Carraro India Ltd

- There is no specific mention of any current or planned new fundraising through debt or equity in the provided document. - Capex for FY26 is budgeted at INR 70 crores for fresh investments, excluding any possible future expansion-related additions, indicating funding from internal accruals or existing resources. - Expansion plans will be need-based and phased, only initiated upon confirmed orders, with no investments based on anticipation, reflecting a conservative capital allocation strategy. - The company is maintaining a healthy balance sheet with sufficient liquidity to support operations and strategic investments; no explicit reference to external fundraising. - Dividend policy remains prudent and consistent, aligned with long-term capital allocation, with a final dividend recommended for FY25. Overall, the company appears focused on self-financed growth without announcing any new equity or debt fundraising at this time.

- FY25 capex: INR 515 million, focused on new product introductions (teleboom handler axles, high-performance agri transmissions), capacity enhancement, process automation, and plant efficiency upgrades. - FY26 capex budget: INR 700 million (INR 70 crores), excluding any possible expansion-related investments. - Planned expansion mainly for construction equipment segment (teleboom handlers and possibly mobile cranes), not yet finalized; investment will be need-based upon confirmed orders. - Expansion will happen in phased manner over next 1-2 years to support ramp-up in new product volumes, including an additional 25,000 sqm plant space for axles, avoiding underutilized capacity. - Strategic approach: No investment based on anticipation; focus on maximizing existing plant utilization with headcount and supply chain enhancements before expansion. - Long-term potential: Capacity expansion to reach EUR 500-600 million (~INR 5,000-5500 crores) supported by available land bank (approx. 30 acres).

- FY26 revenue growth is expected in the range of 8% to 12%. - Stronger domestic demand in agriculture and construction sectors is a key growth driver. - Expansion plans include ramping up teleboom handler axle volumes. - New high-horsepower transmission series production to begin in FY26-FY27 and FY27-FY28. - Engineering services business expected to grow with advanced technology enquiries. - Orders and customer additions continue, with six new customers added in 2025. - Localization efforts projected to increase from 77% to approximately 80% in FY26, improving cost efficiency. - Operating leverage and value-added product contributions central to margin and revenue growth. - Medium-term goal includes increasing EBITDA margin by at least 1% year-on-year for next three years. - Capacity expansions planned in phases aligned with confirmed orders, avoiding overcapacity. - Land bank and existing plant capacity support potential growth up to approximately EUR500-600 million (~INR5,000-5,500 crores).

- Carraro India targets EBITDA margin expansion of at least 1% year-on-year for the next three years, building on a 10.2% EBITDA margin in FY2025. - The company expects steady revenue growth in FY26 with an 8% to 12% topline increase. - Growth drivers include stronger domestic demand in agriculture and construction sectors, ramp-up in teleboom handler axle volumes, engineering service growth, and localization gains. - The company aims to reach EUR350 million in revenue in the medium term. - Profit after tax for FY25 increased 41% YoY, reflecting margin expansion and operational efficiencies. - Management remains cautious about external uncertainties but confident in sustained margin and earnings growth supported by product mix optimization and strategic investments. - Potential for upside exists if export markets recover beyond current soft conditions.

- The company has a significant order book in teleboom handlers, with volumes expected to grow from 6,000 axles this year to 9,000 next year and beyond 14,500 in the third year, translating to approximately EUR35 million (around INR300 crores) in revenue. - Orders secured include two projects with local customers for teleboom handler axles, along with new series orders in backhoe loaders from existing customers. - One large local backhoe loader OEM, among the top players in India, has secured a contract manufacturing deal for a global OEM, relying on Carraro India's transmissions. - The high-horsepower transmission category has pilot production starting in Q2 FY26, with series production planned in FY 26-27 and FY 27-28. - The company is preparing for phased plant expansions to meet ramp-up demands, indicating a strong and growing pending order pipeline especially in construction and agricultural equipment segments.