a TP of INR1,900.

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Escorts Kubota - 09 -02 - 2023 - moti