CARRARO

Carraro India share price & financials

Tier-1 maker of axles, transmissions and gears for agricultural tractors and construction equipment, part of Italy's Carraro Group.

Price: ₹560.55
Market cap: ₹3.0k Cr
Sector: Automobile and Auto Components
Calls analysed: 7

Latest concall · Q1 FY27 · call held 07 Aug 2026

Carraro India Limited Q1 FY27

Revenue from Operations 5,447 million +10%EBITDA 579 million +6%EBITDA Margin 10.4% PAT 314 million +8%

What went well

Revenue from operations grew 10% YoY to INR5,447 million, driven by resilient domestic demand.
Domestic revenue increased by approximately 26% YoY, with agricultural vehicle revenues up 15% and construction vehicle revenues up 4%.
PAT grew 8% YoY to INR314 million, achieving a PAT margin of 5.6%.

What to watch

Export revenues declined by approximately 14% YoY due to geopolitical disruptions, supply chain challenges, and softer demand in certain export markets.
EBITDA margin stood at 10.4%, affected by higher energy and raw material costs, along with labor availability constraints.

Read the full call →

What Carraro India Limited does

Carraro India designs and manufactures axles, transmission systems and gears used in agricultural tractors (2WD/4WD) and construction vehicles such as backhoe loaders, compact wheel loaders, soil compactors, self-loading concrete mixers, telescopic boom handlers and forklift trucks, supplying these as a Tier-1 non-captive component supplier to domestic and international OEMs. It runs two manufacturing plants (a drivelines plant and a gears plant) plus an in-house R&D centre at Ranjangaon, Pune, and also earns from a newer engineering-services line (contract design/industrialisation work, including e-transmissions) and a third-party gears business. It is 68.77%-held by Italy-based Carraro International S.E., part of the Carraro Group, giving it access to the group's global R&D and international customer relationships.

Segments

Agricultural Vehicles
Construction Vehicles
Others (incl. engineering services, third-party gears)

Manufacturing plants: 2 (drivelines plant + gears plant, both at Ranjangaon, Pune)
R&D centres: 1 (in-house R&D centre, Pune)
Employees: ~1,800
R&D team members: 50+
Suppliers: 245+ (domestic & international)
Track record as independent Tier-I supplier: 25+ years

Founded 1997Headquarters B 2/2, MIDC Ranjangaon, Pune - 412220, Maharashtra, IndiaEmployees 1,800 (FY26 (May 2026 investor ) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 3 delivered 0 missed 8 open

EBITDA Margin diluted said Q4 FY25 Promised: Increasing EBITDA margins by at least 1% (100 bps) year-on-year for the next three years Q1 FY27: Guided for FY27 EBITDA margin improvement of 'half a point' (50 bps), which is below the original promise of 'at least 1%' (100 bps).
Revenue on track said Q3 FY25 Promised: EUR350 million in 5 years Q1 FY27: Reiterated long-term target of INR 3,500-4,000 crores by FY30.
Revenue delivered said Q3 FY25 Promised: EUR210 million to EUR220 million for next year (FY26) Q4 FY26: Achieved FY26 revenue of INR 2255.5 cr (~EUR 247M), exceeding the revised guidance of EUR 220-225M.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 10.4%, net profit up 6.9% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	437	445	441	489	582 +33%	565 +27%	603 +37%	540 +10%
Expenses	395	414	397	443	531	511	541	498
EBITDA	42	31	44	47	51 +21%	54 +74%	62 +41%	42 −11%
Margin	10%	7%	10%	10%	9%	10%	10%	8%
Other income	5	4	4	7	7	-2	8	14
Interest	7	5	5	5	5	4	5	4
Depreciation	11	11	11	11	11	11	11	11
Profit before tax	29	19	31	38	41 +41%	37 +95%	54 +74%	41 +8%
Tax rate	25%	26%	26%	24%	25%	24%	24%	25%
Net profit	22	14	23	29	31 +41%	28 +100%	41 +78%	31 +7%
EPS	3.80	2.49	4.06	5.01	5.38	4.90	7.22	5.39

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +19.0% 1Y

1Y: ₹452.55 on 10 Sept 2025 → ₹538.45. High ₹608.5 (26 May 2026), low ₹423.1 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −7.4%; 7 Aug
Q4 FY26: −8.8%; 27 May
Q3 FY26: −1.4%; 12 Feb
Q2 FY26: +2.6%; 17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 24.9% a year over 1 year, FY25 to FY26. Operating margin held at 9.6%.

