CARTRADE
Cartrade Tech share price & financials
- Price
- ₹2,699.4
- Market cap
- ₹13.5k Cr
- Sector
- Consumer Services
- Calls analysed
- 7
Cartrade Tech Limited Q1 FY27
What went well
- Consolidated revenue of INR 230 crores, up 16% YoY, marking the highest ever total income in any quarter.
- Consolidated EBITDA grew 45% YoY to INR 100 crores, with margins expanding to 31% from 25% last year.
- OLX segment demonstrated strong performance with 29% revenue growth and 76% EBITDA growth.
What to watch
- Q1 FY27 included an exceptional labor code impact of INR 3 crores.
- Higher tax incur on OLX, with an INR 7-8 crores impact, as it is now out of the tax-free bracket.
What Cartrade Tech Limited does
CarTrade Tech Limited operates a group of online-to-offline marketplace platforms spanning new and used vehicles, vehicle auctions and used-goods classifieds. Its Consumer Group (CarWale, BikeWale, CarTrade.com, CarWale abSure) connects consumers, dealers and OEMs for new and used vehicle discovery and transactions via tech-enabled ERP and CRM tools. Its Remarketing Group (Shriram Automall, CarTradeExchange, Adroit Auto) runs a phygital (online-offline) vehicle auction network used by fleet owners, dealers and institutional sellers, offering inspection and valuation services. OLX India, acquired in 2023, runs an online classifieds marketplace across 12 categories including autos, real estate, mobiles/electronics and furniture. The company also runs CarTrade Labs, an in-house innovation unit building AI/data-science tools (e.g., Super Dost) used across its platforms.
Segments
- Consumer
- Remarketing
- Classifieds (OLX India)
- Unique customers across platforms
- 150 million+
- Monthly unique visitors (Consumer platforms)
- 76 million+
- OLX India monthly active users
- ~30 million
- OLX India new listings
- ~2 million per month
- OLX India classifieds categories
- 12
- Remarketing auction locations (Automalls)
- ~130 across 90 cities
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 7 delivered 1 missed 11 open- Consumer Group EBITDA Margin delivered said Q3 FY25 Promised: even better than 35% as revenue grows Q1 FY27: Margin was 33%. While a sequential drop, it remains above the level when the promise was made, and the original promise to surpass 35% has been met in prior quarters.
- Consolidated EBITDA Margin missed said Q4 FY26 Promised: margins across all businesses will go up in the current year Q1 FY27: Consolidated EBITDA margin was 31%, a decline from the FY26 full-year margin of 33%. The promise for expansion has been missed in the first quarter.
- New Product Launches delayed said Q1 FY26 Promised: launching 3 new products probably by the end of September or beginning October Q1 FY27: Promise concluded in prior quarters. The products were launched, albeit with delays.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.2%, net profit up 21.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 154 | 176 | 170 | 173 | 193 +25% | 210 +19% | 203 +19% | 201 +16% |
| EBITDA | 33 | 50 | 46 | 44 | 64 +94% | 78 +56% | 72 +57% | 63 +43% |
| Net profit | 31 | 46 | 46 | 47 | 64 +106% | 62 +35% | 71 +54% | 57 +21% |
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 +25.8% 1Y
1Y: ₹2,453.7 on 10 Sept 2025 → ₹3,087.9. High ₹3,268 (17 Nov 2025), low ₹1,623.4 (30 Apr 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.6%
- 29 Jul
- Q4 FY26
- +6.3%
- 7 May
- Q3 FY26
- −5.3%
- 28 Jan
- Q2 FY26
- −3.3%
- 4 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 28.9% a year over 3 years, FY23 to FY26. Operating margin widened to 33.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹364 Cr | ₹490 Cr | ₹642 Cr | ₹779 Cr |
| Operating profit | ₹33 Cr | ₹78 Cr | ₹151 Cr | ₹258 Cr |
| Operating margin | 9.1% | 15.9% | 23.5% | 33.1% |
| Interest | ₹8 Cr | ₹9 Cr | ₹12 Cr | ₹12 Cr |
| Depreciation | ₹29 Cr | ₹37 Cr | ₹42 Cr | ₹38 Cr |
| Net profit | ₹41 Cr | ₹20 Cr | ₹146 Cr | ₹244 Cr |
| Net margin | 11.3% | 4.1% | 22.7% | 31.3% |
| Cash from operations | ₹48 Cr | ₹16 Cr | ₹171 Cr | ₹257 Cr |
| Free cash flow | ₹41 Cr | ₹13 Cr | ₹166 Cr | ₹231 Cr |
| ROCE | 3.0% | 4.0% | 8.0% | 12.0% |
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 | ₹4 Cr | ₹47 Cr | ₹47 Cr | ₹47 Cr | ₹48 Cr | ₹48 Cr |
| Reserves | ₹1.6k Cr | ₹1.9k Cr | ₹2.0k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹2.4k Cr |
| Borrowings | ₹93 Cr | ₹77 Cr | ₹86 Cr | ₹112 Cr | ₹128 Cr | ₹140 Cr |
| Other liabilities | ₹189 Cr | ₹220 Cr | ₹210 Cr | ₹326 Cr | ₹362 Cr | ₹385 Cr |
| Total liabilities | ₹1.9k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹3.0k Cr |
| Fixed assets | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹645 Cr | ₹884 Cr | ₹985 Cr | ₹510 Cr | ₹739 Cr | ₹910 Cr |
| Other assets | ₹255 Cr | ₹351 Cr | ₹312 Cr | ₹509 Cr | ₹589 Cr | ₹576 Cr |
| Total assets | ₹1.9k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹3.0k 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, FIIs trimmed −12.93 pp while the public added +7.78 pp. The shareholder count shrank 18% to 1,45,505.
