CarTrade Tech
CarTrade Tech
RetailKey Fundamentals
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Key Insights
Strengths
3- Company is almost debt free.
- Company has delivered good profit growth of 19.7% CAGR over last 5 years
- Company's median sales growth is 23.9% of last 10 years
Weaknesses
3- Stock is trading at 5.41 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 5.63% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
CarTrade Tech is a debt-free online auto marketplace (CarWale, BikeWale, CarTrade, Shriram Automall, OLX India autos/classifieds) with a market cap of about ₹14,330 Cr. Sales grew at a 29% CAGR over 3 years and 20% on a TTM basis, and profit grew 89% over 3 years and 53% TTM. The stock trades at 57.6x earnings and 5.87x book value, while return on equity has averaged only about 6% over 3 years and 10% last year.
- Revenue has grown fast for a long time: sales grew at a 37% CAGR over 10 years, 26% over 5 years and 29% over 3 years, and median sales growth over the last 10 years is 23.9%.
- Profit is growing faster than sales, which points to operating leverage: 3-year profit CAGR is 89% against 29% sales CAGR, and TTM profit growth is 53% against 20% sales growth.
- The company is almost debt free. This balance sheet flexibility supports organic investment and acquisitions, such as the earlier OLX India classifieds deal, without the burden of leverage.
- Return on equity is improving: it rose to 10% last year from a 3-year average of about 6% and a 5-year average of 3%. That suggests capital efficiency is getting better as profits scale.
- Sales held up at 20% growth on a TTM basis, so the high-growth path over 3, 5 and 10 years has not visibly slowed in the latest period.
- The market has rewarded the earnings turnaround: the stock returned a 76% CAGR over 3 years and 23% over the last year.
- Its ₹14,330 Cr market cap reflects its position in several online automotive verticals (new cars, used cars, two-wheelers, remarketing/auctions and classifieds). Each vertical is a separate revenue stream tied to India's under-penetrated digital auto transactions.
- The valuation is rich compared with current returns: the stock trades at 57.6x earnings and 5.87x book value, but 3-year average ROE is only about 5.63%. That leaves little margin for disappointment.
- Long-term capital efficiency is weak. 5-year average ROE is just 3% and last year's ROE was 10%, which is likely below the company's cost of equity despite years of revenue growth.
- Long-term profit growth is modest and uneven: 10-year profit CAGR is only 13% and 5-year is about 20%. The recent 89% 3-year CAGR is partly a rebound from a low base, so it may not last.
- The company pays no dividend (0% yield) even though it reports repeated profits, so shareholders get nothing back while the stock trades at 57.6x earnings.
- Sales growth is slowing: TTM sales growth of 20% is below the 3-year CAGR of 29% and the 10-year CAGR of 37%. If the slowdown continues, it could be hard to justify a 57.6x P/E.
- Stock returns have been volatile: the 5-year CAGR is 19% against 76% over 3 years. After the steep recent rally, the price may be sensitive to any earnings miss.
- Growth has partly come from acquisitions, and the balance sheet carries goodwill and intangibles. This inflates book value, so the 5.87x P/B and low ROE are both affected, and there is a risk of impairment if acquired businesses underperform.
- Revenue depends on auto-sector cycles. Dealer and OEM ad spending and used-vehicle auction volumes can shrink in a downturn, which puts at risk the 20% TTM sales growth that the valuation relies on.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rich valuation at ~62x P/E Sep 1
The stock trades at a P/E of about 62, which suggests high expectations are already priced in. That leaves little room for earnings disappointments despite operating margins of 31-37%.
- Breakout still needs volume confirmation Sep 1
The breakout from the six-week rectangle pattern has not yet been confirmed by sustained volume and price action. The suggested stop-loss is ₹2,888, close to the ₹2,970.10 close, which signals near-term downside risk if momentum fades.
- FY26 PAT surges 68% Sep 25
FY26 revenue grew 22% to ₹870 crore, and PAT jumped 68% to ₹244 crore. EBITDA margins expanded to 33% on scale gains across CarWale, OLX and remarketing.
- OLX-Landmark Cars phygital tie-up Sep 24
OLX India and Landmark Cars formed a strategic partnership to build a phygital pre-owned car platform. It combines OLX's digital reach with Landmark's physical retail network.
- Technical breakout, targets up to ₹3,500 Sep 1
The stock broke out of a six-week consolidation, hitting an intraday high of ₹3,043.50 and closing at ₹2,970.10. It trades above its 20, 50, 100 and 200-period moving averages, and the analyst's targets are ₹3,200, ₹3,300 and ₹3,500.
