Carraro India Limited — Q3 FY26
Carraro India delivered a strong Q3 FY26 with revenue growing 27% YoY to ₹569.6 crore and EBITDA surging 71% YoY to ₹62.4 crore, driven by robust domestic demand for four-wheel...
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.
75%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Outlook for exports over next 12 months.
Asked by Mahesh Bendra, LIC Mutual Fund
Provided qualitative drivers but no specific growth numbers for 12 months.
no quantitative outlooklimited visibility beyond two quarters
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Question
So uh what is the outlook for uh next uh I mean 12 months for on export side.
Ashok (management)
the traction has come from our backloaded drive line which was sold in China as well as in Latin America... we are seeing that at least this traction remain in the teloom handler... we are expecting that at least next two quarters should be good but we don't have yet visibility for the subsequent two quarters.
Answered
High priority
When will the 63 crore capex capacity be available?
Asked by Mahesh Bendra, LIC Mutual Fund
Provided timeline and possibility of acceleration.
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Question
you are expanding our capacity with the 63 crores of capex. So when this uh capacity will be available with us because in the press release we have mentioned that we are operating more than 85% utilization.
David (management)
this capacity uh as we mentioned in our communication will be deployed over uh 18 months... hoping to to shorten this time and maybe reducing a little bit hopefully to 12 months but it will be gradually deployed.
Partial answer
High priority
Outlook for Europe and impact of US-Europe trade deal.
Asked by Ragunan N, Noama Research
Qualitative outlook but no quantification of trade deal benefit.
no specific revenue impact quantified
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Question
how do you see the outlook for Europe uh for both tractor and construction equipment... in light of the recent trade deal announcement uh with uh US and Europe, how do you see that benefiting Karo?
Ashok (management)
in case of the Teleboom handler, we are seeing uh the demand would be consistent... coming to the benefit of this duty which has been brought back to 18%... we are expecting that there could be a increase in traction from the second quarter to third quarter.
Answered
High priority
Revenue sustainability from international big customer and FY27 outlook.
Asked by Ragunan N, Noama Research
Provided specific growth expectation of 10-15% for next year.
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Question
Can you indicate whether revenue has sustained at a similar level for Q and also if you can talk about FI27 whether there will be a higher dispatch to this customer.
Ashok (management)
the revenue guidance for this customer remain similar level at what we have been doing like for example you said around 1,200 cr what we said in the H1 and in the next year also it will be an increased number that could be at least 10 15% more.
Answered
Medium priority
Revenue contribution from other order executions in FY27.
Asked by Ragunan N, Noama Research
Clearly stated no revenue in FY27, deferred to FY28.
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Question
how much can it help revenue next year in FI27 because of these executions?
Ashok (management)
we are not seeing the revenue stream in FY27 because at least 12 to 18 month is required for testing so those effect we are expecting in the FY28.
Answered
High priority
Impact of GST cut on four-wheel drive tractor share and near-term outlook.
Asked by Ragunan N, Noama Research
Provided current share, near-term outlook, and FY27 estimate.
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Question
post the GST cut how has been the share of four-wheel drive and tractor industry increasing... how do you see the outlook in the near term for Q4 and beyond.
Ashok (management)
the market which has moved was around 22 to 23% as a four-wheel drive... we are already seeing the market is around 25%... we see that this demand remain robust for at least two quarter... it should reach to 26 27% of the market should be four-wheel drive against the 25% today.
Evasive
High priority
Will Q4 revenue grow more than 20% from current quarter?
Asked by Op Gandhi, Siddhi Technology
Did not answer whether Q4 growth >20%, instead reiterated full-year guidance.
no direct yes/noreframed to full-year guidance
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Question
do you think that you will grow quarter 4 more than 20% from the current quarter?
Balaji (management)
we don't want to significantly change our guidance for the full year... we are not factoring in terms of a big percentage... do not expect anything very dramatic.
Answered
High priority
Should we expect 600 cr+ revenue in Q4?
Asked by Op Gandhi, Siddhi Technology
Provided specific revenue range in euro terms, implying ~600 cr is unlikely.
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Question
you have achieved 570 cr. Should we expect in our projection 600 cr plus in the quarter four?
Balaji (management)
we give a guidance of initially 215 218 million euro... we will be in the range of 215 218 220 221 it'll be around that so don't expect 230 240.
Answered
High priority
Is 250 cr revenue possible next year?
Asked by Op Gandhi, Siddhi Technology
Provided growth guidance of 10-12%, implying ~240-245 cr, not 250.
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Question
And what about next year sir? Is it possible 250 range?
Balaji (management)
we have given a guidance of 8 to 12% and we prefer to stick to that... 10 to 12% is what we will try to focus on for the next financial year.
Partial answer
High priority
Export expectation for FY27 and mid-term.
Asked by Vijay Pande, Noama
Qualitative outlook but no quantitative export target for FY27.
no specific export revenue guidancelimited visibility
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Question
wanted to get your view on the export outlook... what is the expect export expectation for 26 27 and midterms.
Ashok (management)
in China probably we'll have the variation... we have a visibility of next two quarter could be good but beyond that there could be fluctuation... only greenshoot which we have seen in last 15 days when the duty has been reduced to 18%.
Partial answer
Medium priority
Revenue potential from new projects and capex.
Asked by Vijay Pande, Noama
Linked capex to long-term target but did not quantify near-term revenue from new projects.
no specific revenue potential from new projects
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Question
what could be the revenue potential coming from that UK tax in terms of...
David (management)
we are currently investing for additional roughly a 20,000 axle capacity... those capex will be instrumental to achieve the level of growth... our northstar remain 3,500 crores revenues in FY30.
Answered
High priority
Margin expectation and 100 bps improvement guidance.
Asked by Vijay Pande, Noama
Reaffirmed ~100 bps improvement with possible slight shortfall.
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Question
also to check on the margin expectation. I think previously we guided for 100 basis point improvement... what is the expectation for that?
Balaji (management)
we have given a commitment of 100 points year on year. I think more or less we will still stand by it... there could be a marginal difference instead of 100 it could be 80 85 but the direction will be there.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue from international big customer ~122 cr in H1, 10-15% growth next year | ₹122 cr | ₹570 cr | Understated vs filing |
| Revenue guidance for FY26: 215-221 million euro | 218 | 570 | Understated vs filing |
| Revenue growth guidance for FY27: 10-12% | 12% | 21% | Understated vs filing |
| EBITDA margin improvement commitment: ~100 bps, possibly 80-85 bps | 100 bps | 60 bps | Overstated vs filing |
| Engineering services revenue: 10 cr in 9 months, 17.5 cr order | ₹10 cr | ₹570 cr | Understated vs filing |
| Revenue target FY30: 3,500 cr | ₹3,500 cr | ₹570 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.