BOFA Sec on Escorts ; Downgrade to U-P, TP cut to Rs 2100 from Rs 3500

Q2 miss (-300bps Q/Q) on steep margin squeeze due to metal inflation (11-12% of net rev). Margin pain not yet fully behind us Call confirms deepening tractor downcycle. Expect double-digit 2H decline, FY27 growth now marginally neg (vs +4-5% earlier) Weak growth + margin drag drives 11-13% EPS est cuts Val downside potential, stock not cheap vs peers

ESCORTS KUBOTA LIMITED

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