Commercial Vehicles company Carraro India announced Q1FY26 results Total Income stood at Rs 4,999 million; increase of 5% on YoY basis. EBITDA (incl. other income) stood at Rs 548 million; growth of 2% YoY basis with margins at 11%. PAT stood at Rs 291 million; growth of 5% YoY basis with margins at 5.8%. Balaji Gopalan, Managing Director, Carraro India, said: “Q1FY26 Performance Overview FY26 has commenced on a positive note, with Q1 revenue from operations growing 4% YoY, driven primarily by volume growth across domestic and export markets. The domestic business grew 3% year on year, led by sustained momentum in 4WD axle sales, while exports rose 5% YoY, showing early signs of recovery after two subdued quarters. Despite continued weakness in indirect exports of agricultural drivelines, overall volumes were supported by strong domestic demand. We maintained an EBITDA margin of 11%, reflecting cost discipline and operational efficiency. Segmental Growth Drivers: Growth in agriculture equipment and construction vehicles segments remained steady during the quarter. The construction vehicle segment saw healthy traction, particularly in the domestic market, while the agriculture equipment segment continued to benefit from the accelerated adoption of 4WD axles. Together, these factors contributed to a new high in 4WD axles production in May 2025 nearing around 4,000 units. The Gears & Spares business was broadly flat. However, indirect exports, especially those linked to the construction segment, remained under pressure, slightly weighing on overall segment performance. Operational Enhancements: On the manufacturing front, the pilot batch of CVT (Continuously Variable Transmission) units was successfully completed, a key milestone toward potential future commercialisation. In line with our capacity expansion plans, we also commissioned a new 800-pallet MAZAK machining centre in June, which will significantly improve throughput and machining flexibility. During the quarter, we secured new orders from key OEMs in the construction and agriculture segments, strengthening our forward pipeline. Outlook for FY26: We remain optimistic about the year ahead. With the Indian economy expected to sustain its growth momentum, we anticipate increased infrastructure activity and capital spending, which should benefit both our construction and agriculture-linked portfolios. Backed by our continued investments in technology, automation, and customer alignment, we are confident of achieving topline growth in the range of 8–12% for FY26.” Result PDF
Conference Call with Carraro India Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.