Year ending	FY25	FY26
Revenue	₹1.8k Cr	₹2.2k Cr
Operating profit	₹166 Cr	₹214 Cr
Operating margin	9.3%	9.6%
Interest	₹22 Cr	₹19 Cr
Depreciation	₹43 Cr	₹44 Cr
Net profit	₹86 Cr	₹129 Cr
Net margin	4.8%	5.8%
Cash from operations	₹95 Cr	₹131 Cr
Free cash flow	₹43 Cr	₹99 Cr
ROCE	22.0%	28.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹57 Cr	₹57 Cr	₹57 Cr	₹57 Cr	₹57 Cr	₹57 Cr
Reserves	₹226 Cr	₹243 Cr	₹289 Cr	₹363 Cr	₹447 Cr	₹519 Cr
Borrowings	₹152 Cr	₹178 Cr	₹188 Cr	₹212 Cr	₹170 Cr	₹155 Cr
Other liabilities	₹448 Cr	₹509 Cr	₹512 Cr	₹462 Cr	₹511 Cr	₹542 Cr
Total liabilities	₹884 Cr	₹987 Cr	₹1.0k Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr
Fixed assets	₹255 Cr	₹275 Cr	₹290 Cr	₹360 Cr	₹376 Cr	₹374 Cr
Capital work in progress	₹3 Cr	₹10 Cr	₹21 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹24 Cr	₹24 Cr
Other assets	₹626 Cr	₹702 Cr	₹735 Cr	₹733 Cr	₹785 Cr	₹874 Cr
Total assets	₹884 Cr	₹987 Cr	₹1.0k Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.29 pp while FIIs trimmed −0.78 pp. The shareholder count shrank 20% to 89,553.

Promoters: 68.8%
FIIs: 2.9%
DIIs: 16.1%
Public: 12.2%

Since Jun 2025

Public +1.29 pp
FIIs −0.78 pp
DIIs −0.52 pp

How it drifted, 7 quarters

Over this window the public went from 10.2% to 12.2% — +2.0 pp.

Dec '24Sep '25Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Bajaj Life Insurance Limited Insurer +0.14 pp 2.77% held
LIC Mf Manufacturing Fund Mutual fund +0.08 pp 3.14% held

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Carraro India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Carraro International S.E.	68.77%	unchanged
LIC Mf Manufacturing Fund Mutual fund	3.14%	+0.08 pp
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund	2.79%	unchanged
Bajaj Life Insurance Limited Insurer	2.77%	+0.14 pp
Tata Aia Life Insurance Company Limited A/C Small Cap Discovery Fund (Ulif 071 22/05/23 Scf 110) Insurer	1.90%	−0.08 pp
Bank Of India Small Cap Fund Mutual fund	1.51%	unchanged
Ashoka India Equity Investment Trust Plc FPI fund	1.21%	unchanged
Carraro Finance S.A.	0.00%	unchanged
Carraro Lux-Tech R&D Center S.a.r.l.	0.00%	unchanged
Carraro North America Inc.	0.00%	unchanged
Driveservice S.r.l.	0.00%	unchanged
Enertronica Santerno S.p.A.	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹538, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~48%. At that growth it is worth ₹2449 — upside of 355%.

Growth the price implies: 17.1% a year; for 7 years, fading to 4%
It has actually compounded at: 50.0% a year; net profit, FY25–FY26 · EPS 48.5%
The gap: -0.3 pp; 355% downside if it only repeats history

Price today ₹538.45 Value at the reference growth ₹2,448.91

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Carraro India Limited

Guides on how to read this kind of business and the numbers that matter.