Carraro
Carraro
AutomobilesKey Fundamentals
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Key Insights
Strengths
2- Company has delivered good profit growth of 97.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.0%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoCarraro India Ltd is a ₹3,109 Cr market-cap auto-components company that reported FY26 revenue of ₹2,255 Cr (25% YoY growth) and PAT of ₹130.6 Cr (48% YoY growth), trading at a PE of 24.1x with a debt-to-equity ratio of 0.27 and ROE of 26%.
- Strong profit growth: 5-year compounded profit CAGR of 98% and TTM profit growth of 57% demonstrate sustained earnings momentum
- Healthy return on equity at 26% (last year) and 21% over 3 years, indicating efficient capital deployment
- Revenue scaled from ₹1,713 Cr in FY23 to ₹2,255 Cr in FY26, a 10% 3-year sales CAGR accelerating to 25% TTM growth
- Operating profit margin expanded from 6.04% in FY23 to 9.59% in FY26, showing improving operational efficiency
- Low debt-to-equity ratio of 0.27 with the company actively reducing debt, providing financial flexibility
- Consistent dividend payout of ~20-29% over recent years with current yield of 0.82%, signalling cash generation confidence
- EPS grew from ₹8.52 in FY23 to ₹22.96 in FY26, nearly tripling in three years
- PE of 24.1x trades at a discount to the industry PE of ~37x, suggesting relative valuation comfort versus sector peers
- Market cap of ₹3,109 Cr on FY26 PAT of ₹130.6 Cr implies a PE of 24.1x, leaving limited room for execution misses
- Operating margin of 9.59% remains thin for a manufacturing business, vulnerable to raw material cost inflation
- Interest expense of ₹19.5 Cr in FY26 on a relatively small PAT base means even modest rate increases can compress earnings
- Heavy dependence on the agricultural and off-highway vehicle segment exposes revenue to cyclical farm-economy downturns
- Limited 10-year historical data availability (sales and profit CAGR not reported) makes long-term track record assessment difficult
- Parent Carraro S.p.A holds majority stake, limiting free float and potentially constraining liquidity for investors
- Current liabilities rose from ₹454 Cr in FY25 to ₹524 Cr in FY26, a 15% increase that warrants working capital monitoring
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Purchase Head resigns Jun 19
Vijay Raman resigned as Director of Purchase & Supply Chain Management effective June 19, 2026, to pursue external opportunities. Loss of a key supply chain leader could disrupt procurement continuity.
- Trading window closed for Q1FY26 Jun 23
Carraro India shut its trading window from July 1, 2026, until 48 hours after Q1FY26 results are announced. Standard regulatory compliance ahead of quarterly earnings.
TL;DR: A quiet period for Carraro India with no major positive catalysts. The resignation of the Purchase & Supply Chain head is a mild operational risk that bears watching for procurement disruptions. No bullish developments surfaced in recent news. The outlook is neutral pending Q1FY26 results and clarity on leadership replacement.
