Cartrade Tech Ltd
Cartrade Tech Ltd
Consumer DiscretionaryCarTrade Tech Ltd is a multi-channel auto platform provider company with coverage and presence across vehicle types and Value Added Services. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers, vehicle OEMs, and other businesses to buy and sell different types of vehicles. The company offers a variety of solutions across automotive transactions for buying, selling, marketing, financing, and other activities.[1]
CarTrade Tech shows strong revenue growth at 29% CAGR over 3 years and 89% profit CAGR, with unanimous analyst buy ratings. However, the stock trades at a steep PE of 51.5x and PB of 5.05x with low ROE of 5.65% over 3 years and deteriorating working capital (438 days), warranting caution at current levels.
Key Fundamentals
MicrocapEcommerceRetailTechnical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 19.8% CAGR over last 5 years
- Company's median sales growth is 23.9% of last 10 years
Weaknesses
4- Stock is trading at 5.02 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 5.65% over last 3 years.
- Working capital days have increased from 138 days to 438 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 6d agoCarTrade Tech shows strong revenue growth at 29% CAGR over 3 years and 89% profit CAGR, with unanimous analyst buy ratings. However, the stock trades at a steep PE of 51.5x and PB of 5.05x with low ROE of 5.65% over 3 years and deteriorating working capital (438 days), warranting caution at current levels.
- Unanimous analyst consensus with 8 out of 8 analysts rating BUY (100% buy ratings)
- Compounded profit growth of 89% CAGR over 3 years indicates rapid earnings expansion
- Company is almost debt free, providing financial flexibility and low balance sheet risk
- TTM sales growth of 22% demonstrates continued top-line momentum
- Stock CAGR of 75% over 3 years reflects strong market confidence and re-rating
- Compounded sales growth of 37% over 10 years shows long-term structural demand in online auto classifieds
- ROE improving from 3% (5-year average) to 10% last year, indicating operational leverage kicking in
- Median sales growth of 23.9% over last 10 years demonstrates consistency in revenue delivery
- PE ratio of 51.5x is expensive and leaves little margin of safety for execution misses
- Working capital days have ballooned from 138 days to 438 days, signaling cash conversion deterioration
- 3-year average ROE of only 5.65% is below cost of equity, indicating poor capital efficiency
- Price-to-book of 5.05x is elevated for a company generating single-digit ROE historically
- Zero dividend yield despite reporting repeated profits suggests limited shareholder return policy
- 5-year profit CAGR of only 20% vs 3-year CAGR of 89% suggests recent profitability may be lumpy or acquisition-driven
- 5-year ROE average of just 3% indicates the platform took years to generate meaningful returns on invested capital
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- OLX Elite Buyer crosses 80K signups Jun 5
OLX India's Elite Buyer program crossed 80,000 sign-ups in May 2026, boosting revenue and improving user experience on the platform.
- Used Auto platform targets ₹1.2L Cr Jun 15
CarTrade Used Auto launched as a unified platform targeting 2 million transactions annually valued at ₹1.2 lakh crore, addressing a market projected to reach 9.5-10 million transactions by 2030 with potential GMV of ₹5-6 lakh crore.
- CarTrade Used Auto platform launched Jun 15
CarTrade Tech launched CarTrade Used Auto integrating CarWale and OLX India into an asset-light, technology-led platform covering B2C, C2B, C2C and financing channels, reaching 65 million monthly auto users.
- Investor meet scheduled June 8 Jun 3
CarTrade Tech scheduled an in-person group investor meet on June 8, 2026 under Regulation 30 of SEBI guidelines.
