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Carraro India Results: Latest Quarterly Results & Analysis

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Carraro India Ltd. 06 Nov 2026 18:29 PM
Result PDF

Q2FY27 Quarterly Result Announced for Carraro India Ltd.

Commercial Vehicles company Carraro India announced Q2FY27 results

Consolidated Financial Highlights:

  • Revenue from Operations: For Q2FY27, consolidated revenue from operations stood at Rs 6,964.59 million, reflecting a QoQ growth of 27.87% compared to Rs 5,446.82 million in Q1FY27 and a YoY growth of 18.79% against Rs 5,862.55 million in Q2FY26. For H1FY27, it reached Rs 12,411.41 million, up 15.01% YoY from Rs 10,791.81 million in H1FY26.
  • Total Income: For Q2FY27, consolidated total income stood at Rs 7,057.91 million, representing a QoQ expansion of 26.34% from Rs 5,586.53 million in Q1FY27 and a YoY expansion of 19.00% compared to Rs 5,930.85 million in Q2FY26. For H1FY27, consolidated total income was Rs 12,644.44 million, growing by 15.68% YoY against Rs 10,930.04 million in H1FY26.
  • Profit Before Tax (PBT): For Q2FY27, consolidated PBT reached Rs 484.73 million, marking a QoQ increase of 15.32% from Rs 420.33 million in Q1FY27 and a YoY increase of 13.98% from Rs 425.26 million in Q2FY26. For H1FY27, PBT stood at Rs 905.06 million, showing a YoY growth of 11.79% against Rs 809.64 million in H1FY26.
  • Profit After Tax (PAT): For Q2FY27, consolidated profit for the period stood at Rs 350.59 million, which grew by 11.67% QoQ from Rs 313.94 million in Q1FY27 and increased by 10.57% YoY compared to Rs 317.07 million in Q2FY26. For H1FY27, consolidated PAT reached Rs 664.52 million, up 9.24% YoY from Rs 608.27 million in H1FY26.
  • Earnings Per Share (EPS): For Q2FY27, basic and diluted consolidated EPS was Rs 6.17, expanding by 11.78% QoQ from Rs 5.52 in Q1FY27 and by 10.57% YoY from Rs 5.58 in Q2FY26. For H1FY27, consolidated EPS was recorded at Rs 11.69, a YoY increase of 9.25% against Rs 10.70 in H1FY26.

Standalone Financial Highlights:

  • Revenue from Operations: For Q2FY27, standalone revenue from operations stood at Rs 6,924.17 million, representing a QoQ growth of 28.18% from Rs 5,401.67 million in Q1FY27 and a YoY growth of 19.00% from Rs 5,818.41 million in Q2FY26. For H1FY27, standalone revenue reached Rs 12,325.84 million, showing a YoY increase of 15.08% compared to Rs 10,710.26 million in H1FY26.
  • Total Income: For Q2FY27, standalone total income recorded Rs 7,086.50 million, up 27.87% QoQ compared to Rs 5,542.01 million in Q1FY27 and up 20.38% YoY compared to Rs 5,886.88 million in Q2FY26. For H1FY27, standalone total income was Rs 12,628.51 million, marking a YoY growth of 16.40% against Rs 10,848.90 million in H1FY26.
  • Profit Before Tax (PBT): For Q2FY27, standalone PBT stood at Rs 547.32 million, showing a QoQ growth of 33.36% against Rs 410.40 million in Q1FY27 and a YoY expansion of 33.37% from Rs 410.38 million in Q2FY26. For H1FY27, standalone PBT reached Rs 957.73 million, expanding by 21.76% YoY from Rs 786.56 million in H1FY26.
  • Profit After Tax (PAT): For Q2FY27, standalone PAT stood at Rs 414.75 million, showing a QoQ increase of 35.32% compared to Rs 306.49 million in Q1FY27 and a YoY increase of 35.56% from Rs 305.96 million in Q2FY26. For H1FY27, standalone profit reached Rs 721.25 million, registering a YoY expansion of 22.03% from Rs 591.02 million in H1FY26.
  • Earnings Per Share (EPS): For Q2FY27, standalone basic and diluted EPS was Rs 7.30, increasing by 35.44% QoQ from Rs 5.39 in Q1FY27 and up 35.69% YoY from Rs 5.38 in Q2FY26. For H1FY27, standalone EPS tracked at Rs 12.69, a YoY expansion of 22.02% against Rs 10.40 in H1FY26.

