Carraro India Management Guidance Tracker

12 forward-looking guidance items tracked across 3 quarters.

Revenue

Q1 FY26FY26 revenue growth of 8-12%Tracked

Management expects full-year revenue growth in the range of 8-12% YoY, driven by domestic demand, telehandler ramp-up, and engineering services.

Q2 FY26FY26 revenue guidance raised to exceed €220 millionActive

Management now expects full-year revenue to surpass the earlier guidance of €215-220 million, driven by strong export ramp-up and domestic demand.

Q3 FY26FY26 revenue guidance upgraded to ~₹3,500 croreActive

Management raised full-year revenue guidance from ₹3,200 crore to approximately ₹3,500 crore, driven by strong demand and execution.

Margins

Q1 FY26EBITDA margin improvement of 100bps per year for 2-3 yearsTracked

Target to add 100 basis points to EBITDA margin annually over the next 2-3 years through localization and cost efficiency.

Q2 FY26FY26 EBITDA margin guidance trimmed to ~10.9%Active

Due to product mix headwinds from higher 4WD axle sales, EBITDA margin for FY26 is expected around 10.9% (down from earlier 12% guidance).

Q2 FY26Medium-term EBITDA margin target of 12% remainsTracked

Management reiterated confidence in achieving 12% EBITDA margin in the medium term, supported by localization and cost efficiencies.

Q3 FY26EBITDA margin improvement of ~100 bps per annumTracked

Management reiterated target of ~100 bps annual EBITDA margin improvement, with possible variation of 10-15%.

Expansion

Q1 FY26Localization target of 86-88% over 3 yearsTracked

Aiming to increase localization levels to 86-88% over the next three years to improve margins.

Growth

Q1 FY26Revenue target of €315 million by 2029Tracked

Medium-term target to reach approximately €315 million (₹3,300-3,400 crore) in revenue by 2029, backed by visible project pipeline.

Capex

Q2 FY26Capex to be phased; significant expansion from FY27Tracked

Capex in H1 was ₹21.1 crore (maintenance). Larger expansion capex for Plant 3 will be staggered over 30 months starting next year, targeting €350 million revenue.

Q3 FY26Capex of ₹130-140 crore in FY27Tracked

Total capex for next fiscal year expected to be significantly higher than the ₹60 crore expansion capex, estimated at ₹130-140 crore.

Other

Q3 FY26Raw material localization target 86-88% in 2-3 yearsTracked

Current localization at 78%, targeting 86-88% over the next 2-3 years to improve margins and supply chain resilience.