- OLX launches Elite Buyer for Businesses Sep 14
OLX India expanded its high-intent buyer program to dealers and resellers. The launch adds AI-led tools such as VAYA Match and Price Intelligence to make inventory procurement more efficient across categories.
- 26th AGM held, resolutions passed Sep 29
The 26th AGM was held by video conference on Sep 25, 2026, after remote e-voting opened on Sep 22. Shareholders approved the financial statements, a director re-appointment and related party transactions.
- Active investor engagement in September Sep 21
Management held an analyst day on Sep 24, 2026, plus institutional meetings on Sep 11 and Sep 22 at Axis Capital's Consumer & Tech Conference and Anand Rathi's G-200 Summit.
TL;DR: CarTrade Tech is executing well. FY26 PAT rose 68% to ₹244 crore on 22% revenue growth, and EBITDA margins expanded to 33%. OLX India is adding to this with the Landmark Cars phygital partnership and AI-led dealer tools. The main risk is valuation: at about 62x earnings, the stock leaves little room for missed expectations, and the Sep 1 technical breakout still needs volume confirmation above the ₹2,888 stop-loss. The trend looks to be improving, and the next move likely depends on whether margin gains and OLX monetisation can justify the premium multiple.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 86 | 120 | 139 | 145 | 142 | 154 | 176 | 170 | 173 | 193 | 210 | 203 | 201 |
| Expenses | 81 | 99 | 113 | 118 | 120 | 122 | 126 | 123 | 130 | 130 | 131 | 132 | 138 |
| Operating Profit | 5 | 21 | 25 | 27 | 22 | 33 | 50 | 46 | 44 | 64 | 78 | 72 | 63 |
| OPM % | 6% | 18% | 18% | 19% | 16% | 21% | 28% | 27% | 25% | 33% | 37% | 35% | 31% |
| Other Income | 21 | -2 | -32 | 17 | 15 | 18 | 17 | 20 | 25 | 29 | 12 | 18 | 26 |
| Interest | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 8 | 9 | 10 | 10 | 10 | 11 | 11 | 10 | 9 | 9 | 9 | 11 | 11 |
| PBT | 16 | 8 | -19 | 31 | 24 | 37 | 53 | 53 | 57 | 80 | 78 | 75 | 75 |
| Tax % | 14% | 34% | 26% | 20% | 7% | 17% | 15% | 14% | 17% | 20% | 21% | 6% | 24% |
| Net Profit | 14 | 5 | -24 | 25 | 23 | 31 | 46 | 46 | 47 | 64 | 62 | 71 | 57 |
| EPS in Rs | 2.77 | 0.64 | -5.17 | 4.8 | 4.72 | 5.89 | 9.01 | 8.82 | 9.03 | 12.53 | 11.68 | 13.49 | 10.67 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33 | 78 | 243 | 298 | 250 | 313 | 364 | 490 | 641 | 779 | 807 |
| Expenses | 195 | 131 | 213 | 258 | 210 | 446 | 330 | 410 | 490 | 522 | 531 |
| Operating Profit | -162 | -53 | 30 | 40 | 40 | -133 | 34 | 80 | 152 | 258 | 276 |
| OPM % | -499% | -68% | 12% | 14% | 16% | -43% | 9% | 16% | 24% | 33% | 34% |
| Other Income | 18 | 20 | 24 | 20 | 32 | 46 | 64 | 3 | 70 | 84 | 84 |
| Interest | 0 | 0 | 3 | 4 | 5 | 7 | 9 | 10 | 12 | 13 | 13 |
| Depreciation | 1 | 3 | 15 | 17 | 20 | 25 | 29 | 37 | 41 | 39 | 40 |
| PBT | -146 | -37 | 35 | 39 | 47 | -119 | 61 | 36 | 168 | 290 | 307 |
| Tax % | 0% | 0% | 27% | 20% | -120% | 2% | 33% | 44% | 14% | 16% | — |
| Net Profit | -146 | -37 | 26 | 31 | 103 | -121 | 40 | 20 | 145 | 244 | 253 |
| EPS in Rs | -461 | -107 | 48.39 | 63.43 | 258 | -28.33 | 7.26 | 3.05 | 28.38 | 46.58 | 48.37 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | 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
| Particulars | 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 | 113 | 109 |
Ratios
| Particulars | 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 | 15 |
| ROCE % | — | -5% | — | 2% | 3% | -6% | 3% | 4% | 8% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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57 extracted metrics + investor summaries across FY16–FY27.
Documents
Frequently Asked Questions about CarTrade Tech
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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]
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