Carraro India Share Price

Pune-based Carraro India is scaling up capacity and exports as rising demand for premium 4WD tractors, construction equipment and higher-horsepower driveline systems reshapes India's off-highway vehicle market. The company reported a 48% jump in FY26 profit and outlined expansion plans across axle manufacturing, engineering services and electric transmission systems as it prepares for its next growth phase.

• Business Line
• 2 weeks 5 days ago

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

• Trendlyne
• 2 weeks 5 days ago

Conference Call with Carraro India Management and Analysts on Q4FY26 & Full Year Performance and Outlook. Listen to the full earnings transcript.

• Trendlyne
• 2 weeks 5 days ago