Balaji Gopalan, Managing Director, Carraro India, said: “Carraro India delivered healthy growth during H1FY27, demonstrating the resilience of our business and sustained momentum despite global market uncertainties. Revenue from operations grew by 15% year-onyear during H1FY27, with Q2 recording healthy growth of 19%. Domestic revenues increased by 30% year-on-year, primarily driven by strong demand for agricultural 4WD axles and encouraging performance in construction equipment. While international markets continued to face geopolitical and supply-chain challenges, our domestic business remained a key growth driver, reinforcing the strength of our balanced business model in mitigating fluctuations across segments and geographies.

Profitability improved in absolute terms, with EBITDA and PAT growing by 8% and 9%, respectively, during the first half. Margins continued to reflect the impact of higher raw-material, energy, transportation and conversion costs. We are working towards recovering these additional costs from customers, although the process involves a time lag. Our continued focus on cost optimization, productivity enhancements and operational efficiencies is expected to support gradual margin improvement.

The domestic agricultural segment remains an important growth opportunity for us. The transition towards 4WD tractors is progressing as expected, with demand continuing to outpace the overall tractor industry. We believe this structural shift offers sustained growth opportunities, and our ongoing capacity expansion is aligned with anticipated demand.

In construction equipment, our Tele-boom Handler axle programmes continue to gain traction, with programmes already in series production and several additional projects undergoing prototype and field validation. The domestic BHL segment has demonstrated encouraging demand trends, with further traction emerging during the festive season, while BHL driveline exports through Indian OEMs continue to perform well.

We are also making progress in our higher-horsepower transmission portfolio despite the current downturn in the global markets, while programmes for domestic OEMs continue to advance through field validation. Our R&D efforts remain focused on translating engineering capabilities into business opportunities. During H1FY27, we developed seven prototypes, with one successfully progressing to production.

On the engineering services front, our engagement with Montra Electric continues to progress through prototype development and field validation. We are also working on an additional assignment secured during the year, alongside ongoing discussions for advanced technology solutions. In the gears segment, the secured bull-gear nomination with a large global OEM and ongoing customer development programmes are expected to support business improvement over the coming periods.

Operationally, we continue to strengthen our manufacturing capabilities through targeted investments in capacity, technology and process improvements. Progress on the new paint-shop facility, higher localization levels and continued expansion of our aftermarket service network will further support our long-term growth plans. We are also pleased with our recognition among India's Most Admired Export Enterprises 2026 by ET Now, reflecting our commitment to manufacturing excellence and global competitiveness.

Looking ahead, we remain positive about the underlying demand environment and opportunities across our key product segments. Our revenue performance remains encouraging and broadly aligned with our growth outlook for FY27. While margin recovery is expected to be more gradual, our focus remains on improving profitability in absolute terms through higher volumes, progressive cost recovery and operating efficiencies. We believe our expanding product portfolio, customer relationships and ongoing capacity investments provide a strong foundation for sustainable growth over the medium term.”

Result PDF

Result PDF

Commercial Vehicles company Carraro India announced Q1FY27 results

Consolidated Financial Highlights:

