Conference Call with Carraro India Management and Analysts on Q2FY26 Performance and Outlook. Listen to the full earnings transcript.
Commercial Vehicles company Carraro India announced Q2FY26 results Total Income: Rs 5,931 million against Rs 4,452 million during Q2FY25, change 33%. EBITDA: Rs 593 million against Rs 475 million during Q2FY25, change 25%. EBITDA Margin: 10.0% for Q2FY26. PAT: Rs 317 million against Rs 220 million during Q2FY25, change 44%. PAT Margin: 5.3% for Q2FY26. Balaji Gopalan, Managing Director, Carraro India, said: Strong Increase in Revenues up by 18%, EBITDA up by 13% & PAT up by 22%. “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% YoY, 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% YoY, 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 Rs 50 million in Q2, compared to Rs 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.” Result PDF
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.
Commercial Vehicles company Carraro India announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Total Income up by 13%, from Rs 3,963 million to Rs 4,479 million. EBITDA (incl. Other Income) up by 19%, from Rs 409 million to Rs 489 million. EBITDA Margin improved from 10.3% to 10.9%. PAT (Profit After Tax) up by 30%, from Rs 182 million to Rs 237 million. PAT Margin increased from 4.6% to 5.3%. FY25 Financial Highlights: Total Income stood at Rs 18,234 million; marginal increase of 1% on YoY basis EBITDA (incl. other income) stood at Rs 1,864 million; growth of 24% YoY basis with margins at 10.2% PAT stood at Rs 881 million; growth of 41% YoY basis with margins at 4.8% The Board of Directors have recommended a final dividend of Rs 4.55 (45.5%) per equity share of Face Value Rs 10 each, subject to the approval of ShareholdeRs Commenting on the results Balaji Gopalan, Managing Director, Carraro India said “We concluded FY25 on a positive note, having met our topline and EBITDA guidance. While total income remained flat year-over-year, EBITDA grew by 24% YoY, primarily driven by an improved product mix, increased localization, and effective cost control measures. On the EBITDA margin front, we exceeded our guidance of 10%+, with a year-over-year expansion of 192 basis points, reaching 10.2% by end of FY25. As expected, our domestic business (excluding indirect exports) continues to show strength, recording a noteworthy double digit YoY revenue increase, driven by sustained demand for locally sold products and increasing 4WD technology adoption. Overall revenue growth was achieved in spite of weak export markets. We expect continued growth in the domestic market, excluding the indirect exports segment. We also foresee growth in our export segment, driven by new business acquisition, despite the persistent uncertainty at global level. During the year, we added 6 new customers, including 2 in the last quarter. We also developed over 9 prototypes, underscoring our strong focus on technology-driven product development. Of these, 5 prototypes moved into production within the year. While revenue conversion from these efforts takes time, this is primarily part of our market seeding strategy. We have been honored with several recognitions from customers, including Mahindra & Mahindra, Caterpillar and Escorts Kubota, to name a few. Such prestigious recognitions are proud moments for us, as they not only elevate our brand’s reputation, but also reinforce our team’s unwavering commitment to delivering excellence to our customeRs We remain committed to long-term profitability, supported by continuous investment in innovation and technology. FY26 & Beyond…. Supported by encouraging signs in the domestic market—such as stronger-than-expected adoption of 4WD vehicles/tractor—we are confident in achieving our FY26 revenue growth target. On the export front, the market outlook remains uncertain for now, though we anticipate recovery to start in the second half of the year. Nevertheless, growth will be accelerated and achieved by the offtake of the newly acquired tele-boom handler business. Within the above scenario, we expect our topline to grow in the range of approximately 8% to 12%. We continue to collaborate closely with our existing customers, expanding our product offerings to meet evolving needs. Our engineering services business is witnessing a growing number of enquiries for higher horsepower and advanced technology configurations. Some of these are currently under active negotiation. We anticipate this business to contribute some revenue in FY26. Additionally, we are working proactively with several OEMs on driveline solutions to remain future-ready, while closely tracking emerging technologies. Our deep expertise in driveline systems enables us to respond swiftly to industry demands. By diversifying and localizing our supplier base, we aim to further optimize our cost structure and strengthen our margin profile. Supported by robust R&D; and manufacturing capabilities, we remain focused on achieving our medium-term goal of reaching mid-teen EBITDA margins.” Result PDF
Conference Call with Carraro India Management and Analysts on Q4FY25 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Carraro India Management and Analysts on Q3FY25 Performance and Outlook. Listen to the full earnings transcript.
Commercial Vehicles company Carraro India announced Q3FY25 results Total Income: Rs 4,528 million compared to Rs 4,397 million during Q3FY24, change 3%. EBITDA: Rs 365 million compared to Rs 429 million during Q3FY24, change -15%. EBITDA margin: 8.1% for Q3FY25. PAT: Rs 148 million compared to Rs 194 million during Q3FY24, change -24%. PAT margin: 3.3% for Q3FY25. Balaji Gopalan, Managing Director, Carraro India, said: “In the first nine months of FY25, total income declined by ~3% YoY, mainly due to lower export offtake. While our domestic business remains strong, driven by robust demand for locally sold products, overall performance has been affected by weak exports (incl. indirect exports) through Indian OEMs. Domestic revenues (excl. indirect exports) grew strongly, while total domestic revenue saw a marginal increase of 1%. We anticipate sustained growth in the domestic market with an exception of the indirect exports business. The recovery in overall export business is expected to take a little longer. On the profitability front, EBITDA for 9MFY25 stood at Rs 1,375 million, compared to Rs 1,091 million, a growth of 26% y-o-y basis, with margins expanding by 227 bps to 10.0%. This improvement was driven by operational efficiencies, strong emphasis on technology-led products and significantly lower royalties paid to the parent company. PAT for the period stood at Rs 645 million compared to Rs 444 million, a growth of 45% YoY basis, with margins expanding by 155 bps to 4.7%. We remain committed to long-term profitability, supported by continued investments in innovation and technology. Turning to Q3FY25, total income for the quarter stood at Rs 4,528 million compared to Rs 4,397 million in the same period last year. EBITDA for the quarter stood at Rs 365 million, compared to Rs 429 million in the same period last year. EBITDA margin was lower for this quarter, mainly due to reduced turnover discounts from suppliers, and the evolving nature of our technologies. PAT for the quarter stood at Rs 148 million, compared to Rs 194 million in the same period last year FY25 & Beyond…. Despite ongoing challenges, we remain confident in achieving strong domestic business growth in the current and upcoming financial years. We have initiated a supply of pilot batch of axles for teleboom handlers, expanding our product portfolio, and have added two new customers, further strengthening our clientele. Additionally, we are collaborating with two electric tractor OEMs on drivelines to stay future-ready while actively monitoring emerging technologies. Our deep expertise in driveline requirements allows us to swiftly meet industry demands. By diversifying and localizing our supplier base, we aim to enhance our cost structure and margin profile. With strong R&D; and manufacturing capabilities, we are focused on achieving our medium-term target of mid-teen EBITDA margin.” Result PDF