Tractors industry

4 companies · ₹33,349 cr · 4 with AI deep dives · Q1FY27 report

Record Q1 domestic volumes meet commodity margin compression; profit recovery deferred unanimously to H2 FY27

Turning upmargin troughed at 11.0% and has risen for 7 quarters to 11.3%, on positive revenue growth

Revenue YoY: +26.1%
EBITDA margin: 11.3%; -160bps YoY
Price, 1 year: -28.6%; 0% of names up
P/E vs own 5y: -26.7%; 22.2x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,631 cr	3,431 cr	+5.8%	2,879 cr	+26.1%	3,701 cr	-1.9%
EBITDA margin	11.3%	13.0%	-170bps	12.9%	-160bps	13.2%	-190bps

Revenue

Jun 26: 3,631 cr

Exhibit 4Screen

P/E below the sub-industry median of 22.21x, 5y ROCE above its median of 14.29%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (4 of 4)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Escorts Kubota Ltd	₹28,860 cr	20.9x	13.9x	15.7%	13.0%	+28.3%	Unlock
VST Tillers Tractors Ltd	₹3,383 cr

Exhibit 6What managements said

from Agricultural, Commercial & Construction Vehicles earnings calls · as of 2026-06-30

headwindCommodity inflation compressing margins across the bucket despite record volumes7 managements

Steel, aluminium, copper, natural rubber, and polymers moved higher simultaneously. TMCV quantified a 340 bps variable cost headwind of ₹649 crore; Ashok Leyland saw material cost…

TMCV (Q1FY27): “EBITDA was ₹2,300 crore at a margin of 11.7%, down 60 basis points YoY. Variable costs…”

mixed5 managements tailwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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