  • Revenue from Operations: Consolidated revenue for Q1FY27 reached Rs 5,446.82 million, a 10.50% YoY growth from Rs 4,929.26 million in Q1FY26 and a 10.23% QoQ decrease from Rs 6,067.24 million in Q4FY26.
  • Total Income: Total consolidated income for Q1FY27 was Rs 5,586.53 million, up 11.75% YoY from Rs 4,999.19 million in Q1FY26, but down 9.05% QoQ from Rs 6,142.48 million in Q4FY26.
  • Profit Before Tax (PBT): Consolidated PBT for Q1FY27 stood at Rs 420.33 million, increasing 9.35% YoY from Rs 384.38 million in Q1FY26 and decreasing 23.43% QoQ from Rs 548.95 million in Q4FY26.
  • Profit for the Period (Net Profit): Net profit for Q1FY27 was Rs 313.94 million, showing a YoY increase of 7.81% from Rs 291.20 million in Q1FY26 and a QoQ decline of 24.70% from Rs 416.91 million in Q4FY26.
  • Total Comprehensive Income: For Q1FY27, this stood at Rs 299.27 million compared to Rs 290.25 million in Q1FY26 and Rs 418.22 million in Q4FY26.
  • Earnings Per Share (EPS): Consolidated basic and diluted EPS was Rs 5.52 for Q1FY27, compared to Rs 5.12 in Q1FY26 and Rs 7.33 in Q4FY26.

Standalone Financial Highlights:

  • Revenue from Operations: In Q1FY27, revenue stood at Rs 5,401.67 million, representing a YoY increase of 10.42% from Rs 4,891.84 million in Q1FY26 and a QoQ decrease of 10.41% from Rs 6,029.27 million in Q4FY26.
  • Total Income: The total income for Q1FY27 was Rs 5,542.01 million, up 11.69% YoY compared to Rs 4,962.02 million in Q1FY26, and down 9.21% QoQ compared to Rs 6,104.34 million in Q4FY26.
  • Profit Before Tax (PBT): PBT for Q1FY27 was Rs 410.40 million, showing a YoY growth of 9.09% from Rs 376.19 million in Q1FY26 and a QoQ decline of 23.95% from Rs 539.66 million in Q4FY26.
  • Profit for the Period (Net Profit): The company reported a net profit of Rs 306.49 million in Q1FY27, an increase of 7.52% YoY over Rs 285.06 million in Q1FY26, but a decrease of 25.28% QoQ over Rs 410.19 million in Q4FY26.
  • Earnings Per Share (EPS): Basic and diluted EPS for Q1FY27 stood at Rs 5.39, compared to Rs 5.01 in Q1FY26 and Rs 7.22 in Q4FY26.
  • Full Year Performance: For FY26, the company reported revenue from operations of Rs 22,388.94 million and a net profit of Rs 1,279.85 million.

Business Highlights:

  • Segment Performance: The Group operates in a single reportable segment, which is the manufacturing of off-highway equipments, parts, and components as per Ind AS 108. Consequently, there are no separate reportable segments.
  • Exceptional Item/Other Income: Other income for Q1FY27 includes a provision write-back amounting to Rs 88.07 million related to customs proceedings following a reassessment performed by the company.
  • Dividend and AGM: The Board has fixed Thursday, September 03, 2026, as the Record Date for determining the entitlement of shareholders to receive the final dividend. The 29th Annual General Meeting (AGM) is scheduled for Thursday, September 10, 2026, via Video Conferencing/Other Audio-Visual Means.
  • Subsidiary Information: The consolidated results include the performance of Carraro India Limited (Parent) and its subsidiary, Carraro Technologies India Private Limited.

Result PDF

Commercial Vehicles company Carraro India announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations: In Q4FY26, the consolidated revenue from operations stood at Rs 6,067.24 million, registering a growth of 6.52% QoQ compared to Rs 5,695.86 million in Q3FY26, and an increase of 36.57% YoY against Rs 4,442.74 million in Q4FY25. For the full year FY26, revenue from operations was Rs 22,554.91 million, up by 24.78% YoY from Rs 18,075.54 million in FY25.
  • Total Income: The total income for Q4FY26 was Rs 6,142.48 million, growing by 6.50% QoQ (from Rs 5,767.64 million in Q3FY26) and 37.15% YoY (from Rs 4,478.71 million in Q4FY25). For FY26, total income stood at Rs 22,840.16 million, an increase of 25.26% YoY from Rs 18,233.79 million in FY25.
  • Profit Before Tax (PBT): PBT in Q4FY26 reached Rs 548.95 million, marking a rise of 48.69% QoQ (vs Rs 369.20 million in Q3FY26) and 71.26% YoY (vs Rs 320.54 million in Q4FY25). Annual PBT for FY26 was reported at Rs 1,727.78 million, increasing by 45.60% YoY compared to Rs 1,186.63 million in FY25.
  • Profit After Tax (PAT): The PAT (Profit for the period) for Q4FY26 surged to Rs 416.91 million, showcasing robust growth of 48.55% QoQ (from Rs 280.66 million in Q3FY26) and 75.71% YoY (from Rs 237.27 million in Q4FY25). For FY26, PAT was Rs 1,305.83 million, representing a 48.16% YoY increase against Rs 881.36 million in FY25.

