CarTrade Tech Limited — Q4 FY26
CarTrade Tech delivered a strong Q4 FY26 with consolidated revenue growing 22% YoY and PAT surging 68% YoY to ₹243 crore, driven by margin expansion across all three segments.
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.
59%Questions answered3Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why is Olex growth momentum taking longer despite new products?
Asked by Sadhar, Namura
Acknowledged growth slowdown but gave qualitative optimism, no concrete numbers on new product revenue.
no specific timelinequalitative optimism without numbers
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Question
the classified business I mean uh we have taken uh quite a few initiatives in the last uh few quarters and uh have rolled out new products as well on both light buyer as well as verification but uh the growth momentum seems to be taking longer to sort of see an acceleration.
V (CEO)
ox has grown by 16% in the quarter and uh we obviously any buyer and both verification verification was launched uh in the last few weeks of the quarter... the adoption of both these products has been extremely strong... you'll start seeing these numbers play out immediately in my opinion
Answered
Medium priority
What is the OEM vs dealer mix in consumer business and outlook?
Asked by Sadhar, Namura
Provided specific mix (70/30) and optimistic outlook without evasion.
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Question
can you uh just uh elaborate a bit more on the uh OE dealer uh mix uh how has it changed in the quarter and uh in terms of outlook uh given some of these rising steep cost pressures we are seeing across the industry.
Anisha (CFO)
it's about 7030 OEM being 70 and dealer being 30 or non consumer group that yeah yeah okay sure thank you.
Answered
Medium priority
Do you need to spend on advertising to popularize Superdos?
Asked by Vijit Jen, City Group
Directly answered no need for advertising due to existing large user base.
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Question
do you need to spend on advertising and promotions to popularize superdos?
V (CEO)
we have almost like 31 million people on ox every month and you know 50 odd million on uh on on car val so we we don't it it'll be available to the 80 million people so it's right now available for dealers for cars
Evasive
Medium priority
What is the underlying growth in retail remarketing segment?
Asked by Vijit Jen, City Group
Did not provide any growth rate or quantitative outlook for retail segment.
no specific growth rate givenreframed to general optimism
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Question
any broad sense you can give me on you know what is the underlying growth that you think you can sustain in the retail segment?
V (CEO)
the institutional is not cyclical... even the institutional business is not necessarily cyclical but you know I actually think both the repossession side and the retail side will keep growing is our view right.
Declined
Low priority
Any thoughts on acquiring the auto mall business 100%?
Asked by Vijit Jen, City Group
Explicitly declined to answer, no information provided.
refused to comment
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Question
Any thoughts on you know acquiring uh the auto mall business 100%.
V (CEO)
No, not not at this point. Nothing I can comment on.
Partial answer
High priority
Breakdown of Olex revenue between ads/subscription and new initiatives?
Asked by Nishid Jalan, Access Capital
Gave qualitative 'insignificant' but no precise breakdown or numbers.
no exact percentagequalitative only
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Question
can you share some breakdown in terms of revenues coming from advertisement and subscription... versus from these new initiatives like elite buyer elit seller or super do
V (CEO)
The traditional revenue is pretty much most of it. It's very insignificant at this point. The elite buyer I mean it's really kicked off in the last two three months. So it's very insignificant in the last year.
Evasive
Medium priority
What is the mix of repossession vs retail in remarketing and growth?
Asked by Nishid Jalan, Access Capital
Did not provide mix or growth comparison; pivoted to other segments.
no mix or growth numbersredirected to new initiatives
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Question
what would be the broad mix now uh uh uh on repossessed and uh retail segment and if you can throw some light on remarketing in terms of which segment is witnessing uh stronger growth
V (CEO)
we feel really optimistic about uh like we focused heavily on is commercial vehicles for example... there are multiple such initiatives on commercial vehicle side I also feel very optimistic about the farm equipment side
Partial answer
High priority
Why did Olex growth drop from 18% to 15.5% this quarter?
Asked by Sachin Dixit, JM Financial
Gave calendar and seasonality reasons but did not fully explain the deceleration.
attributed to minor calendar effectno clear explanation
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Question
why did it drop from 18 odd% growth to 15 and a half this quarter what happened
V (CEO)
I don't think I think it is pretty similar I mean first of all I mean not that it matters but this quarter is two days less and some of the online platform it does matter... it's normally Q3 for us is a slightly better quarter
Answered
High priority
How do you view the risk of AI platforms like JBT claiming traffic?
Asked by Hardik Dshi, White Whale Partners
Directly addressed risk and explained why AI is an opportunity, not a threat.
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Question
how do you view the risk of uh you know JBT claim kind of you know uh the traffic shifting from Google to that to these platforms and thereby circumventing the traffic that comes onto our platform.
V (CEO)
we are 95% organic right... Olex almost all his traffic comes on an app um directly... the brand trust the IP of technology platform services as well as the data is proprietary makes AI for us a massive opportunity.
Answered
Medium priority
Any measures to improve quality of dealer leads and pricing?
Asked by Ritwick Agarwal, 3P Investment Managers
Answered both parts: continuous improvement and static pricing with volume growth.
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Question
are there any measures that we are planning to take or we have taken to improve the quality of dealer leads in the consumer business and additionally anything on the pricing side for the leads?
V (CEO)
we continuously there's a continuous effort of the company every day to um you know work closely with dealers to improve conversion ratios... the pricing is pretty static... the bulk of the growth comes from uh higher relevance and volume.
Evasive
High priority
What is the revenue split between consumers and dealers in Olex?
Asked by Deep Sha, NV Capital
Did not give any numerical split; only qualitative description.
no specific split providedqualitative only
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Question
if you just could give me some uh metrics as to how much uh how much I mean revenue is from like consumers, how much is from dealers
V (CEO)
we've got two basic sets of customers the sellers and the buyers right in sellers there are consumers and the dealers we monetize both today... the consumer listing business... the revenue is quite high actually from that business.
Answered
Medium priority
Why is ROE low at 10% despite high margins?
Asked by Sharenic Ma, Indealth GmbH
Directly attributed low ROE to high cash balance and explained.
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Question
your ITA has already gone up to 33%. Margins are looking healthy but still the ROE is very low at 10% which is below the cost of capital.
V (CEO)
the major reason for the 10 because the company the cash in the company... the business is much higher as you know... the cash balance didn't exist the RO would be very much much higher of course.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Olex grew 16% in the quarter | 16% | 22% | Understated vs filing |
| Olex margins up from 23% to 31% | 31% | 35% | Understated vs filing |
| Profit after tax 243 crores this year | ₹243 cr | ₹71 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.