Carraro India Limited — Q2 FY26
Carraro India delivered a strong Q2 FY26 with revenue from operations growing 33% YoY to ₹586.4 crore, driven by robust export growth of 31% in H1, led by telehandler axle ramp-...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
68%Questions answered2Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
Will FY26 revenue be at higher end or beyond guidance of 215-220 million euros?
Asked by Ragunan Nan, Noama Research
Management explicitly stated they will surpass 220 million euros.
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Question
firstly on full year uh euro 215 to 220 million was the previous guidance. Would you be at higher end or beyond the guidance which you previously gave?
Dr. Balaji Gopalan (CEO)
we are very confident that we will surely touch 220 and probably something more could be an added sugar... we should surpass even the 220 million guideline that we had given for the full year.
Answered
High priority
Will export growth from telehandler and backhoe loader sustain in H2 and FY27?
Asked by Ragunan Nan, Noama Research
Management confirmed sustainability of export growth.
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Question
Export is going really well for you. 31% growth in H1... will it continue to support performance in H2 and FI27?
Dr. Balaji Gopalan (CEO)
Yes, for sure because it is a ramp up and it is not something sporadic... this will continue and this is what is giving us the confidence that we will hopefully surpass the 220 million guideline.
Partial answer
High priority
Will telehandler axle order exceed 20 million euros this year and 50 million next year?
Asked by Ragunan Nan, Noama Research
Confirmed next year but gave only H1 INR figure for this year, not full-year euro.
no full-year euro figure givenonly H1 INR figure provided
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Question
So, so will the TD hedge axel order be in excess of uh uh Euro 20 million for the full year and for next year can it go to Euro 50 million?
Dr. Balaji Gopalan (CEO)
Uh next year yes for sure the numbers are looking close to uh the figures you have shared. Uh this year... in the first half we have uh build roughly around 87 cr rupees for the TLB.
Answered
Medium priority
What were domestic construction and agri revenue percentages for Q2?
Asked by Ragunan Nan, Noama Research
Provided specific percentages for domestic and export segments.
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Question
if you can kindly indicate the domestic and construction equipment revenue for Q2.
Dr. Balaji Gopalan (CEO)
domestic construction was 38% and agree 53%. If we look at uh export we have uh construction at 57% and agree at 27%.
Partial answer
High priority
Will margin guidance of 12% be maintained next year and 11% this year?
Asked by Ragunan Nan, Noama Research
Gave a range for this year and next, not a firm commitment.
range given instead of specific numberconditional language
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Question
would you look at uh maintaining the margin guidance of uh uh 12% for next year and would we be closer to 11% for the current year.
Dr. Balaji Gopalan (CEO)
So I would factor in a little bit marginal uh reduction if at all if it is there... So 11 could be uh 10.9 10.85 something like that... for the margins next year if not 12 probably 11 9 11 you know those kind of numbers.
Evasive
Medium priority
What is the capex outlook for FY26 and FY27?
Asked by Ragunan Nan, Noama Research
No quantitative capex guidance provided despite request.
no specific capex numbers givendeferred to future
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Question
can you please indicate how do you see fi 26 and 27 kex... first half uh it was about 147 million kind of a investment in keex
Dr. Balaji Gopalan (CEO) and David (CFO)
we have decided not to go in for a big uh expansion... we are adopting a very step-by-step uh approach... That activity should start next year but again it will be step by step.
Answered
High priority
Is the export recovery sustainable?
Asked by Mahesh Pendre, LIC Mutual Fund
Confirmed sustainability and even improvement.
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Question
the most heartening part was recovery in export... do you think this is sustainable?
Dr. Balaji Gopalan (CEO) and David (CFO)
the ramp up will take place, it will continue and we hope that it will sustain for the next one or two years... the performance that we expect in the future from the exports should be much better than this one.
Evasive
High priority
Will margin improvement be 85-90 bps instead of 100 bps next year?
Asked by Mahesh Pendre, LIC Mutual Fund
Did not confirm or deny the 85-90 bps figure.
refused to confirm specific bpsdeflected to long-term
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Question
instead of 100 basis point we could it be 85 90 basis point improvement margin for next year. Am I right sir?
Dr. Balaji Gopalan (CEO)
please don't look into 100 points uh 90 points or 80 points in the long run we will achieve the guidance we have given... there will be some fluctuations up and down but don't read too much into it.
Answered
High priority
Is the telehandler award regional or global? When will domestic OEM programs start?
Asked by J (unclear), asset management
Clearly stated global nature and timeline for domestic programs.
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Question
can you clarify this is I mean this just a regional award or eventually the part of the broad uh global sourcing opportunity and secondly on a domestic time in the program when should we expect the additional customer being a program nomination for this telome platform
Dr. Balaji Gopalan (CEO) and Ashok (Sales Director)
that is a global uh project that we are doing with them... it will take 18 to 24 months uh before the uh serial production start with the local OEMs.
Answered
Medium priority
Are there any structural issues affecting margin guidance besides mix?
Asked by J (unclear), asset management
Denied structural issues, explained temporary delays.
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Question
apart from mixed driven is there something I mean delay in globalization of cost reduction program which might affect your annual guidance
Dr. Balaji Gopalan (CEO)
nothing fundamental nothing structural these are all small variations that are happening. If the validation is delayed by four months, my absorption of that localization is deferred by four months.
Partial answer
Medium priority
Why are gross margins lower than forging companies? Can margins be higher than 11%?
Asked by Lakshmi Narayan, Tonga Investments
Explained reasons but did not commit to a higher margin figure.
no specific margin target givengeneral statements
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Question
how do we explain that our margins our gross margins are low... is it possible for us to you know do even much better than what we are actually looking at in terms of 11% margin or so.
Dr. Balaji Gopalan (CEO)
we have benchmarked ourselves with other companies... we feel that these are quite uh appropriate to improve our margins... using these kind of strategies our margins are bound to increase.
Answered
Low priority
What is the non-captive two-wheel drive market share?
Asked by Vijay Pande, Nwama
Clearly stated they do not participate in two-wheel drive market.
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Question
what will be the non-captive business in the Excel is two wheeler drive and what will be our market share.
Dr. Balaji Gopalan (CEO)
in terms of uh market share I don't think we have uh anything worth talking about in the two wheel drive market because that is a dead axle... our focus will be only in the four-wheel drive market.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue guidance surpassed: will exceed 220 million euros | 220 | 586.36 | Understated vs filing |
| Revenue grew 18% higher than comparable last year | 18% | 33% | Understated vs filing |
| EBITDA grew 13% in absolute value | 13% | 59.3% | Understated vs filing |
| PAT grew 22% higher than last year | 22% | 44% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.