Carraro India
Quarter ended March 2026 compared with Quarter ended March 2025.
Net sales (including other operating income) of Carraro India has increased 36.57% to Rs 606.72 crore. Operating profit margin has jumped from 10.20% to 10.46%, leading to 40.04% rise in operating profit to Rs 63.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 71.56% to 74.30%. Employee cost decreased from 8.28% to 6.66%. Other expenses fell from 10.35% to 8.66%.
Other income rose 108.89% to Rs 7.52 crore. PBIDT rose 45.11% to Rs 70.96 crore. Provision for interest fell 10.32% to Rs 4.78 crore. Loan funds declined from Rs 190.70 crore as of 31 March 2025 to Rs 154.92 crore as of 31 March 2026. Inventories rose to Rs 317.41 crore as of 31 March 2026 from Rs 298.72 crore as of 31 March 2025. Sundry debtors were higher at Rs 374.93 crore as of 31 March 2026 compared to Rs 291.27 crore as of 31 March 2025. Cash and bank balance rose to Rs 90.41 crore as of 31 March 2026 from Rs 68.30 crore as of 31 March 2025.
PBDT rose 51.89% to Rs 66.18 crore. Provision for depreciation fell 1.91% to Rs 11.29 crore. Fixed assets declined from Rs 353.62 crore as of 31 March 2025 to Rs 351.57 crore as of 31 March 2026. Intangible assets declined from Rs 25.94 crore to Rs 24.31 crore.
Profit before tax grew 71.21% to Rs 54.89 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 13.2 crore, compared to Rs 8.33 crore. Effective tax rate was 24.05% compared to 25.98%.
Net profit attributable to owners of the company increased 75.72% to Rs 41.68 crore.Equity capital stood at Rs 56.85 crore as of 31 March 2026 to Rs 56.85 crore as of 31 March 2025. Per share face Value remained same at Rs 10.00.
Promoters? stake was 68.77% as of 31 March 2026 ,compared to 68.77% as of 31 March 2025 .
Full year results analysis.
Net sales (including other operating income) of Carraro India has increased 24.78% to Rs 2255.49 crore. Operating profit margin has jumped from 9.44% to 9.71%, leading to 28.32% rise in operating profit to Rs 218.94 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.58% to 73.39%. Employee cost decreased from 8.56% to 7.40%. Other expenses rose from 9.39% to 9.49%.
Other income rose 80.23% to Rs 28.53 crore. PBIDT rose 32.73% to Rs 247.47 crore. Provision for interest fell 13.73% to Rs 19.48 crore. Loan funds declined from Rs 190.70 crore as of 31 March 2025 to Rs 154.92 crore as of 31 March 2026. Inventories rose to Rs 317.41 crore as of 31 March 2026 from Rs 298.72 crore as of 31 March 2025. Sundry debtors were higher at Rs 374.93 crore as of 31 March 2026 compared to Rs 291.27 crore as of 31 March 2025. Cash and bank balance rose to Rs 90.41 crore as of 31 March 2026 from Rs 68.30 crore as of 31 March 2025.
PBDT rose 39.13% to Rs 227.99 crore. Provision for depreciation rose 1.11% to Rs 45.7 crore. Fixed assets declined from Rs 353.62 crore as of 31 March 2025 to Rs 351.57 crore as of 31 March 2026. Intangible assets declined from Rs 25.94 crore to Rs 24.31 crore.
Profit before tax grew 53.61% to Rs 182.29 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 42.2 crore, compared to Rs 30.53 crore. Effective tax rate was 24.42% compared to 25.73%.
Minority interest increased 50% to Rs 0.03 crore. Net profit attributable to owners of the company increased 48.16% to Rs 130.56 crore.
Equity capital stood at Rs 56.85 crore as of 31 March 2026 to Rs 56.85 crore as of 31 March 2025. Per share face Value remained same at Rs 10.00.
Promoters? stake was 68.77% as of 31 March 2026 ,compared to 68.77% as of 31 March 2025 .
Business highlights
The board Recommended a final dividend of Rs 6.75 per equity share of face value Rs 10 each for the financial year ended 31st March, 2026. The company reported healthy volume growth across both domestic and export markets. In Q4 FY26, domestic business grew 24% YoY particularly led by agricultural vehicle segment. While exports grew 68%. In Q4 FY26, Agricultural Equipment business grew 37% YoY, and Construction Equipment grew 36% YoY. In FY26, Agricultural Tractors accounted for 45.2% of revenue, Construction Vehicles 43.6%, and Other segments 11.2%. Geographically, the domestic market contributed 64% to revenue in FY26, while exports made up the remaining 36%.Management Comments :
Dr. Balaji Gopalan, Managing Director, Carraro India said, ?FY26 was a strong and encouraging year for Carraro India, with the Company delivering healthy growth across both domestic and export markets, along with EBITDA profitability in line with the guidance shared during the year. Revenue from operations grew by 25% year-on-year, supported by sustained demand in the domestic market, particularly in the agricultural vehicle segment, and strong export traction led by the construction equipment segment. Domestic revenues increased by 19% year-on-year, while exports grew by 37% year-on-year. Profitability improved meaningfully during the year, with EBITDA increasing by 33% year-on-year and PAT growing by 48% year-on-year. EBITDA margin expanded to 10.8% in FY26 from 10.2% in FY25, driven by operating leverage, disciplined cost management and execution efficiencies, despite changes in product mix during the year. The domestic agriculture business continued to witness strong momentum, supported by the accelerated transition from 2WD to 4WD tractors following the GST-led narrowing of the price gap between 2WD and 4WD tractors. This structural shift, combined with strong customer demand, resulted in robust growth in the domestic 4WD axle market, with 4WD tractor growth outpacing the overall market. In line with the anticipated demand increase, we are ramping up capacity to support growth over the coming years. Exports remained a key growth driver, supported by sustained momentum in construction equipment, particularly TBH and BHL exports. Ramp-up of the new range of Tele Boom Handler (TBH) axles for a major international OEM continued during the year, with healthy traction and strong visibility for sustained growth. The export market for higher HP tractors is also gradually recovering, which is expected to positively impact transmission off-take going forward. Our engineering services business continued to gain traction, reporting revenues of Rs. 100 million in FY26. Encouragingly, we are witnessing increasing customer enquiries for higher HP and advanced technology configurations, reflecting growing market confidence in our capabilities and the relevance of our solutions. During the year, we signed an engineering services agreement worth approximately Rs. 175 million with Montra Electric for the industrialisation and supply of e-transmissions. The project is progressing well, and we have received a prototype order for field validation. Discussions with another customer for engineering services are also progressing positively, and we expect this business to scale up meaningfully over time. In the gears business, we secured a business nomination from a major OEM for bull gears, valued at approximately Rs. 150 million p.a. from FY28. While the gears business remained subdued during FY26, we are working with two new customers/projects, and the ongoing initiatives are expected to support gradual improvement in performance over the coming quarters. On the manufacturing front, we continued to invest in capacity, technology and process improvements. During FY26, we deployed capex of Rs. 417 million to support new telescopic handler axle production, high-performance transmission programmes for agricultural applications and incremental capacity expansion. The Board-approved capex to expand axle capacity to 1,54,160 units is aligned with our strong demand outlook and will support future growth. We also continued to strengthen our aftermarket and customer support ecosystem through the expansion of authorised service centres. Overall, Carraro India enters its next phase of growth with a stronger business foundation, deeper customer relationships, enhanced engineering capabilities, increasing localisation and a healthy demand outlook across key end markets.?
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