Standalone Financial Highlights:

  • Revenue from Operations: Standalone revenue from operations in Q4FY26 was Rs 6,029.27 million, recording a QoQ increase of 6.72% from Rs 5,649.41 million in Q3FY26 and a YoY increase of 36.84% from Rs 4,406.07 million in Q4FY25. For FY26, revenue reached Rs 22,388.94 million, a YoY growth of 24.93% compared to Rs 17,921.53 million in FY25.
  • Total Income: Q4FY26 total income stood at Rs 6,104.34 million, up 6.70% QoQ (vs Rs 5,721.07 million in Q3FY26) and 37.45% YoY (vs Rs 4,441.28 million in Q4FY25). Annual total income for FY26 was Rs 22,674.31 million, an increase of 25.42% YoY from Rs 18,079.17 million in FY25.
  • Profit Before Tax (PBT): Standalone PBT for Q4FY26 was Rs 539.66 million, climbing 47.23% QoQ (from Rs 366.54 million in Q3FY26) and 72.91% YoY (from Rs 312.11 million in Q4FY25). Annual PBT for FY26 stood at Rs 1,692.76 million, growing 45.90% YoY from Rs 1,160.21 million in FY25.
  • Profit After Tax (PAT): PAT for Q4FY26 was Rs 410.19 million, seeing a significant increase of 47.21% QoQ (from Rs 278.65 million in Q3FY26) and 77.50% YoY (from Rs 231.09 million in Q4FY25). For FY26, PAT stood at Rs 1,279.85 million, up 48.50% YoY compared to Rs 861.87 million in FY25.

Business Highlights & Segment-wise Performance:

  • Segment-wise Performance: The company is engaged in the business of manufacturing off-highway equipments, parts, and components, which constitutes a single segment as per Ind AS 108 - 'Operating Segments'. Accordingly, there are no separate reportable segments.
  • Dividend: The Board of Directors proposed a final dividend of Rs 6.75 per equity share of face value Rs 10 each (67.50%) for the financial year ended 31st March, 2026. This will involve a total payout of Rs 383.75 million.
  • Acquisition & Subsidiary: On 28th June, 2024, the company acquired 1,782,000 equity shares (99% shareholding) of Carraro Technologies India Private Limited (CTIPL) from Carraro International SE at a price of Rs 134.58 per equity share (total consideration of Rs 239.8 million), thereby making it a wholly owned subsidiary of the company.
  • Initial Public Offering (IPO): The company completed its IPO comprising an offer for sale of 17,755,682 Equity Shares at a price of Rs 704 per Equity Share, aggregating Rs 12,500.00 million. The equity shares were listed on the National Stock Exchange (NSE) and BSE Limited (BSE) effective from 30th December, 2024.
  • Labour Codes Impact: Following the Government of India's unified framework comprising four labour codes (made effective from 21st November, 2025), the group assessed an incremental financial impact. An amount of Rs 95 million (consolidated) and Rs 88.72 million (standalone) has been recognized as an exceptional item in the financial results for the year ended 31st March, 2026.

Balaji Gopalan, Managing Director, Carraro India, said: FY26 Performance Overview “FY26 was a strong and encouraging year for Carraro India, with the Company delivering healthy growth across both domestic and export markets, along with EBITDA profitability in line with the guidance shared during the year. Revenue from operations grew by 25% YoY, supported by sustained demand in the domestic market, particularly in the agricultural vehicle segment, and strong export traction led by the construction equipment segment. Domestic revenues increased by 19% YoY, while exports grew by 37% YoY.

