On consolidated basis
Quarter ended September 2025 compared with Quarter ended September 2024.
Net sales (including other operating income) of Carraro India has increased 33.06% to Rs 586.26 crore. Operating profit margin has declined from 9.73% to 8.94%, leading to 22.29% rise in operating profit to Rs 52.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 71.63% to 74.37%. Employee cost decreased from 9.08% to 7.16%. Other expenses rose from 9.27% to 9.50%. Other income rose 49.45% to Rs 6.83 crore. PBIDT rose 24.91% to Rs 59.27 crore. Provision for interest fell 21.54% to Rs 5.21 crore. Loan funds declined from Rs 211.78 crore as of 30 September 2024 to Rs 183.30 crore as of 30 September 2025. Inventories rose to Rs 302.45 crore as of 30 September 2025 from Rs 290.99 crore as of 30 September 2024. Sundry debtors were higher at Rs 324.50 crore as of 30 September 2025 compared to Rs 255.62 crore as of 30 September 2024. Cash and bank balance declined from Rs 97.00 crore as of 30 September 2024 to Rs 93.65 crore as of 30 September 2025. PBDT rose 32.47% to Rs 54.06 crore. Provision for depreciation rose 1.41% to Rs 11.53 crore. Fixed assets increased to Rs 352.46 crore as of 30 September 2025 from Rs 333.04 crore as of 30 September 2024. Intangible assets declined from Rs 27.39 crore to Rs 25.12 crore. Profit before tax grew 44.46% to Rs 42.53 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 10.82 crore, compared to Rs 7.48 crore. Effective tax rate was 25.44% compared to 25.41%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 44.35% to Rs 31.70 crore. Equity capital stood at Rs 56.85 crore as of 30 September 2025 to Rs 56.85 crore as of 30 September 2024. Per share face Value remained same at Rs 10.00. Promoters’ stake was 68.77% as of 30 September 2025 ,compared to 68.77% as of 30 September 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Carraro India has increased 17.99% to Rs 1079.18 crore. Operating profit margin has declined from 10.17% to 9.29%, leading to 7.85% rise in operating profit to Rs 100.28 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.88% to 73.51%. Employee cost decreased from 8.26% to 7.69%. Other expenses rose from 8.67% to 9.52%. Other income rose 70.20% to Rs 13.82 crore. PBIDT rose 12.86% to Rs 114.1 crore. Provision for interest fell 12.62% to Rs 10.39 crore. Loan funds declined from Rs 211.78 crore as of 30 September 2024 to Rs 183.30 crore as of 30 September 2025. Inventories rose to Rs 302.45 crore as of 30 September 2025 from Rs 290.99 crore as of 30 September 2024. Sundry debtors were higher at Rs 324.50 crore as of 30 September 2025 compared to Rs 255.62 crore as of 30 September 2024. Cash and bank balance declined from Rs 97.00 crore as of 30 September 2024 to Rs 93.65 crore as of 30 September 2025. PBDT rose 16.25% to Rs 103.71 crore. Provision for depreciation rose 2.02% to Rs 22.74 crore. Fixed assets increased to Rs 352.46 crore as of 30 September 2025 from Rs 333.04 crore as of 30 September 2024. Intangible assets declined from Rs 27.39 crore to Rs 25.12 crore. Profit before tax grew 21% to Rs 80.97 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 20.14 crore, compared to Rs 17.18 crore. Effective tax rate was 24.87% compared to 25.67%.Minority interest increased 100% to Rs 0.02 crore. Net profit attributable to owners of the company increased 22.28% to Rs 60.81 crore. Equity capital stood at Rs 56.85 crore as of 30 September 2025 to Rs 56.85 crore as of 30 September 2024. Per share face Value remained same at Rs 10.00. Promoters’ stake was 68.77% as of 30 September 2025 ,compared to 68.77% as of 30 September 2024 .
Full year results analysis.