- FIIs
- 54.4%
- DIIs
- 15.6%
- Public
- 30.0%
Since Jun 2025
- FIIs −12.93 pp
- Public +7.78 pp
- DIIs +5.14 pp
How it drifted, 12 quarters
Over this window FIIs fell from 70.1% to 54.4% — −15.8 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 70.1%, DIIs 4.5%, Public 25.3%.Dec '23: FIIs 71.9%, DIIs 4.4%, Public 23.7%.Mar '24: FIIs 69.7%, DIIs 5.0%, Public 25.3%.Jun '24: FIIs 59.3%, DIIs 12.9%, Public 27.8%.Sep '24: FIIs 51.6%, DIIs 22.0%, Public 26.4%.Dec '24: FIIs 55.1%, DIIs 19.7%, Public 25.2%.Mar '25: FIIs 61.0%, DIIs 15.4%, Public 23.7%.Jun '25: FIIs 67.3%, DIIs 10.5%, Public 22.2%.Sep '25: FIIs 68.5%, DIIs 9.9%, Public 21.5%.Dec '25: FIIs 64.6%, DIIs 10.0%, Public 25.4%.Mar '26: FIIs 60.1%, DIIs 12.1%, Public 27.8%.Jun '26: FIIs 54.4%, DIIs 15.6%, Public 30.0%.
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.
- Wasatch Emerging India Fund Global fund house newly disclosed 1.46% held
- M&G (Lux) Investment Funds 1 - M&G (Lux) Asian Fund FPI fund newly disclosed 1.35% held
- Helios Flexi Cap Fund Mutual fund newly disclosed 1.13% held
- Hill Fort India Fund Lp FPI fund newly disclosed 1.05% held
- The Jupiter Global Fund - Jupiter India Select Global fund house +0.17 pp 1.47% held
- Cybage Software Private Limited +0.13 pp 1.25% held
- Tata Mutual Fund - Tata Small Cap Fund Mutual fund +0.12 pp 5.79% held
- M&G Asian Fund Global fund house +0.10 pp 2.38% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cartrade Tech Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Macritchie Investments Pte Ltd FPI fund | 9.02% | unchanged |
| Tata Mutual Fund - Tata Small Cap Fund Mutual fund | 5.79% | +0.12 pp |
| Smallcap World Fund, Inc Global fund house | 3.26% | unchanged |
| Jupiter India Fund Global fund house | 3.16% | unchanged |
| Vinay Sanghi | 2.63% | unchanged |
| M&G Asian Fund Global fund house | 2.38% | +0.10 pp |
| Sixteenth Street Asian Gems Fund FPI fund | 2.05% | −0.60 pp |
| The Prudential Assurance Company Limited Insurer | 1.81% | −0.50 pp |
| The Jupiter Global Fund - Jupiter India Select Global fund house | 1.47% | +0.17 pp |
| Habrok India Master Lp FPI fund | 1.46% | unchanged |
| Wasatch Emerging India Fund Global fund house | 1.46% | newly disclosed |
| Vanguard Total International Stock Index Fund Global fund house | 1.40% | 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.
Mutual funds in CARTRADE
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+1.1%).
- Held by funds
- ₹32 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹20 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹20 Cr | +0.01 L | Mar '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹10 Cr | +0.00 L | Mar '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Mar '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Mar '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +1,209 shares (+1.1%)
- Funds are sitting on
- +59%
- vs est. average cost
- Held by funds
- ₹32 Cr
- 5 schemes · ≈ 0.21% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹20 Cr · 0.6% of that fund
Shares held by these funds −67%
Jan '23 1.06 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Cartrade Tech Limited
Guides on how to read this kind of business and the numbers that matter.