Profitability improved meaningfully during the year, with EBITDA increasing by 33% YoY and PAT growing by 48% YoY. EBITDA margin expanded to 10.8% in FY26 from 10.2% in FY25, driven by operating leverage, disciplined cost management and execution efficiencies, despite changes in product mix during the year.

The domestic agriculture business continued to witness strong momentum, supported by the accelerated transition from 2WD to 4WD tractors following the GST-led narrowing of the price gap between 2WD and 4WD tractors. This structural shift, combined with strong customer demand, resulted in robust growth in the domestic 4WD axle market, with 4WD tractor growth outpacing the overall market. In line with the anticipated demand increase, we are ramping up capacity to support growth over the coming years.

Exports remained a key growth driver, supported by sustained momentum in construction equipment, particularly TBH and BHL exports. Ramp-up of the new range of Tele Boom Handler (TBH) axles for a major international OEM continued during the year, with healthy traction and strong visibility for sustained growth. The export market for higher HP tractors is also gradually recovering, which is expected to positively impact transmission off-take going forward.

Our engineering services business continued to gain traction, reporting revenues of Rs 100 million in FY26. Encouragingly, we are witnessing increasing customer enquiries for higher HP and advanced technology configurations, reflecting growing market confidence in our capabilities and the relevance of our solutions. During the year, we signed an engineering services agreement worth approximately Rs 175 million with Montra Electric for the industrialisation and supply of e-transmissions. The project is progressing well, and we have received a prototype order for field validation. Discussions with another customer for engineering services are also progressing positively, and we expect this business to scale up meaningfully over time.

In the gears business, we secured a business nomination from a major OEM for bull gears, valued at approximately Rs 150 million p.a. from FY28. While the gears business remained subdued during FY26, we are working with two new customers/projects, and the ongoing initiatives are expected to support gradual improvement in performance over the coming quarters.

On the manufacturing front, we continued to invest in capacity, technology and process improvements. During FY26, we deployed capex of Rs 417 million to support new telescopic handler axle production, high-performance transmission programmes for agricultural applications and incremental capacity expansion. The Board-approved capex to expand axle capacity to 1,54,160 units is aligned with our strong demand outlook and will support future growth. We also continued to strengthen our aftermarket and customer support ecosystem through the expansion of authorised service centres.

Overall, Carraro India enters its next phase of growth with a stronger business foundation, deeper customer relationships, enhanced engineering capabilities, increasing localisation and a healthy demand outlook across key end markets.”

Result PDF

Commercial Vehicles company Carraro India announced Q3FY26 results

  • Revenue: Rs 5,768 million against Rs 4,528 million during Q3FY25, change 27%.
  • EBITDA: Rs 624 million against Rs 365 million during Q3FY25, change 71%.
  • EBITDA Margin: 10.8% for Q3FY26.
  • PAT: Rs 281 million against Rs 147 million during Q3FY25, change 91%.
  • PAT Margin: 4.9% for Q3FY26.

Balaji Gopalan, Managing Director, Carraro India, said: 9MFY26 Performance Overview “For nine months FY26, Carraro India delivered a strong and encouraging performance. Revenue from operations grew 21% YoY, supported by healthy momentum across both domestic and export markets. Domestic revenues increased 17% YoY, led by robust demand for 4WD axles in the agriculture segment, while exports grew 29% YoY, driven by higher offtake of Tele Boom Handler (TBH) axles.

In line with our guidance, we continued to deliver strong volumes, reinforcing our confidence in the sustainability of our operating performance. Profitability improved meaningfully, with EBITDA up 28% YoY, supported by operating leverage, disciplined cost management and execution efficiencies, even as product mix remained dynamic across quarters.

Our engineering services business gained further traction, with revenues of Rs 50 million in Q3FY26 and Rs 100 million in 9MFY26, supported by steady customer enquiries and progress in key development programmes, including e-transmissions for electric agricultural tractors, CVT pilot units, and new prototype development.