Net sales (including other operating income) of Carraro India has increased 1.04% to Rs 1807.55 crore. Operating profit margin has jumped from 7.40% to 9.44%, leading to 28.85% rise in operating profit to Rs 170.62 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 73.76% to 72.58%. Employee cost increased from 7.91% to 8.56%. Other expenses fell from 11.03% to 9.39%. Other income fell 9.95% to Rs 15.83 crore. PBIDT rose 24.30% to Rs 186.45 crore. Provision for interest rose 0.40% to Rs 22.58 crore. Loan funds declined from Rs 215.94 crore as of 31 March 2024 to Rs 190.70 crore as of 31 March 2025. Inventories rose to Rs 298.72 crore as of 31 March 2025 from Rs 286.45 crore as of 31 March 2024. Sundry debtors were higher at Rs 291.27 crore as of 31 March 2025 compared to Rs 242.72 crore as of 31 March 2024. Cash and bank balance declined from Rs 103.60 crore as of 31 March 2024 to Rs 68.30 crore as of 31 March 2025. PBDT rose 28.52% to Rs 163.87 crore. Provision for depreciation rose 4.78% to Rs 45.2 crore. Fixed assets increased to Rs 353.62 crore as of 31 March 2025 from Rs 325.46 crore as of 31 March 2024. Intangible assets declined from Rs 28.97 crore to Rs 25.94 crore. Profit before tax grew 40.65% to Rs 118.67 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 30.53 crore, compared to Rs 21.81 crore. Effective tax rate was 25.73% compared to 25.85%. Net profit attributable to owners of the company increased 40.90% to Rs 88.12 crore. Equity capital stood at Rs 56.85 crore as of 31 March 2025 to Rs 56.85 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00. Promoters’ stake was 68.77% as of 31 March 2025 Cash flow from operating activities decreased to Rs 76.29 crore for year ended March 2025 from Rs 112.19 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 51.97 crore, compared to Rs 86.35 crore during the year ended March 2024. Business highlights
In
Q2 FY26, Agricultural Equipment business grew 16% YoY, and Construction
Equipment grew 57% YoY.
In
H1 FY26, Agricultural Equipment business grew 6% YoY, and Construction Equipment
grew 35% YoY.
During
the quarter, domestic business grew 19% YoY led by shift from 2WD to 4WD
tractors. While exports grew 65% YoY.
In
H1 FY26, domestic business grew 11% YoY. While exports grew 31% YoY.
In
H1 FY26, capex of Rs 21.1 crore was deployed to support new telescopic handlers
axle production, high-performance new transmission range for agricultural
applications, and to grant incremental capacity for FY26 sales.
In
H1 FY26, Agricultural Tractors accounted for 44.1% of revenue, Construction
Vehicles 44.9%, and Other segments 11%.
Geographically,
the domestic market contributed 61.9% to revenue in H1 FY26, while exports made
up the remaining 38.1%.
Management Comments :
Dr.
Balaji Gopalan, Managing Director, Carraro India said, “The first half of FY26
has been both steady and encouraging for Carraro India. Revenue from operations
grew 18% year-on-year, supported by healthy volume growth across both domestic
and export markets. Our domestic business grew by 11% year-on-year, driven by
strong demand for 4WD axles in the agriculture segment and a stable performance
in the construction equipment segment. Exports delivered an even stronger
growth of 31% year-on-year, led primarily by Tele Boom Handler (“TBH”) axels.
