Carraro India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,770 Cr
- P/E
- 20.32
- ROE
- 25.57%
- PEG
- 0.47
- Price to sales
- 1.21
- Debt to equity
- 0.27
- 52W high / low
- ₹608 / ₹423
- Sales growth (5Y)
- 16.09%
- EBITDA margin
- 9.13%
- Net profit margin
- 5.98%
- Promoter holding
- 68.77%
- Sales (last year)
- ₹2,290 Cr
Incorporated in 1997, Carraro India Ltd manufactures axles and transmission systems for agricultural tractors and construction vehicles[1]
Guidance scorecard · Q1 FY27 call
What Carraro India Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
10–20%- Carraro India expects revenue growth of up to 10% year-on-year if global uncertainties stabilize.
- Both domestic and export markets are projected to grow in parallel, maintaining a 65% domestic and 35% export revenue split.
- Export volumes impacted in Q1 FY’27 due to logistics issues, but recovery and growth are expected from Q2 onwards.
- Higher horsepower export programs, especially to Turkey and Latin America, show potential despite current volatility.
- Domestic agricultural and construction vehicle segments demonstrate strong demand growth (agri up 15%-32%, construction up 4%-20%).
2 more points from Carraro India Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what Carraro India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Carraro India is undertaking ongoing capacity additions, including debottlenecking and expansion projects like the paint shop, to meet growing market demand.
- The company aims for a linear, continuous capacity growth aligned with market demand, targeting a revenue range of INR 3,500 crores to INR 4,000 crores.
- Capex plans are linked to supporting sustainable and profitable growth while ensuring adequate returns on investments.
2 more points from Carraro India Ltd's call on capex
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FundraisingQ1 FY27 call
See what Carraro India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- The order book for Carraro India is described as "quite encouraging" with capacity expansions underway to meet market demand.
- The company is actively debottlenecking and expanding capacities, including the paint shop, to increase dispatches and target revenue between INR 3,500 crores to INR 4,000 crores.
- New programs and orders are stable, and the order book is in line with a range where they can fulfill demand.
2 more points from Carraro India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingFinancials of Carraro India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Carraro India Ltd
Shareholding breakup across reporting periods.
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Promoters + | 68.77% | 68.77% | 68.77% | 68.77% | 68.77% | 68.77% | 68.77% | 68.77% |
| FIIs + | 3.52% | 4.02% | 3.69% | 3.59% | 2.72% | 3.01% | 2.91% | 1.59% |
| DIIs + | 17.53% | 17.03% | 16.62% | 17.05% | 17.11% | 17.53% | 16.10% | 15.30% |
| Public + | 10.18% | 10.18% | 10.93% | 10.59% | 11.39% | 10.68% | 12.22% | 14.34% |
| No. of Shareholders | 1,51,011 | 1,20,855 | 1,11,849 | 1,04,858 | 97,096 | 91,082 | 89,553 | 89,230 |
Financials of Carraro India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| 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 |
| Profit before tax | 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 | 3.80 | 2.49 | 4.06 | 5.01 | 5.38 | 4.90 | 7.22 | 5.39 |
Financials of Carraro India Ltd
Profit & Loss
Annual income statement trend
| 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 |
| Profit before tax | 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 | 3.00 | 8.23 | 10.66 | 15.16 | 22.51 | 22.89 |
| Dividend Payout % | 0% | 0% | 29% | 47% | 0% | 30% | 30% |
Financials of Carraro India Ltd
Balance Sheet
Capital structure and asset base
| 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 |
Financials of Carraro India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 64 | 69 | 75 | 72 | 107 | 95 | 131 |
| Cash from Investing Activity + | -46 | -34 | -59 | -64 | -84 | -76 | -24 |
| Cash from Financing Activity + | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 138% | 131% | 118% | 90% | 104% | 73% | 83% |
Financials of Carraro India Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Carraro India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q4 FY26 call → | 0–10% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Down 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
23 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −0.5% | 60% |
| Last 6 months | −13.0% | 32% |
| Last 3 months | −9.1% | 42% |
The price is 26.4% below its all-time high of ₹662.1 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 45 became 23.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Carraro India Ltd: 0.4 × 60 + 0.4 × 32 + 0.2 × 42 = 45, halved to 23 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Carraro India Ltd's management said in earlier quarters
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