With positive off-highway market sentiment and strong execution momentum, we remain confident of scaling Carraro India beyond our earlier guidance in revenues by FY30, surpassing our earlier ambition, while continuing to focus on disciplined execution and value-driven growth.

On the manufacturing front, we strengthened capability through key equipment additions to improve throughput, flexibility and quality. Importantly, the Board has approved a capex outlay of Rs 623 million to expand axle capacity from 1,34,028 to up to 1,54,160, to be completed over the next 18 months, funded through a mix of internal accruals and debt. This expansion is aligned with our strong demand outlook, with the plant currently operating at over 90% utilization.

We also inaugurated our first Authorized Service Centre in Faridabad and remain on track to establish four centers across India in 2026, strengthening our aftermarket and customer support ecosystem.

Carraro India is not just performing – it is transforming, innovating and leading across markets and technologies.”

Result PDF

Commercial Vehicles company Carraro India announced Q2FY26 results

  • Total Income: Rs 5,931 million against Rs 4,452 million during Q2FY25, change 33%.
  • EBITDA: Rs 593 million against Rs 475 million during Q2FY25, change 25%.
  • EBITDA Margin: 10.0% for Q2FY26.
  • PAT: Rs 317 million against Rs 220 million during Q2FY25, change 44%.
  • PAT Margin: 5.3% for Q2FY26.

Balaji Gopalan, Managing Director, Carraro India, said: Strong Increase in Revenues up by 18%, EBITDA up by 13% & PAT up by 22%. “The first half of FY26 has been both steady and encouraging for Carraro India. Revenue from operations grew 18% year-on-year, supported by healthy volume growth across both domestic and export markets.

Our domestic business grew by 11% YoY, driven by strong demand for 4WD axles in the agriculture segment and a stable performance in the construction equipment segment. Exports delivered an even stronger growth of 31% YoY, led primarily by Tele Boom Handler (“TBH”) axels. While indirect exports of agricultural drivelines remained soft, resilient domestic demand helped maintain our overall volume trajectory.

We continued to deliver strong volumes, reinforcing our confidence in the sustainability of our performance. However, realisations and margins got temporarily impacted due to the change in the product mix.

A noteworthy development during H1 was our engineering services agreement with Montra Electric for the industrialization and supply of e-transmissions for electric-powered agricultural tractors. This partnership marks an important step forward in our technology roadmap and aligns well with our vision of contributing meaningfully to the next generation of clean and efficient powertrains. Revenue from our engineering services business stood at Rs 50 million in Q2, compared to Rs 17 million in the same period last year.

Innovation remained at the heart of our efforts. We developed six prototypes during the half year, three of which have already moved into production. We also dispatched two units of the new T100 EVO prototype to a large Indian tractor OEM and successfully completed the pilot batch of CVT transmission units which is a key step towards commercialisation of this product.

On the manufacturing front, we progressed on our capacity-expansion roadmap. We installed two Sealed Quenched Furnace units at the gear plant. The 800-pallet MAZAK machining centre commissioned in June has boosted throughput and flexibility. Additionally, the arrival of the TLB test bench in July and the installation of a robotic washing machine in September further enhance our readiness to meet future demand.

Further strengthening our after-sales network, we partnered with authorized service centers, one in North India and two in South India – a step towards boosting our presence in aftermarket/ spare parts segment.

Overall, export is growing supported by increased offtake from the TBH business. Domestically, we remain optimistic about sustained demand, driven by ongoing infrastructure projects, higher investment activity, and the supportive market sentiments owing to government policies.”

Result PDF

Commercial Vehicles company Carraro India announced Q1FY26 results

  • Total Income stood at Rs 4,999 million; increase of 5% on YoY basis.
  • EBITDA (incl. other income) stood at Rs 548 million; growth of 2% YoY basis with margins at 11%.
  • PAT stood at Rs 291 million; growth of 5% YoY basis with margins at 5.8%.