While indirect exports of agricultural drivelines remained soft, resilient
domestic demand helped maintain our overall volume trajectory. We continued to
deliver strong volumes, reinforcing our confidence in the sustainability of our
performance. However, realisations and margins got temporarily impacted due to
the change in the product mix. A noteworthy development during H1 was our
engineering services agreement with Montra Electric for the industrialization
and supply of e-transmissions for electric-powered agricultural tractors. This
partnership marks an important step forward in our technology roadmap and
aligns well with our vision of contributing meaningfully to the next generation
of clean and efficient powertrains. Revenue from our engineering services
business stood at INR 50 million in Q2, compared to INR 17 million in the same
period last year. Innovation remained at the heart of our efforts. We developed
six prototypes during the half year, three of which have already moved into
production. We also dispatched two units of the new T100 EVO prototype to a
large Indian tractor OEM and successfully completed the pilot batch of CVT
transmission units which is a key step towards commercialisation of this
product. On the manufacturing front, we progressed on our capacity-expansion
roadmap. We installed two Sealed Quenched Furnace units at the gear plant. The
800-pallet MAZAK machining centre commissioned in June has boosted throughput
and flexibility. Additionally, the arrival of the TLB test bench in July and
the installation of a robotic washing machine in September further enhance our
readiness to meet future demand. Further strengthening our after-sales network,
we partnered with authorized service centers, one in North India and two in
South India – a step towards boosting our presence in aftermarket/ spare parts
segment. Overall, export is growing supported by increased offtake from the TBH
business. Domestically, we remain optimistic about sustained demand, driven by
ongoing infrastructure projects, higher investment activity, and the supportive
market sentiments owing to government policies.”
| Carraro India : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202509 | 202409 | Var.(%) | 202509 | 202409 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 586.26 | 440.59 | 33.06 | 1,079.18 | 914.62 | 17.99 | 1,807.55 | 1,788.97 | 1.04 | | OPM (%) | 8.94 | 9.73 | -79 bps | 9.29 | 10.17 | -87 bps | 9.44 | 7.40 | 204 bps | | OP | 52.44 | 42.88 | 22.29 | 100.28 | 92.98 | 7.85 | 170.62 | 132.42 | 28.85 | | Other Inc. | 6.83 | 4.57 | 49.45 | 13.82 | 8.12 | 70.20 | 15.83 | 17.58 | -9.95 | | PBIDT | 59.27 | 47.45 | 24.91 | 114.10 | 101.10 | 12.86 | 186.45 | 150.00 | 24.30 | | Interest | 5.21 | 6.64 | -21.54 | 10.39 | 11.89 | -12.62 | 22.58 | 22.49 | 0.40 | | PBDT | 54.06 | 40.81 | 32.47 | 103.71 | 89.21 | 16.25 | 163.87 | 127.51 | 28.52 | | Depreciation | 11.53 | 11.37 | 1.41 | 22.74 | 22.29 | 2.02 | 45.2 | 43.14 | 4.78 | | PBT | 42.53 | 29.44 | 44.46 | 80.97 | 66.92 | 21.00 | 118.67 | 84.37 | 40.65 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 42.53 | 29.44 | 44.46 | 80.97 | 66.92 | 21.00 | 118.67 | 84.37 | 40.65 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 42.53 | 29.44 | 44.46 | 80.97 | 66.92 | 21.00 | 118.67 | 84.37 | 40.65 | | Taxation | 10.82 | 7.48 | 44.65 | 20.14 | 17.18 | 17.23 | 30.53 | 21.81 | 39.98 | | PAT | 31.71 | 21.96 | 44.40 | 60.83 | 49.74 | 22.30 | 88.14 | 62.56 | 40.89 | | Minority Interest (MI) | 0.01 | 0 | - | 0.02 | 0.01 | 100.00 | 0.02 | 0.02 | 0 | | Net profit | 31.7 | 21.96 | 44.35 | 60.81 | 49.73 | 22.28 | 88.12 | 62.54 | 40.90 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 31.7 | 21.96 | 44.35 | 60.81 | 49.73 | 22.28 | 88.12 | 62.54 | 40.90 | | EPS (Rs)* | 5.58 | 3.86 | 44.35 | 10.70 | 8.75 | 22.28 | 15.50 | 11.00 | 40.90 | | | * EPS is on current equity of Rs 56.85 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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