TL;DR: CarTrade Tech is making a strategic push to consolidate its used-car ecosystem with the launch of CarTrade Used Auto, combining CarWale and OLX India into one platform targeting a ₹1.2 lakh crore annual transaction opportunity. The OLX Elite Buyer traction at 80K sign-ups shows early monetization momentum. No material headwinds are visible in recent news. The trend is constructive as the company positions itself for structural growth in India's used-car market projected to nearly double by 2030.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 96 | 86 | 120 | 139 | 145 | 142 | 154 | 176 | 170 | 173 | 193 | 210 | 203 |
| Expenses | 84 | 81 | 99 | 113 | 118 | 120 | 122 | 126 | 123 | 130 | 130 | 131 | 132 |
| Operating Profit | 12 | 5 | 21 | 25 | 27 | 22 | 33 | 50 | 46 | 44 | 64 | 78 | 72 |
| OPM % | 12% | 6% | 18% | 18% | 19% | 16% | 21% | 28% | 27% | 25% | 33% | 37% | 35% |
| Other Income | 21 | 21 | -2 | -32 | 17 | 15 | 18 | 17 | 20 | 25 | 29 | 12 | 18 |
| Interest | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 8 | 8 | 9 | 10 | 10 | 10 | 11 | 11 | 10 | 9 | 9 | 9 | 11 |
| PBT | 23 | 16 | 8 | -19 | 31 | 24 | 37 | 53 | 53 | 57 | 80 | 78 | 75 |
| Tax % | 24% | 14% | 34% | 26% | 20% | 7% | 17% | 15% | 14% | 17% | 20% | 21% | 6% |
| Net Profit | 18 | 14 | 5 | -24 | 25 | 23 | 31 | 46 | 46 | 47 | 64 | 62 | 71 |
| EPS in Rs | 3.19 | 2.77 | 0.64 | -5.17 | 4.8 | 4.72 | 5.89 | 9.01 | 8.82 | 9.03 | 12.53 | 11.68 | 13.49 |
Profit & Loss
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33 | 78 | 243 | 298 | 250 | 313 | 364 | 490 | 641 | 779 |
| Expenses | 195 | 131 | 213 | 258 | 210 | 446 | 330 | 410 | 490 | 522 |
| Operating Profit | -162 | -53 | 30 | 40 | 40 | -133 | 34 | 80 | 152 | 257 |
| OPM % | -499% | -68% | 12% | 14% | 16% | -43% | 9% | 16% | 24% | 33% |
| Other Income | 18 | 20 | 24 | 20 | 32 | 46 | 64 | 3 | 70 | 84 |
| Interest | 0 | 0 | 3 | 4 | 5 | 7 | 9 | 10 | 12 | 12 |
| Depreciation | 1 | 3 | 15 | 17 | 20 | 25 | 29 | 37 | 41 | 39 |
| PBT | -146 | -37 | 35 | 39 | 47 | -119 | 61 | 36 | 168 | 290 |
| Tax % | 0% | 0% | 27% | 20% | -120% | 2% | 33% | 44% | 14% | 16% |
| Net Profit | -146 | -37 | 26 | 31 | 103 | -121 | 40 | 20 | 145 | 244 |
| EPS in Rs | -461 | -107 | 48.39 | 63.43 | 258 | -28.33 | 7.26 | 3.05 | 28.38 | 46.58 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 4 | 47 | 47 | 47 | 47 | 48 |
| Reserves | 948 | 1,185 | 1,193 | 1,224 | 1,638 | 1,933 | 1,997 | 2,023 | 2,173 | 2,436 |
| Borrowings | 31 | 35 | 68 | 77 | 93 | 77 | 86 | 112 | 131 | 140 |
| Other Liabilities | 39 | 28 | 159 | 163 | 189 | 220 | 210 | 326 | 353 | 385 |
| Total Liabilities | 1,021 | 1,252 | 1,424 | 1,467 | 1,924 | 2,276 | 2,340 | 2,508 | 2,705 | 3,009 |
| Fixed Assets | 792 | 789 | 1,010 | 1,016 | 1,022 | 1,041 | 1,042 | 1,489 | 1,497 | 1,522 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 165 | 405 | 287 | 295 | 645 | 884 | 985 | 510 | 614 | 910 |
| Other Assets | 65 | 58 | 127 | 157 | 255 | 351 | 312 | 509 | 594 | 576 |
| Total Assets | 1,021 | 1,252 | 1,424 | 1,467 | 1,924 | 2,276 | 2,340 | 2,508 | 2,705 | 3,009 |
Cash Flow
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | -50 | 35 | 17 | 35 | 63 | 48 | 16 | 171 | 257 |
| Investing | — | -222 | -20 | -8 | -341 | -281 | -17 | 13 | -138 | -231 |
| Financing | — | 269 | -5 | -11 | 308 | 229 | -39 | -33 | -27 | -23 |
| Net Cash Flow | — | -3 | 9 | -2 | 2 | 12 | -7 | -4 | 7 | 3 |
| Free Cash Flow | — | -50 | 33 | 12 | 30 | 57 | 41 | 13 | 166 | 231 |
| CFO/OP | — | 99 | 174 | 65 | 114 | -58 | 149 | 37 | 114 | 109 |
Ratios
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 197 | 99 | 54 | 57 | 69 | 48 | 52 | 55 | 49 | 44 |
| Inventory Days | — | — | — | 0 | — | — | — | — | — | — |
| Days Payable | — | — | — | 417 | — | — | — | — | — | — |
| Cash Conversion Cycle | 197 | 99 | 54 | -359 | 69 | 48 | 52 | 55 | 49 | 44 |
| Working Capital Days | 148 | 108 | -25 | 35 | 35 | -19 | -10 | -24 | 1 | 438 |
| ROCE % | — | -5% | — | 2% | 3% | -6% | 3% | 4% | 8% | 12% |
Documents
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Company Information
CarTrade Tech Ltd is a multi-channel auto platform provider company with coverage and presence across vehicle types and Value Added Services. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers, vehicle OEMs, and other businesses to buy and sell different types of vehicles. The company offers a variety of solutions across automotive transactions for buying, selling, marketing, financing, and other activities.[1]