Balaji Gopalan, Managing Director, Carraro India, said: “Q1FY26 Performance Overview FY26 has commenced on a positive note, with Q1 revenue from operations growing 4% YoY, driven primarily by volume growth across domestic and export markets. The domestic business grew 3% year on year, led by sustained momentum in 4WD axle sales, while exports rose 5% YoY, showing early signs of recovery after two subdued quarters. Despite continued weakness in indirect exports of agricultural drivelines, overall volumes were supported by strong domestic demand. We maintained an EBITDA margin of 11%, reflecting cost discipline and operational efficiency.

Segmental Growth Drivers: Growth in agriculture equipment and construction vehicles segments remained steady during the quarter. The construction vehicle segment saw healthy traction, particularly in the domestic market, while the agriculture equipment segment continued to benefit from the accelerated adoption of 4WD axles. Together, these factors contributed to a new high in 4WD axles production in May 2025 nearing around 4,000 units. The Gears & Spares business was broadly flat. However, indirect exports, especially those linked to the construction segment, remained under pressure, slightly weighing on overall segment performance.

Operational Enhancements: On the manufacturing front, the pilot batch of CVT (Continuously Variable Transmission) units was successfully completed, a key milestone toward potential future commercialisation. In line with our capacity expansion plans, we also commissioned a new 800-pallet MAZAK machining centre in June, which will significantly improve throughput and machining flexibility. During the quarter, we secured new orders from key OEMs in the construction and agriculture segments, strengthening our forward pipeline.

Outlook for FY26: We remain optimistic about the year ahead. With the Indian economy expected to sustain its growth momentum, we anticipate increased infrastructure activity and capital spending, which should benefit both our construction and agriculture-linked portfolios. Backed by our continued investments in technology, automation, and customer alignment, we are confident of achieving topline growth in the range of 8–12% for FY26.”

Result PDF

Commercial Vehicles company Carraro India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income up by 13%, from Rs 3,963 million to Rs 4,479 million.
  • EBITDA (incl. Other Income) up by 19%, from Rs 409 million to Rs 489 million.
  • EBITDA Margin improved from 10.3% to 10.9%.
  • PAT (Profit After Tax) up by 30%, from Rs 182 million to Rs 237 million.
  • PAT Margin increased from 4.6% to 5.3%.

FY25 Financial Highlights:

  • Total Income stood at Rs 18,234 million; marginal increase of 1% on YoY basis
  • EBITDA (incl. other income) stood at Rs 1,864 million; growth of 24% YoY basis with margins at 10.2%
  • PAT stood at Rs 881 million; growth of 41% YoY basis with margins at 4.8%
  • The Board of Directors have recommended a final dividend of Rs 4.55 (45.5%) per equity share of Face Value Rs 10 each, subject to the approval of ShareholdeRs

Commenting on the results Balaji Gopalan, Managing Director, Carraro India said

“We concluded FY25 on a positive note, having met our topline and EBITDA guidance. While total income remained flat year-over-year, EBITDA grew by 24% YoY, primarily driven by an improved product mix, increased localization, and effective cost control measures. On the EBITDA margin front, we exceeded our guidance of 10% , with a year-over-year expansion of 192 basis points, reaching 10.2% by end of FY25. As expected, our domestic business (excluding indirect exports) continues to show strength, recording a noteworthy double digit YoY revenue increase, driven by sustained demand for locally sold products and increasing 4WD technology adoption. Overall revenue growth was achieved in spite of weak export markets.

We expect continued growth in the domestic market, excluding the indirect exports segment. We also foresee growth in our export segment, driven by new business acquisition, despite the persistent uncertainty at global level.

During the year, we added 6 new customers, including 2 in the last quarter. We also developed over 9 prototypes, underscoring our strong focus on technology-driven product development. Of these, 5 prototypes moved into production within the year. While revenue conversion from these efforts takes time, this is primarily part of our market seeding strategy.

