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Carraro India Margin Trend — Quarter by Quarter

Carraro India's EBITDA margin moved from 11.0% in Q1 FY26 to 10.6% in Q3 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2610.6%+60 bps
Q2 FY2610.1%-70 bps
Q1 FY2611.0%—

What management said about ebitda margin

G

Q3 FY26 · EBITDA margin improvement of ~100 bps per annum

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

G

Q3 FY26 · Raw material localization target 86-88% in 2-3 years

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

G

Q2 FY26 · FY26 EBITDA margin guidance trimmed to ~10.9%

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

G

Q2 FY26 · Medium-term EBITDA margin target of 12% remains

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

G

Q1 FY26 · EBITDA margin improvement of 100bps per year for 2-3 years

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

G

Q1 FY26 · Localization target of 86-88% over 3 years

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