Quarterly Results
| Particulars | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 431 | 389 | 470 | 437 | 445 | 441 | 489 | 582 | 565 | 603 | 540 |
| Expenses | 393 | 352 | 421 | 395 | 414 | 397 | 443 | 531 | 511 | 541 | 498 |
| Operating Profit | 37 | 37 | 49 | 42 | 31 | 44 | 47 | 51 | 54 | 62 | 42 |
| OPM % | 9% | 10% | 10% | 10% | 7% | 10% | 10% | 9% | 10% | 10% | 8% |
| Other Income | 5 | 2 | 4 | 5 | 4 | 4 | 7 | 7 | -2 | 8 | 14 |
| Interest | 6 | 6 | 5 | 7 | 5 | 5 | 5 | 5 | 4 | 5 | 4 |
| Depreciation | 11 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| PBT | 26 | 24 | 37 | 29 | 19 | 31 | 38 | 41 | 37 | 54 | 41 |
| Tax % | 25% | 26% | 26% | 25% | 26% | 26% | 24% | 25% | 24% | 24% | 25% |
| Net Profit | 19 | 18 | 27 | 22 | 14 | 23 | 29 | 31 | 28 | 41 | 31 |
| EPS in Rs | 3.39 | 3.09 | 4.81 | 3.8 | 2.49 | 4.06 | 5.01 | 5.38 | 4.9 | 7.22 | 5.39 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 993 | 1,062 | 1,500 | 1,695 | 1,770 | 1,792 | 2,239 | 2,290 |
| Expenses | 938 | 1,007 | 1,430 | 1,594 | 1,642 | 1,626 | 2,026 | 2,081 |
| Operating Profit | 55 | 55 | 70 | 101 | 128 | 166 | 213 | 209 |
| OPM % | 6% | 5% | 4.7% | 6% | 7% | 9% | 10% | 9% |
| Other Income | 10 | 3 | 3 | 20 | 17 | 16 | 20 | 27 |
| Interest | 18 | 18 | 16 | 20 | 22 | 22 | 19 | 19 |
| Depreciation | 32 | 33 | 34 | 38 | 41 | 43 | 44 | 44 |
| PBT | 15 | 7 | 24 | 63 | 82 | 116 | 169 | 173 |
| Tax % | 10% | 32% | 28% | 26% | 26% | 26% | 24% | — |
| Net Profit | 13 | 4 | 17 | 47 | 61 | 86 | 128 | 130 |
| EPS in Rs | 2.37 | 0.78 | 3 | 8.23 | 10.66 | 15.16 | 22.51 | 22.89 |
| Div. Payout % | 0% | 0% | 29% | 47% | 0% | 30% | 30% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 57 | 57 | 57 | 57 | 57 | 57 | 57 |
| Reserves | 222 | 226 | 243 | 289 | 328 | 415 | 519 |
| Borrowings | 231 | 152 | 178 | 188 | 214 | 189 | 155 |
| Other Liabilities | 352 | 448 | 509 | 512 | 458 | 452 | 542 |
| Total Liabilities | 862 | 884 | 987 | 1,046 | 1,056 | 1,113 | 1,273 |
| Fixed Assets | 257 | 255 | 275 | 290 | 351 | 377 | 374 |
| CWIP | 0 | 3 | 10 | 21 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 24 | 24 |
| Other Assets | 605 | 626 | 702 | 735 | 706 | 712 | 874 |
| Total Assets | 862 | 884 | 987 | 1,046 | 1,056 | 1,113 | 1,273 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 64 | 69 | 75 | 72 | 107 | 95 | 131 |
| Investing | -46 | -34 | -59 | -64 | -84 | -76 | -24 |
| Financing | 52 | -97 | 24 | -12 | -18 | -59 | -88 |
| Net Cash Flow | 69 | -62 | 41 | -4 | 5 | -40 | 20 |
| Free Cash Flow | 16 | 33 | 17 | 565 | 22 | 43 | 99 |
| CFO/OP | 138 | 131 | 118 | 90 | 104 | 73 | 83 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 71 | 92 | 61 | 64 | 49 | 58 | 60 |
| Inventory Days | 88 | 87 | 76 | 73 | 80 | 83 | 70 |
| Days Payable | 150 | 178 | 139 | 122 | 102 | 97 | 93 |
| Cash Conversion Cycle | 9 | 0 | -2 | 15 | 27 | 44 | 38 |
| Working Capital Days | -14 | 12 | -3 | 16 | 12 | 33 | 38 |
| ROCE % | — | 5% | 8% | 16% | 18% | 22% | 28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY13–FY27.
Documents
Frequently Asked Questions about Carraro
What does Carraro India Ltd do?
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Company Information
Incorporated in 1997, Carraro India Ltd manufactures axles and transmission systems for agricultural tractors and construction vehicles[1]
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