We have been honored with several recognitions from customers, including Mahindra & Mahindra, Caterpillar and Escorts Kubota, to name a few. Such prestigious recognitions are proud moments for us, as they not only elevate our brand’s reputation, but also reinforce our team’s unwavering commitment to delivering excellence to our customeRs

We remain committed to long-term profitability, supported by continuous investment in innovation and technology.

FY26 & Beyond….

Supported by encouraging signs in the domestic market—such as stronger-than-expected adoption of 4WD vehicles/tractor—we are confident in achieving our FY26 revenue growth target.

On the export front, the market outlook remains uncertain for now, though we anticipate recovery to start in the second half of the year. Nevertheless, growth will be accelerated and achieved by the offtake of the newly acquired tele-boom handler business.

Within the above scenario, we expect our topline to grow in the range of approximately 8% to 12%.

We continue to collaborate closely with our existing customers, expanding our product offerings to meet evolving needs. Our engineering services business is witnessing a growing number of enquiries for higher horsepower and advanced technology configurations. Some of these are currently under active negotiation. We anticipate this business to contribute some revenue in FY26.

Additionally, we are working proactively with several OEMs on driveline solutions to remain future-ready, while closely tracking emerging technologies. Our deep expertise in driveline systems enables us to respond swiftly to industry demands. By diversifying and localizing our supplier base, we aim to further optimize our cost structure and strengthen our margin profile. Supported by robust R&D and manufacturing capabilities, we remain focused on achieving our medium-term goal of reaching mid-teen EBITDA margins.”

Result PDF

Commercial Vehicles company Carraro India announced Q3FY25 results

  • Total Income: Rs 4,528 million compared to Rs 4,397 million during Q3FY24, change 3%.
  • EBITDA: Rs 365 million compared to Rs 429 million during Q3FY24, change -15%.
  • EBITDA margin: 8.1% for Q3FY25.
  • PAT: Rs 148 million compared to Rs 194 million during Q3FY24, change -24%.
  • PAT margin: 3.3% for Q3FY25.

Balaji Gopalan, Managing Director, Carraro India, said: “In the first nine months of FY25, total income declined by ~3% YoY, mainly due to lower export offtake. While our domestic business remains strong, driven by robust demand for locally sold products, overall performance has been affected by weak exports (incl. indirect exports) through Indian OEMs. Domestic revenues (excl. indirect exports) grew strongly, while total domestic revenue saw a marginal increase of 1%. We anticipate sustained growth in the domestic market with an exception of the indirect exports business. The recovery in overall export business is expected to take a little longer.

On the profitability front, EBITDA for 9MFY25 stood at Rs 1,375 million, compared to Rs 1,091 million, a growth of 26% y-o-y basis, with margins expanding by 227 bps to 10.0%. This improvement was driven by operational efficiencies, strong emphasis on technology-led products and significantly lower royalties paid to the parent company. PAT for the period stood at Rs 645 million compared to Rs 444 million, a growth of 45% YoY basis, with margins expanding by 155 bps to 4.7%.

We remain committed to long-term profitability, supported by continued investments in innovation and technology. Turning to Q3FY25, total income for the quarter stood at Rs 4,528 million compared to Rs 4,397 million in the same period last year. EBITDA for the quarter stood at Rs 365 million, compared to Rs 429 million in the same period last year. EBITDA margin was lower for this quarter, mainly due to reduced turnover discounts from suppliers, and the evolving nature of our technologies. PAT for the quarter stood at Rs 148 million, compared to Rs 194 million in the same period last year

FY25 & Beyond….

Despite ongoing challenges, we remain confident in achieving strong domestic business growth in the current and upcoming financial years. We have initiated a supply of pilot batch of axles for teleboom handlers, expanding our product portfolio, and have added two new customers, further strengthening our clientele. Additionally, we are collaborating with two electric tractor OEMs on drivelines to stay future-ready while actively monitoring emerging technologies.

Our deep expertise in driveline requirements allows us to swiftly meet industry demands. By diversifying and localizing our supplier base, we aim to enhance our cost structure and margin profile. With strong R&D and manufacturing capabilities, we are focused on achieving our medium-term target of mid-teen EBITDA margin.”

Result PDF

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