Blended margin trajectory at Escorts has undergone a drastic improvement (~6% in FY14 to ~11.7% as of FY20), backed by volume growth and product mix improvement. The company posted highest ever quarterly EBIT margin of 20% in tractors during Q2FY21, riding on sharp product mix improvement (>40 hp segment forming about two-third of sales vs. 45% last year, cost initiatives, operating leverage). Commodity cost pressures and normalisation of some stated benefits is seen shaving ~100-200 bps off the record print. However, the management expects ~17-18% EBIT margin...